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</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>As filed with the U.S.
Securities and Exchange Commission on April 27, 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement"><span style="font-family: Times New Roman, Times, Serif"><b>&#9744;</b></span></ix:nonNumeric> <b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport"><span style="font-family: Times New Roman, Times, Serif"><b>&#9746;</b></span></ix:nonNumeric> <b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the fiscal year ended <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport"><span style="font-family: Times New Roman, Times, Serif"><b>&#9744;</b></span></ix:nonNumeric> <b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport"><span style="font-family: Times New Roman, Times, Serif"><b>&#9744;</b></span></ix:nonNumeric> <b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Commission file number <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-35401</ix:nonNumeric></b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="-sec-ix-hidden: hidden-fact-0">CEMENTOS PACASMAYO S.A.A.</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of Registrant as specified in its
charter)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PACASMAYO CEMENT CORPORATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Translation of Registrant&#8217;s name into
English)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Republic of <ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Peru</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Jurisdiction of incorporation or organization)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">Calle La Colonia 150</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2">Urbanizaci&#243;n El
Vivero</ix:nonNumeric><br/>
Surco, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Lima</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Peru</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Address of principal executive offices)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName">Javier Durand, Esq., General Counsel</ix:nonNumeric><br/>
Tel. +<span style="-sec-ix-hidden: hidden-fact-1"><span style="-sec-ix-hidden: hidden-fact-2">51-1-317-6000</span></span><br/>
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">Calle La Colonia 150</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2">Urb. El Vivero</ix:nonNumeric> - <ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Lima</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Peru</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Name, telephone, email and/or facsimile number
and address of company contact person)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities registered pursuant to Section 12(b)
of the Act.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><b>Title of each class</b></td>
    <td style="text-align: center; padding-bottom: 1.5pt; width: 2%; vertical-align: bottom"><b>&#160;</b></td>
    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><b>Trading Symbol(s)</b></td>
    <td style="text-align: center; padding-bottom: 1.5pt; width: 2%; vertical-align: bottom"><b>&#160;</b></td>
    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><b>Name of each exchange on
    which registered</b></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><b>Common Shares, par value S/1.00 per share, in the form of American Depositary Shares, each representing
    five Common Shares</b></td>
    <td><b>&#160;</b></td>
    <td style="text-align: center"><b>CPAC</b></td>
    <td><b>&#160;</b></td>
    <td style="text-align: center"><b>New York Stock Exchange</b></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities registered pursuant to Section 12(g)
of the Act: None</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act: None </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Indicate the number of outstanding shares of each
of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">At December 31, 2022</td> <td style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">423,868,449</ix:nonFraction> common shares</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4,238,397 investment shares*</p></td></tr> </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: left">Excluding 36,040,497 investment shares held in treasury.</td>
</tr></table><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Indicate by check mark if
the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
<ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If this report is an annual
or transition report, indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934. &#160;Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> <ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Note- Checking the box above
will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their
obligations under those Sections.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Indicate by check mark whether
the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. <ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span> No <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Indicate by check mark whether
the Registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (&#167; 203.405 of this chapter) during the preceding 12 months (or for such other period that the registrant was required to submit
and post such files).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
<ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Indicate by check mark whether
the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition
of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of
the Exchange Act. (Check one):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Large accelerated filer <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></td> <td style="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Accelerated filer</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></td> <td style="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Non-accelerated filer <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Emerging growth company <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If an emerging growth company
that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a)
of the Exchange Act. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#8224; The term &#8220;new
or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting
Standards Codification after April 5, 2012.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Indicate by check mark whether
the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that
prepared or issued its audit report. <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:IcfrAuditorAttestationFlag"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If securities are registered
pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing
reflect the correction of an error to previously issued financial statements. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Indicate by check mark whether
any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the
Registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Indicate by check mark which
basis of accounting the Registrant has used to prepare the financial statements included in this filing:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">U.S. GAAP <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></td> <td style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric> as issued by the International Accounting Standards Board <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></td> <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Other <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">If &#8220;Other&#8221; has been checked
in response to the previous question, indicate by check mark which financial statement item the Registrant has elected to follow. Item
17 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> Item 18 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If this is an annual report,
indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;
</span>No <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">PART
I<br/>
INTRODUCTION</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Certain Definitions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All references to &#8220;we,&#8221; &#8220;us,&#8221;
&#8220;our,&#8221; &#8220;our company,&#8221; &#8220;Pacasmayo,&#8221; and &#8220;Cementos Pacasmayo&#8221; in this annual report are
to Cementos Pacasmayo S.A.A., a publicly held corporation (<i>sociedad an&#243;nima abierta</i>) organized under the laws of Peru, and,
unless the context requires otherwise, its consolidated subsidiaries. The term &#8220;U.S. dollar&#8221;, &#8220;U.S. dollars&#8221; and
the symbol &#8220;US$&#8221; refer to the legal currency of the United States; and the term &#8220;<i>sol</i>&#8221; or &#8220;<i>soles&#8221;
</i>and the symbol &#8220;S/&#8221; refer to the legal currency of Peru.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Financial Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our consolidated financial
statements included in this annual report have been prepared in <i>soles </i>and in accordance with International Financial Reporting
Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and audited in accordance
with the standards of the Public Company Accounting Oversight Board (United States).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In this annual report, we
present EBITDA, which is a financial measure that is not recognized under IFRS. We refer to such financial measures as &#8220;non-IFRS&#8221;
financial measures. A non-IFRS financial measure is generally defined as one that purports to measure financial performance; financial
position or cash flows of the subject reporting company but excludes or includes amounts that would not be so adjusted in the most comparable
IFRS measure. We present EBITDA because we believe it provides the reader with a supplemental measure of the financial performance of
our core operations that facilitates period-to-period comparisons on a consistent basis. EBITDA should not be construed as an alternative
to profit or operating profit, as an indicator of operating performance, as an alternative to cash flow provided by operating activities
or as a measure of liquidity (in each case, as determined in accordance with IFRS). EBITDA, as calculated by us, may not be comparable
to similarly titled measures reported by other companies, including those in the cement industry. For a calculation of EBITDA and a reconciliation
of EBITDA to the most directly comparable IFRS financial measure, see &#8220;Item&#160;4. Information on the Company&#8212;B. Business
Overview&#8212;Overview.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have translated some of
the <i>soles </i>amounts appearing in this annual report into U.S. dollars for convenience purposes only. Unless the context otherwise
requires, the rate used to translate <i>soles </i>amounts to U.S. dollars was S/3.814 to US$1.00, which was the average accounting exchange
rate (<i>tipo de cambio contable</i>) reported on December 31, 2022, by the Peruvian Superintendence of Banks, Insurance and Private Pension
Fund Administrators (<i>Superintendencia de Banca</i>, <i>Seguros y AFPs</i>, or &#8220;SBS&#8221;). The Federal Reserve Bank of New York
does not report a noon buying rate for <i>soles</i>. The U.S. dollar equivalent information presented in this annual report is provided
solely for convenience of the reader and should not be construed as implying that the <i>soles </i>amounts represent, or could have been
or could be converted into, U.S. dollars at such rates or at any other rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Certain figures included in
this annual report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be arithmetic
aggregations of the figures that precede them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Market Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We make estimates in this
annual report regarding our competitive position and market share, as well as the market size and expected growth of the construction
sector and cement industry in Peru. We have made these estimates on the basis of our management&#8217;s knowledge and statistics and other
information available from the following sources:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the Central Bank of Peru (<i>Banco Central de Reserva del Per&#250;,</i> or the &#8220;BCRP&#8221;);</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the National Statistical Institute of Peru (<i>Instituto Nacional de Estad&#237;stica e Inform&#225;tica</i>,
or &#8220;INEI&#8221;);</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the Association of Cement Producers of Peru (<i>Asociaci&#243;n de Productores de Cemento</i>, or &#8220;ASOCEM&#8221;);</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the Ministry of Housing, Construction and Sanitation (<i>Ministerio de Vivienda, Construcci&#243;n y
Saneamiento</i>);;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">ADUANET, a website administered by the Peruvian Tax Superintendence (<i>Superintendencia Nacional de Administraci&#243;n
Tributaria</i>, or &#8220;SUNAT&#8221;);</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the Peruvian Chamber of Construction (<i>C&#225;mara Peruana de la Construcci&#243;n</i>); and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the Global Competitiveness Index prepared by the World Economic Forum.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We believe these estimates
to be accurate as of the date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Forward-Looking Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This annual report contains
forward-looking statements. Forward-looking statements convey our current expectations or forecasts of future events. These statements
involve known and unknown risks, uncertainties and other factors, including those listed under &#8220;Item 3. Key Information &#8211;
D. Risk Factors,&#8221; which may cause our actual results, performance or achievements to differ materially from the forward-looking
statements that we make.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Forward-looking statements
typically are identified by words or phrases such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221;
&#8220;aim,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;potential,&#8221;
&#8220;continue,&#8221; &#8220;is/are likely to,&#8221; or other similar expressions. Any or all of our forward- looking statements in
this annual report may turn out to be inaccurate. Our actual results could differ materially from those contained in forward-looking statements
due to a number of factors, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">political, economic and social risk inherent to conducting business in Peru;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">exchange rates, inflation and interest rates;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the entry of new competitors into the market we serve;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">construction activity levels, particularly in the northern region of Peru;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">private investment and public spending in construction projects;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">natural disasters, such as floods and earthquakes affecting the northern region of Peru, and global events,
such as public health crises and epidemics/pandemics and the worldwide effects thereof and responses thereto;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">availability and prices of energy, admixtures and raw materials;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">changes in the regulatory framework, including tax, environmental and other laws;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the successful expansion of our production capacity;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">our ability to compete with potential substitutes of cement products that may be introduced in the Peruvian
construction industry;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">our ability to maintain and expand our distribution network;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">international conflicts, such as the current one between Russia and Ukraine, and the worldwide effects
and responses thereto</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">our ability to retain and attract skilled employees; and</td></tr></table><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">other factors discussed under &#8220;Item 3. Key Information&#8212;D. Risk Factors.&#8221;</td></tr></table><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The forward-looking statements
in this annual report represent our expectations and forecasts as of the date of the filing of this annual report. Except as required
by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information,
future events or otherwise, after the date of this annual report.</p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 3. KEY INFORMATION</p><div>



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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> A. [Reserved]</p><div>



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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> B. Capitalization and Indebtedness</p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> C. Reasons for the Offer and Use of Proceeds</p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>D. Risk Factors</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Global Macroeconomic Conditions</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Global macroeconomic
conditions may have an adverse effect on our business, financial condition and results of operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our operations and customers
are located in Peru. As a result, our business, financial condition and results of operations, like those of most companies in Peru, may
be adversely affected by the level of economic activity in the country. Therefore, variations in economic indicators such as inflation,
gross domestic product (&#8220;GDP&#8221;), the balance of payments, the appreciation and depreciation of the national currency, access
to credit, interest rates, investment and savings, consumption, spending and fiscal income and employment rates, among other variables,
over which we have no control, could affect the development of the Peruvian economy and, therefore, could generate adverse consequences
for our business, financial condition and results of operations. These variables, in turn, may be affected by global macroeconomic factors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">During 2022, world economic
activity continued to be affected by high energy prices, China&#8217;s &#8220;zero COVID&#8221; policy, the reduction of surplus savings generated
during the pandemic, geopolitical uncertainty and tightening monetary conditions. For emerging economies, this scenario contributed to
a reduction in the price of several raw materials and the tightening of financial conditions. In 2022, capital flows continued to register
low levels compared to the previous year.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The cement sector is closely
related to the following main macroeconomic variables: (i) the expansion or contraction of the economy as measured by GDP, (ii) domestic
demand, (iii) private investment and (iv) public spending. In this regard, prolonged conditions, at the global level, that adversely affect
the economic growth of Peru would negatively affect the cement sector, which may have an adverse effect on our business, financial condition
and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>International conflicts,
such as the current war between Russia and Ukraine, and other geopolitical tensions or conflicts have put upward pressure on international
prices, increasing inflation, and therefore adversely affecting our business, financial condition, and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Global markets are currently
operating in a period of economic uncertainty, volatility and disruption following Russia&#8217;s full-scale invasion of Ukraine on February
24, 2022. Although the length and impact of the ongoing war is highly unpredictable, to date, it has had an adverse effect on global economic
conditions and business activity globally and has lead to (i) credit and capital market disruptions, (ii) increases in interest rates
and inflation in the market in which we operate and (iii) lower global growth, among others. These developments have caused interruptions
in the trade flows of goods produced by Russia and Ukraine (mainly energy and grains) which have generated upward pressure on international
prices of those goods. Additionally, Russia&#8217;s prior annexation of Crimea, recognition of two separatist republics in the Donetsk
and Luhansk regions of Ukraine and subsequent military interventions in Ukraine have led to sanctions and other penalties being levied
by the United States, the European Union and other countries against Russia, Belarus, the Crimea Region of Ukraine, the so-called Donetsk
People&#8217;s Republic and the so-called Luhansk People&#8217;s Republic. As a result of these commercial and financial sanctions, pressure
on international prices may continue, even after the war in Ukraine has ended.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Similar pressures have been
observed in the price of energy. Russia is a major producer of natural gas, oil and coal. Production and commercial activities have been
affected by direct and indirect sanctions. Peru is a net importer of oil, and as such it has been affected by the significant increase
in price, generating high levels of inflation. In Peru, the inflation rate in 2022 was the highest annual rate of inflation recorded since
1996. The increase in the price of coal directly affects our business since it is one of the raw materials used in our process and, in
2022, it accounted for 21.3% of our cement production cost. Indirectly, the increase in the price of oil and gas also affects our business,
as it generates inflationary pressure throughout, and increases freight prices, which in turn increase import costs.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Geopolitical and economic
risks have also increased over the past few years as a result of trade tensions between the United States and China, Brexit, and the rise
of populism and tensions in South America and the Middle East. The foregoing conflicts and any other geopolitical tensions may lead, among
others, to a de-globalization of the world economy, an increase in protectionism or barriers to immigration, a general reduction of international
trade in goods and services and a reduction in the integration of financial markets, any of which could materially and adversely affect
our business, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>The increase in global
freight costs have adversely affected international prices, increasing inflation and therefore impacting our business, financial condition
and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The current increase in freight
prices is due both to demand and supply side issues. On the one hand, there was a surge in demand for goods, as consumers spent their
money on goods rather than services during pandemic lockdowns and restrictions. On the other hand, there were capacity constraints, including
container ship carrying capacity, container shortages, labor shortages, continued on and off COVID-19 restrictions across port regions
and congestion at ports. This mismatch between surging demand and reduced supply capacity then led to record container freight rates during
2021, that remained high during 20222. According to the United Nations Conference on Trade and Development (UNCTAD), this will have a
profound impact on trade and undermine socioeconomic recovery, especially in developing countries, until maritime shipping operations
return to normal. In Peru, this has already resulted in higher levels of inflation, with inflation reaching 8.5 % in 2022, compared to
6.2% in 2021. Increased freight costs directly affect our business and results of operations since imported materials represent approximately
37.9% of our production costs.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Peru</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Economic, social and
political developments in Peru including political instability, rates of inflation and unemployment could have a material adverse effect
on our business, financial condition and results of operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">All of our operations and
customers are located in Peru. Accordingly, our business, financial condition and results of operations depend on the level of economic
activity in Peru. Our business, financial condition and results of operations could be affected by changes in economic and other policies
of the Peruvian government (which has exercised and continues to exercise substantial influence over many aspects of the private sector),
and by other economic and political developments in Peru, including devaluation or depreciation, currency exchange controls, inflation,
economic downturns, political instability, corruption scandals, social unrest and terrorism.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In the past, Peru has experienced
political instability that included a succession of regimes with disparate economic policies and programs that created uncertainty for
domestic and foreign investors. Pedro Castillo became President of Peru, after a disputed election result in 2021. He faced political
opposition in the Peruvian Congress, which was highly fragmented, as no political party had achieved a clear majority and at least 10
political parties had minority representation, which led some groups in the Peruvian Congress to ask for his resignation. On December
7, 2022, President Castillo announced his decision to dissolve Congress, to intervene in the Judiciary, the Public Ministry, the Attorney
General&#8217;s Office, and the Constitutional Court, in addition to the scheduling of an election of a new Congress. These efforts by
President Castillo failed due to the immediate rejection by all government bodies, including the cabinet and the armed and police forces.
President Castillo was impeached that same day by Congress and arrested in transit to the Mexican embassy in Lima to request political
asylum. The then Vice President Dina Boluarte was sworn in as President in accordance with the line of constitutional succession.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In December 2022, a few days
into President Boluarte&#8217;s term, there were strong protests in the central, southern, and southern Andean areas of the country by
sectors of the population that demanded the immediate resignation of Dina Boluarte, the closure of Congress, the call for a Constituent
Assembly and freedom of Pedro Castillo. In response, President Boluarte announced that she would propose to Congress an early election
for April 2024. The protests escalated in various parts of the country, but subsequently downscaled to some extent. However, as of the
date of this annual report, Congress has yet to approve the date of these early elections, and, accordingly, President Boluarte&#8217;s
mandate is currently scheduled to end in 2026. However, since the political opposition in the Peruvian Congress remains strong, no assurance
can be made that impeachment motions will not be presented to the Peruvian Congress against President Boluarte during the remainder of
her term. We can provide no assurance that these protests will not escalate again in the future. In addition, the Peruvian government
may seek to modify and reform the Peruvian Constitution to expand the role of the government in activities currently undertaken by the
private sector in accordance with statements made during the campaign of President Castillo. Although it is expected that a majority of
the Peruvian Congress would oppose certain new policies and reforms, we can provide no assurance that policymaking by the government will
not be unpredictable. We cannot assure you whether President Boluarte or any of her successors, should an impeachment motion (<i>moci&#243;n
de vacancia) </i>be approved by the Peruvian Congress, will pursue business-friendly and open-market economic policies that stimulate
economic growth and stability, and that measures negatively impacting private investment, such as higher taxation or exchange controls,
will not be implemented.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">During the 1980s and the early
1990s, Peru experienced severe terrorist activity targeted against, among others, the government and the private sector. Since then, terrorist
activity in Peru has been mostly confined to small-scale operations in the Huallaga Valley and the Valleys of the Rivers Apurimac, Ene
and Mantaro, or &#8220;VRAEM,&#8221; areas, both in the Eastern part of the country. The Huallaga Valley and VRAEM constitute the largest
areas of coca cultivation in the country and thus serve as a hub for the illegal drug trade. Terrorist activity and the illegal drug trade
continue to be key challenges for Peruvian authorities. Any violence derived from the drug trade or a resumption of large-scale terrorist
activities which may occur could hurt our operations and, could disrupt the economy of Peru and our business. In addition, Peru has, from
time to time, experienced social and political turmoil, including riots, nationwide protests, strikes and street demonstrations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Despite Peru&#8217;s ongoing
economic growth and stabilization, the social and political tensions and high levels of poverty and proper employment continue. Future
government policies to preempt or respond to social unrest could include, among other things, expropriation, nationalization, suspension
of the enforcement of creditors&#8217; rights and new taxation policies. These policies could adversely and materially affect the Peruvian
economy and our business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The foregoing political uncertainty
and presidential decisions could further increase interest rates and currency volatility, as well as adversely and materially affect the
Peruvian economy and our business, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>A depreciation or devaluation
of the sol could have a material adverse effect on our business, financial condition and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A significant depreciation or devaluation of the
<i>sol </i>may affect us due to the fact that our revenues are denominated in <i>soles </i>while 37.9% of our costs, as of December 31,
2022 was denominated in U.S. dollars. As a result, we are exposed to currency mismatch risks. We expect to reduce our U.S dollar-denominated
costs once we stop requiring imported clinker, most likely during the second half of 2023. Nonetheless, a depreciation or devaluation
of the <i>sol </i>against the U.S. dollar and increased exchange rate volatility would increase the cost of our debt service obligations
which could have a material adverse effect on our business, financial condition and results of operations.</p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>If the Peruvian government
were to implement restrictive exchange rate policies and other similar laws, our business, financial condition and results of operations
could be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Since 1991, the Peruvian economy
has undergone a major transformation from a highly protected and regulated system to a free market economy. During this period, protectionist
and interventionist laws and policies have been dismantled. As a result the Peruvian economy had been growing consistently, until 2020
due to the COVID-19 pandemic. Currently, foreign exchange rates are determined by market conditions, with regular open-market operations
by the BCRP in the foreign exchange market to reduce volatility in the value of Peru&#8217;s currency against the U.S. dollar.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We cannot assure you that
the Peruvian government will not institute restrictive exchange rate policies in the future. Any such restrictive exchange rate policy
could have a material adverse effect on our business, financial condition and results of operations and adversely affect our ability to
repay debt or other obligations and restrict our access to international financing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, if the Peruvian government were to
institute restrictive exchange rate policies in the future, we might be obligated to seek an authorization from the Peruvian government
to make payments on the notes and the guarantees. We cannot assure you that such an authorization would be obtained. Any such exchange
rate restrictions or the failure to obtain such an authorization could materially and adversely affect our ability to make payments under
our U.S. dollar-denominated debt and to pay dividends on our American Depositary Shares (&#8220;ADSs&#8221;).</p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Increased rates of inflation
in Peru could have an adverse effect on the Peruvian long-term credit market, as well as the Peruvian economy generally and, therefore,
on our business, financial condition and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In the past, Peru has suffered
through periods of high and hyper-inflation, which has materially undermined the Peruvian economy and the government&#8217;s ability to
create conditions that support economic growth. In response to increased inflation, the BCRP, which sets the Peruvian basic interest rate,
may increase or decrease the basic interest rate in an attempt to control inflation or foster economic growth. Increases in the base interest
rate could adversely affect our results of operations, increasing the cost of certain funding. Additionally, a return to a high-inflation
environment would also undermine Peru&#8217;s foreign competitiveness, with negative effects on the level of economic activity and employment,
while increasing our operating costs and adversely impacting our operating margins if we are unable to pass the increased costs on to
our customers. During 2022, inflation reached 8.5%, well above the previous five-year average of 2.6%. Supply shocks, including the recent
rise in prices of energy, increased freight costs, and the increase in domestic demand explains this increase at a global level. The recent
conflict between Russia and Ukraine is likely to exacerbate these effects. Moreover, there has been an increase in interest rates globally,
which has an effect on the cost of financing and may adversely affect our business and financial condition if we were to require financing.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Changes in tax laws
or their interpretation may increase our tax burden and, as a result, negatively affect our business.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Peruvian Congress and
government regularly implement changes to tax laws that may increase our tax burden, or the tax burden of our subsidiaries. These changes
may include modifications in our taxable base, tax rates and, on occasion, the enactment of temporary taxes that in some cases have become
permanent taxes or changes to VAT exemptions applicable to certain of our operations in the Amazonian region. We are unable to estimate
the outcomes that these changes may have on business. In that sense, the Peruvian government recently introduced several changes related
to transfer pricing rules and formal obligations in order to comply with BEPS (base erosion and profit shifting) Guidelines on transactions
performed between related parties or with the intervention of low or no-tax jurisdictions, such as the obligation to file new local-files,
master-files and country-by-country reports with the Peruvian tax authority, and to adjust taxable bases accordingly for income tax purposes.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The effects of any tax reforms
that could be proposed in the future and any other changes that result from the enactment of additional reforms have not been, and cannot
be, quantified. However, any changes to our tax regime or interpretations thereof (including in connection with the tax rates, tax base
(<i>base imponible</i>), deductions rules, payments in advance regime (<i>regimen de pagos a cuenta</i>), time of payment or the establishment
of new taxes thereof) may result in increases in our overall costs and/or our overall compliance costs, which could negatively affect
our results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Our operations could
be adversely affected by an earthquake, flood or other natural disasters.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Severe weather conditions
and other natural disasters in areas in which we operate may materially adversely affect our operations. Peru is affected by El Ni&#241;o,
an oceanic and atmospheric phenomenon that causes a warming of temperatures in the Pacific Ocean, resulting in heavy rains off the coast
of Peru and various other effects in other parts of the world. The effects of El Ni&#241;o, which typically occurs every two to seven
years, include flooding and the destruction of fish populations and agriculture, and accordingly have a negative impact on Peru&#8217;s
economy. For example, in early 2017, El Ni&#241;o adversely affected agricultural production, transportation and communications services,
tourism and commercial activity, caused widespread damage to infrastructure and displaced significant populations. Although our facilities
were not significantly affected, our ability to ship cement was compromised by the destruction of infrastructure. Moreover, the road between
our quarry and plant in Piura was flooded and became impassable in 2017, causing increased logistics costs, as we had to transport the
raw material required for cement production at our Piura plant by an alternate road. With the rains experienced during the first months
of 2023, this road has again become impassable, albeit over a shorter distance than in 2017. We currently have enough inventory to supply
raw material to our Piura plant, but we cannot assure you that the road will be fully operational before we need to use it again.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Peru also is located in an
area that experiences seismic activity and occasionally is affected by earthquakes. For example, in 2007, an earthquake with a magnitude
of 7.9 on the Richter scale struck the central coast of Peru, severely damaging the region south of Lima. During March 2023, Cyclone Yaku
generated intense rainfall, which resulted in flooding and landslides, which severely damaged some areas in the north of Peru. Although
there was no severe physical damage to our properties, there have been closures of one or more of our franchised stores, inadequate work
forces in our markets, temporary disruptions in the supply of products, delays in the delivery of goods and a reduction in the availability
of products to these stores. In addition, adverse climate conditions (due to climate change or otherwise) and adverse weather patterns,
such as droughts or floods that impact growing conditions and the quantity and quality of crops, may materially adversely affect the availability
or cost of certain commodities or other products within our supply chain. Any of these factors may disrupt and materially adversely affect
our business, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Our operations could
be adversely affected by government-mandated plant closures.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Public health crises, such as epidemics or pandemics,
as well as other events deemed to be public emergencies, may result in the government requiring us to cease our operations. For example,
in March 2020, the Peruvian government ordered a state of emergency due to the COVID-19 outbreak, and required us to close our operations
from March 16, 2020 until May 18, 2020. This closure had a materially adverse effect on our business, financial condition, and results
of operations, in particular during the state of emergency. Although our business recovered well following the required period of closure,
we do not know if the government will take similar measures in the future as a result of public health crises or other public emergencies
that may have an impact on the Peruvian economy as a whole, the construction sector, our customers&#8217; ability to purchase cement and
cement-based products, and/or our customers&#8217; ability to pay for products we have previously sold to them.</p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>The Peruvian economy
could be adversely affected by economic developments in regional or global markets.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Financial and securities markets
in Peru are influenced by economic and market conditions in regional and global markets. Although economic conditions vary from country
to country, investors&#8217; perceptions of the events occurring in one country may adversely affect cash flows and securities from issuers
in other countries, including Peru. For example, the Peruvian economy was adversely affected by the political and economic events that
occurred in several emerging economies in the 1990s, including in Mexico in 1994, which impacted the fair value of securities issued by
companies from markets throughout Latin America. The crisis in the Asian markets beginning in 1997 also negatively affected markets throughout
Latin America. Similar adverse consequences resulted from the economic crisis in Russia in 1998, the Brazilian devaluation in 1999 and
the Argentine crisis in 2001. In addition, Peru&#8217;s economy continues to be affected by events in the economies of its major regional
partners and in developed economies that are trading partners or that affect the global economy.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The 2008 and 2009 global economic
and financial crisis substantially affected the financial system, including Peru&#8217;s securities market and economy. Additionally,
the debt crisis in Europe that began with financial crises in Greece, Spain, Italy and Portugal, reduced the confidence of foreign investors,
caused volatility in the securities markets and affected the ability of companies to obtain financing globally. Doubts about the pace
of global growth, particularly in the United States, contributed to already weak international growth in 2011, 2012 and 2013. Brexit continues
to create volatility and uncertainty in a number of financial markets. The global COVID-19 pandemic has resulted in a worldwide recession
that we cannot yet accurately measure as it is ongoing. Any interruption to the recovery of developed economies, the continued effects
of the global crisis in 2008 and 2009, a worsening or resurgence of the debt crisis in Europe, impacts due to Brexit, the economic impact
of COVID-19, or a new economic and/or financial crisis, or a combination of the above, could affect the Peruvian economy, and consequently,
materially adversely affect our business. In particular, the Peruvian economy recently has suffered the effects of fluctuating commodity
prices in the international markets, a decrease in export volumes, a decrease in foreign direct investment inflows and, as a result, a
decline in foreign reserves and an increase in its current account deficit. Additionally, adverse developments in regional or global markets
or an increase in the perceived risks associated with investing in emerging markets in the future could adversely affect the Peruvian
economy and, as a result, adversely affect our business, financial condition and results of operations. In March 2020, after its annual
review, the FTSE announced that, since there is only one Peruvian stock in the FTSE Global All Cap index, it does not meet the requirements
of the new minimum investable market cap and securities count requirement criterion. As a result, Peru was reclassified from Secondary
Emerging to Frontier market status as of September 2020.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>A decline in the prices
of certain commodities in the international markets could have a material adverse effect on our financial condition and results of operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In 2022, traditional exports,
in particular mineral products, fishing products, agricultural products and petroleum and its derivatives, represented 74.3% of Peru&#8217;s
total exports, according to the figures published by the BCRP. Changes in commodity prices in the international markets may have an adverse
impact on Peruvian government finances, which could affect both investor confidence and the sustainability of government expenditure and
social programs. Thus, a decline in commodity prices could, ultimately, affect the political environment in Peru, especially as regional
and local governments are particularly reliant on tax revenue from mining operations. Lower commodity prices could also affect the retail
sector, leading to, for example, a decline in purchasing power and consumer spending.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Corruption and ongoing
high-profile corruption investigations may hinder the growth of the Peruvian economy and have a negative impact on our business and operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Peruvian authorities are currently
conducting several high-profile corruption investigations relating to the activities of certain companies in the construction and infrastructure
sectors, which have resulted in suspension or delay of important infrastructure projects that were otherwise operational and permitted.
The overall delay relating to such projects has resulted in a drop in GDP growth and overall infrastructure investment.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In July 2017, former President
Ollanta Humala and his wife were detained in connection with a corruption probe and in February 2018, a Peruvian judge submitted a request
to extradite former president Alejandro Toledo on allegations of bribery, both in connection with Brazilian construction company Odebrecht
S.A. Several high-profile politicians are subject to corruption investigations. Corruption and corruption investigations could directly
affect the Peruvian government, divert resources that would otherwise be focused on developing the economy, create political instability,
and result in slower or negative economic growth, such as has recently happened in Brazil. In turn, this could impact our ability to successfully
implement our growth and expansion strategies.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On March 21, 2018, President
Kuczynski announced his decision to resign his office as president, due to allegations of corruption he faced. On March 23, 2018, Congress
accepted his resignation and his first vice president, Mart&#237;n Vizcarra, was sworn in as acting president. In November 2021, President
Vizcarra was impeached, due to alleged illegal payments by construction companies to President Vizcarra during his tenure as regional
governor of Moquegua and, later, as Minister of Transport and Communications.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In July 2018, a set of secretly
recorded phone conversations involving high-court officials in Peru revealed widespread corruption in the judicial system&#8217;s top
ranks. In February 2019, preventive prison was ordered of four of the implicated judges while the investigations continue.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In April 2019, two former
presidents were placed in preliminary detention due to their alleged ties to corruption: Pedro Pablo Kuczynski, who is currently detained,
and Alan Garcia, who took his own life when police came to place him under arrest.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In December 2022, President
Castillo announced his decision to dissolve Congress, to intervene in the Judiciary, the Public Ministry, the Attorney General&#8217;s
Office and the Constitutional Court, and to convene the election of a new Congress. This announcement was rejected by all government institutions,
including the Public Ministry, the cabinet, and the armed and police forces. President Castillo was impeached that same day by Congress
and arrested in transit to the Mexican embassy in Lima to request political asylum. He is currently being investigated and held under
preliminary detention.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Although recent history has
shown that the macroeconomic stability of the country remains unaffected by political turmoil, we cannot yet assess the political and
economic impact these developments may have on the political stability of the country. See &#8220;Economic, social and political
developments in Peru including political instability, rates of inflation and unemployment could have a material adverse effect on our
business, financial condition and results of operations.&#8221;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Public health crises,
including epidemics/pandemics, such as the COVID-19 pandemic, have adversely affected Peru&#8217;s economy and therefore our business,
financial condition and results of operations. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The COVID-19 pandemic had
a material adverse impact on the Peruvian economy in 2020, resulting in volatility in the financial markets, reduced international trade
and lower activity in certain of the key drivers of the local economy. In addition, social distancing and stay-at-home quarantine measures
imposed to minimize pressure on the healthcare system and contain social costs, adversely affected dynamism of various productive sectors
of the economy. Reduced activity in these economic sectors has resulted in reduced employment and less income for families and companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In 2021, there was a substantial
recovery in the Peruvian economy, with the most dynamic sectors being construction, non-primary manufacturing, commerce and some branches
of the service sector, including telecommunications and finance and insurance. However, there are sectors that are still lagging behind
in their recovery, especially those with a greater degree of physical interaction such as services related to transportation, accommodations,
restaurants and tourism in general.</p><div>

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</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot assure you that the measures adopted by the Peruvian government
to counteract the effects of public health crises, such as COVID-19, or others, will be sufficient over the long term to restore public
confidence or to restore economic growth.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to our Business and Industry</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>We are subject to the
possible entry of domestic or international competitors into our market, which could decrease our market share and profitability.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The cement market in Peru
is competitive and is currently served mainly by three main groups, which together supply most of the cement consumed in the country,
although there are two smaller producers and some imports. In the cement industry, the location of a production plant tends to limit the
market a plant can serve because transportation costs are high, reducing profit margins. Historically, we have supplied the northern region
of Peru while two other groups have supplied the central (which includes the Lima metropolitan area) and southern regions of Peru, driven
principally by the location of production facilities and distribution focus. However, competition could intensify if other manufacturers
decide to enter our market.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We may face increased competition
if the other Peruvian cement manufacturers, despite incremental freight costs, expand their distribution of cement to the northern region
of Peru, or if they develop a cement plant in the north, particularly if the cement markets in Lima or other areas of Peru become saturated.
In the past, some foreign cement manufacturers have announced plans to build cement plants in the central region of the country. If competition
intensifies in the central region of Peru due to the presence of foreign cement manufacturers or otherwise, it may have price repercussions
in our market.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We also face the possibility
of competition from the entry into our market of imported clinker for grinding facilities, cement or other materials or products from
foreign manufacturers, which may have significantly greater financial resources than us, particularly as production capacity continues
to exceed depressed demand in other parts of the world and transportation costs decrease.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We may not be able to maintain
our market share if we cannot match our competitors&#8217; prices or keep pace with the development of new products. If any of these events
were to occur, our business, financial condition and results of operations could be adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Demand for our cement
products is highly related to housing construction in northern Peru, which, in turn, is affected by economic conditions in the region.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Cement consumption is highly
related to construction levels. Demand for our cement products depends, in large part, on residential construction in the north of Peru,
which consists mostly of low-income families gradually building or improving their own homes without technical assistance, which we refer
to as <i>auto-construcci&#243;n</i>. We estimate that in 2022, <i>auto-construcci&#243;n</i> accounted for approximately 76.6% of
our cement sales, which proved to be the most resilient sector during the economic crisis generated during 2020 by the COVID-19 pandemic.
Residential construction, in turn, is highly correlated to prevailing economic conditions in Peru. A decline in economic conditions would
reduce household disposable income and cause a significant reduction in residential construction, leading to a decrease in demand for
cement. As a result, a deterioration of economic conditions in the northern region of Peru would have a material adverse effect on our
financial performance and results of operations. We cannot assure you that growth in Peru&#8217;s GDP, or the contribution to GDP growth
attributable to the northern region of the country, will continue at the recent pace or at all. Despite political uncertainty, cement
sales have continued to be strong during 2022. However, we cannot assure you that strong sales will remain during 2023 and beyond, as
the economy continues to be affected by external factors such as inflationary pressure, and political uncertainty continues.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>A reduction in private
or public construction projects in the northern region of Peru would have a material adverse effect on our business, financial condition
and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We estimate that in 2022,
approximately 12.7% of our cement sales were derived from private construction (other than <i>auto-construcci&#243;n</i>) and 10.7%
from public construction in the north of Peru. Significant interruptions or delays in, or the termination of, private or public construction
projects may adversely affect our business, financial condition and results of operations. Private and public construction levels in our
market depend on investments in the region which, in turn, are affected by economic conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The level of public infrastructure
construction also depends, to a great extent, on the priorities and financial resources of the national, regional and local governmental
authorities. Although the anticipated increase in Peru&#8217;s large infrastructure projects has been delayed, this remains an important
growth driver for the country and also a necessity due to Peru&#8217;s significant infrastructure deficit. In the North, significant spending
will be directed towards reconstruction works to address the damage caused by Coastal El Ni&#241;o, based on Peru&#8217;s &#8220;Reconstruction
with Changes&#8221; Plan. This Plan has an approved budget of S/25.7 billion (US$7.6 billion). In June 2020, the Peruvian government signed
an agreement with the government of the United Kingdom, for the execution of a package of S/7 billion. Through the agreement, the United
Kingdom will provide the structure, strategy and governance processes necessary for the timely delivery of all works, promoting efficiency
and avoiding corruption. This model has already been used successfully for the construction of the necessary infrastructure for the Lima
2019 Pan American Games, therefore favorable results are expected this time as well. Although execution has been slower than expected,
the continuation of this project will continue to boost our sales. However, we cannot assure that public spending for construction projects
will continue in the upcoming years. A reduction in public infrastructure spending in our market would adversely affect our business,
financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Our business, financial
condition and results of operations may be adversely affected by increases in energy prices or shortages in the supply of energy.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Energy accounts for a significant percentage of
our production costs. Our principal energy sources are coal, gas and electricity. In 2022, the cost of energy represented approximately
31.0% of our cement production costs, compared to 25.0% in 2021 and 28.7% in 2020 We use a substantial amount of coal as a source of fuel
in our production process. Most of the coal we use is anthracite coal which we purchase from domestic suppliers and import a small amount
of bituminous coal from suppliers primarily in Colombia, in each case, at market prices. We do not have long-term coal supply agreements,
and we do not engage in hedging transactions in connection with the price of coal. Any shortage or interruption in the supply of coal
could also disrupt our operations. In addition, the price of coal is largely driven by the price of oil, and, as a result, increases in
international oil prices are likely to affect the price of coal and adversely affect our results of operations.</p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have a long-term electricity
supply agreement with Electroper&#250; S.A. (&#8220;Electroper&#250;&#8221;), a government-owned company, to serve the electricity
requirements of our Pacasmayo and Piura facilities until 2026. We have also entered into a supply agreement with Electro Oriente S.A.
(&#8220;ELOR&#8221;) to supply the Rioja facility until 2024. Our business, financial condition and results of operations could be materially
and adversely affected by higher costs, interruptions, and unavailability or shortage of electricity. We have no back-up power system
at our plants and cannot assure you that, in case of interruption or failure in Electroper&#250;&#8217;s or ELOR&#8217;s operations,
we will have access to other energy sources at the same prices and conditions, which could adversely affect our business, financial condition
and results of operations. Moreover, electricity to our plants is transmitted through the Peruvian Electricity Interconnection System
(<i>Sistema El&#233;ctrico Interconectado Nacional del Per&#250;</i>, or &#8220;SEIN&#8221;). Any interruptions or failures in SEIN&#8217;s
system would also have a material adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In the recent past, we have
experienced electricity rationing, limiting our use of electricity to certain times of the day. In such cases, we were forced to readjust
our production schedules in order to ensure that our production process was not interrupted. In the event of any future rationing of electricity,
we may not be able to readjust quickly enough and our production process may be interrupted. Future shortages or efforts to respond to
or prevent shortages, such as rationing, may adversely impact the cost or supply of electricity for our operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">A significant increase in
the prices of coal, gas or electricity would increase our costs of production. We may not be able to increase the prices of our cement
products in the future if the prices of coal, gas or electricity rises, which would adversely affect our business, financial condition
and results of operations</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Changes in the cost
or availability of admixtures and raw materials supplied by third parties may adversely affect our business, financial condition and results
of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We use certain admixtures
and raw materials in the production of cement, such as gypsum, blast furnace slag and iron that we obtain from third parties. In 2022,
our cost of admixtures and raw materials supplied by third parties as a percentage of our cement production costs was approximately 5.1%,
compared to approximately 4.5% in 2021. Moreover, during 2022, we had to use imported clinker, to satisfy the sharp and sudden increase
in cement demand, and the cost of this imported clinker as a percentage of our cement production costs was approximately 16.3%, compared
to 21.3% in 2021. We do not have long-term contracts for the supply of admixtures or raw materials that we use and if existing suppliers
cease operations or reduce or eliminate production of these products, our costs to procure these materials may increase significantly
or we may be obligated to procure alternatives to replace these products. Current increases in import prices, mainly due to freight increases,
have affected the price of our admixtures. We have tried to replace, when possible, imported admixtures with local ones to decrease the
effect on our cost of production. We are also currently investing to optimize the current capacity at our Pacasmayo plant, in order to
produce an additional estimated 600,000 metric tons of clinker per year, in order to reduce our clinker imports. We expect to finish this
optimization by the second half of 2023. However, we cannot assure that we will continue to be able to replace imported admixtures or
optimize the current capacity at our Pacasmayo plant in the timing expected or at all.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>We may undertake future
acquisitions that may not achieve expected benefits.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our strategic initiatives
include pursuing acquisitions that tend to diversify our existing portfolio of products and services and expand our geographic footprint.
In the future, we may decide to expand by acquiring other companies in Peru or abroad. Any future acquisitions will depend on our ability
to identify suitable candidates, negotiate acceptable terms, and obtain financing for the acquisitions. If future acquisitions are significant,
they could change the scale of our business and expose us to new geographic, political, operating and financial risks. In addition, each
acquisition involves a number of risks, such as the diversion of our management&#8217;s attention from our existing business to integrating
the operations and personnel of the acquired business, possible adverse effects on our results of operations during the integration process,
our inability to achieve the intended objectives of the combination and potential unknown liabilities associated with the acquired assets.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>We may not be able to
obtain the funding required to implement future strategies.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our strategies to continue
to expand our cement production capacity and distribution network require significant capital expenditures. We cannot assure you that
we will generate sufficient cash flow from operations, or that we will have access to external financing sources, to adequately fund such
capital expenditures. Our access to external sources of financing will depend on many factors, including factors beyond our control, such
as conditions in the global capital markets and investors&#8217; risk perception of investing in Peru and in emerging markets generally.
Any equity or debt financing, if available, may not be on terms that are favorable to us. If our access to external financing is limited,
we may not be able to execute our strategy, which could adversely affect our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition, our local bonds
due 2029 and 2034, and the &#8220;club deal&#8221; loan we entered into in 2021, contain covenants that limit our ability and that of
our restricted subsidiaries to incur additional indebtedness if we do not meet certain financial ratios. If we are unable to incur additional
debt to fund our future strategies, our business could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>We are subject to risks
related to litigation and administrative proceedings that could adversely affect our business and financial performance in the event of
an unfavorable ruling.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The nature of our business
exposes us to litigation relating to product liability claims, labor, health and safety matters, environmental matters, regulatory, tax
and administrative proceedings, governmental investigations, tort claims and contract disputes, among other matters. In the past, we have
been subject to antitrust and tax proceedings or investigations. While we contest these matters vigorously and make insurance claims when
appropriate, litigation is inherently costly and unpredictable, making it difficult to accurately estimate the outcome of actual or potential
litigation. Although we establish provisions as we deem necessary, the amounts that we reserve could vary significantly from any amounts
we actually pay due to the inherent uncertainties in the estimation process. We cannot assure you that these or other legal proceedings
will not materially affect our ability to conduct our business, financial condition and results of operations in the event of an unfavorable
ruling.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Our business is subject
to a number of operational risks, which may adversely affect our business, financial condition and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our business is subject to
several industry-specific operational risks, including accidents, natural disasters, labor disputes and equipment failures. Such occurrences
could result in damage to our production facilities and equipment, and/or the injury or death of our employees and others involved in
our production process. Moreover, such accidents or failures could lead to environmental damage, loss of resources or intermediate goods,
delays or the interruption of production activities and monetary losses, as well as damage to our reputation. Our insurance may not be
sufficient to cover losses from these events, which could adversely affect our business, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition, key equipment
at our facilities, such as our mills and kilns, may deteriorate sooner than we currently estimate. Such deterioration of our assets may
result in additional maintenance or capital expenditures and could cause delays or the interruption of our production activities. If these
assets do not generate the cash flows we expect, and we are not able to procure replacement assets in an economically feasible manner,
our business, financial condition and results of operations may be materially and adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Our business depends
on the continued operation of our Pacasmayo and Piura facilities.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our production facilities
in Pacasmayo and Piura are essential to our business. In 2022, approximately 91.1% of our total cement and all of our quicklime was produced
at our Pacasmayo and Piura facilities. These plants are subject to normal hazards of operating any cement production facility, including
accidents, natural disasters and unexpected malfunctioning of the equipment. Any interruption in our operation of our Pacasmayo or Piura
facilities or a decrease in the effective capacity of these facilities would adversely affect our results of operations. In 2020, the
production and commercialization of cement was shut down for over two months, as a consequence of the state of emergency declared to prevent
the spread of COVID-19. This halt in production and commercialization for over two months had an adverse effect on our business, financial
condition and results of operations, which we were able to partially offset during the second half of the year due to strong demand. However,
we cannot assure you that demand will continue to be strong during 2023 and beyond, or that there will not be further shutdowns or closures
of significant parts of the economy,</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>The introduction of
cement substitutes into the market and the development of new construction techniques could have a material adverse effect on our business,
financial condition and results of operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Materials such as plastic,
aluminum, ceramics, glass, wood and steel can be used in construction as a substitute for cement. In addition, other construction techniques,
such as the use of drywall, could decrease the demand for cement and concrete. In Peru, drywall has only been introduced into the housing
construction market in recent years and it is not widely used. However, the use of drywall for housing construction could increase significantly
in the future as it becomes more popular. In addition, research aimed at developing new construction techniques and modern materials may
introduce new products in the future. The use of substitutes for cement could cause a significant reduction in the demand and prices for
our cement products.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Our success depends
on key members of our management and board of directors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our success depends largely
on the efforts and strategic vision of our executive management team and our board of directors. The loss of the services of some or all
of our executive management team or members of our board of directors could have a material adverse effect on our business, financial
condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The execution of our business
plan also depends on our ongoing ability to attract and retain additional qualified employees capable of operating our plants. Due to
the limited pool of skilled workers in the north of Peru or workers from other regions willing to relocate to the north of Peru, we may
not be successful in attracting and retaining the personnel we require. If we are unable to hire, train and retain qualified employees
at a reasonable cost, we may be unable to successfully operate our business or reach full planned production levels in a timely manner
and, as a result, our business, financial condition and results of operations could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Our operations and sales
are highly concentrated in the northern region of Peru.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">All of our operations are
located in the northern region of Peru, including our production facilities and the quarries from where we obtain limestone to produce
cement. In addition, substantially all our cement products are sold to consumers in this market. As a result, any adverse economic, political,
or social conditions affecting the northern region of Peru, as well as natural disasters and weather conditions, such as the El Ni&#241;o
climate pattern, among other factors that may affect this region, could have a material adverse effect on our business, financial condition
and results of operations. In 2017, the north of Peru experienced severe rain, landslides, and flooding, which affected the demand for
cement, and the ability to ship it, as well as the provision of raw materials since some roads were destroyed. Our plants did not suffer
any significant damage as we halted operations to mitigate physical damage. For example, in March 2023, Cyclone Yaku generated intense
rainfall, which resulted in flooding and mudslides, which severely damaged some areas in the north of Peru, particularly the city of Pacasmayo,
where we operate. Although there was no severe physical damage to our properties, we were affected by temporary road interruptions, inadequate
work force turnout, temporary disruptions in the supply of products, delays in the delivery of our products.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>We are subject to environmental
regulations and may be exposed to liability and political cost as a result of our handling of hazardous materials and potential costs
for environmental compliance.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are subject to various
environmental protection and health and safety laws and regulations that regulate, among other things, the generation, storage, handling,
use and transportation of hazardous materials; emissions and discharge of hazardous materials; and the health and safety of our employees.
Pursuant to Peruvian law, in order to conduct mining and industrial activities, we are required, among other things, to (i) submit an
environmental impact assessment to the Ministry of Production (<i>Ministerio de la Producci&#243;n</i>) and a mining closure plan to
the Ministry of Energy and Mines (<i>Ministerio de Energ&#237;a y Minas</i>, or &#8220;MINEM&#8221;) prior to initiating mining activities,
(ii) comply with certain air emission and wastewater discharge standards, (iii) obtain approval from the water management authority to
discharge wastewater into natural water sources or soil, (iv) dispose solid waste generated by us in special landfills exclusively through
companies registered with the environmental agency, and (v) store fuel in compliance with environmental and safety standards. In addition,
we are required to have a health and safety committee and develop an internal health and safety code. Although we believe we are in compliance
with all these regulations in all material respects, we cannot assure you that we have been or will be at all times in full compliance
with these laws and regulations. Any violation of such laws or regulations could result in substantial fines, criminal sanctions, revocations
of operating permits and shutdowns of our facilities. In addition, current or future governments may also impose stricter regulations
which may require us to incur higher compliance costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to certain applicable
environmental laws, we could be held liable for all or substantially all of the damages caused by pollution at our current or former facilities
or those of our predecessors or at disposal sites. We could also be held liable for all incidental damages due to the health effects of
exposure of individuals to hazardous substances or other environmental damage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We cannot assure you that
our costs of complying with current and future environmental and health and safety laws and regulations, and any liabilities arising from
past or future releases of, or exposure to, hazardous substances will not adversely affect our business, financial condition and results
of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Social unrest by local
communities may have an adverse effect on our business and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Mining is an important part
of the Peruvian economy. As of December 31, 2022, mining and oil and gas accounted for approximately 12.3% of the country&#8217;s GDP
according to the BCRP. On several occasions, local communities have opposed these operations and accused them of polluting the environment
and hurting agricultural and other traditional economic activities. In recent years, Peru has experienced protests against mining projects
in several regions around the country. For example, since 2019, there have been on-and-off conflicts in Las Bambas between local communities
and China Minmetals Corp, resulting in road blockages and halt in operations repeatedly throughout this period, and is still ongoing.
We conduct some extraction activities in our quarries and operate in areas close to local communities. Although we have historically had
very good relationships with the local communities where we operate and nearby, we provide no assurance that this will continue to be
the case in the future. During 2022, certain groups made social demands relating to agriculture, transportation, mining, which caused
instability. In December, social unrest, mainly in the center and south of the country after the impeachment of President Castillo caused
further instability and have resulted in an overall slowdown in GDP growth. Further social demands and conflicts may have an effect on
the Peruvian economy, and on our business and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>International agreements
related to climate change may result in an increase in our costs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">There are ongoing international
efforts to address greenhouse emissions. The United Nations and certain international organizations have taken action against activities
that may increase the atmospheric concentration of greenhouse gases. Regulatory measures, such as the Kyoto Protocol, aimed at addressing
greenhouse gas emissions and climate changes, are in various stages of negotiation and implementation. Such measures may result in increased
costs to us for installation of new controls aimed at reducing greenhouse gas emissions, purchase of credits or licenses for atmospheric
emissions, and monitoring and registration of greenhouse gas emissions from our operations. These measures, if adopted in Peru, could
adversely affect our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Changes in regulations
or in the interpretation of regulations may adversely affect our business, financial condition and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our business is subject to
extensive regulation in Peru, including, among others, relating to tax, environmental, labor, health and safety, and mining matters. We
believe that our facilities are currently operating in all material respects in accordance with all applicable concessions, laws and regulations.
Future regulatory changes, changes in the interpretation of such regulations or stricter enforcement of such regulations, including changes
to our concession agreements, may increase our compliance costs and could potentially require us to alter our operations. We cannot assure
you that regulatory changes in the future will not adversely affect our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Any dispute with the
labor unions that represent our employees could have an adverse effect on our business, financial condition and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of December 31, 2022, approximately
21.6% of our employees were members of employee unions. Although we consider our relations with our employees are currently positive,
we cannot assure you that we will not experience work slowdowns, work stoppages, strikes or other labor disputes in the future, which
could adversely affect our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>New projects may require
the prior approval of local indigenous communities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On September 7, 2011, Peru
enacted Law No. 29785, regarding the Prior Consultation Right of Local Indigenous Communities, in accordance with the International Labor
Organization Convention No. 169 (<i>Ley del Derecho a la Consulta Previa a los Pueblos Ind&#237;genas y Originarios, Reconocido en el
Convenio 169 de la Organizaci&#243;n Internacional del Trabajo</i>). This law, which became effective on December 6, 2011, establishes
a prior consultation procedure (<i>procedimiento de consulta previa</i>) that the Peruvian government must carry out with local indigenous
communities, whose rights may be directly affected by new legislative or administrative measures, including the granting of new mining
concessions. Local indigenous communities do not have a veto right; upon completion of this prior consultation procedure, the Peruvian
government retains the discretion to approve or reject the applicable legislative or administrative measure. However, to the extent that
in the future our new projects may require implementation of legislative or administrative measures that impact local indigenous communities,
we may not be able to undertake such projects, unless the Peruvian government first conducts the foregoing consultation procedure. We
cannot assure you that this law will not adversely affect our new projects and have an adverse effect on our business, financial condition
and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>The instruments pursuant
to which our principal indebtedness was issued contain financial and other covenants, and any default under any of these instruments may
have a material adverse effect on our financial condition and cash flows.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In January 2019, we issued
an aggregate of S/570 million in debt securities in two issuances under our local bond program: one in the aggregate principal amount
of S/260 million bearing interest a rate of 6.68750% with a term of 10 years, and another in the aggregate principal amount of S/310 million
bearing interest at a rate of 6.84375% with a term of 15 years. These issuances contain the same restrictions and covenants as our 4.50%
Senior Notes due 2023. And, in 2021, we entered into a &#8220;club deal&#8221; loan, which also contains restrictive covenants, as well
as financial covenants requiring us to meet certain financial ratios tests. Failure to meet or satisfy any of these covenants could result
in an event of default under the indenture, the agreements governing our local bonds or our &#8220;club deal&#8221; loan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Failures in our information
technology systems and information security (cybersecurity) systems can adversely impact our operations and reputation.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our operations are to a certain extent dependent
on information technology and automated operating systems to manage or support our operations. The proper functioning of these systems
is critical to the efficient operation and management of our business. In addition, these systems may require modifications or upgrades
as a result of technological changes or growth in our business. These changes may be costly and disruptive to our operations. Our systems
may be vulnerable to damage, disruption or intrusion caused by circumstances beyond our control, such as physical or electronic break-ins,
catastrophic events, power outages, natural disasters, computer system or network failures, viruses or malware, unauthorized access and
cyberattacks. Although we take actions to secure our systems and electronic information through cybersecurity tools, backup and recovery
solutions, procedures and policies which are based on Cybersecurity framework NIST 1.1 and ISO/IEC 27001:2013, have disaster recovery
plans in case of incidents that could cause major disruptions to our business, these measures may not be sufficient since cybersecurity
threats continue to evolve over time. Any significant information leakage or theft of information could affect our compliance with data
privacy laws and damage our relationship with our employees, customers and suppliers, and also adversely impact our business, financial
condition and results of operations. Our insurance does not cover any risk associated with any cyber security risks.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to our Common Shares and ADSs</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>The market price of
our ADSs may fluctuate significantly, and you could lose all or part of your investment.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Volatility in the market price
of our ADSs may prevent you from being able to sell your ADSs at or above the price you paid for them. The market price and liquidity
of the market for our ADSs may be significantly affected by numerous factors, some of which are beyond our control and may not be directly
related to our operating performance. These factors include, among others:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">actual or anticipated changes in our results of operations, or failure to meet expectations of financial
market analysts and investors;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">investor perceptions of our prospects or our industry;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">operating performance of companies comparable to us and increased competition in our industry;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">new laws or regulations or new interpretations of laws and regulations applicable to our business;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 35.4pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">general economic trends in Peru;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">catastrophic events, such as earthquakes and other natural disasters; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">developments and perceptions of risks in Peru and in other countries.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Our controlling shareholder
has significant influence over us and his interests could conflict with the interests of other shareholders.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of March 31, 2023, our
controlling shareholder beneficially owned 50.01% of our outstanding common shares. As a result, our controlling shareholder has the ability
to determine the outcome of substantially all matters submitted for a vote to our shareholders and thus exercise control over our business
policies and affairs, including, among others, the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the composition of our board of directors and, consequently, any determinations of our board with respect
to our business direction and policy, including the appointment and removal of our executive officers;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">determinations with respect to mergers, other business combinations and other transactions, including
those that may result in a change of control;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">whether dividends are paid or other distributions are made and the amount of any such dividends or distributions;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">whether we offer preemptive and accretion rights to holders of our common shares in the event of a capital
increase;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">sales and dispositions of our assets; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the amount of debt financing we incur.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our controlling shareholder
may direct us to take actions that could be contrary to the interests of our other shareholders and may be able to prevent other shareholders
from blocking these actions or from causing different actions to be taken. Also, our controlling shareholder may prevent change of control
transactions that might otherwise provide the shareholders with an opportunity to dispose of or realize a premium on their investment
in our common shares and ADSs. We cannot assure you that our controlling shareholder will act in a manner consistent with our other shareholders&#8217;
best interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Holders of ADSs may
be unable to exercise voting rights with respect to our common shares underlying the ADSs at our shareholders&#8217; meetings.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Holders of ADSs may exercise
voting rights with respect to the common shares represented by the ADSs only in accordance with the deposit agreement relating to the
ADSs. Holders of our common shares will receive notice of shareholders&#8217; meetings through publication of a notice 25 days in advance,
pursuant to Peruvian law, in the official gazette in Peru, a Peruvian newspaper of general circulation, the bulletin of the Lima Stock
Exchange and the website of the <i>Superintendencia del Mercado de Valores</i> (the &#8220;Peruvian Securities Commission&#8221;), and
will be able to exercise their voting rights by either attending the meeting in person or voting by proxy. ADS holders will not receive
notice directly from us. Instead, pursuant to the deposit agreement, we will notify the depositary, which will mail to holders of ADSs
the notice of the meeting and a statement as to the manner in which voting instructions may be given. To exercise their voting rights,
ADS holders must instruct the depositary how to exercise the voting rights for the common shares which underlie their ADSs. Due to these
additional procedural steps involving the depositary, the process for exercising voting rights may take longer for ADS holders than for
holders of our common shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Holders of ADSs also may not
receive voting materials in time to instruct the depositary to vote the common shares underlying their ADSs. In addition, the depositary
and its agents are not responsible for failing to carry out voting instructions of the holders of ADS or for the manner of carrying out
such instructions, unless such failure can be attributable to gross negligence, bad faith or willful misconduct on the part of the depositary
or its agents. Accordingly, holders of ADSs may not be able to exercise voting rights, and they will have little, if any, recourse if
the underlying common shares are not voted as requested.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>The ability of holders
of our ADSs to receive payments of cash dividends may be limited.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our shareholders&#8217; ability
to receive cash dividends may be limited by the ability of the depositary to convert cash dividends paid in <i>soles </i>into U.S. dollars.
Under the terms of our deposit agreement with the depositary for the ADSs, the depositary will convert any cash dividend or other cash
distribution we pay on the common shares underlying the ADSs into U.S. dollars, if it can do so on a reasonable basis and can transfer
the U.S. dollars to the United States. If this conversion is not possible or if any government approval is needed and cannot be obtained,
the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do
so. If the exchange rate fluctuates significantly during a time when the depositary cannot convert the foreign currency, holders of ADSs
may lose some or all of the value of the dividend distribution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Holders of ADSs may
be unable to exercise pre-emptive or accretion rights with respect to the common shares underlying their ADSs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Peruvian corporate law, if we issue new common
shares as part of a capital increase, unless otherwise agreed to by holders of 40.0% of our outstanding common shares, our shareholders
will generally have the right to subscribe to a proportional number of common shares of the class held by them to maintain their existing
ownership percentage, which is known as preemptive rights. In addition, shareholders are entitled to the right to subscribe for the unsubscribed
common shares of either the class held by them or other classes which remain unsubscribed at the end of a preemptive rights offering,
on a pro rata basis, which is known as accretion rights. Holders of ADSs may not be able to exercise the preemptive or accretion rights
relating to common shares underlying the ADSs unless a registration statement under the U.S. Securities Act of 1933, as amended (the &#8220;Securities
Act&#8221;), is effective with respect to those rights or an exemption from the registration requirements of the Securities Act is available.
We are not obligated to file a registration statement with respect to the common shares relating to these preemptive and accretion rights
and we cannot assure you that we will file any such registration statement. Unless we file a registration statement or an exemption from
registration is available, holders of ADSs may receive only the net proceeds from the sale of their preemptive and accretion rights by
the depositary or, if the preemptive and accretion rights cannot be sold, they will be allowed to lapse. As a result, U.S. holders of
our ADSs may suffer dilution of their interest in our company upon future capital increases.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>We are entitled to amend
the deposit agreement under which our ADSs were issued, and to change the rights of ADS holders under the terms of such agreement, without
the prior consent of the ADS holders.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are entitled to amend the
deposit agreement and to change the rights of the ADS holders under the terms of such agreement, without the prior consent of the ADS
holders. Any change related to an increase in deposits or charges for book-entry securities services or any modification that might hinder
the rights of the ADS holders will be effective within 30 days after the ADS holders have received notice of such change or modification
and such holders will have no right to any compensation whatsoever.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Our status as a foreign
private issuer allows us to follow alternate standards to the corporate governance standards of the New York Stock Exchange, which may
limit the protections afforded to investors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are a &#8220;foreign private
issuer&#8221; within the meaning of the New York Stock Exchange corporate governance standards. Under New York Stock Exchange rules, a
foreign private issuer may elect to comply with the practices of its home country and not to comply with certain corporate governance
requirements applicable to U.S. companies with securities listed on the exchange. We currently follow certain Peruvian practices concerning
corporate governance and intend to continue to do so. Accordingly, holders of our ADSs will not have the same protections afforded to
shareholders of companies that are subject to all New York Stock Exchange corporate governance requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For example, the New York
Stock Exchange listing standards provide that the board of directors of a U.S. listed company must have a majority of independent directors
at the time the company ceases to be a &#8220;controlled company.&#8221; Under Peruvian corporate governance practices, a Peruvian company
is not required to have a majority of independent members on its board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The listing standards for
the New York Stock Exchange also require that U.S. listed companies; at the time they cease to be &#8220;controlled companies,&#8221;
have a nominating/corporate governance committee and a compensation committee (in addition to an audit committee). Each of these committees
must consist solely of independent directors and must have a written charter that addresses certain matters specified in the listing standards.
Under Peruvian law, a Peruvian company may, but is not required to, form special governance committees, which may be composed partially
or entirely of non-independent directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition, New York Stock
Exchange rules require the independent non-executive directors of U.S. listed companies to meet on a regular basis without management
being present. There is no similar requirement under Peruvian law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The New York Stock Exchange&#8217;s
listing standards also require U.S. listed companies to adopt and disclose corporate governance guidelines. In November 2013, the Peruvian
Securities Commission and a committee comprised of regulatory agencies and associations prepared and published a list of suggested non-mandatory
corporate governance guidelines called the &#8220;Good Corporate Governance Code for Peruvian Companies.&#8221; Although we have implemented
a number of these measures, we are not required to comply with the corporate governance guidelines by law or regulation, only to disclose
whether or not we are in compliance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Minority shareholders
in Peru are not afforded equivalent protections as minority shareholders in other jurisdictions and investors may face difficulties in
commencing judicial and arbitration proceedings against our company or the controlling shareholder.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our company is organized and
existing under the laws of Peru, and our controlling shareholder is resident in Peru. Accordingly, investors may face difficulties in
serving process on our company, our officers and directors or the controlling shareholder in other jurisdictions, and in enforcing decisions
granted by courts located in other jurisdictions against our company, our officers and directors or the controlling shareholder that are
based on securities laws of jurisdictions other than Peru.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In Peru, there are no proceedings
to file class action suits or shareholder derivative actions with respect to issues arising between minority shareholders and an issuer,
its controlling shareholders or directors and officers. Furthermore, the procedural requirements to file actions by shareholders differ
from those of other jurisdictions, such as in the United States. As a result, it may be more difficult for our minority shareholders to
enforce their rights against us, our directors, officers or controlling shareholder as compared to the shareholders of a U.S. company.
The deposit agreement provides that the depositary has no obligation to commence or become involved in any judicial proceedings and any
other legal actions relating to the ADSs or the deposit agreement, either on behalf of the ADS holders or on behalf of any other person.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>The ability of investors
to enforce civil liabilities under U.S. securities laws may be limited.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Most of our directors or executive
officers are not residents of the United States. All or a substantial portion of our assets and those of our directors and executive officers
are located outside of the United States. As a result, it may not be possible for investors in our securities to affect service of process
within the United States upon such persons or to enforce in U.S. courts or outside of the United States judgments obtained against such
persons outside of the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are a company organized
and existing under the laws of Peru, and there is no existing treaty between the United States and Peru for the reciprocal enforcement
of foreign judgments. It is not clear whether a Peruvian court would accept jurisdiction and impose civil liability if proceedings were
commenced in a foreign jurisdiction predicated solely upon U.S. federal securities laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 4. INFORMATION ON THE COMPANY</p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> A. History and Development of the Company</p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our History</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Cementos Pacasmayo S.A.A.
was incorporated in Lima, Peru in 1949, by a group of private investors that founded the company to serve the cement market in the northern
region of Peru. Cementos Pacasmayo began its operations in 1957 and is a publicly held corporation (<i>sociedad an&#243;nima abierta</i>)
organized under the laws of Peru. Our executive offices are located at Calle La Colonia 150, Urbanizaci&#243;n El Vivero, Surco, Lima,
Peru. Our telephone number at this location is + (511) 317-6000. Our website address is www.cementospacasmayo.com.pe. Information on or
accessible through our website is not a part of, nor incorporated by reference in, this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Cementos Pacasmayo S.A.A.
and Hochschild Mining plc together constitute the two businesses of the Hochschild Group, which has operated in Latin America for more
than 100 years. Hochschild Mining plc is incorporated in the United Kingdom and its shares have been listed on the London Stock Exchange
since 2006. Cementos Pacasmayo has been listed on the Lima Stock Exchange since 1995. As of March 31, 2023, Eduardo Hochschild, directly
and indirectly, owned and controlled 38.32% of the shares of Hochschild Mining plc. Through Inversiones ASPI S.A. (&#8220;ASPI&#8221;),
as of that same date, Eduardo Hochschild, directly and indirectly, owned and controlled 50.01% of the outstanding common shares of Cementos
Pacasmayo. S.A.A.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Hochschild Group traces
its origins to 1911, when Mauricio Hochschild, a German mining engineer, founded a group of companies in South America that came to be
known as the Hochschild Group. Following World War I, the Hochschild Group expanded into Bolivia where it developed significant interests
in tin. The Hochschild Group commenced operations in Peru in 1925 and in 1945 Luis Hochschild, the nephew of Mauricio Hochschild (and&#160;the
father of Eduardo Hochschild), joined the Hochschild Group&#8217;s Peruvian operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">During the first decades of
its operations, the Hochschild Group focused on the commercialization of minerals, although it later began operating its own mines and
other industrial companies. During World War II, the Hochschild Group was a key supplier of tin and other metals to the allied forces.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Hochschild Group acquired
its initial ownership interest in us in 1956. Set forth below are key developments in our company&#8217;s history.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In 1957, we began our operations with the installation of our first clinker line with an installed production
capacity of approximately 110,000 metric tons per year. In 1966 and 1977, we added a second and third clinker line, respectively, increasing
our installed clinker production capacity to approximately 830,000 metric tons per year.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In November 1984, the South American mining and industrial operations of the Hochschild Group were sold
to the Anglo American Corporation of South Africa which, in the same month, sold the Peruvian operations of the Hochschild Group, including
its interest in Cementos Pacasmayo and predecessors of Hochschild Mining plc, to a group of companies controlled by Luis Hochschild.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In 1995, we launched our distribution network to commercialize and distribute our products throughout
the northern region of Peru. In that same year, we also listed our common shares for trading on the Lima Stock Exchange, currently under
the ticker symbol &#8220;CPACASC1.&#8221;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In 1998, we acquired from the Peruvian government our Rioja facility, located in the northeast of Peru.
At the time, the Rioja facility had one clinker line with an installed cement production capacity of approximately 35,000 metric tons
per year.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In 2003, we acquired Zemex Corporation, a U.S. company engaged in non-metallic mining and industrial activities
in the United States and Canada, which we sold in 2007 in a series of transactions.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In 2009, we created Fosfatos del Pac&#237;fico in order to explore phosphate rock deposits from our
concession at Bay&#243;var in the north of Peru.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In 2010, we reached an aggregate total installed cement production capacity of 3.1 million in our Pacasmayo
and Rioja facilities and completed the conversion of our Waelz kiln, retrofitting it to produce quicklime or calcine zinc interchangeably.
That same year, we also sold our copper mining concessions in the central region of Peru known as &#8220;Mina Raul,&#8221; which were
previously leased to a third party, for US$28.0 million.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In December 2011, we sold a minority equity interest in Fosfatos to an affiliate of Mitsubishi to develop
our phosphate deposits in the Bay&#243;var fields, in the northwest of Peru.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In March 2012, we completed our initial equity offering of 22,296,800 ADSs in the United States and listed
our ADSs on the New York Stock Exchange.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
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<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In February 2013, we issued US$300 million in our inaugural international bond offering. A&#160;portion
of the proceeds from this offering were used to prepay amounts outstanding on our secured loan agreement with BBVA Banco Continental,
and the remaining proceeds were used to fund a portion of the capital expenditures related to the construction and operation of our new
Piura plant and our cement business.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In September 2015, we began producing cement at our new plant in Piura. This was a very important milestone
for us, since we have been investing in this project since 2012 and we have begun to reap the benefits of this investment.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In January 2016, we began producing clinker at our new plant in Piura, finishing the start-up of the plant,
adding one million metric tons of annual clinker production capacity.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In March 2017, we completed the spin-off of Fostatos del Pac&#237;fico.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In December 2017, our board of directors resolved to focus our strategy on our core business of developing
cement and building solutions. In furtherance of this strategy, we have focused on disposing of our non-core investments. In the fourth
quarter of 2017, we discontinued our brine project.</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In March 2018, we launched our new brand image and updated our vision: to further enhance our position
as a leader in developing building solutions and innovations that anticipate the needs of our clients and that contributes to the progress
of our country.</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">During 2018, we implemented the ISO 37001 anti-bribery management systems, obtaining certification in
January 2019. This certification confirms that our management systems are designed to help prevent, detect and respond to bribery and
comply with anti-bribery laws and voluntary commitments applicable to our activities. This certification and related initiatives reiterate
our commitment to global anti-bribery best practices and high standards of transparency and good corporate governance.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In November 2018, we launched an offer to purchase for cash a portion of the US$300 million principal
amount of our outstanding 4.50% Senior Notes due 2023. The offer expired on December 7, 2018 and we purchased a total of US$168,388,000,
or approximately 56.13% of the total outstanding amount of our 4.50% Senior Notes due 2023.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">On January 8, 2019, the General Shareholders&#8217; Meeting approved the creation of a local bond program
in an aggregate principal amount up to S/1,000 million. On January 31, 2019, we issued an aggregate principal amount of S/570 million
in debt securities under our local bond program: one in the aggregate principal amount of S/260 million accruing interest at a rate of
6.68750% per annum with term to maturity of 10 years, and the other in the aggregate principal amount of S/310 million accruing interest
at a rate of 6.84375% per annum with a term to maturity of 15 years. The proceeds were used to purchase a portion of our 4.50% Senior
Notes due 2023. The rates and terms obtained reduce our financial cost structure, with lower cost of capital, an extended maturity and
less exposure to exchange rate fluctuations.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In 2020, we were included on the Dow Jones Sustainability (&#8220;DJS&#8221;) MILA Pacific Alliance Index
for the second consecutive year. This index is made up of those companies that demonstrate superior performance among their peers based
on social, environmental, and economic criteria.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In 2021, given the exponential growth in the demand for cement, in October 2021, the optimization of the
capacity of our Pacasmayo plant was approved, in order to produce an additional 600,000 metric tons of clinker, and thus reduce the consumption
of imported clinker.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">In 2022, for the fourth consecutive year, we managed to be
part of the annual DJS MILA Pacific Alliance Index, achieving a score of 79 points, which was an improvement of 4 points compared to
the previous year. We were the only Peruvian cement company present in DJS MILA Pacific Alliance Index for 2022. In addition, to strengthen
our sustainability strategy and especially our commitment to reducing emissions, in 2022, we designated a Sustainability Manager and
a Climate Change Managing Director. During 2022, we implemented the ISO 37301 compliance management system, obtaining the certification
in January 2023.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.4pt; text-align: left; text-indent: -0.25in">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.4pt; text-align: left; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Capital Expenditures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We expect to spend approximately
S/ 75 million per year over the next three years on recurring capital expenditures necessary to operate our plants and equipment. During
2023, we will incur in additional capital expenditures to finance the optimization of our plant in Pacasmayo. We expect to finance these
investments with our current and future cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The table below sets forth
our total capital expenditures incurred in 2022, 2021 and 2020.</p><div>

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</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concrete and aggregates
    equipment</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.8</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Piura plant projects</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pacasmayo plant projects</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rioja
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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    <td style="border-bottom: Black 1.5pt solid; font-size: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-size: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="padding-bottom: 1.5pt; font-size: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.5</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> B. Business Overview</p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are a leading Peruvian
cement company, and the only cement manufacturer in the northern region of Peru. With more than 65 years of operating history, we produce,
distribute and sell cement and cement-related materials, such as precast products and ready-mix concrete. Our products are primarily used
in construction, which has been one of the fastest growing segments of the Peruvian economy in recent years. We also produce and sell
quicklime for use in mining operations, although it represents a very small percentage of our overall revenues.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In 2022, our cement shipments
were approximately 3.4 million metric tons, representing an estimated 23.9%&#160;share of total cement shipments in Peru. Cement volumes
in 2022 decreased by 5.4% compared to 2021. 2021 was an all-time record year in terms of our cement shipments, with an increase of 39.6%
versus 2019, which was our previous record year. We believe the construction sector has significant potential to grow with the continued
deficit in infrastructure and the persistent housing deficit in the country, as well as the reconstruction of northern Peru following
the impact of El Ni&#241;o weather conditions in the first four months of 2017. Our current challenge is to sustain cement sales volume
levels in 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We own three cement production
facilities, our flagship Pacasmayo facility located in the northwest region of Peru, our Piura facility located around 300 kilometers
north of Pacasmayo, and our smaller Rioja facility located in the northeast. Our facilities have total installed annual cement production
capacity of approximately 4.9 million metric tons. We also have installed annual production capacity of 240,000 metric tons of quicklime.
We own concession rights to several quarries with reserves of limestone and other raw materials located near our facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We completed an expansion
of our Rioja plant in April 2013. We more than doubled the cement production capacity of our Rioja facility by installing a new production
line with 240,000 metric tons of installed annual cement production capacity. We finished construction of our plant in Piura in 2015.
This facility has annual production capacity of 1.6 million metric tons of cement. In September 2015, we began cement production, and
clinker production began in January 2016. During 2021, we decided to optimize our capacity at our Pacasmayo plant, in order to add an
estimated 600,000 metric tons of clinker capacity per year. This should be completed during the second half of 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We provide consumers with
high-quality and value-added cement products and, as a result, we believe we have developed strong brand recognition and customer loyalty
in our market. We have developed one of the largest independent retail distribution networks for construction materials in Peru. Through
our network of 240 independent retailers and 341 hardware stores as of December 31, 2022, we distribute our cement products as well as
other construction materials manufactured by third parties, such as steel rebar, cables and pipes, in the northern region of Peru. We
also sell our cement products directly to other retailers that are not part of our distribution network and to private construction companies
and government entities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table sets forth
certain macroeconomic data for Peru and operating and financial data for our company for the periods indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2"><b>&#160;</b></td><td><b>&#160;</b></td><td><b>&#160;</b></td>
    <td colspan="2"><b>&#160;</b></td><td><b>&#160;</b></td><td><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34.7</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(15.6</td><td style="text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><b>Operating data:</b></td><td><b>&#160;</b></td>
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    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,940</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">2,780</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,632</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(1)</td><td style="text-align: left">Source: BCRP.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(2)</td><td style="text-align: left">Utilization rate is calculated by dividing production for the specified period by installed capacity.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(3)</td><td style="text-align: left">Gross profit margin is equal to gross profit as a percentage of net sales.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Non-IFRS Financial Measure and Reconciliation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We define EBITDA as net profit
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difference, net.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">EBITDA should not be construed
as an alternative to profit or operating profit, as an indicator of operating performance, as an alternative to cash flow provided by
operating activities or as a measure of liquidity (in each case, as determined in accordance with IFRS). EBITDA, as calculated by us,
may not be comparable to similarly titled measures reported by other companies, including those in the cement industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table sets forth the reconciliation
of our profit to EBITDA:&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">(1)</td><td style="text-align: left">Calculated based on an average exchange rate of S/3.814 to US$1.00 as of December 31, 2022.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Peruvian Cement Market</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Peru reached a 2.9% GDP growth
rate in 2022. From 2017 to 2022 GDP grew at a compound annual growth rate, (&#8220;CAGR&#8221;), of 1.7%. Growth during this period was
accompanied by low inflation, which averaged 2.88% per year. In addition, as of December 31, 2022, the government had accumulated foreign
exchange reserves of approximately US$74.0 billion, and the sovereign long-term debt rating was investment grade from each of the three
major international credit rating agencies. Although this economic growth had resulted, among other key trends, in significant poverty
reduction, with a decrease in the percentage of the country&#8217;s population living below the poverty line from approximately 48.6%
in 2004 to approximately 20.2% in 2019, the COVID-19 pandemic took a toll on it and in 2020 poverty levels increased 9.9 percentage points.
Fortunately, poverty levels for 2021, which is the last available data, decreased by 4.2 percentage points, reaching 25.9%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We sell substantially all
our cement in the northern region of Peru, which in 2022 accounted for approximately 32.9% of the country&#8217;s population and 20.0%
of national GDP. Two other groups sold most of the cement consumed in each of the central and southern regions of Peru, with 1.9% of all
the cement consumed in the country coming from imports, and approximately 3.6% coming from a small domestic producer. From 2017 to 2022,
total cement consumption in Peru increased 2.3% according to the INEI. Peru continues to have a significant housing deficit, estimated
by the INEI at 1.9 million homes nationwide. In Peru, cement is mainly sold to a highly fragmented consumer base, consisting primarily
of households that buy cement in bags to gradually build or improve their own homes without professional technical assistance, a segment
known in our industry as <i>auto-construcci&#243;n</i>. We estimate that in 2022 sales to the <i>auto-construcci&#243;n</i> segment
accounted for approximately 76.6% of our total sales of cement, private construction projects accounted for 12.7%, and public construction
projects accounted for the remaining 10.7%. Approximately 88.3% of our total cement sales in 2022 were in the form of bagged cement, substantially
all of which was sold through retailers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Even though our ready-mix
sales are still a small proportion of our sales, we expect this trend to change as infrastructure becomes a bigger driver of demand in
the upcoming years, and we are continuing the development of our strategy to become a building solutions company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Competitive Strengths</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our principal competitive
strengths include the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Strong corporate governance
standards and international recognition</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our common shares are listed
on the Lima Stock Exchange and our ADSs are listed on the New York Stock Exchange. We are subject to the disclosure requirements of the
U.S. Securities and Exchange Commission (the&#160;&#8220;SEC&#8221;) and the Peruvian Securities Commission and we must comply with and
adopt internal compliance standards to increase transparency and improve corporate governance standards including an audit committee and
appointment of independent directors. Since 2009, every year we have been selected as part of the Good Corporate Governance Index of the
Lima Stock Exchange. Furthermore, in 2022, we received the Top Social Responsibility Award (<i>Distintivo de Empresa Socialmente Responsable</i>)
for the tenth consecutive year, in recognition of our achievement of corporate goals in a socially responsible manner, principle that
is ingrained in our corporate culture and business strategy. Also, we were included for the fourth consecutive year as part of the 2022
DJS MILA Pacific Alliance Index. This index is made up of those companies that demonstrate superior performance among their peers under
social, environmental and economic criteria. This achievement comes as a result of Pacasmayo&#8217;s effort to improve in all of these
criteria and to work towards ambitious goals in terms of long-term sustainability. We are committed not only to remain in the Index but
to improve our performance, as we are convinced that the focus on sustainability is key to our business and our stakeholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In February 2023, we were
selected to be part of The Sustainability Yearbook 2023, for the third consecutive year. To appear in the Yearbook, companies must score
within the top 15% of their industry globally and have a gap of less than 30% from the leader&#8217;s Global ESG score. With around 7,800
companies evaluated around the world, an inclusion in the yearbook is a true statement of excellence in corporate sustainability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Track record of cash flow generation and
strong results through multiple business cycles</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have historically generated
strong cash flow and high profit margins mainly due to the following key factors:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">our leadership position in the northern region of Peru; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">our extensive distribution network, operational flexibility and efficiency, and focus on innovation.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Despite the difficulties encountered
globally due to the COVID-19 pandemic and the war in Ukraine, we were able to generate a record S/493.9 million in EBITDA during 2022,
the highest in company history.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This solid financial position
and our ability to consistently generate operating cash flow also allows us to obtain relatively low interest rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Leader in attractive
and expanding market with solid macroeconomic fundamentals</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are currently the only
cement manufacturer in the northern region of Peru and we produce and sell substantially all of our cement in the region. In 2022, the
northern region accounted for approximately 32.9% of the country&#8217;s population and 20.0% of its GDP. From 2018 to 2022, GDP in the
northern region increased at a CAGR of 1.9%. During the same period, our cement sales volume grew at a CAGR of 12.4%, above northern region
GDP mainly due to increased public spending resulting from the government&#8217;s reconstruction plan after El Ni&#241;o in 2017, and
the resilience of the <i>auto-construcci&#243;n </i>segment, mainly driven by high employment levels in agriculture which is prominent
in the North.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Best-in-class operating
efficiencies with vertical integration and strong brand recognition</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our quarries are located in
close proximity to our plants, enabling us to minimize transportation costs. We&#160;strive to enhance our operational efficiency by focusing
on lowering costs and improving profitability. We also benefit from our vertically integrated operations, participating in the entire
chain of production from the quarries, which we own directly, to the related products such as quicklime, ready&#8211;mix, precast and
our large distribution network. We have developed one of the largest independent retail distribution networks for construction materials
in Peru, known as &#8220;DINO,&#8221; consisting of 240 independent retailers and 341 hardware stores as of December 31, 2022, primarily
small, local stores in the northern region, through which we distribute our cement products, as well as construction materials manufactured
by third parties. We use our distribution network, together with our strategically located commercial offices, to promote our products
and stay abreast of market developments. We have developed this network through years of fostering relationships with retailers in the
region, which we believe would be difficult for a competitor to replicate. Our distribution network has enabled us to build strong recognition
for our Pacasmayo brand among retailers and end-consumers in our market, which we believe is important to our business, particularly because
our cement is principally sold in bags to retail consumers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Disciplined capital
expenditure plan with attractive risk / return profile</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We seek to minimize risk while
securing an adequate return on our development projects. In 2015, we completed construction of our new plant in Piura, the third largest
city in northern Peru, which has an annual production capacity of 1.6 million metric tons of cement. The first ton of cement from the
Piura plant was produced and shipped on September 17, 2015. The Piura plant improves our competitive position in the northern region of
Peru. With production from three plants, we are able to serve our market more efficiently. This state-of-the-art plant is one of the most
modern in Latin America. It also reduces transportation costs by enabling the dispatching of cement from plants within closer proximity
to the point of sale.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">During 2021, we decided to
invest approximately US$70 million to optimize our current capacity at our Pacasmayo plant, in order to produce an additional estimated
600,000 metric tons of clinker per year. Due to the sudden and sharp increase in demand since the second half of 2020, we have had to
import clinker, which negatively affects our margin due to higher cost of production. This optimization, when completed during the second
half of 2023, will allow us to stop importing clinker, if demand remains around current levels, as we currently expect.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Emphasis on innovation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We place significant emphasis
on research and development to ensure our products meet the needs of consumers in our market and to improve the efficiency of our operations.
For example, we have developed cement products suitable to coastal construction that tend to be more exposed to erosion from sulfate.
We believe that, by educating retailers and end consumers of these attributes of our products, we have been successful in building demand
and realizing higher margins for our differentiated product offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In July 2016, we created the
Innovation Department with the main objective of systematizing the continuous transformation process of the business in order to ensure
a sustainable growth for Cementos Pacasmayo and the improvement of its margins. To achieve this objective it is necessary to:</p><div>

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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Put the customer at the center of all our processes.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Design a management innovation model.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Promote an organizational culture that encourages entrepreneurship and innovation.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Given that customers, and consumption
patterns can change quickly and unexpectedly we must quickly adapt in order to retain our customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In 2019 we developed new value
propositions that we believe will enable us to offer our clients the best experiences. We designed Journey Maps together with the commercial
and marketing areas wherein we detailed the experience of our various clients to identify our strengths and those aspects that we need
to improve. Under this approach, in 2022 we continued developing, and in some cases, consolidating our digital platforms:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; padding: 0pt; border-bottom: Black 1.5pt solid; width: 12%; text-align: center"><b>Name of the<br/>
    project</b></td>
    <td style="padding: 0pt; width: 1%"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; padding: 0pt; vertical-align: bottom; width: 87%; text-align: center"><b>Description</b></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding: 0pt; text-align: center">PACASPRO</td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left">Digital platform aimed at delivering value to construction companies. Through this digital application, our clients will be able to check the status of their dispatches, re-schedule them and display the GPS location of their shipments in real time.</td></tr>
  <tr>
    <td style="vertical-align: top; padding: 0pt; text-align: center">APOLO</td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left">It will be our new commercial digital platform that will support our Mundo Experto digital strategy. It is in the research and design stage.</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding: 0pt; text-align: center">SISPLAN</td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left">Digitization of the request, approval and issuance processes for the discount on plans and promotions, negotiation, tenders and sale, giving visibility to our clients and sales force.</td></tr>
  <tr>
    <td style="vertical-align: top; padding: 0pt; text-align: center">BIM</td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left">Digital catalogue of company products, aimed at facilitating the transition from traditional construction processes to the implementation of building information modeling. The initiative includes team training and use of BIM as a virtual design tool in the Engineering Department.</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding: 0pt; text-align: center">Cellular Concrete</td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left">Project development in conjunction with the R&amp;D and Marketing Departments that involves the design of a new type of concrete with innovative properties such as lighter weight and high thermal and acoustic performance.</td></tr>
  <tr>
    <td style="vertical-align: top; padding: 0pt; text-align: center">AYU</td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left">The project focuses on getting to know Peruvian families to design a value proposition that enhances the fulfillment of their plans through financial inclusion.</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding: 0pt; text-align: center">ISICOM</td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left">The project is aimed at the commercial management carried out by the sales force (CRM), in which we cover all the activities of its roadmap to be able to fulfill its commercial management of sales, registration of construction projects and contact with customers.</td></tr>
  <tr>
    <td style="vertical-align: top; padding: 0pt; text-align: center">DAKAR</td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left; vertical-align: bottom">Digital platform aimed at medium and small carriers seeking greater utilization of their units by offering them an easy and fast way to find reliable cargo.</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding: 0pt; text-align: center">DEDALO</td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left">Design and guide the implementation of a process automation model, accelerating the digital transformation of the company.</td></tr>
  <tr>
    <td style="vertical-align: top; padding: 0pt; text-align: center">EVA</td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left; vertical-align: bottom">Digital platform aimed at hardware stores that want to generate sales with digital receipts and that seek to improve the management of their business.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Strong relationship
with local communities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Since we began operations
65 years ago, we have been committed to improving the quality of life of the communities surrounding our plants, whose members we regularly
employ. We have developed close and cooperative relationships with the local communities, which are supported by several social responsibility
initiatives we have undertaken. For example, the family of our controlling shareholder founded, Asociaci&#243;n Tecsup, a leading non-profit
institute in Peru that provides technical education to students as well as UTEC, a leading technical university. We provide scholarships
and financial aid to local qualified students interested in studying at Tecsup. Through its three campuses in Peru, as of December 31,
2022, Tecsup had graduated over 14,333 students in various technical fields, some of whom currently work for us and our affiliates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Highly experienced and
professional management and board of directors</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our management team, with
an average of 15 years of experience in the cement industry in Peru, has extensive technical and local market expertise and has led our
company through our recent growth. We have developed a strong professional business culture and a team of highly qualified executives.
We also have a well-regarded and experienced board of directors that includes some of Peru&#8217;s business leaders and former senior
government officials. Since 2009, we have been selected to form part of the Best Corporate Governance Practices Index of the Lima Stock
Exchange (recently renamed S&amp;P/BVL Peru General ESG Index), and since 2019 we have been selected as part of the DJS MILA Pacific Alliance
Index.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our Strategies</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our objective is to maximize
shareholder value, while honoring our commitment to the environment and abiding by our social responsibility goals. We aim to be a leading
company that provides building solutions anticipating the needs of our clients and that contributes to the continued development of our
country. We intend to achieve our objective through the following principal strategies:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Continue to focus on
our core business of supplying the rising demand for cement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We plan to continue to meet
the increasing demand for cement in our market, while controlling production costs. We intend to increase our production capacity while
we continue to serve the current cement market, as well as increasing cement demand through the production of new cement-based products.
Our principal goal is to maintain our market share in the northern region of Peru without reducing the profitability of our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Deepen our commercial
relationship with retailers and end-consumers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We plan to enhance our commercial
relationships with retailers and end-consumers in our market, both to maintain brand loyalty and to foster demand for our cement products.
We will continue to support retailers in our DINO distribution network by providing product education, training sessions, rewards programs,
and assistance in financing purchases of our products. In addition, we continue with our door-to-door commercial strategy for cement sales.
We believe that these initiatives have been successful in strengthening our relationship with retailers and end-consumers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Continue to focus on
being the preferred provider of building solutions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We strive to be the supplier
of choice for cement consumers in the northern region of Peru, whether its individuals building their homes or private construction companies
or governmental entities undertaking projects of any size. We continue to focus on providing consumers with efficient and customized building
solutions for their construction needs. Over the past several years, we have evolved from being a single type cement manufacturer to offering
five different types of cement products, under 2 brands, and other building solutions, such as assembly gravity walls, sheet piles, precast
beams, among others. Moreover, in 2018 we launched a new corporate image and future vision, transforming ourselves from a cement producer
to a building solutions company. We focus on innovation and are constantly searching for ways to improve building practices, inspired
by our culture based on sustainability. For example, we offer cement that contains special properties that protect against sulfate erosion,
as well as other products designed to meet the needs of consumers in the northern region of Peru. For the industrial segment and under
our <i>PacasPro</i> brand, we continue with the digitalization of the purchasing process and of the use of our products and services.
For our mass channel and self-builders we have <i>Mundo Experto</i>, an ecosystem that integrates physical and digital solutions, improves
the purchasing experience and contributes to the professionalization and formalization of the construction market. Our mission is to provide
a comprehensive solution for all project types and thus respond to the unique needs of each client, generating savings and efficiencies
in the construction processes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Selectively pursue acquisitions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We will continue to evaluate
and may selectively pursue strategic acquisitions of cement and complementary businesses that expand our geographic footprint and diversify
our portfolio of products. Our management team has significant operating experience and industry knowledge in the production and commercialization
of cement and cement-related materials, and we believe this experience will enable us to identify and pursue attractive acquisitions that
will maximize shareholder value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Continue to strengthen
our enterprise risk management</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We continue to strengthen
our enterprise risk management methods and processes that allow us to identify, assess and monitor the legal, commercial, operational,
financial and reputational risks, as well as fraud, corruption, bribery and money laundering and financing of terrorism risks, determining
the existing controls and establishing a plan along with other areas in order to mitigate existing risks. Along these lines, since 2018,
we have implemented the ISO 37001 Anti-bribery management systems obtaining the certification every year since 2019. This certification
confirms that our management system is designed to help prevent, detect and respond to bribery and comply with anti-bribery laws and voluntary
commitments applicable to its activities. We believe this certification reiterates our commitment to global anti-bribery best practices
and high standards of transparency and good corporate governance. Also, to continue to strengthen our management systems, during 2022
we implemented the ISO 37301 compliance management system, obtaining certification in January 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Maintain high environmental,
social and governance standards</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are committed to maintaining
high environment, social and corporate governance standards. We are focused on developing and strengthening a favorable social environment
for the continuity and growth of our operations, prioritizing our social investment in innovative education, health and local development
programs in coordination with other stakeholders to contribute to sustainable development. Since 2009, we have been selected as part of
the Good Corporate Governance Index of the Lima Stock Exchange. Furthermore, in 2022, we received the Top Social Responsibility Award
(<i>Distintivo de Empresa Socialmente Responsable</i>) for the tenth consecutive year, in recognition of our achievement corporate goals
in a socially responsible manner, a principle that is ingrained in our corporate culture and business strategy. Furthermore, in 2022 we
obtained a special distinction in the Environmental category. Also, we were included for the fourth consecutive year as part of the DJS
MILA Pacific Alliance Index. This index is made up of those companies that demonstrate superior performance among their peers under social,
environmental and economic criteria.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In February 2023, we were
chosen to be part of The Sustainability Yearbook for the third consecutive year. To appear in the Yearbook, companies must score within
the top 15% of their industry globally and have a gap of less than 30% from the leader&#8217;s Global ESG score.2021 was the first year
that Peruvian companies were included as part of the Yearbook, and we are the only Peruvian cement company to be included for two consecutive
years. With around 7,800 companies evaluated around the world, an inclusion in the yearbook is a true statement of excellence in corporate
sustainability. This achievement is a recognition of our extraordinary efforts to improve in all of these criteria and to work towards
ambitious goals in terms of long-term sustainability. We are committed not only to remain in the Index but to improve our performance,
as we are convinced that the focus on sustainability is key to our business and our stakeholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Likewise, in 2022 we were
recognized with first place in the category &#8220;Leading Company in Investor Relations Peru&#8221; in the &#8220;ALAS 20-Agenda Sustainable
Leaders&#8221; award, organized by GOVERNART in Peru and other countries in the region.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our Products</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our core products are cement and other cement-related materials. We
also produce quicklime. In 2022, cement, concrete, mortar and precast accounted for 92.1% of our net sales and quicklime accounted for
2.0%. We also sell and distribute construction materials, such as steel rebar, cables and pipes, manufactured by large third-party manufacturing
companies, and others which in 2022 represented 5.8% of our net sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table sets forth
a breakdown of our shipments by type of product for the periods indicated:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Cement, concrete, mortar and precast</td><td style="width: 1%">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The following table sets forth a breakdown
of our total net sales by product for the periods indicated:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0in"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0in; padding-bottom: 1.5pt"><b>Total</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: left">Refers to construction materials manufactured by third parties
that we distribute. Construction supplies include the following products: steel rebar, wires, nails, corrugated iron, electric conductors,
plastic tubes and accessories, among others.</td>
</tr></table><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Cement is a powdered mixture
of ground minerals that, when mixed with water, adheres to other materials and hardens to form a rock-like substance. Cement is generally
mixed with other materials, such as gravel and sand, forming concrete with a high degree of compressive strength that is able to withstand
substantial pressure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Cement types are generally
classified as either Portland cement or blended hydraulic cement. Portland cement is a hydraulic cement produced by pulverizing clinker,
consisting essentially of crystalline hydraulic calcium silicates and calcium sulfate. Blended hydraulic cement consists of a mixture
of Portland cement clinker and mineral admixtures, such as blast furnace slag, pozzolanic materials and limestone.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We produce predominantly blended
cement, which represented 83.5% of our cement sales in 2022. This type of cement requires less clinker and reduces carbon dioxide emissions
of our operations and production. Our global clinker/cement ratio is estimated at 72%, below the average value for similar producers globally
of approximately 76%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We produce a range of cement
products suitable for various uses, such as residential and commercial construction and civil engineering. We currently offer the following
six types of cement products designed for specific uses:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><i>Type ICo</i>. This type of cement is used for general purposes and is similar to Portland Type I cement.
It&#160;is widely used in our market due to its effectiveness and low hydration heat.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><i>Type MS/MH/R (called Fortimax3)</i>. This is the new formula for the type of cement that is used to
protect against moderate sulfate action, such as drainage structures, with higher-than-normal, but not unusually severe, sulfate concentrations
in ground water. It is designed for sites and structures in humid areas that are exposed to sulfates and sea water. It also prevents thermal
contraction cracking due to moderate heat hydration and is resistant to contact with alkaline reagents.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><i>Type I</i>. This type of cement is for general purposes and suitable if special properties are not
needed. It&#160;is generally used for constructing pavements, floors, reinforced concrete buildings, bridges, reservoirs, pipes, masonry
units and precast concrete products.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><i>Type V</i>. Type V cement is used in concrete exposed to severe sulfate action, principally in places
where soil or ground water has high sulfate content. It is generally used in hydraulic construction, such as irrigation canals, tunnels,
water conduits and drains.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><i>Type HS</i>. Type HS cement is used in concrete that is exposed to severe sulfate action, principally
where soil or ground water has high sulfate content. It is recommended for port construction, industrial plants and construction of sewage
sites. Our Portland Type HS cement has low reactivity with alkali-reactive aggregates, making it more durable than other types of cement.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><i>Type IL</i>. Type IL cement is a blended Portland limestone cement. These cements are more environmentally
friendly than Portland cements and have very similar performance to Portland Type I/II cements</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We believe that our Type V,
Fortimax and HS cement products are particularly suitable for construction in the northern coastal region of Peru, where sulfate and chloride
concentrations from soil, ground water and sea water affect the durability of construction structures. By educating retailers about the
different cement characteristics and conducting marketing campaigns, we believe we have been successful in building demand for our cement
products. Our research and development department is also equipped to produce custom-tailored cement products on demand. In addition,
through our dedicated team of geologists and scientists, we have significantly reduced the amount of clinker required for cement production
minimizing our capital expenditures and significantly reducing our carbon dioxide emissions (CO2).</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We market and distribute our
cement primarily in 42.5 kilogram bags. Most of our bagged cement is sold to the retail sector consisting primarily of households that
buy bags of cement to build or expand their own homes over time with little or no formal technical assistance (commonly referred to as
<i>auto-construcci&#243;n</i>). The bags are made of Kraft paper to preserve the quality of the cement. Our bags include information
relating to the composition of our cement, handling instructions, production dates and storage instructions. Our cement bags have different
colors to easily identify the different types of cement. Once bagged at our Pacasmayo, Rioja and Piura facilities, our cement is loaded
onto trucks operated by third parties. Cement in bulk is sold to large industrial consumers.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Concrete Products</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We also produce and sell concrete
products principally in the form of ready-mix concrete used in large construction sites, as well as precast, bricks, pavers and other
precast materials.</p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 35.4pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><i>Ready-mix concrete</i>. Ready-mix is a blend of cement, aggregates (sand and stone), admixtures and
water. It is manufactured and delivered to construction sites in a form that is ready to use. This mixture hardens to form a building
material, ranging from sidewalks to skyscrapers. We have 19 fixed and mobile ready-mix plants.</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 35.4pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><i>Concrete precast</i>. We produce and sell concrete precast, such as paving units, or paver stones for
pedestrian walkways, as well as other bricks for partition walls and concrete precast for structural and non-structural uses.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 35.4pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><i>New cement based products</i>. We have developed, and are in the process of developing more cement-based
products that are innovative and easy building solutions. Some of these products are:</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left"><i>Mortar for brick laying</i>: Pre-dosed and bagged dry masonry mortar for block and brick laying.</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left"><i>Mortar for plaster</i>: Pre-dosed mortar to plaster interiors and exteriors, walls and ceilings. Allows
smooth finishes and thin applications</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left"><i>Caravista Concrete</i>: Concrete designed to be exposed without any additional coating or paint.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left"><i>Tremie Concrete</i>: Concrete designed to be placed under water at depths greater than 1.5 meters.</td></tr></table><div>

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<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left"><i>New Jersey Walls</i>: Safety barriers used to separate traffic flows</td></tr></table><div>

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<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left"><i>Mortar for brick laying</i>: Pre-dosed and bagged dry masonry mortar for block and brick laying.</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left"><i>Viaforte Type MH</i>: Cement of moderate heat of special hydration for stabilization of soils and road
bases. The cement provides greater workability and less risk of cracking on site, also ensuring greater durability to the structure</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left"><i>Bagged Dry Concrete</i>: Pre-dosed mixture of cement, aggregates (Stone and Sand) and additives, that
only requires the addition of water indicated on the package and mixing (manual or mechanical) to be used immediately</td></tr></table><div>

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<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left"><i>Corner block</i>: Product that complements the structures built with our precast, giving better functionality
to any corner.</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left"><i>Beam block</i>: Product that is used to confine the upper part of walls built with our precast.</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left"><i>Concrete pipes</i>: Precast reinforced concrete pipes that are installed without the need to open pit
ditches or dredging of maritime floors. The main use of the driving pipe is to collect seawater (inlet pipe) and to bring brackish water
back out to sea (outfall pipe). We have built a 1.5&#160;kilometer long underwater outfall project for the Talara Refinery, where it is
necessary to build a water collection system for its fire and cooling system.</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left"><i>Sheet piles presented and assembled</i>: Concrete piles that can be pre-stressed or reinforced (they
are two different types of manufacturing) that sink one alongside the other, forming a containment structure, used as riparian defenses.
We manufacture pre-stressed and reinforced sheet piles that can form a coastal defense for rivers, ensuring the containment of water during
rainy events, reducing the vulnerability of cities to floods.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Quicklime</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We produce and distribute
quicklime, which has several industrial uses. Quicklime serves as a neutralizer, lubricant, drying and absorbing material, disinfectant,
and as a raw material. Quicklime has various applications, including in the steel, food, fishing and chemical industries. It is also used
in mining operations to treat water and industrial residues, in agriculture as a fertilizer enhancer and, to a lesser extent, in other
industries. In Peru, quicklime is mainly used in the mining industry, as an additive to treat water residues. We produce quicklime in
finely and coarsely ground varieties and sell it either in bags of one metric ton or in bulk, according to clients&#8217; requirement.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Production Process</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cement Production Process</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The diagram below depicts
the standard cement production process, which consists of the following main stages:</p><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">extraction and transportation of limestone or coquina (seashells) from the quarry;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">grinding and homogenization to make the raw material of consistent quality;</td></tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">clinkerization;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">cement grinding;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">storage in silos; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">packaging, loading and distribution.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Extraction of raw materials</i>.
To produce cement, limestone/coquina are extracted from our quarries. We use explosives to loosen the limestone and deploy bulldozers
to remove dirt and the overburden covering the limestone. We crush the limestone in our primary and secondary cone crusher and the resulting
limestone is loaded into trucks and hauled to our Pacasmayo or Rioja facilities from the adjacent quarry where it is stored. In the case
of Piura, our surface miner drills out our coquina quarry and then it is also loaded into trucks and hauled to the Piura plant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Grinding and homogenization</i>.
Limestone/coquina, clay and sand are mixed with iron that is acquired from third parties. The quality of the resulting raw meal is monitored
by examining samples of each batch and processing them through our quality control x-ray software that automatically measures the mix
of materials to confirm the blend is in compliance with our quality standards. Subsequently, the raw meal is sent to a blending silo and
then to a storage silo from where it is fed into the pre-heater.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Clinkerization</i>. The
raw meal is heated at a temperature of approximately 1,450 degrees Celsius in our kilns. The intense heat causes the limestone and other
materials in the mixture to react inside the kiln, turning the mixture into clinker. Clinker is then cooled to a temperature of approximately
200 degrees Celsius and stored in a silo or in an outdoor yard.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Cement grinding</i>. After
being cooled, clinker, together with gypsum and some admixtures, is fed into a ball mill or into a vertical roller mill where it is ground
into a fine powder to produce cement. In this form, cement reacts as a binding agent that, when mixed with water, sand, stone and other
aggregates, is transformed into concrete or mortar.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Storage in silos</i>. After
passing through the ball mills, the cement is transferred on conveyor belts and stored in concrete silos in order to preserve its quality
until distribution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Packaging, loading and
transport</i>. Cement is transferred through another conveyor belt from the silo to be packaged in 42.5 kilogram bags and then loaded
into trucks operated by third parties to be transported for distribution. Bulk cement may be transported (unpackaged) on especially designed
trucks that deliver large amounts of cement directly to the work site.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Quicklime Production Process</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Quicklime is produced by crushing
limestone with a calcium carbonate content of at least 95% by calcinating it in a rotary kiln. The limestone for quicklime comes from
our quarries. The crushing of the limestone is done at the quarry and the calcination process takes place only at our Pacasmayo facility.
We produce quicklime in finely and coarsely ground varieties and sell both varieties in bags of 40 kilograms and up to one metric ton,
as well as in bulk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Raw Materials and Energy Sources</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Limestone and Other Calcareous Resources</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We obtain limestone required
to produce clinker and quicklime principally from land where we have concession rights. For our Pacasmayo plant, we extract limestone
from our Acumulaci&#243;n Tembladera quarry located approximately 60 kilometers from the plant, and for our Rioja plant, we extract
limestone from our Calizas Tioyacu quarry which is adjacent to our Rioja plant. For our Piura plant, we extract coquina from Virril&#225;
quarry, located approximately 120 kilometers from the plant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Acumulaci&#243;n Tembladera</i>.
We have a concession with an indefinite term to extract limestone and other minerals from our Acumulaci&#243;n Tembladera quarry, a
3,390 hectare open-pit mine located in the district of Yonan, in the department of Cajamarca. We acquired this concession in November
2002.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Calizas Tioyacu</i>. For
our Rioja production, we have a concession with an indefinite term to extract limestone and other minerals from a 400 hectare open-pit
mine near our Rioja facility in the district of Elias Soplin Vargas, in the department of San Mart&#237;n. We acquired this concession
in February 1998.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Virril&#225;</i>. For
our Piura production, we also have a group of concessions with an indefinite term to extract coquina and other minerals from our Virril&#225;
quarry, a 931 hectare open-pit mine located in the district of Sechura, in the department of Piura. We acquired these concessions between
2000 and 2008.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition to our Acumulaci&#243;n
Tembladera, Calizas Tioyacu, Bayovar 4 and Virril&#225; quarries, we also own concession rights to various other calcareous material
quarries consisting, in total, of approximately 40,767 hectares located in the northern region of Peru. None of these quarries are in
operation as of the date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Clay, Sand and Other Raw Materials and Admixtures</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The other raw materials that
we use to produce clinker are clay, sand, iron and diatomite.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Clay</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For cement production in our
Pacasmayo facility, we extract clay from our Cerro Pintura quarry, a 400 hectare open-pit concession located in the district and province
of Pacasmayo, department of La Libertad. We were granted this concession by the MEM in 1996. The term of the concession is indefinite,
provided we pay an annual concession fee and meet minimum annual production requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For cement production in our
Rioja facility, we extract clay from our Pajonal quarry, a 400 hectares open-pit concession located in the district and province of Rioja,
department of San Martin. This concession was granted to us by the MEM in 1998. The term of the concession is indefinite, provided we
pay an annual concession fee and meet minimum annual production requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have not calculated our
clay reserves, as we believe there is an abundant supply of clay in our concessions and more broadly in the northern region where we operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Sand</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For cement production in our
Pacasmayo facility, we use sand extracted from our Cerro Pintura quarry. Our Rioja facility does not utilize sand as a raw material given
the type of cement it produces.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have not calculated our
sand reserves, as we believe there is an abundant supply of sand in our concessions and more broadly in the northern region where we operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Iron</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We use small quantities of
iron in our cement production, which we purchase from third parties at market prices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Pozzolanic Materials and Other Admixtures</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our cement production also
requires small amounts of other admixtures, such as pozzolanic materials, gypsum and blast furnace slag.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For cement production in our
Pacasmayo facility, we use pozzolanic materials obtained from our Cunyac quarry, a 200 hectare open-pit concession located in the district
of Sexi, province of Santa Cruz, department of Cajamarca. The concession was granted to us by the MEM in 2008. The term of the concession
is indefinite, provided we pay an annual concession fee and meet minimum annual production requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For cement production in our
Rioja facility, we use pozzolanic materials obtained from our Fila Larga quarry, a 1,000 hectare open-pit concession located in the district
of El Milagro, province of Utcubamba, department of Amazonas. The concession was granted to us by the MEM in 1998.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We also own several other
concessions containing pozzolanic material which have not been exploited. In addition, our use of pozzolanic materials may be substituted
with clinker or other admixtures. Other admixtures, such as gypsum and blast furnace slag, are purchased at market prices from third-party
suppliers. If we are unable to acquire raw materials or admixtures from current suppliers, we believe that other sources of raw materials
and admixtures would be available without significant interruption to our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Energy Sources</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our main energy sources are
fuel in the form of coal and electricity. Our production processes consume significant amounts of energy, because our kilns must reach
extreme temperatures to produce clinker and quicklime. In addition, milling operations, homogenization and transportation of materials
consume significant amounts of energy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Coal</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We purchase mostly anthracite
coal from local suppliers and import small amounts of bituminous coal from suppliers mainly in Colombia, in each case at spot market prices.
Anthracite coal tends to be less expensive than bituminous coal. We store coal at our premises and in our warehouse facility adjacent
to the Salaverry port, located approximately 130 kilometers south of our Pacasmayo facility, where we have sufficient stock of coal to
maintain our production levels for the next year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In December 2009 and February
2010, we entered into option agreements to acquire coal mining concessions as a means to secure a steady and reliable source for our coal
requirements and to reduce the volatility in costs related to coal. In 2011, we exercised certain options under these agreements to acquire
coal mining concessions for 908.5&#160;hectares near our Pacasmayo facility for a total purchase price of US$4.5 million. In 2013, we
exercised our remaining options to purchase an additional coal mining concession for 501.2 hectares for US$1.0 million, thereby completing
the acquisition of the related coal mining concessions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Electricity</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of December 31, 2022, all
of the electricity requirements for our Pacasmayo and Piura facilities were supplied by Electroper&#250; and for our Rioja facility
by ELOR.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have a long-term electricity
supply contract with Electroper&#250; currently valid until 2026. Electroper&#250; has agreed to provide us with sufficient energy
to operate our Pacasmayo and Piura facilities at pre-determined maximum amounts during the term of the contract. Payments for electricity
are based on a formula that takes into consideration our energy consumption and certain market variables, such as the U.S. purchase price
index, the global price of oil, the local price of natural gas and the import price of bituminous coal.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition, we have a medium-term
electricity supply contract with ELOR to supply the Rioja facility, which was recently extended until 2024. ELOR supplies the Rioja facility
with six megawatts of electricity at peak hours and eight megawatts at non-peak hours. Payments for electricity are based on a formula
that takes into consideration our energy consumption and certain market variables, such as the U.S. dollar price, the local price of natural
gas, the global price of oil and the import price of bituminous coal.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Other Production Materials</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We use other materials in
the cement production process, including paper bags to package cement, which we purchase principally from local suppliers; plastic bags
used to package quicklime, which we purchase from local suppliers; and water to cool the kiln exhaust gases and for our crushing operations
at our Acumulaci&#243;n Tembladera quarry, which we obtain principally from a well located at our Pacasmayo facility and from the Jequetepeque
river. Water used in our production process is maintained in a closed system at our plants and re-processed for utilization in our production
process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Consumer Base</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The retail cement sector in
Peru is characterized by households that purchase single bags of cement to gradually build or improve their homes with little or no professional
assistance. This sector is known as <i>auto-construcci&#243;n</i>. Families in this sector tend to invest a large portion of their savings
in building or improving their own homes. <i>Auto-construcci&#243;n</i> is often conducted with the help of a foreman (<i>maestro de
obra</i>) who generally has experience in construction. Our retail marketing plans typically target the <i>maestro de obra</i> who is
usually the decision maker when buying cement and other related construction materials.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We also sell directly to small,
medium and large private construction companies working on a variety of construction projects, from housing complexes to commercial developments.
In the public sector, we provide cement for national, regional and local governments carrying out construction projects including housing
complexes and public construction, ranging from local schools and hospitals to large infrastructure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Sales and Distribution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Distribution</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our market extends from the
Ecuadorian border in the north of Peru to the city of Barranca in the south (approximately 180 kilometers north of Lima), to the rainforest
in the east and the Pacific Ocean in the west. Our market covers the provinces of Amazonas, Cajamarca, La Libertad, Lambayeque, Piura
and Tumbes in the north; and San Mart&#237;n and Loreto in the northeast.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our Pacasmayo, Piura and Rioja
facilities supply the entire northern region of Peru, interchangeably subject to where it is most efficient to ship from at the moment,
depending on the distance and type of cement being produced, among other factors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In 2022, approximately 88.3%
of our total cement shipments were in the form of bagged cement, substantially all of which was sold through retailers both within and
outside of our distribution network. The remaining 11.4% of our cement was sold in bulk or in shipments of precast products or ready-mix
concrete directly to large construction companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have developed one of the
largest independent retail distribution networks for construction materials in Peru, consisting of 341 local hardware stores, with which
we have a distribution agreement. In addition, we also distribute to other independent retailers located throughout the northern region
of Peru with whom we do not have contractual relationships. We have built our distribution network by investing in strengthening our relationship
with retailers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Even though our ready-mix
sales are still a small proportion of our sales, we expect this trend to change as infrastructure becomes a bigger driver of demand in
the upcoming years. Additionally, we sell and distribute other construction materials manufactured by third parties that are used alongside
cement, such as steel rebar, plastic pipes and electrical wires, among others.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Marketing and Brand Awareness</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We use our distribution network,
together with our strategically located local commercial offices, to promote our products and brands, as well as to keep us informed of
market developments. We believe our distribution network has enabled us to build strong recognition for our Pacasmayo brand among <i>maestros
de obra</i>, retailers and end consumers which we believe is important to our business, particularly because our cement is principally
sold in bags to retail consumers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our marketing expenses in
2022 were approximately S/6.4 million, or 0.1% of our sales. Historically, our marketing strategy has been to develop brand loyalty by
providing high-quality products, tailored to the needs of our customers, and customer service accompanied by complimentary training for
the maestros de obra, who are typically the decision makers in the auto-construcci&#243;n segment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We develop strong ties with
our distributors by promoting income generating opportunities for them. For instance, we give them priority when hiring transportation
to distribute our cement throughout our territory. Also, our large salesforce has the ability to cover most of the construction sites
in northern Peru generating business opportunities that are then channeled through our distributors. Finally, our distributors enjoy various
commercial and marketing benefits such as rebates, special promotions, special credit conditions, and loyalty programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have been working consistently
in recent years to focus time and attention on our client&#8217;s needs, in an effort to go beyond just selling cement and its byproducts,
to providing solutions and innovating. Consequently, we were well-positioned to leverage these initiatives during the ongoing pandemic
period. The self-construction segment has been the primary driver behind the growth in sales volume during 2022. We have focused on several
fronts to enhance the customer experience and to facilitate access to our solutions. We have developed <i>Mundo Experto</i>, which is
a virtual ecosystem made up of digital solutions that serves to join supply and demand and offers a superior purchasing experience leveraged
on intensive use of technology to generate more value for our users. The digital solutions are targeted and customized for the different
users, such as foremen, hardware stores, and the self-builder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Quality Control</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In Peru, cement production
is subject to standardization (<i>normalizaci&#243;n</i>) regulations approved by the National Institute for the Protection of Competition
and Intellectual Property (<i>Instituto Nacional de Defensa de la Competencia y de la Protecci&#243;n de la Propiedad Intelectual</i>,
or &#8220;INDECOPI&#8221;). Although the standardization regulations are not mandatory, they are useful in achieving an optimum level
of management. As of the date of this annual report, we comply with all standardization regulations applicable to our products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have established a quality
assurance program in accordance with ISO Standard 9001-2008, certified by SGS del Per&#250; S.A.C., a company that provides inspection,
verification, testing and certification services. We monitor quality at every stage of the cement production process. In our facilities,
we periodically test the quality of our raw materials. These tests include chemical, physical and x-ray tests. We perform similar examinations
of the clinker we produce. Additionally, we also perform regular quality tests on our finished products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have a quality control
area with computerized systems to access real-time information on the quality of our products. As part of our quality control process,
we monitor the performance of our different cement products, monitor the performance of additives in our cement and review monthly statistical
analysis on the resistance of cement, among other things.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Competitive Position</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Peru&#8217;s cement production
is segmented into three main geographic regions: the northern region, the central region, including Lima&#8217;s metropolitan area, and
the southern region. We are the only cement manufacturer in the northern region of Peru. The central region is principally served by UNACEM
(formerly known as Cementos Lima and Cemento Andino), some imports, Caliza Cemento Inca and Mixercon. The south is principally served
by Cementos Yura and Cementos Sur. In 2022, our cement shipments were approximately 3.4 million metric tons, representing an estimated
23.9% share of total cement shipments in Peru.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulatory Matters</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Overview</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Although our core business
is the production of cement, we hold a number of mining concessions granted by the Peruvian government for the supply of limestone and
other raw materials required for cement production. As a result, we are subject both to the mining and the general industrial legal framework
in Peru. The regulatory framework applicable to our cement production may be divided into rules and regulations relating to (i) the mining
and crushing of limestone and clay, and (ii) the production process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Mining Regulations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The General Mining Law (<i>Texto
&#218;nico Ordenado de la Ley General de la Miner&#237;a</i>) approved by Supreme Decree No. 014-92-EM, published in the Peruvian
Official Gazette, <i>El Peruano</i>, on June 3, 1992, is the primary law governing both metallic and non-metallic mining activities in
Peru and is supplemented by implementing guidelines and policies regarding mining and the processing of minerals enacted by the MEM. Under
the General Mining Law, mining activities (except storage, reconnaissance, prospecting and trade) are carried out exclusively through
various forms of concessions. Mining concessions are granted by the Geological, Mining and Metallurgical Institute (<i>Instituto Geol&#243;gico
Minero y Metal&#250;rgico</i>, or &#8220;INGEMMET&#8221;), and all other concessions, including our mineral processing concessions,
are granted by the Directorate General for Mining of the MEM. Any act, transfer, termination or agreement related to these concessions
must be registered with the Mining Rights Registry, which is part of the National Public Registry System, to be effective against the
Peruvian government and third parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Holders of concessions or
mining claims must comply with several obligations, including the payment of an annual concession fee (<i>derecho de vigencia</i>) of
US$3.00 per applicable hectare. The annual concession fee is due and payable on or prior to June 30 of each year. Failure to pay the annual
concession fee for two consecutive years will result in the termination of the mining concession.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Mining activities require
holders to obtain title to the surface land from individual landowners, peasant communities or the Peruvian government. Mining concessions
are granted for an unlimited period, subject to the achievement of minimum annual production levels. Two different regimes apply depending
on the date the concession was granted:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under Legislative Decree 1320
and Supreme Decree No. 011-2017-EM, since January 1, 2019, if the annual minimum production or investment has not been met, the annual
penalty and the causes to terminate a mining concession will be determined by the General Mining Law for all concessions, as described
below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For concessions granted until
2008, the following rules apply:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the minimum annual production target is equivalent to one tax unit (approximately US$1,187) per year per
hectare, in case of metallic mining concessions, and 10% of one tax unit (approximately US$119) per year per hectare, in the case of non-metallic
mining concessions;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the minimum production level is to be achieved no later than the end of the tenth year from the date of
grant;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">if the minimum production level is not achieved within that period, an annual penalty equivalent to 2%&#160;of
the minimum annual production level is due until such level is achieved;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">if the minimum production level is not achieved by the end of the fifteenth year, an annual penalty equivalent
to 5% of the minimum annual production level is due until such level is achieved;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">if the minimum production level is not achieved by the end of the twentieth year, an annual penalty equivalent
to 10% of the minimum annual production level is due until such level is achieved; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">if the minimum production level is not achieved by the end of the thirtieth year, the mining concession
expires.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 40; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Any penalty must be paid prior
to June 30 of each year. Failure to pay the penalty for two consecutive years results in the termination of the mining concession.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Since January 1, 2020, these
penalties will be applied for concessions granted in 2009 and thereafter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The foregoing penalties and
fines are not applicable to mining concessions granted by the government through private investment promotion initiatives, which will
be subject to the minimum production and investment levels set forth in such contracts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition to the payment
of the annual concession fee and the penalty, holders of mining concessions must, pursuant to the Mining Royalty Law, pay a royalty for
the exploitation of metallic and non-metallic resources. Prior to the amendment of the Mining Royalty Law described below, the amount
of the royalty was determined on a monthly basis. For those minerals with an international market price (gold, silver, copper, zinc, lead
and tin), the amounts were computed by applying the rates to the value of the concentrate or its equivalent, according to the applicable
international market price. The historic rate scales were established in the Mining Royalty Law&#8217;s regulations as shown in the following
table:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left"><b>Up to 60</b></td><td style="width: 1%"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><b>Between 60 and up to 120</b></td><td><b>&#160;</b></td>
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    <td style="text-align: left"><b>More than 120</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>3</b></td><td style="text-align: left"><b>%</b></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In case of minerals without
an international reference market price (minerals other than gold, silver, copper, zinc, lead and tin), the mining royalty amounted to
1% of the value of the final product obtained from the mineral separation process, net of any costs incurred in the mineral separation
process (<i>componente minero</i>).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">However, the Mining Royalty
Law was amended on September 29, 2011 to increase the tax payable on metallic and non-metallic mineral resources. Effective October 1,
2011, the royalty for the exploitation of metallic and non-metallic resources is payable on a quarterly basis in an amount equal to the
greater of (i) an amount determined in accordance with the following statutory scale of tax rates based on a company&#8217;s operating
profit margin and applied to the company&#8217;s operating profit, as adjusted by certain non-deductible expenses, and (ii) 1% of a company&#8217;s
net sales, in each case, during the applicable quarter. The royalty rate applied to the company&#8217;s operating profit is based on its
operating profit margin according to the following statutory scale of rates:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%">0% - 10%</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4.75</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>35% - 40%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.50</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>40% - 45%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.25</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>45% - 50%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.00</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>50% - 55%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.75</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">8.50</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>60% - 65%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9.25</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>65% - 70%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10.00</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>70% - 75%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10.75</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>75% - 80%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11.50</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">More than 80%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12.00</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Mining royalty payments will
be deductible for income tax purposes in the fiscal year in which such payments are made.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We believed that certain portions
of the regulations of the Mining Royalty Law were unconstitutional, because they impose a mining royalty tax on non-mining activities.
For instance, for cement companies, the amended Mining Royalty Law and its regulations established that the mining royalty tax was calculated
based on the total operating profit or net sales, as opposed to operating profit or net sales attributable exclusively to mining products,
such as limestone, used to produce cement. Accordingly, in December 2011, we filed a claim to declare that the mining royalty tax applicable
for the exploitation of non-metallic mining resources be calculated based on the value of the final product obtained from the mineral
separation process, net of any costs incurred in the mineral separation process (&#8220;<i>componente minero</i>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In November 2013, the Peruvian
Constitutional Court affirmed the constitutional challenge we filed against the new regulation of the Mining Royalty Law, in a final and
unappealable ruling, on the grounds that the new regulation violates the constitutional right of property, as well as the principles of
legal reserve and proportionality. Therefore, the new regulation is rendered inapplicable to our operation. As a result, we will continue
to use as a basis for the calculation of the mining royalty the value of the concentrate or mining component, and not the value of the
product obtained from the industrial or manufacturing process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Finally, holders of mining
concessions are required at the beginning of their operations to submit a mining closure plan that must contain a description of the steps
to restore the areas and facilities of each mining operation area to pre-mining condition. Holders of mining concessions are required
to secure completion of the restorative measures by means of the following guarantees: (i) banking guarantee or credit insurance; (ii)
cash guarantees; (iii)&#160;trusts; or (iv) those indicated in the Peruvian Civil Code.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In August 2021, Law 31347,
that modifies the Mine Closure Law (Law 28090), specifying aspects such as mandatory, administrative and oversight powers, opportunity
for presentation and approval, applicable guarantees, periodic reports to be presented to various authorities, among others was approved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of the date of this annual
report, we primarily owned non-metallic mining concessions and limited metallic mining concessions with respect to iron. Substantially
all of our concessions were granted prior to 2008. Our mining rights and concessions are in full force and effect under applicable Peruvian
laws. We believe that we are in compliance in all material respects with the terms and requirements applicable to our mining rights and
concessions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Production Process</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The cement production process
along with other manufacturing activities are governed by General Industry Law (<i>Ley General de Industrias</i>), Law No. 23407, published
in <i>El Peruano</i> on May 29, 1982, which establishes basic rules that promote and regulate activities in the manufacturing industry.
The Ministry of Production is vested with authority to promote private investments in connection with industrial, processing and manufacturing
activities, the surveillance of sustainable exploitation of natural resources (except for those extractive activities involving primary
transformation of natural products), the protection of the environment, and the supervision of the quality of manufactured products. All
industrial companies are subject to the General Industry Law and its regulations to the extent that the company&#8217;s gross income is
primarily derived from industrial activities. Pursuant to Supreme Decree No.&#160;009-2011-MINAM, the supervisory and monitoring functions
of the Ministry of Production were transferred to the OEFA in 2013.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Technical Regulation on Hydraulic Cement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">On January 21, 2022, the
Government published D.S. 1-2022-PRODUCE, which approves the Technical Regulation on Hydraulic Cement Used in Buildings and Constructions
in General, through which various aspects are regulated that will allow verification of compliance with the minimum safety requirements
of cement. Originally, the Regulation entered into force six months after its publication, later extended to July 22, 2023 by D.S. 10-2022-PRODUCE,
a period in which all the parties involved (public entities, national manufacturers, importers, laboratories, chain of supply, among others)
must adapt their protocols to comply with the provisions of the Regulation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Environmental Regulations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Industrial companies and particularly
cement companies are required to comply with several environmental regulations. Pursuant to Article 50 of Legislative Decree No. 757,
the competent environmental authority is that corresponding to the activity of the company which generates the higher gross annual income.
For that reason, the environmental authority that monitors our operations, considering that cement production represents the highest proportion
of our gross profit, is the Ministry of Production.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Environmental Regulations
for Manufacturing Industries (<i>Reglamento de Protecci&#243;n Ambiental para el Desarrollo de Actividades de la Industria Manufacturera</i>&#8212;Supreme
Decree No. 019-97-ITINCI, or the &#8220;Environmental Regulations&#8221;), set forth different environmental obligations depending on
the date of commencement of the subject company&#8217;s industrial activities. Thus, companies with industrial cement activities operational
at the time these regulations entered into force (September 1997) were obliged to submit an Environmental Adaptation Management Plan (<i>Programa
de Adecuaci&#243;n y Manejo Ambiental</i>, or &#8220;PAMA&#8221;) to the Ministry of Production; while companies with industrial activities
starting from that date onwards are obliged to submit either an environmental impact assessment or an environmental impact declaration
depending on the level of risk and the impact of their activities on the environment. Furthermore, the Environmental Regulations establish
that the Ministry of Production may require a mining closure plan (as an independent environmental assessment) with environmental measures
that all companies must comply with before closing their operations to prevent any negative effects on the environment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">With regard to air emissions
and wastewater discharges, the Ministry of Production has adopted legally binding environmental quality standards (<i>Limites M&#225;ximos
Permisibles</i>, or &#8220;LMPs&#8221;) for cement industries (approved by Supreme Decree No. 001-2020-MINAM). These standards are legally
enforceable, and all cement industry operations are required to comply with them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">A violation of the Environmental
Regulations is subject to different types of administrative sanctions, as determined in the Environmental Sanctions Regime of the Ministry
of Production (<i>R&#233;gimen de Sanciones e Incentivos del Reglamento de Protecci&#243;n Ambiental para el Desarrollo de Actividades
de la Industria Manufacturera</i>&#8212;Supreme Decree No. 025-2001-ITINCI), including warnings notices; fines of up to 600 tax units
(<i>Unidad Impositiva Tributaria</i>) (S/2,970,000); restrictions, suspensions or cancellation of the authorization or concession; and
total or partial closing of the industrial facilities. The type of sanction imposed ultimately depends on the seriousness of the violation.
Although the environmental competent authority for industrial activities is the Ministry of Production, other government agencies may
impose fines in case of non-compliance with applicable permits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">By Directing Council Resolution
No. 023-2013-OEFA/CD, of the <i>Organismo de Evaluaci&#243;n y Fiscalizaci&#243;n Ambiental</i> (the Environmental Monitoring and
Enforcement Agency or &#8220;OEFA&#8221;), OEFA assumes the functions of monitoring, supervision, control and sanctioning of environmental
matters in the Cement Sector of the Manufacturing Industry, of the Industrial Subsector of the Ministry of Production - PRODUCE.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In 2016, by Ministerial Resolution
No. 201-2016-MINAM, the &#8220;National Protocol of Continuous Emission Monitoring Systems &#8211; CEMS&#8221; was approved. Its objective
is to standardize the process of continuous monitoring of polluting gases and particles emitted into the atmosphere by manufacturing activities.
It establishes the technical criteria for the selection of continuous monitoring methodologies, as well as the location of the monitoring
points, the operation of the equipment and the calibration tests required for the assurance of the quality of the measurements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">By Ministerial Resolution
No. 191-2016-MINAM, the &#8220;National Plan for the Integral Management of Solid Waste - PLANRES 2016-2024&#8221; was approved. It establishes
among other things, obligations to managers regarding the management of non-municipal solid waste, as well as the modification of the
environmental studies in case it is planned to carry out co-processing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Law 30754, published on April 18, 2018, approved
the Framework Law on Climate Change. This law establishes the principles, approaches and general provisions to coordinate, articulate,
design, execute, report, monitor, evaluate and disseminate public policies for the integral, participatory and transparent management
of adaptation to and mitigation of the effects of climate change. It also established that the Ministry of the Environment (<i>Ministerio
del Ambiente</i>) will establish the guidelines to add analyses of climate risk and vulnerability, as well as the mitigation and adaptation
measures to address the effects of climate change, in the evaluation of investment projects subject to the National Environmental Impact
Assessment System.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This law aims to reduce the
vulnerability of the country to climate change, take advantage of opportunities for low carbon growth and fulfill the international commitments
assumed by the government of Peru before the United Nations Framework Convention on Climate Change, with an intergenerational approach.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Regulation of the Framework
Law on Climate Change was approved on December 31, 2019 by Supreme Decree No. 013-2019-MINAM. The objectives set forth in the Regulation
will be met through the implementation of climate change adaptation and mitigation measures, the creation of systems that contribute to
account for carbon dioxide emissions, the reduction of carbon dioxide emissions and the promotion of private sector participation in the
execution of sustainable and low-carbon projects. However, to date, no concrete measures or goals have been established, nor have any
deadlines for their fulfillment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In Peruvian legislation, there
is no form of emissions trading scheme.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 25, 2022, Supreme Decree No. 003-2022-MINAM
was published, declaring the climate emergency of national interest and providing guidelines and priority actions for the adaptation to
and mitigation of the effects of climate change.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Prior Consultation with Local Indigenous Communities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On September 7, 2011, Peru
enacted Law No. 29785, Prior Consultation Right of Local Indigenous Communities. The law was enacted in order to implement Convention
No. 169 of the International Labor Organization on Local Indigenous Communities in Independent Countries, previously ratified by Peru
through Legislative Decree No.&#160;26253. This law, which became effective on December 6, 2011, establishes a prior consultation procedure
to be undertaken by the Peruvian government in favor of local indigenous communities, whose collective rights may be directly affected
by new legislative or administrative measures, including the granting of new mining concessions. Regulation implementing this law was
approved on April 3, 2012, by Supreme Decree No. 001-2012-MC, which defines the local indigenous communities that are entitled to the
prior consultation rights and establishes the different stages that comprise the prior consultation procedure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Consultation procedures for
mining and processing concessions are carried out by the MEM prior to the granting of a new processing concession.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">According to the recent practice
of the Geologic Institute of Mining and Metallurgy (<i>Instituto Geol&#243;gico Minero Metal&#250;rgico</i>), the granting of mining
concessions does not qualify as an &#8220;administrative measure&#8221; that potentially affects the rights of indigenous people because
it does not grant <i>per se</i> a right to explore and exploit mineral deposits. Accordingly, the granting of mining concessions has not
been included among measures that require consultation procedures with indigenous people. According to Ministerial Resolution No. 003-2013-MEM-DM,
the MEM has established that consultation procedures are applicable prior to the commencement of: (i) exploration activities (<i>Autorizaci&#243;n
de inicio de actividades de exploraci&#243;n</i>); (ii) exploitation activities (<i>Autorizaci&#243;n de inicio o reinicio de las
actividades de desarrollo, preparaci&#243;n y explotaci&#243;n - incluye plan de minado y botaderos</i>); and (iii)&#160;processing
concessions (<i>otorgamiento de concesi&#243;n de beneficio</i>).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Local indigenous communities
do not have a veto right; upon completion of this prior consultation procedure, the Peruvian government can discretionarily approve or
reject the applicable legislative or administrative measure. In addition, any sale, lease or other act of disposal of surface land owned
by local indigenous communities is subject to the approval of an assembly composed of the members of such communities according to the
following rules:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">for local indigenous communities located on the coast, approval of not less than 50% of members attending
the assembly is required; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">for local indigenous communities located in the highlands and the Amazon region, approval of at least
2/3 of all members attending the assembly is required.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Permits and Licenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Mining Concessions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">According to the General Mining
Law, a mining concession is required in order to extract mineral resources needed to produce cement. The mining concession grants the
right to explore and exploit the mineral resources located in a solid of indefinite depth, limited by the vertical plane corresponding
to the sides of square, rectangle or polygon referred to by the Universal Transversal Mercator coordinates. The Geological Mining and
Metallurgical Institute (<i>Instituto Geol&#243;gico Minero y Metal&#250;rgico</i>) is in charge of managing the procedure of granting
mining concessions, which includes the receipt of the request, the granting and the termination of mining concessions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Explosives</i>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Mining concessionaires are
required to obtain the following permits to operate and store explosives:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Certificate of Mining Operation (<i>Certificado de Operaci&#243;n Minera</i>), granted by the MEM;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Semiannual Authorization for Use of Explosives, granted by the General Bureau of Explosives of the Ministry
of Interior (<i>Superintendencia Nacional de Control de Servicios de Seguridad, Armas, Municiones y Explosivos de Uso Civil</i>, or &#8220;SUCAMEC&#8221;);</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Manipulation of Explosives License for each individual that intends to handle explosives, granted by the
SUCAMEC; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Explosive&#8217;s Warehouse Operation License, granted by SUCAMEC.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Water and Wastewaters</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">To use water resources in
cement industry activities, it is necessary to obtain a water right granted by the Water Management Authority (<i>Autoridad Nacional del
Agua</i>, or &#8220;ANA&#8221;) prior to the use of underground or fresh water sources. If the proposed activities will generate domestic
or industrial wastewaters, which will be discharged into natural water sources or soil, authorization from ANA is required, with a favorable
opinion of the General Bureau of Environmental Health (<i>Direcci&#243;n General de Salud Ambiental</i>, or &#8220;DIGESA&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Hazardous Waste</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Hazardous waste generated
as a consequence of cement production activities must be disposed of in specialized landfills. The transportation of solid waste outside
the limits of the industrial complex must be conducted exclusively through specialized companies registered with DIGESA and MINAM. Industries
are free to contract with an EO-RS (a company that provides solid waste services such as transportation, treatment or disposal) or with
an EC-RS (a company that carries out commercialization activities aiming at the reuse of solid waste). Yet in order to limit their liability
in case of environmental harm, industries must make sure the EO-RS and EC-RS they retain count with all necessary permits to collect,
transport and dispose hazardous wastes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Chemical Feedstock</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The commercialization, transportation
and use of controlled chemical feedstock (<i>Insumos Qu&#237;micos y Productos Fiscalizados</i>, or &#8220;IQPF&#8221;) is restricted,
because of their potential use in the production of illegal drugs or controlled substances. Companies that require an IQPF must obtain
an IQPF User Certificate (<i>Certificado de Usuario de IQPF</i>) from the General Bureau of Chemical Feedstock of the Ministry of Interior
(<i>Unidad Antidrogas de la Polic&#237;a Nacional del Per&#250;</i>, or &#8220;DIRANDRO&#8221;). Companies such as ours are also required
to register with the Ministry of Production any IQPF activities they plan to carry out (<i>Registro &#218;nico para el Control de IQPF</i>).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Fuel Storage</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Any company that purchases
fuels for its own activities and has facilities to receive and store fuel with a minimum capacity of one meter cubed (264.170 gallons)
is required to (i) receive from the Mining and Energy Investment Supervision Body (<i>Organismo Supervisor de la Inversi&#243;n en Energ&#237;a
y Miner&#237;a</i>, or &#8220;OSINERGMIN&#8221;) prior permission to build and operate said installations, and (ii) be registered with
the Registry of Direct Fuel Consumers, in order to obtain the SCOP Code (<i>C&#243;digo del Sistema de Control de &#211;rdenes de
Pedido</i>) necessary to purchase fuel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Cultural Heritage Protection</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If the design and development
of cement industry activities involves the removal of topsoil, a Certificate of Non-Existence of Archaeological Ruins (<i>Certificado
de Inexistencia de Restos Arqueol&#243;gicos</i>, or &#8220;CIRA&#8221;) from the Ministry of Culture (<i>Ministerio de Cultura</i>)
with respect to the area under construction must be obtained. The CIRA will either certify that on the surface of the evaluated area no
archaeological sites or features were discovered or will identify their exact location and extent in order to implement precautionary
measures to protect the archaeological artifact. The CIRA is valid for an unlimited period but will become void should any archaeological
artifacts be accidentally discovered during the construction works or due to any natural cause. In such an instance, the company must
stop the construction work immediately and notify the Ministry of Culture. Failure to stop the construction work may generate civil and
criminal liabilities. Under certain exceptional circumstances, Peruvian legislation allows the removal of archeological artifacts when
the area is required for development of projects that are of national interest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Labor Regulations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Peruvian legislation allows
hiring employees through: (i) a fixed-term contract, (ii) a contract for an indefinite duration; or (iii) a contract for part-time employment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The minimum wage established
in Peru is S/1,025 per month. Peruvian labor legislation establishes a maximum 8-hour work day or 48 hours per week for employees older
than 18 years. For overtime, employers must pay at least an additional 25% and an additional 35% over the regular hourly wage for the
first two hours and for any additional hours, respectively. Employees are entitled to a minimum rest of 24 consecutive hours per week.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Regardless of the type of
employment contract, pursuant to Peruvian law full-time employees are entitled to receive:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.35in; text-align: left">(i)</td><td style="text-align: left">an additional 10% of the minimum wage, provided that they are
responsible for (a) one or more children under the age of 18 or (b) persons who are up to 24 years of age if they are pursuing higher
education,</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.35in; text-align: left">(ii)</td><td style="text-align: left">two additional months&#8217; salary per year, one in July and
one in December (pursuant to Law No.&#160;29351, said payments were not subject to any social contribution, except for Income Tax; consequently,
until December 2015, employers paid directly to their employees as an Extraordinary Bonus, the amount of the contribution to the Social
Health Insurance (ESSALUD) for such payments, equivalent to 9% of the bonus paid),</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.35in; text-align: left">(iii)</td><td style="text-align: left">thirty calendar days of annual paid vacation per year,</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.35in; text-align: left">(iv)</td><td style="text-align: left">life insurance, since the first day at work,</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.35in; text-align: left">(v)</td><td style="text-align: left">a compensation for years of service (CTS) equal to 1.16% of
a monthly salary and is deposited each year in May and November, provided they work an average of at least four hours per day for the
same employer,</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.35in; text-align: left">(vi)</td><td style="text-align: left">benefits from the Peruvian Social Health Insurance (ESSALUD)
to which employers must contribute a rate equivalent to 9% of their employees&#8217; income, and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.35in; text-align: left">(vii)</td><td style="text-align: left">a percentage of the company&#8217;s annual income net of taxes
(10% in the case of income derived from industrial cement operations, and 8% in the case of income derived from our mining or commercial
activities), provided the company has twenty or more employees.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 25, 2021, Law 31246 was published, which
modified the current Law on Safety and Health at Work to guarantee the right of workers to safety and health at work in the face of epidemiological
and health risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Free and Fair Competition Protection</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In Peru, businesses are generally
not required to receive the prior authorization of the antitrust authority, which in Peru is INDECOPI. However, in order to promote economic
efficiency and protect consumers, anti-competitive behavior is subject to sanctions under applicable law. Behavior that is prohibited
according to national law includes: (i) the abuse of a dominant market position, (ii) concerted horizontal practices and (iii) concerted
vertical practices. Moreover, under the Unfair Competition Law it is illegal to act in a way that may hinder the competitive process.
An unfair behavior is one that is objectively contrary to the entrepreneurial good faith, ethical behavior and efficiency in a market
economy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On January 7, 2021, Law No. 31112, Law that establishes the Prior Control
of Business Concentration Operations, was published in the Official Gazette &#8220;El Peruano&#8221;, which entered into force in January,
2021, together with its Regulations, approved by Supreme Decree No. 039-2021-PCM. This law establishes a system of prior control of business
concentration operations in order to promote effective competition and economic efficiency in the markets for the welfare of consumers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> C. Organizational Structure</p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Cementos Pacasmayo S.A.A.
is part of the Hochschild Group. As of March 31, 2023, Eduardo Hochschild, directly and indirectly, owned and controlled 38.32% of the
shares of Hochschild Mining plc. Through ASPI, as of that same date Eduardo Hochschild, directly and indirectly, owned and controlled
50.01% of the outstanding common shares of Cementos Pacasmayo.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">All of our operating subsidiaries
are incorporated in Peru. The following chart sets forth our simplified corporate structure, operating subsidiaries only, as of the date
of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_002.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following is a brief description
of the principal activities of our consolidated subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Cementos Selva S.A.C. is engaged in the production and marketing of cement and other construction materials
in the northeast region of Peru. It also owns all of the equity shares of Dinoselva Iquitos S.A.C. (a cement and construction materials
distributor in the north of Peru, which also produces and sells precast, cement bricks and ready-mix concrete) and in Acu&#237;cola
Los Paiches S.A.C. (a fish farm entity).</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Distribuidora Norte Pacasmayo S.R.L. is mainly engaged in selling cement produced by the Company. Additionally,
it produces and sells precast, cement bricks and ready-mix concrete.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Empresa de Transmisi&#243;n Guadalupe S.A.C. is mainly engaged in providing electric energy transmission
services to the Company.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Other immaterial, non-operating subsidiaries</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Salmueras Sudamericanas S.A. (&#8220;Salmueras&#8221;) was engaged in the exploration of a brine project
located in the northern region of Peru. In December 2017, the Company decided not to continue with the activities related to this project,</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Soluciones Takay S.A.C. is a platform that connects families that want to build with certified professionals.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">150Krea Inc. seeks to develop a business in the United States relating to digital innovation in the construction
industry</td></tr></table><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Corporaci&#243;n Materiales Piura S.A.C. is a non-operating company that owns some mining properties
located in Piura.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> D. Property, Plant and Equipment</p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Properties</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We own our headquarters office
in Lima, Peru, at Calle La Colonia 150, Urbanizaci&#243;n El Vivero, Surco. We&#160;also own our plants, warehouses, transportation
facilities and the office space at our production facilities, including our workers&#8217; facilities occupying approximately 50,000 square
meters at our Pacasmayo facility and a warehouse occupying approximately 25,000 square meters at the Salaverry port facility.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Area of Operation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We own and operate three cement
production facilities. Our largest facility is located in the city of Pacasmayo, department of La Libertad, approximately 667 kilometers
north of Lima. The second facility is located in the city of Piura, department of Piura, approximately 330 kilometers north of Pacasmayo.
This facility started cement production in September 2015. We also own and operate a smaller cement facility, located in the city of Rioja,
department of San Mart&#237;n, approximately 468 kilometers east of the Panamericana Norte highway. From our Pacasmayo and Piura facilities
we supply cement principally to the coastal and highland regions of northern Peru, including the cities of Piura, Chiclayo, Cajamarca,
Trujillo and Chimbote. From our Rioja facility, we supply cement to the northeastern region of Peru, including the cities of Moyobamba,
Tarapoto, Loreto, among others.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_003.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Pacasmayo Facility</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of December 31, 2022, our
Pacasmayo facility had 9 kilns, which produce clinker (one of which is also equipped to produce quicklime), and an additional Waelz rotary
kiln that produces quicklime. Additionally, our facility has a primary and secondary cone crusher located near our Acumulaci&#243;n
Tembladera limestone quarry. The main crusher has installed crushing capacity of 800 metric tons per hour and the secondary crusher has
installed crushing capacity of 170 metric tons per hour. Our Pacasmayo facility operates with three horizontal rotary kilns with total
installed annual clinker production capacity of 1,034,880 metric tons and six vertical shaft kilns with total installed annual clinker
production capacity of 465,120 metric tons. The total installed annual clinker production capacity at our Pacasmayo facility is 1.5 million
metric tons. In 2021, due to the exponential growth in cement sales, we decided to invest approximately US$70 million to optimize our
current capacity at our Pacasmayo plant, in order to produce approximately 600,000 additional metric tons of clinker per year. Our Pacasmayo
facility also features three cement finishing mills with installed annual cement production capacity of 2.9 million metric tons. Our Pacasmayo
facility is also equipped with silos containing storage capacity for 26,700 metric tons of cement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of December 31, 2022, our
Pacasmayo facility had installed production capacity of approximately 240,000 metric tons of quicklime per year, including the annual
installed capacity of one of our clinker kilns and our Waelz rotary kiln, which are equipped to also produce quicklime.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Piura Facility</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Annual installed production
capacity of our Piura plant is 1.6 million metric tons of cement and 1 million metric tons of clinker. Our Piura plant operates with a
horizontal kiln with installed clinker production capacity of 1 million metric tons per year, as well as a cement mill with installed
cement production capacity of 1.6 million metric tons per year. Our Piura plant also has two storage silos with storage capacity of 240,000
metric tons of cement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">During 2020, we invested in
the construction of a new silo, with a capacity of 1,300 metric tons, which will reduce transportation costs as we will be able to serve
the areas of influence from the Piura plant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Rioja Facility</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Annual installed production
capacity of our Rioja plant is 440,000 metric tons of cement and 280,000 metric tons of clinker.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our Rioja facility currently
operates with a small cone crusher and four vertical shaft kilns with total annual installed clinker production capacity of 280,000 metric
tons and three cement finishing mills with total annual installed cement production capacity of 440,000 metric tons. Our Rioja plant is
also equipped with silos with storage capacity of 1,750 metric tons of cement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Ready-Mix Concrete Facilities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We also have 22 fixed and
mobile ready-mix concrete and precast facilities located in the northern cities of Chimbote, Trujillo, Chiclayo, Piura, Cajamarca, Pacasmayo
and Tarapoto among others. These facilities allow us to supply ready-mix concrete and precast materials to small, medium and large construction
projects throughout the entire northern region of Peru. As of December 31, 2022, our ready-mix operations had 191 mixer trucks, 34 concrete
pumps and 2 pavers available to deliver ready-mix concrete.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Capacity and Volumes</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The table below sets forth
our clinker, cement and quicklime production capacity and volumes in our Pacasmayo and Rioja facilities for the periods indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 0pt; text-indent: 0pt; padding-left: 0pt; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 0pt; text-indent: 0pt; padding-left: 0pt; text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in
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    <td colspan="10" style="padding-bottom: 0pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="padding-bottom: 0pt; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; padding-left: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>metric
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cement:</b></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pacasmayo
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(1)</td><td style="text-align: left">Utilization rate is calculated by dividing production for the specified period by installed capacity.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(2)</td><td style="text-align: left">Our Rioja facility does not produce quicklime. In addition, one of our clinker kilns and our Waelz rotary
kiln are equipped to produce quicklime.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 50; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Summary Disclosure (229.1303)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Map of Mining Concessions of Cementos Pacasmayo
S.A.A. and subsidiaries. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The following map of Peru shows the location of
the Peruvian mining properties of Cementos Pacasmayo S.A.A. and subsidiaries. The mining properties are located in Piura, Lambayeque,
Cajamarca, Amazonas, Ica, Cusco, San Martin, La Libertad and Ancash Region.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">Figure 1 General map of the mining properties and industrial facilities
of Cementos Pacasmayo S.A.A. and subsidiaries</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;<img alt="" src="image_004.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">The map shows the mining properties and industrial
facilities of Cementos Pacasmayo and its subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General description of mining properties and operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; ">Cementos Pacasmayo&#8217;s
mining properties in Peru were obtained through administrative procedures of INGEMMET. Mineral properties in Peru are classified according
to the type of ore (i.e. metallic and non-metallic).</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">Cementos Pacasmayo has
mining properties in exploration, development and production stages. Cementos Pacasmayo has three material properties (Tembladera, Virril&#225;,
and Tioyacu), all of which are in the production stage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">Table 1 provides an overview
of Cementos Pacasmayo&#8217;s material properties, including relevant information for each quarry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mining
    concessions</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Location
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    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Stage
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    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Key condition
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    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Beneficiation
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;Cajamarca</span></td><td style="width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">San Martin Contratistas
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    <td style="width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,391</span></td><td style="width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">EIA<sup>(1)</sup>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Table 1 Main mining properties of Cementos Pacasmayo
S.A.A. and subsidiaries</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: left">Environmental Impact Study (EIA)</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: left">Cement plants are governed by the laws of the industrial sector.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>


</div><!-- Field: Page; Sequence: 51; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <i>A. Summary of Mineral Resources and Mineral Reserves</i></p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; ">Tables 2 and 3 summarize the mineral resources
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 2 Summary of mineral resources (exclusive
of reserves) of Cementos Pacasmayo S.A.A. and subsidiaries as of December 31, 2022.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">

    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 3 Summary of Mineral Reserves of Cementos
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">6.3</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50.3</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.7</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt; text-align: left">Coquina:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-align: left">UEA Virril&#225; Total</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42.6</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">49.8</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.9</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47.7</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45.5</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">

    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Table 3 is based on the following cement prices: Tembladera/Pacasmayo (S/ 599.53 per ton), Virril&#225;/Piura (S/668.8 per ton) and Tioyacu/Rioja (S/735.9 per ton) and other non-material information underlying the model, which were updated as of December 31, 2022. Also, technical and economic information assumed for the Mineral Resources estimation in the model can be found in the Cementos Pacasmayo S.A.A. Technical Report Summaries (TRS) 229.601 (Item 601) Exhibits 96.1, 96.2, and 96.3 to our 2021 Form 20-F.</span></td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Acumulaci&#243;n Tembladera Individual Disclosure (229.1304)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left"><i>Property description</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Location</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Tembladera property is located in Yonan district,
Contumaza province, Cajamarca region, Peru at longitude -79.123393&#176; W and latitude -7.245671&#176; S. It is located 60 kilometers from
the cement plant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The area of the mining concession is 3,390.97
Hectares. The mining rights are granted by INGEMMET through a Presidential Resolution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cementos Pacasmayo S.A.A. owns the mining concession
and it is registered as &#8220;Acumulaci&#243;n Tembladera&#8221; as a non-metallic mining concession.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Pacasmayo cement plant and Acumulaci&#243;n
Tembladera mining concession are shown in Figure 1 while the locations of the Acumulaci&#243;n Tembladera and the cement plant are shown
separately in Figures 2 and 3, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 1 Pacasmayo cement plant and Acumulaci&#243;n
Tembladera</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><img alt="" src="image_005.jpg"/>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><!-- Field: Page; Sequence: 53; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 2 Acumulaci&#243;n Tembladera </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><img alt="" src="image_006.jpg"/>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Pacasmayo cement plant is shown in Figure 3.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 3 Pacasmayo cement plant</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_007.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 54; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Infrastructure</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Tembladera quarry has the necessary infrastructure
for normal operations. Facilities for electric power, water supply, fuels, access and roads have been installed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Energy is supplied by Hidrandina S.A. Company,
which obtains energy from the national grid. Energy distribution is overhead and at medium voltage of 2.3 kilovolts. The quarry also has
an electrical sub-station. The sub-station area is 1,062 square meters.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Water is obtained from the village canal, which
flows near the quarry. The water is used for minor activities within the quarry, such as access and road watering, limestone watering
in mining areas, post-blasting watering, watering of green areas, and consumption by restrooms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">A contractor manages the fuel system. The fuel
storage and dispatch system has the necessary equipment to supply fuel to the mobile and fixed units within the quarry. Trained personnel
and safety measures are in place to handle fuel safely.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Tembladera quarry can be accessed by air from
Lima to Trujillo (1 hour) and by land from Trujillo to Tembladera Quarry. The route is from Trujillo to Pacasmayo (112.6 kilometers),
from Pacasmayo to Ciudad de Dios (14.3 kilometers) and from Ciudad de Dios to Tembladera (50 kilometers) and Tembladera - Security point
(0.8 kilometers), for a total of 747.1 kilometers. The entire route is paved. Alternatively, the quarry can be accessed by air from Lima
to Chiclayo, time average 1.15 hrs. of flight, and from Chiclayo to Ciudad de Dios (86.8 kilometers) and from Ciudad de Dios to Tembladera
(50 kilometers) and Tembladera &#8211; Security point (0.8 kilometers). The entire route is paved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Tembladera quarry&#8217;s personnel come from
the town of Tembladera, adjacent to the quarry. Others come from Cajamarca and La Libertad region.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Personnel from the town of Tembladera are transported
to the quarry in buses and pickup trucks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Mining Concession Ownership and Area</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Tembladera Accumulation was granted by Resolution
No. 01989-2002-INACC/J of the National Institute of Concessions and Cadastre (<i>Instituto Nacional de Concesiones y Catastro</i>).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The procedure to obtain a mining concession is
established in the General Mining Law (Supreme Decree 014-92-EM) and its Regulation Legislative Decree 020-2020-EM.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The mining concession is in the owner&#8217;s name of
Cementos Pacasmayo S.A.A. and is also registered as &#8220;Acumulaci&#243;n Tembladera&#8221; as a non-metallic mine.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Cementos Pacasmayo has the surface rights to the
area of operation in the Tembladera quarry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cementos Pacasmayo pays for the right to use the
concession Acumulaci&#243;n Tembladera with unique code 010001801L. These payments must be made from the first working day of January
to June 30 of each year, providing the financial entities the unique code of its mining right. The Acumulaci&#243;n Tembladera concession
payment is equivalent to US$3.00 per hectare.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 55; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Royalties</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Law No. 28258 approved the Peruvian Mining Royalty
Law on June 24, 2004, which was amended by Law No. 29788 of September 28, 2011. Cementos Pacasmayo S.A.A currently pays the Mining Royalty
(see note 29 to our consolidated financial statements included in this annual report).The payment to the Peruvian government is made through
(SUNAT), which is the entity designated to control this consideration for the use of natural resources, and such payment is made through
an application that the tax authority has made available to those required to pay.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">If the mining royalty is not declared or paid,
penalties for infractions and default interest for non-compliance are incurred. However, failure to pay these fines is not a cause for
the loss of the mining concession.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Set forth below is additional information, as
relevant to the particular property.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Mining activities on the property and industrial
in the cement plant</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Tembladera Quarry</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Tembladera quarry, located in the Acumulaci&#243;n
Tembladera mining concession, is currently in production stage. The Tembladera quarry is an open-pit mine that uses explosives to fragment
the limestone rock. After crushing, the material is loaded onto trucks to be transported from the quarry to the cement plant located in
Pacasmayo.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Figure 4 shows the flowsheet of mining processes
at the Tembladera quarry. Further details of the process are provided in Exhibit 96.1 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 4 Diagram of mining process of the Tembladera
quarry</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;<img alt="" src="image_008.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Pacasmayo cement plant</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Pacasmayo plant is subject to the laws of
the industrial sector, according to current Peruvian regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Pacasmayo plant is located at Pacasmayo District,
Pacasmayo Province, La Libertad Region. This plant is 67.3 kilometers from the Tembladera quarry. The Pacasmayo plant produces various
products for the construction industry, the main product being cement. Different types of cement are produced depending on their applications,
using limestone, sand, iron and clays as raw materials. The specific mix of raw materials produces the clinker necessary for the production
of cement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The standard cement production process consists
of the following main stages:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Extraction and transportation of limestone;</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: left">&#160;</td></tr>
                                                                                                                                                                                                                          </table><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Raw material storage;</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: left">&#160;</td></tr>
                                                                                                                                                                                                    </table><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Grinding and homogenization to make the raw material of consistent quality;</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: left">&#160;</td></tr>
                                                                                                                                                                                                                                                          </table><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Clinkerization;</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: left">&#160;</td></tr>
                                                                                                                                                                                              </table><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Cement grinding;</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: left">&#160;</td></tr>
                                                                                                                                                                                               </table><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Storage in silos; and</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: left">&#160;</td></tr>
                                                                                                                                                                                                    </table><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Packaging, loading and distribution.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 56; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Figure 5 shows the flowsheet for raw material processing,
clinker and cement production. Further details of the process are provided in Exhibit 96.1 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 5 Pacasmayo plant process block diagram</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;<img alt="" src="image_009.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Tembladera Quarry</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Tembladera quarry has been operating for 65
years. The material extracted from the quarry is used to supply the Pacasmayo plant. The amount of limestone to be mined is planned annually
through the mining plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The equipment in operation at the Tembladera quarry
are in optimum condition to maintain continuity of operations. Maintenance and optimization of the equipment is carried out periodically
and is supervised by the operator of the quarry. The equipment is in good condition and operational. Further details of the equipment
are provided in Exhibit 96.1 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Facilities</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Tembladera quarry has facilities such as offices,
blasting explosives warehouse, electrical substation, maintenance shop, lubricant warehouse, gas station, oil tank, guardhouse, limestone
field, dining room, laboratory, truck scale, ore belt, loading tunnel, meteorological station, safety trench and septic tank.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Pacasmayo Plant</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Pacasmayo plant has been in operation for
65 years. The Pacasmayo plant uses the limestone extracted from the Tembladera quarry in the manufacture of cement and quicklime.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The equipment in operation at the Pacasmayo plant
is in optimal condition to avoid any interruption in cement production. Maintenance and optimization of the equipment is carried out periodically
and is supervised by Cementos Pacasmayo personnel. The Pacasmayo plant is currently being optimized with a modern, state-of-the-art clinker
production line in order to increase production. The equipment is in good condition and operational. Further details of the equipment
are provided in Exhibit 96.1 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Facilities</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Pacasmayo plant has facilities such as maintenance
workshops, warehouses, laboratories, administrative offices, and cement production lines that support cement production.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The total cost of the mining concession, mine development
costs, land, buildings and other facilities, machinery and equipment, furniture and fixtures, transportation units, computer equipment
and tools, quarry rehabilitation costs, capitalized interest and work in progress amounted to S/ 732,147,286 as of December 31, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">History</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">By means of Resolution No. 01989-2002-INACC/J
dated November 4, 2002, the National Institute of Concessions and Cadastre and granted Cementos Pacasmayo, the non-metallic concession
title called &#8220;Acumulaci&#243;n Tembladera&#8221; with code No. 01-00018-01-L.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The property dates back to the date of its oldest
integral concession: &#8220;Norte No. 1&#8221; granted by the Regional Mining Office of Cajamarca by Ministerial Resolution No. 267 of June
30, 1950, in benefit of Cementos Portland del Norte S.A., starting operations as Cementos Pacasmayo, from 1957 until 2013 when Calizas
del Norte S.A.C. (CALNOR) was incorporated. CALNOR engaged in activities from January 2014 until May 2016. San Martin Contratistas Generales
S.A. has engaged in activities from October 2016 to the present.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Property Encumbrances</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Cementos Pacasmayo S.A.A. does not make any payments
with respect to encumbrances for the Acumulaci&#243;n Tembladera property. The Acumulaci&#243;n Tembladera mining concession currently
has no outstanding payments with respect to infractions and penalties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Concessions</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Acumulaci&#243;n Tembladera mining concession
is a production stage property with estimated mineral reserves.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Geology</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The ore deposit contains limestone rock with a
grade suitable for cement production. The limestone is contained within the so-called Cajamarca Formation, belonging to the Upper Cretaceous
(Turonian floor, around 90 MA). This Formation overlies the Quilqui&#241;an Group, and intrajacent to the Celend&#237;n Formation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Table 1 shows the stratigraphic
column of the area of the Tembladera quarry. Sedimentary rocks corresponding to the Cajamarca Formation and the Upper Cretaceous Celend&#237;n
Formation outcrop in the project area as described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 1 Stratigraphic Column of the Tembladera
quarry</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left"><b>System</b></td><td style="text-align: center"><b>&#160;</b></td>
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    <td style="text-align: center"><b>Lithologic Description</b></td></tr>
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: center"><b>Fluvial Deposit</b></td><td style="padding-bottom: 1.5pt; vertical-align: top; text-align: center"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: center"><b>Qr-fl</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: center"><b>Fluvial origin</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: center">Alluvial Deposit</td><td style="text-align: center; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">Qr-al</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td><td style="text-align: center; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; width: 12%; text-align: left">Tertiary</td><td style="width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 10%; text-align: center">Lower</td><td style="width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 16%; text-align: center">&#160;</td><td style="text-align: center; width: 1%; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; width: 10%; text-align: center">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left">Cretaceous</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: center">Upper</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: center">Celendin Formation</td><td style="text-align: center; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">Ks-ce</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td><td style="text-align: center; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Thin layers of clayey nodular limestone, interbedded with marls and lutites.</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: center">Cajamarca Formation</td><td style="text-align: center; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">Ks-c</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td><td style="text-align: center; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Limestone of marine origin of whitish to light gray color.</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center; vertical-align: top">&#160;</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: center">Quilqui&#241;an Group</td><td style="text-align: center; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">Ks-q</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td><td style="text-align: center; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Lutites and marls with some calcareous intercalations.</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><!-- Field: Page; Sequence: 58; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 1 Geological section of Tembladera quarry</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;<img alt="" src="image_010.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Resources and Reserves</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Table 2 shows the mineral resources at the Tembladera
quarry as of December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 2 Mineral Resources (exclusive of reserves)
as of December 31, 2022 based on cement price of S/599.5 per ton</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt; text-align: center"><b>&#160;</b></td><td style="padding: 0pt"><b>&#160;</b></td>
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(% CaO)</b></td><td style="padding: 0pt"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt; text-align: left">Indicated resources</td><td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left">&#160;</td><td style="padding: 0pt; text-align: right">35.7</td><td style="padding: 0pt; text-align: left">&#160;</td><td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left">&#160;</td><td style="padding: 0pt; text-align: right">50.2</td><td style="padding: 0pt; text-align: left">&#160;</td><td style="padding: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding: 0pt; text-align: left">&#160;</td><td style="padding: 0pt; text-align: right">163.1</td><td style="padding: 0pt; text-align: left">&#160;</td><td style="padding: 0pt">&#160;</td>
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    <td style="padding: 0pt; text-align: left">&#160;</td><td style="padding: 0pt; text-align: right">0.2</td><td style="padding: 0pt; text-align: left">&#160;</td><td style="padding: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt; text-align: left">Inferred resources</td><td style="padding: 0pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Mineral resources estimation considered the
expected price of cement, the complete forecast horizon contemplates perpetuity is included at the end of the 30 years of projection.
Clinker is used for cement production through the addition of other non-metallic minerals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Table 3 shows the mineral Reserves at the Tembladera quarry.<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 3 Mineral Reserves at the end of the
2022 fiscal year based on cement price of S/599.5 per ton</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">74.35</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">49.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.3</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">49.5</td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 59; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Mineral Reserves estimation considered the
expected price of cement. The complete forecast horizon contemplates a total of 30 years of projection. Clinker is used for cement production
through the addition of other non-metallic minerals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Reconciliation of Resources and Reserves at the End of the Fiscal
Year</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Table 4 shows the difference between the mineral
resource estimates as of December 31, 2022 and 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 4 Resources for the last two fiscal years
expressed in millions of tons.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="padding: 0pt 0pt 1.5pt; text-align: left; width: 16%; vertical-align: top"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; text-align: center; width: 2%; vertical-align: bottom"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 14%; text-align: center"><b>Resources as of<br/>
    Dec. 31, <br/>
2022</b></td>
    <td style="padding-bottom: 1.5pt; text-align: center; width: 2%; vertical-align: bottom"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 14%; text-align: center"><b>Resources as of<br/>
    Dec. 31, <br/>
2021</b></td>
    <td style="padding-bottom: 1.5pt; text-align: center; width: 2%; vertical-align: bottom"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 50%; text-align: center"><b>Discrepancy</b></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left; padding: 0pt; vertical-align: top">Measured resources</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding: 0pt; text-align: right">127.4</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding: 0pt; text-align: right">128.3</td>
    <td>&#160;</td>
    <td style="padding-top: 0pt; padding-right: 0pt; padding-bottom: 0pt; vertical-align: top; text-align: left">The difference is due to the annual consumption of limestone used in the cement plant and the updated quarry stability design.</td></tr>
  <tr>
    <td style="text-align: left; padding: 0pt; vertical-align: top">Indicated resources</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding: 0pt; text-align: right">35.7</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding: 0pt; text-align: right">37.6</td>
    <td>&#160;</td>
    <td style="padding: 0pt; vertical-align: top; text-align: left">The difference is due to the annual consumption of limestone used in the cement plant and the updated quarry stability design.</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left; padding: 0pt; vertical-align: top">Measured + Indicated resources</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding: 0pt; text-align: right">163.1</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding: 0pt; text-align: right">165.9</td>
    <td>&#160;</td>
    <td style="padding: 0pt; vertical-align: top; text-align: left">The difference is due to the annual consumption of limestone used in the cement plant and the updated quarry stability design.</td></tr>
  <tr>
    <td style="text-align: left; padding: 0pt; vertical-align: top">Inferred resources</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding: 0pt; text-align: right">74.1</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding: 0pt; text-align: right">74.2</td>
    <td>&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: left">The difference is due to the annual consumption of limestone used in the cement plant and the updated quarry stability design.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some techniThe for the Mineral Resources estimation in the economic model can be found in the Cementos Pacasmayo S.A.A. Technical Report Summary (TRS) of the Tembladera Quarry and Pacasmayo Cement Plant 20-F 229.601 (Item 601) Exhibit 96.1 to our 2021 Form 20-F. All mineral resources are estimated at cement plant. The updated average price is S/599.5 per ton of cement at nominal values, perpetuity is included at the end of the 30-year projection.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Table 5 shows the difference between the mineral reserve estimates
at the end of this fiscal year and the previous fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 5 Reserves as of December 31, 2022 and
2021 expressed in millions of tons.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="padding: 0pt 0pt 1.5pt; text-align: left; width: 16%; vertical-align: top"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; width: 2%"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: top; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 14%; text-align: center"><b>Reserves
    as of<br/>
 Dec. 31, <br/>
2022</b></td>
    <td style="padding-bottom: 1.5pt; width: 2%"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: top; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 14%; text-align: center"><b>Reserves
    as of<br/>
 Dec. 31, <br/>
2021</b></td>
    <td style="padding-bottom: 1.5pt; width: 2%"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 50%; text-align: center"><b>Discrepancy</b></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left; padding: 0pt; vertical-align: top">Proven reserves</td>
    <td>&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: right">62.1</td>
    <td>&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: right">66.5</td>
    <td>&#160;</td>
    <td style="padding: 0pt; text-align: left">Mineral reserve estimation for 2022 considered 30 years as LOM due to economic issues of price and cost forecast. Main differences are supported by annual limestone consumption to produce cement.</td></tr>
  <tr>
    <td style="text-align: left; padding: 0pt; vertical-align: top">Probable reserves</td>
    <td>&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: right">12.2</td>
    <td>&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: right">10.5</td>
    <td>&#160;</td>
    <td style="padding: 0pt; text-align: left">Mineral reserve estimation for 2022 considered 30 years as LOM due to economic issues of price and cost forecast. Main differences are supported by annual limestone consumption to produce cement.</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">

    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The prices assumed for the Mineral Reserves estimation in the economic model can be found in the Cementos Pacasmayo S.A.A. Technical Report Summary (TRS) Tembladera Quarry and Pacasmayo plant 229.601 (Item 601) Exhibit 96.1 to our 2021 Form 20-F, and which were updated as of December 31, 2022. All mineral Reserves are estimated at cement plant. The updated average price is S/599.5 per ton of cement, average of the 30-year projection, at nominal values.</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Previously disclosed</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cementos Pacasmayo has previously disclosed mineral
resources and reserves at the Tembladera quarry in our 2021 Form 20-F. Further details are provided in Exhibit 96.1 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Exploration</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Cementos Pacasmayo did not conduct any exploration
activity at the Tembladera quarry during the year ended December 31, 2022. Cementos Pacasmayo is developing a drilling campaign in order
to further refine mineral reserve estimates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Virril&#225; Individual Disclosure (229.1304)</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Property description</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Location</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Viril&#225; property is located in the Sechura
District, Sechura Province, Piura Region<span>, Peru at longitude -80.766994&#176; W and latitude -5.922731&#176;
S</span>. The concessions are registered in INGEMMET as Virril&#225; 3, Virril&#225; 4, Virril&#225; 6, Virril&#225; 7, Virril&#225;
8, Virril&#225; 9, Virril&#225; 10, Virril&#225; 11, Virril&#225; 12, Virril&#225; 13, Virril&#225; 14, Virril&#225; 15,
Virril&#225; 16, Virril&#225; 17, Virril&#225; 18, Virril&#225; 19, Virril&#225; 20, Virril&#225; 21, Virril&#225; 22, Virril&#225;
23 and Bayovar N&#176; 4 with mining activity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The area of the mining property is 38,226.00 hectares.
The mining rights are granted by INGEMMET through a Presidential Resolution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Cementos Pacasmayo owns the mining concession
and it is registered as &#8220;Unidad Econ&#243;mica Administrativa (&#8220;UEA&#8221;) Virril&#225;&#8221; as a non-metallic mining
concession.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Cementos Pacasmayo currently has an agreement
with the Fundaci&#243;n Comunal San Martin de Sechura for the use of the surface land associated with the production area of the Virril&#225;
quarry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Piura Cement Plant and UEA Virril&#225; are shown
in Figure 1 while the location of the UEA Virril&#225; property and Piura cement plant are shown in Figures 2 and 3, respectively.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 1 Piura cement plant and UEA Virril&#225;</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;<img alt="" src="image_011.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>&#160;</i></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 2 UEA Virril&#225; property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_012.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Piura Cement Plant is shown in Figure 3.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 3 Piura cement plant </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_013.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 63; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Infrastructure</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Virril&#225; quarry has the necessary infrastructure
for normal operations. Facilities for electric power, water supply, fuels, accesses and roads have been installed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Virril&#225; quarry
is supplied with fuel by diesel oil tanker trucks. Fuel distribution is the responsibility of an authorized contractor company, which
will have the permits and records required for this type of facility and activity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Virril&#225; quarry
is supplied with energy by electric generators.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Virril&#225; quarry
can be access by paved road from the Piura city, along the north Panamerican highway, to the Bayovar intersection and then to the Virril&#225;
quarry. The estimated travel time is 2 hours.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Personnel for the Virril&#225; quarry come from
the town of Sechura, near to the quarry and from Piura.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Personnel from Sechura are transported to the
quarry in buses and pickup trucks. The contractor is responsible for the logistics of the personnel operating the quarry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Mining Concession Ownership and Area</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; ">On March 31, 2016, the
Virril&#225; concession was granted by Presidential Resolution No. 0147-2016-INGEMMET/PCD/PM and includes nine non-metallic mining rights
in the UEA Virril&#225;, with code No. 01-00011-00-U of Cementos Pacasmayo S.A.A.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; ">The UEA Virril&#225;,
with code No. 01-00011-00-U of Cementos Pacasmayo S.A.A. which grouped 12 non-metallic mining rights according to Presidential Resolution
No. 2869-2015-INGEMMET/PCD/PM dated September 30, 2015 now has a total of 21 mining rights.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Royalties</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Law No. 28258 approved the Peruvian Mining Royalty
Law on June 24, 2004, which was amended by Law No. 29788 of September 28, 2011. Cementos Pacasmayo S.A.A. currently pays the Mining Royalty
(see note 29 to our consolidated financial statements included in this annual report).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The payment to the Peruvian government is made
through SUNAT, which is the entity designated to control this consideration for the use of natural resources and such payment is made
through an application that the tax authority has made available to those required to pay.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">In case the mining royalty is not declared or
paid, penalties for infractions and default interest for non-compliance are incurred. However, failure to pay these fines is not a cause
for the loss of the mining concession.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Set forth below is additional information, as
relevant to the particular property;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Mining Activities on the Property</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">The Virril&#225; quarry
located in the UEA Virril&#225; is currently in production stage. This is an open-pit mine where surface miners are used to fragment
the coquina, which is loaded onto trucks by front-end loaders and transported to the cement plant located in Piura which is 120 kilometers
from UEA Virril&#225;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Figure 4 shows the flowsheet of mining process
of the Virril&#225; quarry. Further details of the process are provided in Exhibit 96.2 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 64; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 4 Diagram of mining process of the Virril&#225;
quarry</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;<img alt="" src="image_014.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Piura Cement Plant</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The cement plant is under the laws of the industrial
sector, according to current Peruvian regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">The cement plant is located
at Veintis&#233;is de Octubre District, Piura Province and Piura region. This facility receives material from the Virril&#225; quarry.
The cement plant produces various products for the construction industry, the main product being cement. Different types of cement are
produced depending on their applications, and using coquina (a soft limestone of broken shells), sand, iron and clays are used as raw
materials. The specific mix of raw materials produces the clinker necessary to produce cement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">The standard cement production
process consists of the following main stages:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Extraction and transportation of coquina;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Raw material storage;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Grinding and homogenization to make the raw material of consistent quality;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Clinkerization;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Cement grinding;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Storage in silos; and</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Packaging, loading and distribution.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Figure 5 shows the flowsheet for raw material processing,
clinker and cement production. Further details of the process are provided in Exhibit 96.2 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 5 Piura plant process block diagram</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_015.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 65; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Virril&#225; Quarry</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Virril&#225; quarry has been operating for
seven years. The material extracted from the quarry is used to supply the Piura plant. The amount of coquina to be mined is planned annually
through the mining plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The equipment in operation at the Virril&#225;
quarry are in optimum condition to maintain continuity of operations. Maintenance and optimization of the equipment is carried out periodically
and is supervised by the operator of the quarry. The equipment is in good condition and operational. Further details of the equipment
are provided in Exhibit 96.2 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Facilities</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Virril&#225; quarry has facilities such
as offices, dining room, infirmary, vehicle parking lots, lubricant warehouse, chemical baths, maintenance shop, sample preparation laboratory,
industrial water tank, truck scale, hopper for weighing, wastewater treatment pond, and satellite and radio antenna.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Piura Plant</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The equipment in operation at the Piura plant is
in optimal condition to avoid any interruption in cement production. Maintenance and optimization of the equipment is carried out periodically
and is supervised by Cementos Pacasmayo S.A.A. personnel. The equipment is in good condition and operational. Further details of the equipment
are provided in Exhibit 96.2 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Facilities</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Piura Plant has facilities such as maintenance
workshops, warehouses, laboratories, administrative offices, and cement production lines that support cement production.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The total cost of the mining concession, mine development
costs, land, buildings and other facilities, machinery and equipment, furniture and fixtures, transportation units, computer equipment
and tools, quarry rehabilitation costs, capitalized interest and work in progress amounted to S/896,454,509 as of December 31, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">History</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The quarry is a non-metallic
deposit of coquina material, source of different types of cements for construction; Cementos Pacasmayo S.A.A. owns the deposit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Virril&#225; quarry
started operations in 2015. The mining contractor San Martin Contratistas Generales S.A. was in charge of the exploitation from the beginning
of operations until March 14, 2020. The mining contractor Posada Per&#250; SAC started operations at the Virril&#225; quarry on September
14, 2020 until December 30, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">On January 3, 2022, the
mining contractor San Martin Contratistas Generales S.A. was hired to transport the coquina from the Virril&#225; quarry to the Piura
plant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Property Encumbrances</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Cementos Pacasmayo S.A.A.
does not make any payments with respect to encumbrances for the UEA Virril&#225; concessions. The UEA Virril&#225; concessions currently
have no outstanding payments with respect to infractions and penalties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Concessions</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The UEA Virril&#225; is a production stage property
with estimated mineral reserves.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Geology</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The lithostratigraphy
of the area consists of Cenozoic sedimentary units, locally formed by Tertiary units and covered by Quaternary deposits; the Tablazo Lobitos
and Quaternary deposits of ancient alluvial, lacustrine and Aeolian origin form these units. Table 1 shows the stratigraphic column of
the area of the Virril&#225; quarry and Figure 6 shows the Geological section of the Virril&#225; quarry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 1 Stratigraphic Column of the Virril&#225;
quarry</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 20%; text-align: left"><b>Era</b></td><td style="padding-bottom: 1.5pt; text-align: center; width: 1%; vertical-align: bottom"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 17%; vertical-align: bottom"><b>System</b></td><td style="padding-bottom: 1.5pt; text-align: center; width: 1%; vertical-align: bottom"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 17%; text-align: center"><b>Symbol</b></td><td style="padding-bottom: 1.5pt; text-align: center; width: 1%; vertical-align: bottom"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 17%; text-align: center"><b>Serie</b></td><td style="padding-bottom: 1.5pt; text-align: center; width: 1%; vertical-align: bottom"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 25%; text-align: center"><b>Stratigraphic Unit</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">&#160;&#160;</td><td>&#160;</td>
    <td style="text-align: center">Quaternary</td><td>&#160;</td>
    <td style="text-align: center">Qh-e</td><td>&#160;</td>
    <td style="text-align: center">Holocene</td><td>&#160;</td>
    <td style="text-align: center">Eolic deposits</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: center">Cenozoic</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">Qp-tt</td><td>&#160;</td>
    <td style="text-align: center">Pleistocene</td><td>&#160;</td>
    <td style="text-align: center">Tablazo Talara</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">Tertiary</td><td>&#160;</td>
    <td style="text-align: center">Tm-zi</td><td>&#160;</td>
    <td style="text-align: center">Miocene</td><td>&#160;</td>
    <td style="text-align: center">Lower Zapallal Formation</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 1 Geological section of the Virril&#225;
quarry</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;<img alt="" src="image_016.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Resources and Reserves</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Table 2 shows the mineral resources at the Virril&#225; quarry as
of December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 2 Mineral Resources (exclusive of reserves)
as of December 31, 2022 based on cement price of S/668.8 per ton</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Amount<br/> (Million<br/> Tonnes)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Grades/ <br/> qualities<br/> (% CaO)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Grades/ <br/> qualities<br/> (% SO<sub>3</sub>)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Grades/ <br/> qualities<br/> (% MgO)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Cut-off grades<br/> (% CaO)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Measured resources</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">17.4</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">0.6</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">0.6</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">48.5</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Indicated resources</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">29.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">49.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">48.5</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Measured + indicated resources</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">46.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">49.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.8</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">48.5</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Inferred resources</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">46.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">43.6 &#8211; 48.5</td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Mineral resource estimation considered the
expected price of cement The complete forecast horizon contemplates a total of 30 years of projection. Clinker is used for cement production
through the addition of other non-metallic minerals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><!-- Field: Page; Sequence: 68; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 3 Mineral Reserves as of December 31,
2022 </b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Table 3 Mineral Reserves as of December 31, 2022 based on cement price
of S/668.8 per ton</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><b>Amount (Million Tonnes)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><b>Grades/<br/> qualities <br/>(% CaO)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Grades/<br/>
                                            qualities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(%
                                            SO<sub>3</sub>)</b></p></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><b>Grades/<br/> qualities <br/>(% MgO)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><b>Cut-off grades <br/>(% CaO)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left; padding-left: 0pt">Proven reserves</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">42.6</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">49.8</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">0.5</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">0.5</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">48.5</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0pt">Probable reserves</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">48.5</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Total reserves</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">49.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">48.5</td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Mineral reserves
estimation considered the expected price of cement. The complete forecast horizon contemplates a total of 30 years of projection. Clinker
is used for cement production through the addition of other non-metallic minerals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><span style="text-decoration:underline">Reconciliation of
Resources and Reserves at fiscal year-end</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Table 4 shows the difference between the mineral
resource estimates as of December 31, 2022 and December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 4 Resources as of December 31, 2022 and
2021 expressed in millions of tons.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.25in; text-align: left; width: 16%; vertical-align: top"><b>&#160;</b></td>
    <td style="padding: 0pt; text-align: center; width: 2%; vertical-align: bottom"><b>&#160;</b></td>
    <td style="padding: 0pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 14%; text-align: center"><span style="font-size: 10pt"><b>Resources
    as of <br/>
Dec. 31, <br/>
2022</b></span></td>
    <td style="padding: 0pt; text-align: center; width: 2%; vertical-align: bottom"><b>&#160;</b></td>
    <td style="padding: 0pt; border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 14%; text-align: center"><span style="font-size: 10pt"><b>Resources
    as of <br/>
Dec. 31, <br/>
2021</b></span></td>
    <td style="padding: 0pt; text-align: center; width: 2%; vertical-align: bottom"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; padding: 0pt; vertical-align: bottom; width: 50%; text-align: center"><span style="font-size: 10pt"><b>Discrepancy</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Measured Resources</span></td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">17.4</span></td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">21.1</span></td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left"><span style="font-size: 10pt">The difference is due to the annual consumption of coquina used in the cement plant.</span></td></tr>
  <tr>
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Indicated Resources</span></td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">29.0</span></td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">29.2</span></td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: top; text-align: left"><span style="font-size: 10pt">The difference is due to the annual consumption of coquina used in the cement plant.</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Measured + Indicated Resources</span></td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">46.4</span></td>
    <td style="padding: 0pt">&#160;</td>
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    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: top; text-align: left"><span style="font-size: 10pt">The difference is due to the annual consumption of coquina used in the cement plant.</span></td></tr>
  <tr>
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Inferred Resources</span></td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">3.9</span></td>
    <td style="padding: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">3.9</span></td>
    <td style="padding: 0pt">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The prices assumed for the Mineral Resources estimation in the economic model can be found in the Cementos Pacasmayo S.A.A. Technical Report Summary (TRS) of the Virril&#225; Quarry and Piura plant 229.601 (Item 601) Exhibit 96.2 to our 2021 Form 20-F. All resources are estimated at cement plant. The updated average price is S/668.8 per ton of cement, average of the 30-year projection, at nominal values.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Table 5 shows the difference between the mineral reserve estimates
as of December 31, 2022 and December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Table 5 Reserves as of December 31, 2022 and 2021
expressed in millions of tons.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt"><b>&#160;</b></td><td style="padding: 0pt"><b>&#160;</b></td>
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    Dec. 31, <br/>
2022</b></td><td style="padding: 0pt"><b>&#160;</b></td><td style="padding: 0pt"><b>&#160;</b></td>
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    Dec. 31,<br/>
 2021</b></td><td style="padding: 0pt"><b>&#160;</b></td><td style="padding: 0pt"><b>&#160;</b></td>
    <td style="padding: 0pt; text-align: center; border-bottom: Black 1.5pt solid"><b>Discrepancy</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: left">Probable Reserves</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&#160;</td>
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: left">&#160;</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: right">2.9</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: left">&#160;</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&#160;</td>
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: left">&#160;</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: right">2.9</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: left">&#160;</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&#160;</td>
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">

    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The prices assumed for the Mineral Reserves estimation in the economic model can be found in the Cementos Pacasmayo S.A.A. Technical Report Summary (TRS) Virril&#225; Quarry and Piura Cement Plant 229.601 (Item 601) Exhibit 96.2 to our 2021 Form 20-F. All Reserves are estimated at cement plant. The updated average price is S/ 668.8 per ton of cement, average of the 30-year projection, at nominal values.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Previously disclosed</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cementos Pacasmayo has previously disclosed mineral
resources and reserves at the Tembladera quarry in our 2021 Form 20-F. Further details are provided in Exhibit 96.2 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Other Activities</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; ">Cementos Pacasmayo S.A.A.
has carried out drilling works in the Virril&#225; quarry to confirm the mineral reserves. This activity will improve the accuracy of
mineral reserves estimation. Diamond drilling was carried out and a specialized company was contracted to carry out the work. New drilling
data is not included in the 2022 reserves model.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span><b><i>Tioyacu Individual Disclosure
(229.1304)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Property description </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Location</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The Tioyacu property is located in Elias Soplin
Vargas district, Rioja province, San Martin region, Peru at longitude -77.284376&#176; W and latitude -5.999057&#176; S. It is located 5
kilometers from the cement plant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The area of the mining concession is 400 hectares.
The mining rights are granted by INGEMMET of the Energy and Mines Sector through a Presidential Resolution.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Cementos Selva S.A.C owns the mining property
and it is registered as &#8220;Calizas Tioyacu&#8221; a non-metallic mining property.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Rioja cement plant and Calizas Tioyacu quarry
are shown in Figure 1 while the locations of the Calizas Tioyacu and Rioja cement plant are shown in Figures 2 and 3, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Figure 1 Rioja plant and Calizas Tioyacu </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;<img alt="" src="image_017.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;&#160;</b></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 2 Calizas Tioyacu property</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="image_018.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Rioja cement plant is shown in Figure 3.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 3 Rioja cement plant</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_019.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Infrastructure</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">The Tioyacu quarry has
the necessary infrastructure for normal operations. Facilities for electric power, water supply, fuels, accesses and roads have been installed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">The Rioja plant owned
by Cementos Selva S.A.C.<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </span>a wholly-owned subsidiary of
Cementos Pacasmayo S.A.A., currently has adequate infrastructure (such as workshops, service stations, restrooms, and others).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Tioyacu quarry can be accessed from the coast
by air from Lima to Tarapoto, time average 1.10 hours by air, and from Tarapoto to Rioja (139 kilometers) and from the city of Rioja to
the cement plant (15 kilometers). Another alternative to access the quarry is by road from Lima to Rioja and the distance is 1,107 kilometers
and the road is paved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The personnel at Tioyacu quarry come from the
Elias Soplin Vargas district and Rioja and Nueva Cajamarca.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Mining Concessions Ownership and Area</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">Calizas Tioyacu concession
was approved by Resolution 0960-96-RPM granted by the Public Mining Registry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">The procedure to obtain
a mining concession is contemplated in the General Mining Law DS- 014-92-EM) and its Regulation Legislative Decree 020-2020-EM.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Tioyacu quarry has a Usufruct and Easement
Agreement for the use and easement of the surface where mining activities where mining activities are carried out. The agreement was signed
with Corporaci&#243;n de Desarrollo de San Martin (COREDESAM).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">Cementos Selva S.A.C.
pays the concession fee for the Calizas Tioyacu concession with unique code 010912495. These payments must be made from the first working
day of January to June 30 of each year, providing the financial entities the unique code of its mining right. In the case of the Calizas
Tioyacu concession, the payment is equivalent to US$3.00 per hectare.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Royalties</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Peruvian Mining Royalty Law was approved on
June 24, 2004 by Law No. 28258, which was amended by Law No. 29788 of September 28, 2011. Cementos Selva S.A.C. currently pays the Mining
Royalty (see note 29 to our consolidated financial statements included in this annual report).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The payment to the Peruvian government is made
through SUNAT, which is the entity designated to control this consideration for the use of natural resources, and such payment is made
through an application that the tax authority has made available to those required to pay.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">In case the mining royalty is not declared or
paid, fines for infractions and late payment interest for non-compliance are incurred. However, failure to pay these fines is not a cause
for the loss of the mining concession.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Set forth below is additional information, as
relevant to the property.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Mining Activities on the Property</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Tioyacu Quarry</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Tioyacu quarry located in the Calizas Tioyacu
mining concession, is currently in the production stage. The Tioyacu quarry is an open-pit mine that uses explosives to fragment the limestone
rock, which is then loaded onto trucks by front-end loaders and transported to the Rioja plant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; ">Figure 4 shows a flowsheet
of mining process of the Tioyacu quarry. Further details of the process are provided in Exhibit 96.3 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 4 Diagram of mining process of the Tioyacu
quarry</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_020.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><span style="text-decoration:underline">Rioja Cement Plant</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">This cement plant is under the laws of the industrial
sector, according to current Peruvian regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The Rioja cement plant is located in the district
of El&#237;as Soplin Vargas, La Rioja province, San Martin region, 5 kilometers from the quarry. This facility receives material from
the Tioyacu quarry. The cement plant produces various products for the construction industry, the main product being cement. Different
types of cement are produced depending on their applications, using limestone, sand, iron and clays are used as raw materials. The specific
mix of raw materials produces the clinker necessary for the production of cement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The standard cement production process consists
of the following main stages:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Extraction and transportation of limestone;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Raw material storage;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Crushing and Drying of Raw Materials</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Grinding and homogenization to make the raw material of consistent quality;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Clinkerization;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Cement grinding;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Storage in silos; and</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Packaging, loading and distribution.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 73; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Figure 5 shows the flowsheet for raw material processing,
clinker and cement production. Further details of the process are provided in Exhibit 96.3 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 5 Rioja plant process block diagram</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_021.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Tioyacu Quarry</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">The Tioyacu quarry has been operating for 22 years
for Cementos Selva S.A.C. The material extracted from the quarry is used to supply the Rioja cement plant, which has also been in operation
for 22 years. The amount of limestone to be mined is planned annually through the mining plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; ">The equipment in operation
at the Tioyacu quarry is in optimum condition to maintain continuity of operations. Maintenance and optimization of the equipment is carried
out periodically and is supervised by the operator of the quarry. The equipment is in good condition and operational. Further details
of the equipment are provided in Exhibit 96.3 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Facilities</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">The Tioyacu quarry does not have maintenance and
administrative facilities because the Rioja cement plant is near the quarry and provides the necessary facilities for quarry operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Rioja Plant</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; ">The equipment in operation
at the Rioja plant is in optimal condition to avoid any interruption in cement production. Maintenance and optimization of the equipment
is carried out periodically and is supervised by Cementos Selva S.A.C. personnel. The equipment is in good condition and operational.
Further details of the equipment are provided in Exhibit 96.3 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Facilities</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">The Rioja plant has facilities such as maintenance
workshops, warehouses, laboratories, administrative offices, and cement production lines that support cement production.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; ">The total cost of the
mining concession, mine development costs, land, buildings and other constructions, machinery and equipment, furniture and fixtures, transportation
units, computer equipment and tools, quarry rehabilitation costs, capitalized interest and work in progress amounted to S/144,045,842
as of December 31, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">History</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">The Tioyacu quarry began
operations as Cementos Rioja S.A. in 2000. Prior to 2000, Cementos Rioja S.A. had successfully won the bid for the &#8220;Cement Plant
with Vertical Kiln of Rioja&#8221;, promoted by CEPRI Cemento Rioja at the Public Auction of February 6, 1998. Ownership was then transferred
by the Regional Government of San Martin by public deed on March 28, 1988, to Cementos Rioja S.A.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">The development of the
project, and the non-metallic mining concession &#8211; Calizas Tioyacu, among others, were a part of the transfer in favor of Cementos
Rioja S.A. by Empresa Minera del Per&#250;, by public deed dated April 8, 1998.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">It should be noted for
a better understanding of the above, that according to the provisions of article 9 to the General Mining Law (D.S. No. 014-92-EM). Accordingly,
the industrial cement plant is not an integral or accessory part of the mining concession, nor does it carry out mining activities, it
is a different property dedicated to the industrial manufacture of cement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">On March 1, 2022, Cementos
Selva S.A. changed its corporate form from a S.A. (<i>sociedad an&#243;nima</i>) to a S.A.C. (<i>sociedad an&#243;nima cerrada</i>).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Property Encumbrances</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">Cementos Selva S.A.C.
does not make any payments with respect to encumbrances for the Tioyacu quarry. Tioyacu quarry currently has no outstanding payments with
respect to infractions and penalties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>




</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Concessions</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">The Calizas Tioyacu is
a production stage property with estimated mineral reserves.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Geology</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left; ">The ore deposit contains
limestone with a grade suitable for cement production. The limestone is contained within the so-called Condorsinga Formation. This Formation
is part of the Pucar&#225; Group. Figure 6 shows the stratigraphic column of the area of the Tioyacu quarry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 6 Rioja plant process block diagram</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="image_022.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Figure 7 Geological section of the Tioyacu quarry</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_023.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Resources and Reserves</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">Table 1 shows the mineral
resources at the Tioyacu quarry as of December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 1 Limestone Resources (exclusive of reserves)
as of December 31, 2022 based on cement price of S/753.9 per ton</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><b>Grades/<br/> qualities <br/>(% CaO)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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                                            qualities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(%
                                            SiO<sub>2</sub>)</b></p></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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                                            qualities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(%
                                            K<sub>2</sub>O)</b></p></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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    grades <br/>(% CaO)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left; padding-left: 0pt">Measured resources</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">0.07</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">50.1</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">5.6</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">0.2</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">49.0</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0pt">Indicated resources</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.13</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47.1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">49.0</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0pt">Measured + Indicated resources</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">48.1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">49.0</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0pt">Inferred resources</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 2 Limestone Reserves as of December 31,
2022 based on cement price of S/735.9 per ton</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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                                            qualities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(%
                                            SiO<sub>2</sub>)</b></p></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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                                            K<sub>2</sub>O)</b></p></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Cut-off grades <br/>(% CaO)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left; padding-left: 0pt">Proven reserves</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">6.3</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0pt">Probable reserves</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: left">The quality restrictions established may vary according to the
requirements of the material balance, associated with limestone and other raw materials.</td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">The estimation of mineral resources and reserves
considered the expected price of cement. The complete forecast horizon contemplates a total of 27 years of projection. Clinker is used
for cement production through the addition of other non-metallic minerals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Reconciliation of Resources and Reserves as
of December 31, 2022 and 2021</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">Table 3 shows the difference between the mineral resource estimates
as of December 31, 2022 and 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 3 Resources for the two fiscal years expressed
in millions of tons.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding: 0pt 0pt 0pt 0.125in"><b>&#160;</b></td><td style="padding: 0pt"><b>&#160;</b></td>
    <td colspan="2" style="padding: 0pt; text-align: center; border-bottom: Black 1.5pt solid"><b>Resources as at December 31, <br/>
2022</b></td><td style="padding: 0pt"><b>&#160;</b></td><td style="padding: 0pt"><b>&#160;</b></td>
    <td colspan="2" style="padding: 0pt; text-align: center; border-bottom: Black 1.5pt solid"><b>Resources as at December 31, <br/>
2021</b></td><td style="padding: 0pt"><b>&#160;</b></td><td style="padding: 0pt"><b>&#160;</b></td>
    <td style="padding: 0pt; text-align: center; border-bottom: Black 1.5pt solid"><b>Discrepancy</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-top: 0pt; padding-right: 0pt; padding-left: 0.125in; width: 17%; text-align: left">Measured resources</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-top: 0pt; padding-right: 0pt; padding-left: 0.125in; text-align: left">Indicated resources</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-top: 0pt; padding-right: 0pt; padding-left: 0.125in; text-align: left">Measured + Indicated resources</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-top: 0pt; padding-right: 0pt; padding-left: 0.125in; text-align: left">Inferred resources</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: left">No economic analysis was performed for the Inferred Mineral
Resources.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Table 4 Reserves as of December 31, 2022 and
2021 expressed in millions of tons.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt"><b>&#160;</b></td><td style="padding: 0pt"><b>&#160;</b></td>
    <td colspan="2" style="padding: 0pt; text-align: center; border-bottom: Black 1.5pt solid"><b>Reserves as at<br/>
 December 31, <br/>
2022</b></td><td style="padding: 0pt"><b>&#160;</b></td><td style="padding: 0pt"><b>&#160;</b></td>
    <td colspan="2" style="padding: 0pt; text-align: center; border-bottom: Black 1.5pt solid"><b>Reserves as at<br/>
 December 31, <br/>
2021</b></td><td style="padding: 0pt"><b>&#160;</b></td><td style="padding: 0pt"><b>&#160;</b></td>
    <td style="padding: 0pt; text-align: center; border-bottom: Black 1.5pt solid"><b>Discrepancy</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 17%; text-align: left">Proven reserves</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 1%">&#160;</td>
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 1%; text-align: left">&#160;</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 15%; text-align: right">6.3</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 1%; text-align: left">&#160;</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 1%">&#160;</td>
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    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; width: 46%; text-align: left">The difference is due to the annual consumption of limestone used in the cement plant.</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: left">Probable reserves</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&#160;</td>
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: left">&#160;</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: right">4.7</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: left">&#160;</td><td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The prices assumed for the Mineral Reserves estimation in the economic model can be found in the Cementos Selva S.A.C. Technical Report Summary (TRS) of the Tioyacu Quarry and Rioja Cement Plant 229.601 (Item 601) filed as Exhibit 96.3 to our 2021 Form 20-F. All mineral reserves are estimated as quantities at cement plant. The updated average price is S/735.9 per ton of cement, average of the 27-year projection, at nominal values.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;
&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 77; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Previously disclosed</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; ">Cementos Pacasmayo has
previously disclosed mineral resources and reserves at the Tioyacu quarry in our 2021 Form 20-F. Further details are provided in Exhibit
96.3 to our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Exploration</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left; ">In 2022, Cementos Selva
S.A.C. did not conduct any exploration activity at the Tioyacu quarry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span><b><i>Internal Control Disclosure
(229.1305)</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">As part of its corporate policies and through
its Vice-President of Operations, Cementos Pacasmayo S.A.A. has implemented the necessary controls and procedures for quality assurance
(QA) and quality control (QC) of the company&#8217;s production activities and associated information for the estimation of mineral resources
and reserves. Cementos Pacasmayo S.A.A. has also implemented quality management systems for its production activities and the quality
management system has been ISO 9001 certified since 2015.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">The QA and QC measures are applied to exploration,
quarry production (mining), and cement plant processing activities. For laboratory analysis of exploration samples used in mineral resource
and reserve estimates, Cementos Pacasmayo uses a program of duplicate samples, standards and blanks to evaluate the reliability of the
laboratory results that its qualified persons rely on for resource and reserve estimates. Its qualified persons also verify the data prior
to using the data in their work.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">In each of its operations, Cementos Pacasmayo
following the quality management system, applies the quality control procedures specific to each stage of the process such as exploration
activities, limestone/coquina production, reception of raw materials in the cement plant, crushing of raw materials, coal grinding, cement
grinding and raw materials or products in the cement plants such as clinker, additions and cement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Quality control procedures include sample security
such as chain of custody for reliable information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Cementos Pacasmayo has a chemical analysis laboratory
in each of its cement plants where procedures based on international standards are used for the chemical and physical analysis of raw
materials, clinker, and other materials; mainly used in limestone and cement production. Methodologies including the insertion of blanks,
duplicates, and standards are applied as part of the quality plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Cementos Pacasmayo has a data management department
whose goal is to verify the quality of the information and its incorporation into the geological database, so that it can be used in studies
and interpretations, geological modeling, and estimation of mineral resources and reserves.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">Data verification activities apply to exploration,
limestone/coquina production and cement processing data. For exploration and limestone production information, Datashed software is used
as a tool for data analysis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">At the cement plant, the quality plan considers
the PDCA (Plan, Do, Check, Act) cycle, which allows the quality of information to be verified during cement production activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 78; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">As part of the quality control activities, Cementos
Pacasmayo periodically hires an external laboratory to verify it&#180;s laboratory results obtained during the exploration activities,
which are part of the geological database and consequently used in the estimation of resources and reserves.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Cementos Pacasmayo has implemented internal controls
to ensure its mineral resource and reserves estimates are compliant with Regulation S-K, Item 1300 requirements including ensuring of
mineral resource and reserve estimates are prepared by qualified persons who are members of the Peruvian Engineers Association, an organization
that regulates the legal professional practice of engineers in Peru.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Mineral resource and reserve estimates at the
end of each fiscal year are and will continue to be reviewed by our Mining Operations Department to ensure compliance with S-K 1300. Cementos
Pacasmayo engineers and geologists reconcile actual production with estimates of mineral resources and reserves annually to verify accuracy
of the estimates. The comprehensive risk inherent in our estimates of mineral resources and reserves are consistent with industry best
practices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Insurance</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We maintain a comprehensive
insurance program that protects us from certain types of property and casualty losses. Our plants and equipment are insured against losses.
Additionally, our insurance policy provides coverage for business interruption in our cement manufacturing facilities. We also purchase
commercial insurance to cover risks associated with workers&#8217; compensation and other general liabilities. We believe our insurance
programs and policy limits and deductibles are appropriate for the risks associated with our business and are in line with the insurance
policies of similar cement manufactures that operate in Peru.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Sustainability Performance</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We report our sustainability
performance information to the GNR (Getting the Numbers Right) database, inspired by the guiding principles of the Cement Sustainability
Initiative (CSI), a sector-project of the World Business Council for Sustainable Development (WBCSD) among other cement companies in Latin
America through the Inter-American Cement Federation (FICEM).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In August 2018, we joined
the Global Cement and Concrete Association (GCCA) and became members of the GCCA and the GCCA announced the formation of a strategic partnership
with WBCSD to facilitate sustainable development of the cement and concrete sectors and their value chains. As part of a new agreement,
the work carried out by the CSI and the GNR database was transfer from WBCSD to the GCCA on 1 January 2019.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In 2019, we became members
of Innovandi Global Cement and Concrete Research Network which is GCCA&#180;s Innovation arm, which runs key programs to develop innovations
to help the industry decarbonize and produce carbon neutral concrete by 2050.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In 2020, member companies
of the Global Cement and Concrete Association came together as leaders in the sector to commit to producing carbon neutral concrete by
2050, in line with global climate targets &#8211; accelerating the Co2 reductions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In 2022, we were included
for the fourth consecutive year as part of the DJS MILA Pacific Alliance Index. This index is made up of those companies that demonstrate
superior performance among their peers under social, environmental and economic criteria. This achievement comes as a result of Pacasmayo&#8217;s
effort to improve in all of these criteria and to work towards ambitious goals in terms of long-term sustainability. We are committed
not only to remain in the Index but to improve our performance, as we are convinced that the focus on sustainability is key to our business
and our stakeholders. We participated in the Carbon Disclosure Project (CDP) for the first time, and we are committed to participate every
year in this project going forward. CDP is a not-for-profit charity that runs the global disclosure system for investors, companies, cities,
states and regions to manage their environmental impacts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In February 2023, we were
selected to be part of The Sustainability Yearbook for the third consecutive year. To appear in the Yearbook, companies must score within
the top 15% of their industry globally and have a gap of less than 30% from the leader&#8217;s Global ESG score. 2021 was the first year
that Peruvian companies were included as part of the Yearbook, and we are the only cement company that has been part of the Yearbook for
three consecutive years. With around 7,800 companies evaluated around the world, an inclusion in the yearbook is a true statement of excellence
in corporate sustainability. In addition, to strengthen our sustainability strategy and especially our commitment to reducing emissions,
in 2022, we designated a Sustainability Manager and a Climate Change Managing Director</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Social Performance </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are committed to the development
and quality of life of communities that surround the area where we operate. We have developed a good relationship with the local communities
surrounding our plant facilities since we started operations in Pacasmayo. We have a number of social responsibility programs aimed at
improving health and education in the area. Below is a brief description of a few of our social initiatives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Tecsup</i>. Tecsup is a
leading not-for-profit institute in Peru that provides technical education. It was founded by the family of our controlling shareholder,
and we support it by providing scholarships to promising students living near our plants to study at the Trujillo campus of Tecsup. Through
its three campuses in Peru, Tecsup has graduated over 11,285 students in various technical fields, some of whom currently work for us
and our affiliated companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Center for Technological
Training</i>. We have three training centers at our facilities where we teach students and adults business and technical skills. Our centers
are staffed with instructors from Tecsup. The goal of the center is to help develop the professional skills of the local population, especially
of students and teachers at the educational institutions in the towns of Tembladera, Pacasmayo and Sechura. In 2022, this program benefited
over 1,909 stakeholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Abilities Strengthening</i>. This program seeks
to provide training to local stakeholders such as grassroots organizations, and local entrepreneurs. The objective of the program is to
strengthen their skills and knowledge by providing courses and seminars especially designed for that purpose. The program is funded by
us and in 2022 benefited 186 stakeholders.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Universidad de Ingenier&#237;a y Tecnolog&#237;a</i>
&#8211; UTEC (University of Engineering and Technology). This entity is an educational nonprofit proposal that since 2012 is aimed at
the development of people in the engineering field, looking to satisfy the need for these types of professionals in the labor market by
implementing a curriculum in line with the trends and demands that globalization poses to modern engineering, with an integrated approach
to innovative teaching models. We support it by providing financial aid for its operations. To enhance students&#8217; knowledge, UTEC
also has various national and international alliances with top organizations.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Acu&#237;cola Los Paiches</i>.
Through our social venture, Acu&#237;cola Los Paiches S.A.C., we studied the reproductive forms of the &#8220;<i>paiche</i>&#8221; (arapaima
giga), a native fish species that was on the edge of extinction. After years of studies and scientific testing, we have successfully bred
this species in captivity, and we have obtained thousands of fingerlings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Floor Improvement Project</i>. This
project promotes the urban development of our areas of influence, we set out to improve the infrastructure conditions of homes,
through the substitution of dirt floors for concrete floors to contribute to the improvement of the quality of life and habitability
conditions of the towns surrounding our operations. This is how 93 families joined this initiative and with our support they have
managed to build concrete floors in their homes. Likewise, we have contributed 1,995 bags of cement to build a total of 2,922.26
square meters of concrete floors. This project has motivated the participants to invest financial resources and contribute labor to
improve their homes.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risk Management</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><i>Risk Management Description</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Corporate Risk Management
(GRC) is a structured approach that allows managing all of the important risks that could affect our long-term objectives. The purpose
of this approach is to support senior management in the decision-making process, in order to reduce adverse impacts and take advantage
of opportunities; as well as managing the action plans to mitigate the risks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Therefore, Pacasmayo has processes
and systems that analyze and evaluate the management of its business units, encouraging continuous improvement. Our management control
systems include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Mapping of new emerging risks and definition of impact, probability
and design of controls;</td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Periodic review of current risks and update of impact probability and controls information;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Quantification and effect of risk on EBITDA;</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Evaluation of external factors; and</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Periodic review of policies, procedures, regular internal audits and employee training.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><i>Risk Management Process</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following are highlights
of our risk management process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">The risks are mapped considering the impact on profit, revenues, resources, employees, communities where
we operate and our suppliers.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.5in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">An integrated risk management system and tools are used to collect information collaboratively with the
functional areas and external sources of the company.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.5in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">These processes include the evaluation of risks related to operations, human rights, sustainability, fraud
and corruption, in different areas such as commercial, operations, environment, health and safety, among others.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.5in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">The development of a risk management culture throughout the company in a decentralized manner, integrating
the processes to the mapping of risks and the identification and mitigation of risks from the strategic level to the operational level.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.5in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">The foregoing is reinforced with training for employees and suppliers and communication plans for the
entire company.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><i>Risk Management Organization</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; width: 23%; text-align: center"><span style="font-size: 10pt"><b>Managers responsible<br/>
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    <td style="padding-bottom: 1.5pt; width: 2%; text-align: center"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; width: 23%; text-align: center"><span style="font-size: 10pt"><b>Risk management team</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 2%; text-align: center"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; width: 23%; text-align: center"><span style="font-size: 10pt"><b>Risks committee</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 2%; text-align: center"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; width: 25%; text-align: center"><span style="font-size: 10pt"><b>Audit Committee</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.15in; text-indent: -0.15in">&#9679; Those responsible
    for the evaluation, management and prevention of the risk metrics of each area.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in"><b>&#160;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.15in; text-indent: -0.15in">&#9679; Risk management
    coordinates with them for the development and monitoring of these metrics.</p></td>
    <td>&#160;</td>
    <td style="padding-left: 0in; text-indent: -0.1in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.15in; text-indent: -0.15in">&#9679; Group responsible for the implementation of the corporate risk management strategy, which includes activities
such as risk identification, evaluation, quantification, and promotion of a risk management culture, among others.</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p></td>
    <td>&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.15in; text-indent: -0.15in">&#9679; Group created to
    establish and supervise the implementation of the risk management strategy at the corporate level.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in"><b>&#160;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.15in; text-indent: -0.15in">&#9679; It is made up by
    the CEO, the VPs and the Risks Manager</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in"><b>&#160;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.15in; text-indent: -0.15in">&#9679; the Risks
    Committee reports to the Audit Committee</p></td>
    <td>&#160;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.15in; text-indent: -0.15in">&#9679; Made up by 3
    independent board members, reports directly to the Board</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in"><b>&#160;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.15in; text-indent: -0.15in">&#9679; The participants are
    the external auditors, the internal auditor, the compliance officer, the CFO and the Risk Manager</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in"><b>&#160;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.15in; text-indent: -0.15in">&#9679; Evaluates improvement
    opportunities and plans for the risk metrics.</p></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><i>Climate Related Risks</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have identified the risks
and opportunities related to climate change and have analyzed the impacts of the risks on our strategy. ESG risk management and risks
related to climate change are analyzed through the risk management stages and are part of our 2030 Sustainability Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The identified risks have
been incorporated into the risk matrix so that they can be managed and operated as part of the comprehensive risk management cycle. We
are developing a business continuity plan with action measures and impact mitigation in the event of the occurrence of any events contemplated
by such risks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">During 2022, we took financial
measures in relation to the risks and opportunities derived from climate change, for a total investment amount of S/ 206,977.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><i>Extreme scarcity of drinking water</i> - We identified the
closest urban centers from which to meet the current demand for drinking water to mitigate this risk. The additional costs would be borne
by us in their entirety. To manage this risk, we identified drinking water providers in the closest urban centers. The cost of the measures
taken to manage this risk was S/37,701.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.5in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><i>Extreme scarcity of water for production processes </i>- We identified tanker truck suppliers in the
surrounding areas to mitigate this risk. The additional costs would be borne by us in their entirety. To manage this risk, we identified
tanker truck suppliers in the surrounding areas. The cost of the measures taken to manage this risk was S/71,397.</td></tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.5in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><i>Significant increases in the price of water</i> - We identified tanker truck suppliers in the surrounding
areas to mitigate this risk. We closely follow the evolution of the price of water. The additional costs would be borne by us in their
entirety. To manage this risk, we identified tanker truck suppliers and we track prices. The cost of the measure taken to manage this
risk was S/97,879.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Cybersecurity</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our focus on Information Technology
(IT) is to generate a collaborative digital ecosystem, where the different actors within the company (areas, processes and people) develop
their activities leveraged on information, communication and automation technologies in a reliable, conscious and safe way. In this way,
they can contribute to their own development, digital development, innovation and digital transformation and the fulfillment of our strategic
objectives as a company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Management is governed by
ISO 27001, and the following 3 policies:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: left">Policy on information security &#8211; protects IT assets</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: left">Logical Access Policy &#8211; regulates controlled access to information</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">o</span></td><td style="text-align: left">Help Desk Management Policy - Standardizes service request management</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Regarding cybersecurity, governance
is led by IT management, through the Infrastructure and Information Security area, and the person responsible for supervising compliance
with the strategy is the Chief Information Officer (CIO). Our management strategy focuses on four fundamental pillars:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Awareness</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Risk management</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">The regulatory framework provided by the associated internal processes and policies</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Resilience mechanisms for the protection of our information</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Likewise, our management is
complemented by an information security committee made up of the areas that are closely related to issues related to cybersecurity: Supply
chain and risk management, human resources management, audit and internal control management, operations management and finance management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">During 2022 we successfully
migrated our Core SAP S/4 HANA platform with the &#8220;RISE WITH SAP - Business transformation as a service&#8221; program to private environments
in Google Cloud. Now we have a unified management of the infrastructure, licensing, support and services by SAP that covers 99.7% of our
operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><i>Emerging Risks</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Emerging risks are those that
have an impact in the long-term. The risks considered here include all recently identified risks that could have a long-term impact on
the company&#8217;s business or industry, although in some cases they may have already begun to impact the company&#8217;s business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

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  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 5pt; vertical-align: bottom; width: 25%; text-align: left"><b>Risk
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    <td style="width: 1%"><b>&#160;</b></td>
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    <td style="width: 1%"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 5pt; padding-left: 5pt; vertical-align: bottom; width: 21%; text-align: center"><b>Evidence
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  <tr style="vertical-align: top">
    <td style="padding-top: 0pt; padding-right: 5pt; vertical-align: bottom; text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="padding-top: 0pt; padding-right: 5pt; padding-left: 5pt; vertical-align: bottom; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="padding-top: 0pt; padding-right: 5pt; padding-left: 5pt; vertical-align: bottom; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="padding-top: 0pt; padding-right: 5pt; padding-left: 5pt; vertical-align: bottom; text-align: center">&#160;</td></tr>
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    <td style="padding-top: 0pt; padding-right: 5pt; padding-bottom: 0pt; text-align: left">
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    <td>&#160;</td>
    <td style="padding: 0pt 5pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Medium to high:</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Margin reduction due to increases in production costs. Decrease in
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    <td>&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 0.75pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 0.75pt">Increase of raw material stock levels</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 0.75pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 0.75pt">Implementation of production cost optimization
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 0.75pt">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 0.75pt">Anticipated currency and cash flow
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    <td>&#160;</td>
    <td style="padding: 0pt 5pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Development of key raw material security stock review
and expansion</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Evaluation of additional transportation routes</p>
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    <td style="padding-top: 0pt; padding-right: 5pt; padding-bottom: 0pt; text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="padding: 0pt 5pt">&#160;</td>
    <td>&#160;</td>
    <td style="padding: 0pt 5pt">&#160;</td>
    <td>&#160;</td>
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    <td style="padding-top: 0pt; padding-right: 5pt; padding-bottom: 0pt; text-align: left">
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: left">Revenue losses and cost increments due to political instability in
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    <td>&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Impact on revenue and margins due to protests, manifestations, riots
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    <td>&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 0.75pt">&#160;</p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 0.75pt">&#160;</p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 0.75pt">&#160;</p>
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    <td>&#160;</td>
    <td style="padding: 0pt 5pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Development of key raw material security stock review
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Evaluation of alternative routes of transportation</p>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 83; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">ITEM
4A. UNRESOLVED STAFF COMMENTS</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">A.
Operating Results</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are a leading Peruvian
cement company, and the only cement manufacturer in the northern region of Peru. With more than 65 years of operating history, we produce,
distribute and sell cement and cement-related materials, such as precast products and ready-mix concrete. Our products are primarily used
in construction. We also produce and sell quicklime for use in mining operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In 2022, our cement sales
volume were approximately 3.4 million metric tons, representing an estimated 23.9% share of Peru&#8217;s total cement sales that year.
That same year, we also sold approximately 46 thousand metric tons of quicklime.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We own three cement production
facilities, our Pacasmayo and Piura facilities located in the northwest region of, Peru, and our smaller Rioja facility located in the
northeast. Our facilities have total installed annual cement production capacity of approximately 4.9 million metric tons. We also have
installed annual production capacity of 240,000 metric tons of quicklime. We own concession rights to several quarries with reserves of
limestone/coquina and other raw materials located near our facilities. We completed an expansion of our Rioja plant in April 2013. We
more than doubled the cement production capacity of our Rioja facility by installing a new production line that added 240,000 metric tons
of installed annual cement production capacity. In 2015, we completed construction of our cement plant in Piura, the third largest city
in northern Peru, which has an annual production capacity of 1.6 million metric tons of cement. The first ton of cement from the Piura
facility was produced and shipped on September 17, 2015, and clinker production started in January 2016. The Piura plant improved our
competitive position in the northern region of Peru. With production from three plants, we are able to serve our market more efficiently,
as it reduces transportation costs by enabling the dispatching of cement from plants within closer proximity to the point of sale. In
2021, due to the exponential growth in cement sales, we decided to invest approximately US$70 million to optimize our current capacity
at our Pacasmayo plant, in order to produce approximately 600,000 additional metric tons of clinker per year. Since mid-2020 we have needed
to import clinker in order to satisfy current demand levels, which has had a negative effect on our margins. With this optimization -when
completed, which we expect will occur during the second half of 2023- we should be able to stop importing clinker, if demand remains around
current levels, as we estimate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Factors Affecting our Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenue Drivers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In 2022, approximately 88.6%
of our total cement sales were in the form of bagged cement, substantially all of which was sold through retailers both within and outside
of our distribution network. The remaining 11.4% of our cement was sold in bulk or in shipments of precast products or ready-mix concrete
directly to large construction companies. Our retail sales are directed to both the <i>auto-construcci&#243;n</i> segment and construction
companies that buy cement for a variety of small construction works, including minor residential, commercial and infrastructure projects.
Cement destined for large private and public projects, such as housing complexes, highways, irrigation channels, hospitals, schools, mining
and industrial facilities, is typically sold in bulk or in shipments of precast products or ready-mix concrete.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We estimate that sales to the <i>auto-construcci&#243;n</i>
segment accounted for approximately 76.6% of our total cement sales in 2022, 70.3% in 2021 and 70.6% in 2020; private construction projects,
both large and small, accounted for approximately 12.7% of our total cement sales in 2022, 14.7% in 2021, and 13.6% in 2020; and public
construction projects accounted for the remaining 10.7% in of our total cement sales in 2022, 15.0% in 2021, and 15.8% in 2020. Since
2020, we have seen an increase in <i>auto-construcci&#243;n</i> compared to other segments, mainly due to its resilience in times of
crisis. As the Peruvian economy becomes less informal, and there is more stability and confidence from the private sector, private construction
projects and infrastructure are expected to become increasingly more important to our business.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our cement sales are largely
driven by residential construction (both <i>auto-construcci&#243;n</i> and small and large housing developments undertaken by construction
companies), which is generally affected by economic conditions in the northern region of Peru. <i>Auto-construcci&#243;n</i> is particularly
affected by levels of disposable household income, as low-income families tend to invest most of their savings in developing their homes.
Larger residential construction is more susceptible to the economic outlook, the availability of financing and prevailing investment levels
in the region. GDP in the northern region of Peru is estimated to have increased by 1.7% in 2022, increased by 11.2% in 2021, and contracted
by 7.9% in 2020. Our cement volumes, which represented most of the cement sales in the northern region of Peru, contracted 5.3% in 2022,
grew by 40.4% in 2021 and contracted by 1.3% in 2020, in terms of metric tons of cement shipments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our cement sales are also
driven, to a lesser extent, by commercial developments and infrastructure projects. Commercial and other private construction projects
are also affected by the level of public and private investment in the region, while public infrastructure projects depend on the priorities
and financial resources of the national, regional and local governments. During 2020, there was a significant reduction in activity relating
to these projects, due primarily to the economic impact of the COVID-19 pandemic, but during 2021 and 2022, we have seen some level of
recovery in commercial developments and infrastructure projects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Cost Drivers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Coal is the main source of
energy used in our production process, in particular to fuel our kilns. We purchase anthracite coal from nearby coal mines and import
a small amount of bituminous coal primarily from Colombia. We&#160;do not have long-term coal supply agreements, and we do not engage
in hedging transactions in connection with the price of coal. In the past, the price of bituminous coal has been related to the international
price of oil, as it is used as a substitute for oil. Coal accounted for an estimated 16.8% of our costs of production in 2022, 11.6% in
2021 and 12.6% in 2020. During 2022, prices of coal were affected by global inflation, as the war in Ukraine put pressure on the supply
of coal and other sources of energy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Electricity is used in our
facilities mainly to power our cement mills. We power our Pacasmayo and Piura facilities with electricity purchased from Electroper&#250;,
with which we have a long-term supply agreement expiring in 2026. Our Rioja facility is powered primarily with electricity from ELOR,
with which we have a medium-term supply agreement expiring in 2024. Under these agreements, the price of electricity is based on a formula
that takes into consideration our consumption of electricity and certain market variables, including the international price of oil. Electricity
accounted for approximately 14.2% of our cost of production in 2022, 13.7% in 2021 and 14.6% in 2020. Electricity costs tend to be lower
during the rainy season, from January to March of each year, as our region is served primarily by hydro-electric power plants. During
2022, electricity prices increased due to the increase in the international price of oil.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition, we purchase from
third parties admixtures and certain raw materials that we use in our production process, including gypsum, blast furnace slag, iron and
other materials. Admixtures and raw materials used in our cement production process do not include construction supplies that we acquire
from third-parties for resale through our distribution network along with our cement products. The cost of admixtures and raw materials
purchased from third parties, excluding imported clinker, accounted for approximately 5.1% of our cost of production in 2022, 4.3% in
2021, and 4.3% in 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Due to the sudden and sharp
increase in demand since the second half of 2020, we have had to use imported clinker in order to satisfy demand. The cost of imported
clinker as a percentage of our cement production costs was approximately 16.3% in 2022, compared to 21.5% in 2021 and 10.1% in 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Personnel expenses represented
15.0% of our total costs and expenses in 2022, 17.1% in 2021 and 18.9% in 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Third-party Construction Supplies</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition to selling our
own products, we also sell and distribute construction supplies manufactured by third parties, such as steel rebar, wires and pipes that
are typically used in construction along with our cement. Our profit margins from the sale of third party construction supplies are significantly
lower than the margins on our cement products and they are affected by fluctuations in product prices and the exchange rate between the
<i>sol </i>and the U.S. dollar between the time we purchase these products and the time we resell them. We sell these products primarily
as a service to retailers in our distribution network in an effort to support the sale of our cement products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Mining Royalty Tax</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The mining royalty tax for
the exploitation of metallic and non-metallic minerals is payable on a quarterly basis in an amount equal to the greater of (i) an amount
determined in accordance with a statutory scale of tax rates based on a company&#8217;s operating profit margin that is applied to its
operating profit, as adjusted by certain non-deductible expenses and (ii) 1% of a company&#8217;s net sales, in each case during the applicable
quarter. These amounts are determined based on our unconsolidated financial statements and those of our subsidiaries with operations that
are under the scope of the Mining Royalty Law. Mining royalty payments are deductible for income tax purposes in the fiscal year in which
such payments are made. For additional information, see note 29 to our consolidated financial statements included in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Operating Segments</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have three operating segments: (i) cement, concrete,
mortar and precast, (ii) quicklime and (iii) sales of construction supplies. For additional information on our operating segments, see
note 32 to our consolidated financial statements included in this annual report.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>New Accounting Pronouncements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For a description of new interpretations and improvements
to IFRS in effect since 2022, see notes 2.3.19 and 4 to our consolidated financial statements included in this annual report.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Critical Accounting Policies</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following is a discussion
of our application of critical accounting policies that require our management to make certain assumptions about matters that are uncertain
at the time the accounting estimate is made, where our management could reasonably use different estimates, or where accounting changes
may reasonably occur from period to period, and in each case would have a material effect on our financial statements. For additional
information, see note 3 to our annual audited consolidated financial statements included in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Determination of Useful Live of Assets for Depreciation and Amortization
Purposes</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Depreciation of mining concessions
and mine development costs are charged to cost of production on a units-of-production basis using proved reserves. Other assets are depreciated
on a straight-line-basis over their estimated useful lives, as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding: 0pt 0pt 1.5pt; width: 80%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-top: 0pt; width: 20%; padding-right: 0pt; padding-left: 0pt; text-align: center"><b>Years</b></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center">&#160;</td>
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt"><b>Buildings and other construction:</b></td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">Administrative facilities</td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">Between 20 and 51</td></tr>
  <tr>
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">Main production structures</td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">Between 20 and 56</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">Minor production structures</td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">Between 20 and 35</td></tr>
  <tr>
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt"><b>Machinery and equipment:</b></td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">Mills and horizontal furnaces</td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">Between 24 and 45</td></tr>
  <tr>
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">Vertical furnaces, crushers and grinders</td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">Between 23 and 36</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">Electricity facilities and other minors</td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">Between 10 and 35</td></tr>
  <tr>
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">Furniture and fixtures</td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">10</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt"><b>Transportation units:</b></td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">Heavy units</td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">Between 5 and 15</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt">Light units</td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">Between 5 and 10</td></tr>
  <tr>
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt"><b>Computer equipment</b></td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">Between 3 and 10</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; vertical-align: bottom; padding-right: 0pt; padding-left: 0pt"><b>Tools</b></td>
    <td style="padding-top: 0pt; vertical-align: top; padding-right: 0pt; padding-left: 0pt; text-align: center">Between 5 and 10</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The assets&#8217; residual
value, useful lives and methods of depreciation/amortization are reviewed at each reporting period, and adjusted prospectively, if appropriate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">An item of property, plant
and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected
from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the consolidated statement of profit or loss when recognition of the asset
is derecognized.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenue Recognition</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Revenue is measured at the
fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes
or duty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following specific recognition
criteria must also be met before revenue is recognized:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Sales of goods</i></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Revenue from sale of goods
is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the goods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We consider whether there
are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated.
In determining the transaction price for the sale of goods, we consider the effects of variable consideration, the existence of significant
financing components, noncash consideration, and consideration payable to the customer (if any).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Rendering of services</i></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the operating segments of cement, concrete,
mortar, precast, quicklime, and construction supplies, we provide transportation services. These services are sold together with the sale
of the goods to the customer.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Transportation services are
satisfied when the transport service is concluded, which coincides with the moment of delivery of the goods to the customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Operating lease income</i></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Income from operating lease
of land and office is recognized on a monthly accrual basis during the term of the lease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Interest income</i></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For all financial instruments
measured at amortized cost and interest-bearing financial assets, interest income is recorded using the effective interest rate (EIR).
EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument
or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in
finance income in the consolidated statement of profit or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Impairment of Non-Financial Assets</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We assess at each reporting
date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an
asset is required, (goodwill and intangible assets with indefinite useful lives), we estimate the asset&#8217;s recoverable amount. An
asset&#8217;s recoverable value is the higher of an asset&#8217;s or cash-generating unit&#8217;s fair value less costs of disposal and
its value in use, and is determined for an individual asset, unless the asset does not generate net cash inflows that are largely independent
of those from other assets or groups of assets. Where the carrying amount of an asset&#8217;s cash-generating unit exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into
account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation
multiples, quoted share prices for publicly traded companies or other available fair value indicators.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of December 31, 2022 and
2021, goodwill related to the acquisition of assets made by our subsidiary Distribuidora Norte Pacasmayo S.R.L. amounted to S/4,459,000.
We have assessed the recoverable amount of our goodwill and have determined that there are no indicators of an impairment loss of this
asset as of December 31, 2022 and 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We base our impairment calculation
on detailed budgets and forecast calculations, which are prepared separately from our cash generation units to which the individual assets
are allocated. Impairment losses of continuing operations, including impairment on inventories, are recognized in the consolidated statement
of profit or loss in expense categories consistent with the function of the impaired asset.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">An assessment is made at each
reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or have decreased.
If such indication exists, we estimate the asset&#8217;s or cash-generating unit&#8217;s recoverable amount. A previously recognized impairment
loss is reversed only if there has been a change in the assumptions used to determine the asset&#8217;s recoverable amount since the last
impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount,
nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset
in prior years. Such reversal is recognized in the consolidated statement of profit or loss. Exploration and evaluation assets are tested
for impairment annually as of December 31, either individually or at the cash-generating unit level, as appropriate and when circumstances
indicate that the carrying value may be impaired.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Deferred Tax</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Deferred tax is provisioned
using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial
reporting purposes at the reporting date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Deferred tax liabilities are
recognized for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries,
associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it
is probable that the temporary differences will not reverse in the foreseeable future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Deferred tax assets are recognized
for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses. Deferred tax assets are recognized
to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry
forward of unused tax credits and unused tax losses can be utilized, except in respect of deductible temporary differences associated
with investments in subsidiaries, where deferred assets are recognized only to the extent that it is probable that the temporary differences
will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The carrying amount of deferred
tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will
be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting
date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be
recovered.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Deferred tax assets and liabilities
are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on
tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax related to items recognized
outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction
either in other comprehensive income or directly in equity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Deferred tax assets and deferred
tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities
and the deferred taxes relate to the same taxable entity and the same taxation authority.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Derivative Financial Instruments and Hedge Accounting</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Initial Recognition and Subsequent Measurement</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We use derivative financial
instruments, such as cross-currency swaps (CCS), to hedge our foreign currency exchange rate risk. Such derivative financial instruments
are initially recognized at their fair value on the date on which the derivative contract is entered into and subsequently remeasured
at their fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when fair
value is negative.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For the purpose of hedge accounting,
hedges are classified as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">&#8220;Fair value hedges&#8221; are those that hedge the exposure to changes in the fair value of a recognized
asset or liability or an unrecognized firm commitment.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">&#8220;Cash flow hedges&#8221; are those that hedge the exposure to variability in cash flows that is
either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or
the foreign currency risk in an unrecognized firm commitment.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 35.4pt">&#160;</td>
    <td style="width: 18pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Hedges of a net investment in a foreign operation&#8221; are those that hedge the exposure to variability of the monetary item that is receivable from or payable to a foreign operation. Such monetary items may include long-term receivables or loans. They do not include trade receivables or trade payables.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 88; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">At the inception of a hedge
relationship, we formally designate and document the hedge relationship to which we wish to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The documentation includes
identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how our management will
assess the effectiveness of changes in the hedging instrument&#8217;s fair value in offsetting the exposure to changes in the hedged item&#8217;s
fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes
in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout
the financial reporting periods for which they were designated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">A hedging relationship qualifies
for hedge accounting if it meets all of the following effectiveness requirements:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">there is &#8216;an economic relationship&#8217; between the hedged item and the hedging instrument;</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the effect of credit risk does not &#8216;dominate the value changes&#8217; that result from that economic
relationship; and</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged
item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of
hedged item.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Hedges that meet all the qualifying
criteria for hedge accounting are recorded as cash flow hedges.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Cash flow hedges</i></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Any gains or losses arising
from changes in the fair value of derivatives is taken directly to profit or loss, except for the effective portion of cash flow hedges,
which is recognized in other comprehensive income (OCI) and later reclassified to profit or loss when the hedge item affects profit or
loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For any other cash flow hedges,
the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during
which the hedged cash flows affect profit or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If the cash flow hedge is
discontinued, the amount accumulated in other comprehensive income must remain in other comprehensive income accumulated if the covered
cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification
adjustment. After discontinuation, once the covered cash flows are given, any amount that remains in other comprehensive accumulated results
must be recorded considering the nature of the underlying transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On February 8, 2023, we paid
in full the outstanding US$131,612,000 aggregate principal amount of our 4.50% Senior Notes due 2023 at maturity using proceeds from the
Club Deal credit line, and we also settled the US$132,000,000 in related derivative financial instruments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Results of Operations </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Comparison of Year Ended December 31, 2022 to Year Ended December
31, 2021</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Sales of Goods</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table sets forth
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left"><b>Total sales of goods</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our total sales of goods increased
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factors:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 35.4pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a 0.1%, or S/0.1 million, increase in the sale of construction supplies, mainly remaining in line with
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</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 90; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">The following table
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: 0.5in">&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our total sales of cement, concrete, mortar and
precast increased by 10.0%, or S/179.3 million, to S/1,963.8 million in 2022 from S/1,784.5 million in 2021. This increase was primarily
due to the following factors:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">cement sales revenue increased 13.5%, or S/207.8 million, in 2022 due to an increase in the average prices
of cement due to both a price increase and a more favorable sales mix, as we started selling more of our higher-priced cements (17.2%),
offset by slightly lower sales volume (3.7%).</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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in sales volume, as public and private investment slowed down as a result of macroeconomic uncertainty and low confidence levels from
the private sector (32.4%), partially offset by a higher average price (21.3%) as we decided to focus on higher margin products.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">sales of precast decreased by 13.6%, or S/4.9 million, in 2022 mainly due to a decrease in sales volume
(8.1%) for the public sector, as well as a decrease in the average price of precast products (5.5%), mainly due to sales mix as we sold
higher margin products during 2021.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cost of Sales</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table sets forth
a breakdown of our cost of sales by segment for 2022 and 2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>2021</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><b>Total</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><b>(1,463.7</b></td><td style="padding-bottom: 1.5pt; text-align: left"><b>)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our total cost of sales increased
by 6.2%, or S/85.4 million, to S/1,463.7 million for 2022, from S1,378.3 million for 2021, primarily due to the following factors:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 47px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a 7.2%, or S/2.4 million, increase in the cost of sales of quicklime in 2022, mainly due to higher costs
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</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">no effect from construction supplies as costs remained flat.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table sets forth
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our cost of sales represented 69.2% of our sales
revenue in 2022, compared to 71.1% in 2021. Our total cost of sales of cement, concrete, mortar, and precast increased by 6.7%, or S/82.8
million, in 2022, primarily due to the following factors:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">cost of sales of cement increased by 11.1%, or S/110.6 million, mainly due to an increase in productions
costs (14.7%) due to the continued use of imported clinker, as well as increased prices of coal and electricity, partially offset by a
decrease in volume sold (3.6%).</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">an decrease in the cost of sales of concrete, pavement and mortar of 13.9%, or S/27.3 million due to a
decrease in sales volume sold (-32.9%), offset by an increase in production costs (19.0%), as raw material and energy prices increased
production costs; </td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a 1.4% decrease in the cost of sales of precast, mainly due to decreased sales volume (8.8%) offset by
an increase in production cost (7.4%) mainly due to lower dilution of fixed costs.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gross Profit</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table sets forth
a breakdown of our gross profit and gross profit margin (gross profit as a percentage of net sales) by segment for 2022 and 2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>Quicklime</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Construction supplies</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left"><b>Total gross profit</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Total gross profit of the
cement, concrete, mortar and precast segment increased by 17.5%, or S/96.5 million, to S/ 652 million in 2022, from S/559.5 million in
2021, mainly because of increased sales, despite the use of imported clinker to satisfy the additional demand. Our gross profit margin
for 2022 was 30.8% compared to 28.9% for 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table sets forth
a breakdown of our gross profit and gross profit margin for the cement, concrete, pavement and mortar and precast segment for 2022 and
2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gross profit margin for cement, concrete, pavement,
mortar, and precast segment increased by 2.1 percentage points in 2022 compared to 2021. This increase was due mainly to an increase in
cement margin (1.4 percentage points) due to higher prices and some costs savings because of lower use of imported clinker, complemented
by an increase in concrete margin (4.0 percentage points) mainly due to higher prices and the focus on higher margin services, partially
offset by a negative precast margin, mainly due low dilution of costs, especially heavy precast fixed as demand has stalled for lack of
larger projects.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>Operating Income (Expenses)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our operating expenses primarily
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from S/241.2 million in 2021, mainly due to increased sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>Administrative Expenses</i></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table sets forth
the composition of our administrative expenses for 2022 and 2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 1.5pt"><b>&#160;</b></td><td style="padding: 0pt 0pt 1.5pt"><b>&#160;</b></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><b>Year ended December 31,</b></td><td style="padding: 0pt 0pt 1.5pt"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding: 0pt; text-align: left">&#160;</td><td style="padding: 0pt; text-align: right">6.4</td><td style="padding: 0pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt; text-align: left">Depreciation and amortization</td><td style="padding: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our administrative expenses
increased by 16.1%, or S/31.5 million, to S/227.6 million in 2022 from S/196.1 million in 2021. Personnel expenses increased by S/19.8
million mainly due to increase in salaries, in line with increased inflation, as the bonus that was paid to our unionized employees in
2022, which is negotiated every three years and has a larger impact during the first year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Administrative expenses related
to the cement, concrete, mortar and precast segment accounted for approximately 98.1% of total administrative expenses for 2022 compared
to approximately 97.5% for 2021. Administrative expenses related to the construction supplies, quicklime and other segments accounted
for approximately 1.2%, 0.5% and 0.2%, respectively, of total administrative expenses for 2022 compared to approximately 1.4%, 0.6% and
0.5% respectively, for 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Selling and Distribution Expenses</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table sets forth
the components of our selling and distribution expenses for 2022 and 2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Year ended December 31,</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our total selling and distribution
expenses increased by 26.6%, or S/13.7 million, to S/ 65.2 million in 2022 from S/51.5 million in 2021, primarily due to an increase in
variable salaries, in line with increased sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Selling and distribution expenses
related to the cement, concrete, mortar and precast segment represented approximately 98.1% of total selling and distribution expenses
for 2022, compared to 97.5% for 2021. Selling and distribution expenses related to construction supplies, quicklime, and other segments
represented approximately 1.2%, 0.5% and 0.2% respectively, of total selling and distribution expenses for 2022, compared to 1.4%, 0.6%
and 0.5%, respectively, for 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Other Operating (Expense) Income , Net</i></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our other operating income,
net decreased S/10.3 million, to a net expense of S/3.9 million in 2022 from  net income of S/6.4 million in 2021, mainly due to rental
of raw material unloading equipment and income from the refund of selective consumption tax in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b><i>Total Other Expenses,
Net</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our total other expenses,
net decreased by S/1.2 million, to S/92.9 million in 2022 from S/94.9 million in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b><i>Income Tax Expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our income tax expense increased
by 20.7%, or S/14.7 million, to S/85.6 million for 2022 from S/70.9 million for 2021, mainly due to an increase in profit before income
tax. Our effective tax rate for 2022 was 33.0% and 31.7% in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b><i>Profit for the Year</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of the foregoing, our profit for 2022
increased by 15.4%, or S/23.6 million, from S/153.2 million for 2021 to S/176.8 million for 2022, mainly due higher operating profit,
due to an efficient pricing strategy to offset higher costs.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For a comparison of our results of operations for
the year ended December 31, 2021 to the year ended December 31, 2020, please see our 2021 Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b><i>Liquidity and Capital Resources</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our main cash requirements
are our operating expenses, capital expenditures relating to the maintenance and expansion of our facilities, the servicing of our debt,
the payment of dividends and payment of taxes. Our primary sources of cash have been cash flow from operating activities, and our issuance
of debt securities and, to a lesser extent, loans and other financings. We believe that these sources of cash will be sufficient to cover
our working capital needs in the ordinary course of our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cash Flows</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The table below sets forth certain components of our cash flows for
the years ended December 31, 2022 and 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Net cash flows from operating activities 	</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><b>(51.3</b></td><td style="padding-bottom: 1.5pt; text-align: left"><b>)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>Cash Flows from Operating
Activities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Net cash flows from operating
activities decreased by 34.5% or S/58.8 million, to S/111.8 million in 2022 from S/170.6 million in 2021, mainly due to high inventory
purchases and higher interest and tax payments as our results of operations and profits increased.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Net cash flow from operating
activities decreased by 48.5% or S/160.8 million, to S/170.6 million in 2021 from S/331.4 million in 2020, mainly due to inventory purchases,
decreased accounts receivables and higher tax payments as our results of operations increased.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>Cash Flows used in Investing Activities</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Net cash flows used in investing
activities were S/176.2 million for 2022, as compared to S/91.8 million for 2021, and were primarily related to purchases of property,
plant and equipment for our cement plants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Net cash flows used in investing
activities were S/91.8 million for 2021, as compared to S/48.4 million for 2020 and were primarily related purchases of property, plant
and equipment for our cement plants</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>Cash Flows used in Financing Activities</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Net cash flows used in financing activities were
S/121.5 million for 2022, as compared to S/130.1 million for 2021 and were primarily due to dividends paid to our shareholders and a higher
payment of bank loans offset by a higher income from banks loans received in 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Net cash flows used in financing activities were
S/130.1 million for 2021, as compared to S/43.8 million for 2020 and were primarily due to an extraordinary dividend paid to our shareholders
and fewer loans received offset by a lower payment of banks loans in 2021.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Indebtedness</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of December 31, 2022, the
Company&#8217;s total outstanding debt reached S/1,593.2 million (equivalent to US$417.1 million). This debt was primarily composed by
our 4.50% Senior Notes due 2023, the two series of local bonds issued in January 2019 and short-term loans.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December 31, 2022, the Company maintained
cross currency swap hedging agreements for US$132 million in order to mitigate foreign exchange risks related to U.S.dollar-denominated
debt. The adjusted debt in soles considering the exchange rate of the cross-currency swap hedging agreements amounts to S/1,509.3 million
(equivalent to US$359.1 million).</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 8, 2023, we repaid in full the outstanding
US$131,612,000 aggregate principal amount of our 4.50% Senior Notes due 2023 at maturity using proceeds from the Club Deal credit line,
and we also settled the US$132,000,000 in related derivative financial instruments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="padding: 0pt">&#160;</td><td style="padding: 0pt">&#160;</td>
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    <td colspan="2" style="padding: 0pt">&#160;</td><td style="padding: 0pt">&#160;</td><td style="padding: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt; text-align: left">Senior Notes due 2023</td><td style="padding: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="padding: 0pt; text-align: left">Senior Notes due 2034</td><td style="padding: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt; text-align: left">Club deal</td><td style="padding: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>International Bonds</i>.
In February 2013, we issued US$300,000,000 aggregate principal amount of our 4.50% Senior Notes due 2023 in our inaugural international
bond offering. A portion of the proceeds from this offering were used to prepay amounts outstanding on our secured loan agreement with
BBVA Banco Continental, and the remaining proceeds was used in capital expenditures incurred in connection with the construction and operation
of the new Piura plant and our cement business. The Senior Notes were issued pursuant to Rule 144A under the Securities Act and in compliance
with Regulation S under the Securities Act and listed on the Irish Stock Exchange.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The indenture pursuant to
which the Senior Notes were issued contains certain covenants, including restrictions on our and our restricted subsidiaries&#8217; ability
to incur further indebtedness or issue disqualified stock and preferred stock, unless the following conditions are met:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the fixed charge coverage ratio for our most recently ended four fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional indebtedness is incurred or such disqualified stock or
such preferred stock is issued, as the case may be, would have been at least 2.5 to 1.0; and</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

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<td style="text-align: left; width: 35.4pt"></td><td style="text-align: left; width: 18pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the consolidated debt to adjusted EBITDA ratio for our most recently ended four fiscal quarters for which
internal financial statements are available immediately preceding the date on which such additional indebtedness is incurred or such disqualified
stock or such preferred stock is issued, as the case may be, would have been no greater than 3.5 to 1.0, in each case, determined on a
pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional indebtedness had been incurred
or the disqualified stock or the preferred stock had been issued, as the case may be, at the beginning of such four fiscal quarters.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">The indenture also
contains restrictions on our ability and that of our restricted subsidiaries to incur liens and to merge, consolidate or transfer all
or substantially all of our assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In management&#8217;s opinion,
we were in compliance with all of applicable covenants under the indenture as of the date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The subsidiaries that guarantee
the Senior Notes are those related to our cement business namely, Cementos Selva S.A.C., Distribuidora Norte Pacasmayo S.R.L., Empresa
de Transmisi&#243;n Guadalupe S.A.C., Dinoselva Iquitos S.A.C. and Calizas del Norte S.A.C. (liquidated during 2022).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In December 2018, we purchased
US$168,388,000 or approximately 56.13% of the total outstanding Senior Notes by means of a partial cash tender offer using proceeds from
the issuance of debt securities in the local market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In February 2023, the remaining
balance of the Senior Notes matured and were paid using proceeds from the issuance of the debt securities in the local market described
below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Local Bonds</i>. On January
8, 2019, the General Shareholders&#8217; Meeting approved the issuance of a local bond program for up to S/1,000 million. On January 31,
2019, we issued two series of local bonds in the aggregate principal amount of S/570 million. One in the aggregate principal amount of
S/260 million bearing interest at a rate of 6.68750% for a term of 10 years, and the other in the aggregate principal amount of S/310
million bearing interest at a rate of 6.84375% for a term of 15 years. The rates and terms obtained benefit our financial costs structure,
with lower cost of capital, an extended maturity and less exposure to currency fluctuations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Medium-term &#8220;Club Deal&#8221; Corporate
Loan</i>. On August 6, 2021, we entered into a S/860,000,000 medium-term corporate loan in a &#8220;Club Deal&#8221; format with Banco
de Cr&#233;dito del Per&#250; S.A. and Scotiabank Per&#250; S.A.A. Amounts borrowed under this loan bear interest at a rate of 5.82%.
The loan will allow for the payment of all of the Company&#8217;s financial obligations through February 2023 and will be disbursed based
on the maturity of each such financial obligation. The first disbursement amounted to S/159,000,000, was made in January 2022 and was
used to pay the short-term loans described under &#8220;Short-term loans.&#8221; The loan includes an availability period of 18 months
from August 6, 2021 and a payment term of seven years from the last disbursement, which was in February 2023. Commencing in February 2023,
the loan will be paid in 22 equal quarterly installments.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Under this loan, the Company must
comply with the following financial covenants:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: -28.35pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 78pt"></td><td style="width: 21.25pt">a.</td><td>maintain a debt ratio (Financial Debt / EBITDA) of no more than 3.50 to 1;</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                                       </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 78pt"></td><td style="width: 21.25pt">b.</td><td>maintain a debt service coverage ratio (FCSD / SD) of at least 1.15 to 1; and</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                                          </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 78pt"></td><td style="width: 21.25pt">c.</td><td>maintain a debt service coverage ratio (EBITDA / SD) equal to 1.50 to 1.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">In addition, the Company is required to comply
with certain customary restrictive and affirmative covenants. As of December 31, 2022 we were in compliance with all covenants</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Derivative Financial Instruments. </i>As of
December 31, 2022, we maintained cross currency swap hedging agreement in aggregate principal amount of US$132 million to hedge against
the foreign exchange risks associated with our U.S. dollar-denominated debt. In February 2023, we canceled the cross currency swaps when
we paid all of the outstanding international bond in U.S. dollars.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Short-term loans. </i>As of December 31, 2022,
two loans, each in the amount of S/38,000,000, in <i>soles</i> with Banco de Cr&#233;dito del Per&#250; S.A. were obtained for working
capital, have a medium-term maturity and accrue interest at an effective annual rate of 8.93%.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">During 2022, the net loss
originated by the exchange difference was approximately S/1,040,000 and, during 2021, the net loss from exchange difference amounted to
S/7,086,000 All these results are presented in the caption &#8220;Loss from exchange difference, net&#8221; of the consolidated statement
of profit and loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Capital Expenditures</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">See &#8220;Item 4&#8212;Information
on the Company&#8212;A. History and Development of the Company&#8212;Capital Expenditures.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">B.
Research and Development, Patents and Licenses, Etc.</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Since 2016, Pacasmayo embarked
on the path of innovation and digital transformation, a journey that has allowed us to explore new ways of doing things, interact with
environments with a lot of uncertainty, as well as propose a cultural change. After all this time and with much experience gained, we
were ready to rethink a new strategy, seeking to accelerate and extend the adoption of innovation and digital transformation initiatives
in all areas of the company, making it necessary to decentralize their execution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pacasmayo has become a company
that provides building solutions not only derived from cement, but that satisfy the needs of any actor in the construction sector. That
is why today Pacasmayo complements its product research capacity with research focused on people. In other words, knowing who the hardware
sellers, self-builders, construction foremen, transporters or construction residents really are, allows us to find new opportunities for
Pacasmayo.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">C.
Trend Information</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cement Market</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Peruvian Cement Market</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Peru&#8217;s cement production
is segmented into three principal geographic regions: the northern region, the central region, including Lima&#8217;s metropolitan area,
and the southern region. The table below sets forth selected data with respect to each region in Peru and the corresponding cement manufacturers.
Market share data is based on metric tons of cement delivered during 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Geographic Breakdown</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Northern Region (thousands of metric tons)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">% share</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; text-align: left">Pacasmayo Group</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">2,364</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">2,615</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">2,576</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">3,625</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">3,437</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">23.9</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Imports</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">13</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">62</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Total</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">2,396</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">3,439</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Central Region (thousands of metric tons)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Southern Region (thousands of metric tons)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sources: ASOCEM,&#160;INEI,&#160;ADUANET, SUNAT.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Although a large part of housing
construction is mainly concentrated in the Lima metropolitan area, located in the central region of Peru, the housing market in the provinces
of Peru, including the northern region, has grown significantly in recent years. Despite this trend, Peru continues to have significant
shortages in housing, estimated by the INEI at 1.9 million homes nationwide. Economic growth, particularly in the mining and agribusiness
sectors, rising employment levels and the implementation of real estate projects, resulted in the creation of higher paying jobs, which
ultimately resulted in the expansion of the housing market. However, the COVID-19 pandemic took a toll on it and, in 2020, poverty levels
increased 9.9 percentage points. Fortunately, poverty levels for 2021, which is the last available data, decreased by 4.2 percentage points,
reaching 25.9%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Peru continues to have a significant
deficit in infrastructure. In recent years, significant efforts have been made to channel investments into the infrastructure sector through
a series of initiatives that range from the creation of financial instruments (such as the infrastructure investment and trust funds)
to regulatory changes, to promotion of more public private partnerships (for example &#8220;taxes for infrastructure&#8221; which allows
private companies to use part of their tax payments to directly finance infrastructure works) to allowing for other executors, such as
the government to government agreements that have recently been signed by Peru and other governments to ensure promptly execution without
corruption.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 98; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Distribution and Logistics</i></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Peru&#8217;s cement market
is divided into three regions circumscribed primarily by the location of established production facilities. Our facilities are located
in the northern region of Peru, UNACEM is the main producer in the central region, and Yura in the southern region. Cement is mainly sold
in bags of 42.5 kilograms (approximately 94 pounds). However, cement can also be sold in bulk according to customer requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The transportation and storage
of cement requires specialized equipment. A favorable location of the production facilities not only reduces the time required to transport
cement products to distributors and third-party merchants but also diminishes the costs of necessary equipment and resources. The location
of a cement plant relative to its distribution network provides operational efficiencies and advantages that translate into stronger market
share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Cement can be stored in silos
for up to 12 months if the silo is completely humidity proof. The typical vehicles used for the transport of cement are adapted to maintain
the necessary environment during shipment. The proximity of production plants and storage centers to distribution centers, third-party
vendors and retail outlets, creates a more efficient supply chain and minimizes the time and resources required to transport products
from the production line to the construction site. The streamlined nature of this process ensures that cement products in the northern
region of Peru, for example, reach customers within approximately one week of production. A cement company&#8217;s success is inherently
linked to the sophistication of its distribution network and its emphasis on quality assurance throughout the supply chain.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Competitive Dynamics</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Peruvian cement market
is comprised basically of three groups and 2 other plants:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Cementos Pacasmayo and Cementos Selva, which principally serve
the northern region;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">UNACEM, which principally serves the central region;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Cementos Yura and Cementos Sur, which primarily serve the
southern region;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Caliza Cemento Inca, located in Cajamarquilla, Lima which
principally serves the central region as well as other regions throughout the country; and</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Mixercon, located in the city of Lima, mainly serves this
city, and to a lesser extent some provinces of the country.</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.25in">Additionally,
there are cement importers that mainly supply the cities of Lima and, to a lesser extent, other provinces of the country.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The level of competitiveness
of cement companies generally depends on their cost structure, which is a function of the cost of energy, fuel, costs of raw materials
and transportation. Cement companies in Peru generally compete within the limits of their distribution market, which is determined principally
by their geographic locations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following are the main
characteristics of the cement sector in Peru:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">highly fragmented consumer base;</td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">relatively low cost of energy and raw materials;</td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">operations and distribution primarily determined by geographic
location; and</td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">high correlation to <i>auto-construcci&#243;n</i> and public
and private investments.</td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">D.
Critical Accounting Estimates</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our consolidated financial statements are prepared in conformity with
IFRS, as issued by the IASB. See note 3 to our consolidated financial statements included in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">A.
Directors and Senior Management</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our business and affairs are
managed by the board of directors in accordance with our by-laws and Peruvian Corporate Law No. 26887 (&#8220;Peruvian Corporate Law&#8221;).
Our by-laws provide for a board of directors of between seven and eleven members. Between three and five alternate directors may be elected
by the shareholders to act on behalf of any director who is absent from meetings or who is unable to exercise his or her duties, when
and for whatever period fixed by the chairman of the board. Alternate directors have the same responsibilities, duties and powers of directors
to the extent they are called to replace them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Directors are elected at a
shareholders&#8217; meeting and hold office for three years. Directors may be elected to multiple terms. Our current board of directors
is composed of seven directors. In the first board meeting held after the annual shareholders&#8217; meeting where members of the board
are elected, the board of directors must elect among its members a chairman and a vice chairman.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The board of directors typically
meets in regularly scheduled bi-monthly meetings and when called by the chairman of the board or a person representing the chairman. Resolutions
must be adopted by a majority of the directors present at the meeting and the chairman is entitled to cast the deciding vote in the event
of a tie.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Duties and Liabilities of Directors</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to Article 177 of
Peruvian Corporate Law, directors are jointly and severally liable to a corporation, shareholders and third parties for any damages caused
by abuse of power, fraud, willful misconduct or gross negligence. In addition, pursuant to Article 3 of Law No. 29720, as of June 26,
2011, directors of companies listed on the Lima Stock Exchange are also strictly liable for any damages caused as a result of any transactions
in which they were involved and which resulted in damages or other losses to the corporation. A director cannot be found liable if the
director expressed disagreement at the time the vote was cast or upon learning of such transaction and if there is a record expressing
such opposition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our by-laws prohibit a director
from voting on matters in which such director has an interest. In addition, Article 180 of the Peruvian Corporate Law requires a director
with a conflicting interest on a specific matter to disclose such interest and abstain from the deliberation and decision-making process
with respect to such matter. A director who violates this requirement is liable for any damages caused to us and may be removed by a majority
of the board of directors upon request of any member of the board or by a majority vote of the shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our by-laws stipulate that
Directors&#8217; compensation is determined by the Mandatory Annual General Shareholders&#8217; Meeting at the time it reviews our annual
audited financial statements. The fixed portion of the Chairman&#8217;s compensation shall be twice the amount allocated to any other
director. If directors are part of one or more Committees, their compensation may include an additional amount for the work performed
as members of such Committees. The additional compensation of the directors may not exceed the aggregate fixed portion of the compensation
that the directors are entitled to receive. Our by-laws do not restrict Directors from voting upon matters relating to their own compensation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our by-laws do not prohibit
our directors from borrowing from us. However, Article 179 of the Peruvian Corporate Law provides that directors of a company may enter
into an agreement with such company only if the related loan agreement relates to operations the company performs in the regular course
of business and in an arms&#8217;-length transaction. Further, a company may provide a loan to a director or grant securities in such
director&#8217;s favor only in connection with operations that the company usually performs with third parties. Agreements, credits, loans
or guarantees that do not meet the requirements set forth above require prior approval from at least two thirds of the members of the
Company&#8217;s Board of Directors. Directors are jointly liable to the company and the Company&#8217;s creditors for contracts, credit,
loans or securities executed or granted without complying with Article 179 of the Peruvian Corporate Law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Neither our by-laws nor Peruvian
Corporate Law contain age limit requirements for the retirement or non-retirement of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Board of Directors</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following sets forth our
directors and their respective positions as December 31, 2022. On&#160;March 24, 2023 the Annual Shareholder&#8217;s meeting was held
and the number of directors remained at seven and new directors were elected for the period 2023-2026. Ms.&#160;Ana Sofia Hochschild Correa
and Esteban Chong Leon were elected as new members.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1.5pt solid; width: 50%"><b>Name</b></td><td style="width: 1%; padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; width: 37%; text-align: center; padding-left: 5.4pt"><b>Position</b></td><td style="width: 1%; padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; width: 1%; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Year
                                            of Birth</b></p></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Eduardo Hochschild Beeck</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">Chairman of the Board</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">1963</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Jos&#233; Raimundo Morales Dasso</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">Vice Chairman of the Board</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">1946</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Ana Mar&#237;a Botella Serrano</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">1953</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Juan Francisco Correa Sabogal*</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">1974</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Venkat Krishnamurthy</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">1971</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Humberto Nadal Del Carpio</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">Director, Chief Executive Officer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">1964</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Marco Antonio Zald&#237;var Garcia*</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">Director</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">1960</td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: left">At our annual Shareholders meeting on March 24, 2023, new directors were appointed for the 2023-2026
                                                                              period. Marco Antonio Zaldivar and Juan Francisco Correa are no longer directors as from that date.</td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following sets forth selected
biographical information for each of the members of our board of directors. The average tenure of board members is 10.96 years. The business
address of each of our current directors is Calle La Colonia 150, Urb. El Vivero, Surco, Lima, Peru.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Eduardo Hochschild Beeck.</i> Mr. Hochschild
has been a director since April 1991 and is currently Chairman of the Board. He holds a Bachelor&#8217;s Degree in Mechanical Engineering
from Tufts University, Boston, United States. Mr. Hochschild is also Chairman of Hochschild Mining plc, Inversiones ASPI S.A. and member
of the Board of Directors of UTEC and Tecsup. Additionally, he is member of the Board of Directors of Aclara, ASOCEM, MAC and IAC.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Jos&#233; Raimundo Morales Dasso.</i> Mr.
Morales has been a director since March 2008. He currently holds the position of Vice Chairman of the Board of Directors of Credicorp
LTD., Banco de Cr&#233;dito del Per&#250; S.A., Pacifico EPS and Pac&#237;fico C&#237;a. De Seguros y Reaseguros. He was CEO of
BCP from October 1990 to April 2008 and is currently a member of the Board of Directors of Atlantic Security Holding Corporation, and
Fosfatos del Pac&#237;fico S.A. Mr. Morales held various positions at Bank of America and Wells Fargo Bank between 1970 and 1980. He
holds a bachelor&#8217;s degree in Economics and Administration from the Universidad del Pac&#237;fico, Lima, Peru, and has a Master&#8217;s
in Business Administration from the Wharton Graduate School of Finance from the University of Pennsylvania, United States.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Ana Mar&#237;a Botella Serrano</i>. Mrs. Botella
has been a director since July 9, 2020. Previously, she was Alternate Director from September 1, 2019 to July 9, 2020. She has a Law degree
from the Complutense University of Madrid and belongs by opposition to the Superior Body of Civil Administrators of the Spanish State.
As a civil servant, she has worked in the Ministry of the Interior, the Civil Government of La Rioja, the Ministry of Public Works, the
Valladolid Treasury Delegation and the Ministry of the Treasury. In 2003 she was elected Councilor of the Madrid City Council, she has
been Second Deputy Mayor and has participated in the Government Delegations for Employment and Social Services and Environment and Mobility.
In December 2011, she was sworn in as Mayor of the Madrid City Council, a position she held until June 2015. She is currently the Executive
President of the Integra Foundation and Council and Program Director at the Atlantic Government Institute.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Juan
Francisco Correa Sabogal</i>. Mr. Correa has been a director since February 2018. He has a degree in Business Administration from the
Universidad de Lima and an MBA from The Wharton Business School, University of Pennsylvania. Previously, he served as Managing Director
with Lazard Freres LLC in its offices in the Midwest United States until July 2017, following a career of more than 11 years with this
firm. Mr. Correa was one of the founding members of the firm and was responsible for establishing the business and developing a client
base in the Midwest United States from a variety of industries. Prior to that, Mr. Correa was a Director at Lazard&#8217;s Power, Energy &amp;
Infrastructure group in New York, covering a variety of sub-sectors. Mr. Correa also assumed responsibilities connected to Lazard&#8217;s efforts
in Latin America and was a member of the Board of Directors of MBA Lazard (the former Lazard joint venture for Spanish-speaking Latin
America). Prior to joining Lazard, Mr. Correa worked at RWE/Thames Water, Merrill Lynch and Banco de Cr&#233;dito del Per&#250; S.A.
In addition, Mr. Correa has been a consultant to a large number of international and American companies on issues that are not in the
public domain related to strategies for mergers, acquisitions and corporate finance activities. Mr.Correa is Mr.Eduardo Hochschild&#8217;s brother-in-law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Venkat Krishnamurthy. </i>Mr. Krishnamurthy
has been a director since July 9, 2020. He holds a Bachelor of Science from the Indian Institute of Technology in Kanpur, where he received
the Presidential Gold Medal and a PhD in Computer Science from Stanford University. He is a serial entrepreneur, who has created disruptive
business and technology breakthroughs in Computer Graphics, Enterprise Software, Social Networks, Internet Marketing, IOT, CAD, Laser
Scanning, Manufacturing, Metrology, Orthodontics, EAS/Security and Supply Chain. He is currently co-founder at Alignable, North America&#8217;s
largest network for small and medium businesses and Gita Krishnamurthy Vidyalaya a free school for under-privileged children in South
India, as well as board member at privately held internet travel business Grand Circle Corporation. He is an Academy Award winner for
Technical Achievement (2001) for pioneering inventions in the area of animation-ready higher order (polynomial) surface reconstruction
from 3-D scanners. Previously, he co-founded Invisalign, Paraform/Metris, now Nikon Metrology, CTO at OATSystems, now Checkpoint&#8217;s
RFID/IOT division and Instructor at MIT Professional Education on Radical Innovation.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt; ">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Humberto Reynaldo Nadal Del Carpio. </i>Mr.
Nadal joined the Company as Corporate Development Manager in June 2007, and has been a director since March 2008 and Chief Executive Officer
since April 2011. He holds a bachleor&#8217;s degree in economics from Universidad del Pac&#237;fico and has an MBA from Georgetown
University. He is also CEO and Board Member of ASPI, Fosfatos del Pac&#237;fico and Fossal S.A.A. Additionally, he is Deputy Chairman
of the Board at Ferreycorp and has been Chairman of the Board of Trustees of the Universidad del Pacifico, and Chairman of the Board of
Directors of Fondo Mi Vivienda. In April 2006, he joined Compa&#241;&#237;a Minera Ares S.A.C. (subsidiary of Hochschild Mining plc)
as Corporate Development Manager. Mr. Nadal was also Business, Administration and Finance Manager of Instituto Libertad y Democracia and
CEO of Socosani S.A. He has been distinguished among the top three CEOs in the construction industry in Latin America by Institutional
Investor magazine every year from 2014 to 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Marco Antonio Zald&#237;var. </i>Mr. Zald&#237;var
has been a director since March 2017. Certified Public Accountant, graduated from the Universidad de Lima and the Management Development
Program of the PAD of the Universidad de Piura. He has an MBA from the Adolfo Ib&#225;&#241;ez School of Management (USA). He was
Chairman of the Board of Directors of the Lima Stock Exchange. Previously, at Ernst &amp; Young, he was Partner of Risk Management and
Regulatory Matters, Senior Partner of the firm&#8217;s Audit and Business Advisory Division. Also, he has been Vice Dean of the College
of Public Accountants of Lima, President of the Board of Directors and President of the Good Corporate Governance Committee of Procapitales.
He is currently an Independent Director at Compa&#241;&#237;a de Minas Buenaventura, among other positions, with extensive experience
in Corporate Governance issues.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">The new board members for the 2023-2026 period are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Ana Sofia Hochschild Correa</i>. Ms. Hochschild
holds a bachelor&#8217;s degree in Psychology from IE University in Madrid, with a special focus on organizational psychology and knowledge
in digital transformation. AfShe has worked at Sony, Ernst &amp; Young and Voxel School. She is currently Project Manager at XR Ventures,
an investment company in immersive technologies. She has been admitted to Harvard University for a Master&#8217;s Degree in Education
Leadership, Organizations, and Entrepreneurship, which she will be studying from September 2023. She also carries out volunteering and
fundraising actions to support the development and improvement of living conditions in Peru. She is Eduardo Hochschild Beeck&#8217;s daughter.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Esteban Chong Leon</i>. Mr. Chong holds a degree
in Accounting from Universidad del Pac&#237;fico and a Master&#8217;s in Business Administration from the University of Pittsburgh (United
States). He holds a diploma in International Financial Reporting Standards from The Association of Chartered Certified Accountants (United
Kingdom) and in Board of Directors&#8217; Corporate Governance from Northwestern University &#8211; Kellogg School of Management (United
States). He is the Head Professor at the Universidad del Pac&#237;fico, Head of the Accounting Department, and President of the Admissions
Council of such University. He is a retired partner at PricewaterhouseCoopers Peru (PwC) with more than 36 years of professional experience,
20 of them as a partner. He held various positions at PwC including Territory Senior Partner (TSP) for Peru and Bolivia, Head of Assurance
for Peru, partner in charge of Risk Management, Member of the Regional Executive Committee and Representative to the Regional Board (Theater
Oversight Board), where he was Chairman of the Admissions Committee. He is currently board member at Inmobiliaria Los Alerces, KR Comercial
and KR Proyectos. He is also a member of the Audit, Finance and Risk Committee of CGIAR (France) and a member of the Advisory Board of
Videnza Consultores. He was board member at the International Potato Center, where he was Vice Chairman of the Board and Chairman of the
Audit and Risk Committee. He was Second Vice President of the Board of Directors of CONFIEP, Director of Procapitales, Board of Directors
and Executive Committee Member of Amcham Peru and President of the Peruvian Institute of Independent Auditors - IPAI, among other positions.
He is co-author of the books Intermediate Financial Accounting: financial statements and analysis of asset, liability and equity accounts
and Theory and practice of intermediate accounting. He has made the following publications in specialized magazines: Disclosure on structural
capital in companies in the financial sector of Peru listed on the Lima Stock Exchange and Relevance of non-financial information for
managers of companies listed on the Lima Stock Exchange.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Executive Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our executive officers oversee
our business and are responsible for the execution of the decisions of the board of directors. The following table presents information
concerning the current executive officers of the company and their respective positions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; ">
    <td style="width: 25%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 48%; border-bottom: black 1.5pt solid; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year of<br/>
Birth</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 12%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year of<br/>
Appointment</b></span></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Humberto Nadal Del Carpio</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1964</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2008</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manuel Bartolom&#233; Ferreyros Pe&#241;a</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1966</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2008</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jorge Javier Durand Planas</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Vice &#8211; President/General Counsel</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1966</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2008</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carlos Julio Pomarino Pezzia</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice &#8211; President of the Cement Business</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1962</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2009</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diego Arispe Silva</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Social Responsibility Managing Director</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1981</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aldo Bertoli Estrella</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commercial Managing Director</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1969</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ibrahim Chahuan Riveros</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building Solutions Managing Director</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1988</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ely Hayashi Hirahoka</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance Managing Director</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1982</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tito Alberto Inope Mantero</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrial Operations Managing Director</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1972</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julio Oropeza Reyes</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operations Managing Director</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1978</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diego Reyes Pazos</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supply Chain Managing Director</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1977</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In&#233;s Roggero Cilloniz</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Innovation and Digital Transformation Managing Director</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1981</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hugo Villanueva Castillo</span></td>
    <td>&#160;</td>
    <td style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operations Managing Director</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1962</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012</span></td>
    <td>&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
December 31, 2022 internal changes were made in the Operations Department. As of January 1, 2023, Hugo Villanueva assumed the role of
Climate Change Managing Director and Tito Inope assumed the role of Corporate Excellence Managing Director.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following sets forth selected
biographical information for each of our executive officers:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Jorge Javier Durand Planas.</i> Mr. Durand joined
the Hochschild Group in 1994 and has been the General Counsel and Legal Vice President of the Company since 2008. Previously, he was Legal
Vice President of Hochschild Mining plc. He is a lawyer graduated from the Universidad de Lima (Peru) and a Master of Business Administration
from the Universidad del Pac&#237;fico (Peru). Among other studies, he participated in the Management Program for Lawyers and in the
Corporate Governance and Performance Program of the Yale School of Management (United States), in the Strategic Negotiations Program of
Harvard Business School (United States) and in the Prince of Wales,Business &amp; Sustainability Program of the University of Cambridge
Institute for Sustainability Leadership (United Kingdom). Currently, Mr. Durand is a member of the Board of Directors of Inversiones ASPI
S.A. and is a member of the Board of Directors of Fosfatos del Pacifico S.A, Fossal S.A.A., UTEC and Tecsup.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Manuel Bartolom&#233; Ferreyros Pe&#241;a</i>.
Mr. Ferreyros has been Chief Financial Officer since January 2008. He is a member of the Board of Directors of Fosfatos del Pac&#237;fico
S.A. and Fossal S.A.A. Mr. Ferreyros has a bachelor&#8217;s degree in business administration from the Universidad de Lima, a multinational
MBA from the Adolfo Ib&#225;&#241;ez School of Management, Miami and an MBA from the New York College of Insurance. Mr. Ferreyros
has participated in the Senior Management Program of the Central American Institute of Business Administration (INCAE) and in the CEO&#8217;s
Management Program at the Kellogg School of Management, among others. Before joining the Company, Mr. Ferreyros was CEO at La Positiva
Seguros y Reaseguros. Distinguished among the three best CFOs in the construction industry in Latin America by Institutional Investor
magazine between 2014 and 2021.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Carlos Julio Pomarino Pezzia</i>. Mr. Pomarino
has been Vice - President of the Cement Business since July 2017. He has a Bachelor&#8217;s degree in Economic Engineering from the Universidad
Nacional De Ingenieria and an MBA from the Adolfo Ib&#225;&#241;ez Business School and ESAN. In addition, he has participated in the
Senior Management Program (PAD) of the Universidad de Piura and completed the Certification of independent Board members at Centrum Cat&#243;lica.
He was Vice President of the Cement Business from 2012 to 2017, Deputy General Manager from 2009 to 2012, Commercial Manager of the Company
from 2002 to 2009 and General Manager of Distribuidora Norte Pacasmayo S.R.L. from 1998 to 2009. Before joining the Company, Mr. Pomarino
worked as Administration and Finance Manager at Comercializadora de Alimentos S.A. and as Head of Finance at Fabrica de Tejidos San Jacinto
S.A.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Diego Arispe Silva</i>. Mr. Arispe has been
the Corporate Social Responsibility Managing Director since January 2022 and of Human Resources since 2019. He holds a law degree from
the Pontificia Universidad Cat&#243;lica del Per&#250; and has an MBA from Columbia Business School (United States). He has worked
in the company for more than 15 years, having held various positions in the areas of Human Management, Social Responsibility, and Legal,
and was part of the team in charge of the implementation of our cement plant in Piura, as Project Controller.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Aldo Bertoli Estrella</i>. Mr. Bertoli has been
the Commercial Managing Director since May 2016. He has a bachelor&#8217;s degree in Business Administration from the Universidad del
Pac&#237;fico and a master&#8217;s degree in Business Administration from the Universidad de Piura. Before joining our company, Mr.
Bertoli worked for five years as Peru-Ecuador-Bolivia Sales Manager at Pepsico Inc. Previously, he spent 12 years at Procter &amp; Gamble
in various commercial positions, including 4 years in Bolivia as Country Manager.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Ibrahim Chahuan Riveros</i>. Mr. Chahuan has
been Managing Director of Construction Solutions since January 2022. He has a bachelor&#8217;s degree in business administration from
Universidad del Pac&#237;fico and is currently pursuing an Executive MBA at Northwestern University - Kellogg School of Management.
Mr. Chahuan has worked at the company for 11 years, having held various positions primarily in the marketing area. He participated in
key corporate finance projects for the development of the company, such as the issuance of bonds for USD 300 MM and for nearly 7 years
he has been in charge of promoting and developing the company&#8217;s building solutions.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Ely Hayashi Hirahoka</i>.
Ms. Hayashi has been the Finance Managing Director since January 2022. She has a bachelor&#8217;s degree in business administration from
Universidad del Pac&#237;fico and an MBA from IE Business School in Madrid Spain. Ms. Hayashi joined the company in 2006 and has held
various positions in operational and financial areas throughout her more than 17 years with the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>Tito Alberto Inope
Mantero</i>. Mr. Inope has been the Industrial Operations Managing Director since January 2022. He is an Economist from the Universidad
de Lima and has a Master of Business Administration (MBA) degree from the Universidad Peruana de Ciencias Aplicadas (UPC) as well as the
senior management program (PAD). Mr. Inope joined the company in 1996 and has held various management positions throughout his more than
27 years with the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Julio Oropeza Reyes</i>.&#160; Mr. Oropeza has
been Operations Managing Director since December 2022. He has 20 years of experience in the cement industry, performing in different functions
and locations. Among the areas in which Mr. Oropeza has worked are: laboratory, production, systems implementation (TIS), process optimization,
quality control, technical training, KPI&#8217;s and cost optimization, training of high-performance teams, environmental and safety management,
and innovation. He has a bachelor&#8217;s degree in Chemical Engineering from Francisco de Miranda National University in Venezuela, he
has a certification as a Holcim Process Engineer and an MBA in Integrated Management System: Quality, Environment and Safety from the
University of Vi&#241;a del Mar-Chile.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><i>&#160;&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Diego Reyes Pazos.</i> Mr.Reyes has been Managing
Director of Supply Chain, Administration and Risks since July 2013. He has solid experience in supply chain, project development, system/process
design and implementation, and financial analysis. He has a bachelor&#8217;s degree in business administration from Universidad de Lima
and holds a master&#8217;s degree in Business Administration by Universidad de Piura. Prior to joining our Company, Mr. Reyes served as
Operations and Finance Manager at Belcorp, Senior Business Process Expert for Latin America at SAB Miller, Project Manager in the Vice-Presidency
of Supply Chain at UCP Backus &amp; Johnston, among others.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>In&#233;s Roggero Cilloniz</i>.&#160;Ms. Roggero
has been Innovation and Digital Transformation Managing Director since June 2022. Before joining our company, she was the Corporate Innovation
Manager at Alicorp, where she was in charge of identifying process improvement initiatives, new analog and digital products. In addition,
Ms. Roggero has more than 17 years of experience in mass marketing. During this time, she has won more than 10 marketing awards and has
successfully launched more than 10 new products on the market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Hugo Pedro Villanueva Castillo</i>.&#160;Mr.
Villanueva has been Operations Managing Director at Cementos Pacasmayo and Cementos Selva since January 2012. Previously, he served as
the Operations Manager at Cementos Selva for more than nine years. He has been working at the Company since 1992 and has held various
positions in the areas of Quality, Production and Operations. He has a bachelor&#8217;s degree in chemical engineering from the Universidad
Mayor de San Marcos and an MBA from Tecnol&#243;gico de Monterrey, Mexico. He has participated in the General Management Program of
the PAD of Universidad de Piura and in the Senior Management Program of INCAE in Costa Rica. Additionally, he has completed various industry
specialization programs.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">B.
Compensation</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of December 31, 2022, the
total short-term compensation paid to our executive officers amounted to S/26,066,000 (2021: S/22,678,000 and 2020: S/21,859,000) and
the total long-term compensation paid to our executive officers amounted to S/8,272,000 (2021: S/9,763,000 and 2020: S/5,759,000). There
were no post-employment or contract termination benefits or share-payments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In 2011, we decided to pay
each of our directors a yearly compensation of US$200,000 (US$400,000 in the case of our Chairman). In addition, compensation paid to
certain of our directors for serving on board committees will be, in aggregate per year, not higher than the total amount paid to our
directors for serving on our board of directors. Our 2022 director compensation was approved at our annual shareholders&#8217; meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Neither we nor any of our
subsidiaries have entered into any agreement that provides for any benefit or compensation to any director or executive officer after
expiration of his or her term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Executive Compensation Plan</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our business operates in a
competitive environment where highly trained professionals and executives are in demand. Continued expansion of the Peruvian economy over
the past several years has created new opportunities resulting in additional competition for local talent. As a result, we have in place
compensation plan to retain our key executives and attract new executives with the skills and experience required to achieve our strategic
objectives and create long-term value for our shareholders. We believe that executive compensation should reward individual performance
and the achievement of our strategic objectives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our executive compensation
plan has been designed to achieve the following primary objectives:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">recruit, retain and incentivize highly talented and dedicated
executives with the skills and experience required to manage and operate our business and create long-term value for our shareholders;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">provide our executive officers with compensation opportunities
that are fair, reasonable and competitive in the market;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">compensate based on our performance and individual performance;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">promote transparency by using clear and straightforward compensation
metrics; and</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">align the interests of our executive officers with the interests
of our shareholders, both in the short-term and long-term.</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our executive compensation
plan is in addition to workers&#8217; profit sharing requirements applicable to all of our employees, including our executive officers,
under Peruvian labor laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our compensation plan has
been designed to compensate our executives through a combination of base salary, a cash bonus incentive and other benefits that we believe
are fair and equitable to us and our shareholders and competitive in the market. We believe that the combination of salary, cash bonus
incentive and other benefits help distinguish us from other companies in the cement industry in Peru and serve as an important retention
tool as we compete for executive talent. We also believe that it will provide an appropriate compensation structure to retain our executives,
reward them for individual performance, and induce them to contribute to the creation of long-term value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Components of Executive Compensation</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The key components of our
executive compensation plan are:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">base salary;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">short-term cash bonus incentives; and</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">long-term cash bonus incentives.</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We believe that the use of
few and straightforward compensation components promotes the effectiveness and transparency of our executive compensation plan and enables
us to be competitive. No formula or specific weightings or relationships are used to allocate the various components in our executive
compensation plan. Each component has an important role in implementing our executive compensation philosophy and in meeting the executive
compensation objectives described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Base Salary</i></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We compensate our executive
officers and other employees with a base salary to compensate them for services rendered on a day-to-day basis during the fiscal year.
Base salaries provide stable compensation to executives, allow us to recruit and retain highly talented and dedicated executives and,
through periodic merit increases, provide a basis upon which executives may be rewarded for individual performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Short-Term Cash Bonus Incentives</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As a key component of our
compensation plan, we currently provide our executive officers the opportunity to earn annual cash bonuses based on the achievement of
our short-term business objectives. As additional cash compensation that is contingent on achieving our business objectives, cash incentives
augment the base salary component while being tied directly to corporate and individual performance objectives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Long-Term Cash Bonus Incentives</i></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition, as a tool to
promote retention of our executive officers, we have implemented a deferred cash incentive program that we believe aligns compensation
with corporate performance, allows us to recruit and retain competent executive talent, and rewards for superior performance measured
over the long-term. Our plan provides for the payment of bonuses in addition to the annual bonuses that are paid to our executive officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our long-term bonus incentive
program features the following key components:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">available to senior executives who have been employed by our
company at this level for at least four years;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">at the end of each year, the cash bonus will be accrued in
a &#8220;personal virtual account&#8221; for the benefit of the relevant executive;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">at the beginning of the sixth year the relevant executive
will receive the amount accrued during the first four years;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">additional annual bonuses will be accrued for the following
four years and a final payout will be made at the end of the eighth year from the creation or beginning of the plan; and</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">if the employee decides to voluntarily leave the company before
a scheduled distribution, he will not receive this compensation.</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our plan provides that the
executive must meet the following eligibility criteria:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">must be no older than 58 years at the time his or her participation
in the incentive program begins;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">must have at least four years as senior executives with either
our company, or our subsidiaries or affiliates;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">is a professional who is deemed to have characteristics that
are attractive to the market; and</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">the executive&#8217;s departure is deemed by the board of
directors or a committee thereof to have an adverse effect on our performance.</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">C.
Board Practices</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For information about the
date of expiration of the current term of office and the period during which each director has served in such office, see &#8220;Item
6. Directors, Senior Management and Employees&#8212;A. Directors and Senior Management.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Benefits upon Termination of Employment</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">There are no contracts providing
for benefits to directors upon termination of employment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Board Committees</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have four board committees
composed by members of our board of directors, which are described below, as of April 17, 2023, when the Board meeting was held and members
of these committees were elected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Executive Committee</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our by-laws permit us to delegate
an executive committee composed of three to five members of the board of directors. Mr.&#160;Eduardo Hochschild Beeck (chairman), Mr.&#160;Raimundo
Morales Dasso and Mr.&#160;Humberto Nadal del Carpio are currently members of our executive committee. Our executive committee is mainly
responsible for (i)&#160;supervising and supporting our management in executing the resolutions passed by our board of directors, (ii)&#160;executing
the strategy approved by our board of directors, (iii) meeting short-term and medium-term goals, as well as designing action plans to
meet such goals in accordance with the long-term strategy and goals approved by our board of directors, (iv) approving agreements or transactions
involving amounts greater than US$3 million but less than US$20 million, (v) monitoring compliance with the annual budget and approving
any significant deviations from approved levels of working capital, (vi) making strategic decisions that do not rise to the level of a
full board approval, and (vii) approving and executing new projects in amounts up to US$20 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our executive committee also
performs the functions of a compensation committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Antitrust Best Practices Committee</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The antitrust best practices
committee is composed of three members: Mr.&#160;Raimundo Morales Dasso, Mr.&#160;Humberto Nadal del Carpio and Mr.&#160;Eduardo Hochschild
Beeck. The antitrust best practices committee is responsible for informing our employees about our competition best practices and for
monitoring compliance with such practices, including compliance with antitrust regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Audit Committee</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our audit committee is composed
of three directors: Mr.&#160;Esteban Chong Leon, who is the chairman of the audit committee, Mr.&#160;Venkat Krishnamurthy and Mrs. Ana
Mar&#237;a Botella Serrano. All of the members of the audit committee qualify as independent in accordance with the SEC rules applicable
to foreign private issuers Mr.&#160;Esteban Chong Leon also qualifies as a financial expert under SEC rules. The audit committee is responsible
for (i)&#160;reviewing our financial statements; (ii) evaluating our internal controls and procedures, and identifying deficiencies; (iii)
the appointment, compensation, retention; and (iv) oversight of our external auditors. Additionally, it is responsible for informing our
board of directors regarding any issues that arise with respect to the quality or integrity of our financial statements, our compliance
with legal or regulatory requirements, the performance and independence of the external auditors, or the performance of the internal audit
function; and overseeing measures adopted as a result of any observations made by our shareholders, directors, executive officers, employees
or any third parties with respect to accounting, internal controls and internal and external audit, as well as any complaints regarding
management irregularities, including anonymous and confidential methods for addressing concerns raised by employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Corporate Governance Committee</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our corporate governance committee
is composed of three directors. The current members are Mr.&#160;Eduardo Hochschild Beeck (chair), Mr.&#160;Raimundo Morales Dasso and
Mr.&#160;Humberto Nadal del Carpio. The corporate governance committee is responsible for assisting the board on its oversight of director
nomination and committee assignments, as well as the board and CEO successions. Similarly, it is responsible for assisting in the implementation
of the committee and board self-assessment surveys and the review of governance principles.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 109; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">D.
Employees</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of December 31, 2022, we
had a total of 1,713 permanent employees. The following table sets forth a breakdown of our employees by category as of the periods indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%">Management</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">40</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(1)</td><td style="text-align: left">Workers from our social venture Acu&#237;cola Los Paiches S.A.C. are excluded from these calculations.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of December 31, 2022, approximately
21.6% of our employees were members of labor unions (<i>Sindicato &#218;nico de Trabajadores de Cementos Pacasmayo S.A.A, Sindicato
de Trabajadores de Distribuidora Norte Pacamasyo S.R.L , Sindicato &#218;nico de Trabajadores de la Empresa Distribuidora Norte Pacasmayo
S.R.L.-Dino</i>) that represents its members in collective bargaining negotiations. Our management and administrative personnel are not
members of a labor union. Labor relations for unionized and non-unionized employees in our production facilities, including compensation
and benefits, are governed by a collective bargaining agreement that is renewed annually. In May 2022, three-year Union Agreements were
signed with our largest union.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under Peruvian law, it is
illegal to lay off employees without cause or without following certain formal procedures. In addition, employees who are laid off are
entitled to severance payments upon termination of their employment in an amount equal to one and a half month&#8217;s salary for each
full year of work performed with a maximum payment equal to 12 monthly salaries provided they are indefinite term employees. In case of
fixed term employment relationship the severance payment is equal to 1.5 monthly salaries for each month, until the completion of the
contract, with a maximum of 12 monthly salaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our employees are enrolled
in either the national public pension fund or a privately managed pension fund. In both cases the applicable payment (approximately 13%)
is withheld by the employer from the employees&#8217; monthly salary. As of December 31, 2022, approximately 9.1% of our employees were
enrolled with the national public pension fund and 90.1% with a private social pension plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2020-2021 was one of the
most challenging periods in Pacasmayo&#8217;s history. The COVID-19 pandemic created unprecedented impacts in Peru, and on the national economy,
namely a collapsed healthcare system, more than 37,000 dead, strict confinement measures that paralyzed the country&#8217;s main economic activities
and which caused a contraction in GDP of 11.1% in 2020, as well as the loss of millions of jobs. The economy bounced back in 2021, reaching
a 13.2% GDP growth rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2022 has been a year of experimentation:
after returning to the office, we committed ourselves to finding the most appropriate work modality for each of our collaborators. Likewise,
we materialize our intentions to build an inclusive company, providing greater opportunities, through programs, for women to access and
develop their skills as part of the industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In order to protect the health
and safety of our collaborators, as well as promoting the spirit of synergy among our teams, as of October 2021 and to date, we migrated
to a hybrid work scheme. To accompany this process, in 2022, under the leadership of our CEO, we relaunched UnNuevoPacasmayo.com, a platform
through which we provide tips to all our employees to balance life and work. Complementarily, we deployed hybrid Bootcamps, three learning
spaces, where we strengthen leadership, collaboration, and well-being with a focus on this new modality. Thus, we seek that, from the
place where we are, we continue to build together the future we dream of.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We believe we have a good
relationship with our employees. In the past, we have not experienced any material strikes, work stoppages or any other significant disruptions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">E.
Share Ownership</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of March 31, 2023, persons
who are currently members of our board of directors and our executive officers held as a group 1,426,553 of our common shares and no investment
shares (not including common shares held by Mr.&#160;Eduardo Hochschild through ASPI). This amount represented less than 1% of our outstanding
share capital as of March 31, 2023. Mr.&#160;Eduardo Hochschild through ASPI indirectly controls 211,985,547 common shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Mr. Manuel Ferreyros, Mr.&#160;Humberto
Nadal, Mr.&#160;Raimundo Morales, Mr.&#160;Carlos Pomarino own individually and in the aggregate less than 1% of our common shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</p><div>



</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">A.
Major Shareholders</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of March 31, 2023, our
issued and outstanding share capital was composed of 423,868,449 common shares. In addition, as of March 31, 2023, we had 40,278,894 non-voting
investment shares outstanding, 36,040,497 of which were held in treasury.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table sets forth
the beneficial ownership of our common shares and non-voting investment shares as of March 31, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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 shares (in<br/>
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 shares (in<br/>
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 shares (in<br/>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td><b>Total</b></td><td><b>&#160;</b></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>



</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in">(1)</td><td style="text-align: left">ASPI is indirectly controlled by Mr.&#160;Eduardo Hochschild through Farragut Holdings, Inc. (Cayman Islands).
Mr.&#160;Eduardo Hochschild is a member of the board of directors of our company. The shares expressed here include those held through
ASPI.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in">(2)</td><td style="text-align: left">See &#8220;Item 6. Directors, Senior Management and Employees&#8212;Share Ownership&#8221; for information
regarding shares of our common stock owned by members of our board of directors and executive officers. The number of common shares held
by directors and executive officers excludes any shares that may be deemed to be beneficially owned by Mr.&#160;Eduardo Hochschild through
ASPI.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Changes in Ownership</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following sets forth the
composition of ownership from December 31, 2018 to December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>100.0</b></td><td style="text-align: left"><b>%</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>100.0</b></td><td style="text-align: left"><b>%</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>100.0</b></td><td style="text-align: left"><b>%</b></td><td><b>&#160;</b></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On January 19, 2017, our management
approved the buyback of an additional 7,911,845 investment shares, which we currently hold in treasury.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 1, 2018, we spun-off a portion of the
net assets (consisting of the assets and liabilities) related to Fosfatos del Pac&#237;fico S.A. to Fossal S.A.A., and as a result our
capital stock was reduced by approximately S/107,593,030, from S/531,461,479 to S/423,868,449 for our common shares, and from S/ 50,503,124
to S/40,278,894 for our investment shares.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Differences in Voting Rights</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our major shareholders do
not have different voting rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Securities Held in the Host Country</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On February 7, 2012, we completed
our initial public offering of 20,000,000 ADSs, each representing five common shares, in the United States. On March 2, 2012, we sold
an additional 2,296,800 ADSs pursuant to an over-allotment option granted to the underwriters in that offering. Our ADSs are listed on
the New York Stock Exchange. As of March 31, 2023, we estimate that there were 6,903,477 ADSs outstanding, which represented 8.1% of our
common shares outstanding as of such date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Arrangements for Change in Control</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are not aware of any arrangements
that may, when in force, result in a change in control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">B.
Related Party Transactions</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Peruvian Law Concerning Related Party Transactions</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under Peruvian law, board
members and executive officers of a publicly held company may not (i) engage in transactions with the company or any related party of
the company, except for transactions entered into in the ordinary course of business and on an arm&#8217;s length basis, (ii) appropriate
for their own benefit a business opportunity that belongs to the company, or (iii) participate in any transaction or decision that presents
a conflict of interest with the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Peruvian law sets forth certain
restrictions and limitations on transactions with certain related parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For instance, from a tax standpoint,
the value of those transactions must be equal to the fair market value assessed under transfer pricing rules (i.e., the value agreed to
by unrelated parties under the same or similar circumstances). Similarly, companies with securities registered in the Peruvian Public
Registry of Securities (<i>Registro P&#250;blico del Mercado de Valores</i>), such as us, are required to comply with the following
rules:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">The directors and managers of the company cannot, without
the prior authorization of the board of directors, (i) receive in the form of a loan money or assets of the company; or (ii) use, for
their own benefit or for the benefit of related parties, assets, services or credits of the company.</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">The execution of agreements that involve at least 5% of the
assets of the company with persons or entities related to directors, managers or shareholders that own, directly or indirectly, 10% of
the share capital, requires the prior authorization of the board of directors (with no participation of the director involved in the
transaction, if any).</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">The execution of agreements with a party controlled by the
company&#8217;s controlling shareholder requires the prior authorization of the board of directors and an evaluation of the terms of
the transaction by an external independent company (audit companies or other to be determined by the Peruvian Securities Commission).</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The external independent company
that reviews the transaction should not be related to the parties involved therein, nor to directors, managers or shareholders that own
at least 10% of the share capital of the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Related Party Transactions</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As a general policy, we do
not enter into transactions with related parties, including our board members and officers, on terms more favorable than what we would
offer third parties. Any related party transaction we have entered into in the past has been in the ordinary course of business and on
an arm&#8217;s length basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of December 31, 2022, we
had an accounts payable balance with ASPI, our controlling shareholder, in the amount of S/5,000 (US$1,308.9).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following transactions
have been entered into by us with related parties:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">We lease a plot of land adjacent to our headquarters to our
affiliate, Compa&#241;&#237;a Minera Ares S.A.C., a subsidiary of Hochschild Mining plc. We received rental payments of S/1,303,000
in 2020, S/1,230,000 in 2021 and S/1,200,000 in 2022.</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We provide back office management and administrative services to ASPI, Fossal S.A.A and Fosfatos del Pacifico S.A., for which we received S/834,000 in 2020, S/305,000 in 2021 and S/198,000 in 2022.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">
</p><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">We receive a reimbursement of security services from our affiliate
Compa&#241;&#237;a Minera Ares S.A.C., a subsidiary of Hochschild Mining plc. We paid a total of S/1,912,000 in 2020, S/2,836,000
in 2021 and S/2,110,000 in 2022 for these services.</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">ASPI and Hochschild Mining
plc are majority-owned and controlled, directly and indirectly, by Mr.&#160;Eduardo Hochschild.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For more information about
our related-party transactions please see note 27 to our consolidated financial statements included in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">C.
Interests of Experts and Counsel</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 8. FINANCIAL INFORMATION</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">A.
Consolidated Statements and Other Financial Information.</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">See Item 19. &#8212; Exhibits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Legal and Administrative Proceedings</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">From time to time, we may
become subject to various legal and administrative proceedings that are incidental to the ordinary conduct of our business. We are currently
not party to any material legal or administrative proceedings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Dividends and Dividend Policy</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our ability to pay dividends
is subject to our results of operations for each year. Holders of our common shares and investment shares are entitled to receive dividends
on a pro rata basis in accordance with their respective number of shares held</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under our dividend policy,
shareholders must take the following factors into consideration prior to declaring dividends: our financial and economic condition, including
committed and budgeted expenses and obligations, and previously approved investments. In addition, our dividend policy states that (a)
our board of directors may declare advanced dividends based on either the net income resulting from financial statements prepared for
such purpose or the cumulative net income corresponding to previous years, provided that shareholders delegated such authority to the
board of directors, and (b) holders of common shares representing no less than 20% of our total share capital may request the distribution
of dividends up to 50% of the net income corresponding to the previous year, net of any legal reserve requirements. Our board of directors
makes a recommendation at the annual shareholders&#8217; meeting with respect to the amount and timing of dividend payments, if any, to
be made on our common shares and investment shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under Peruvian law, companies
may distribute up to 100% of their profit (after payment of income tax) subject to a 10% legal reserve until the legal reserve equals
20% of shareholders&#8217; equity. According to Article 40 of the Peruvian Corporate Law, in order to distribute dividends, profits must
be determined in accordance with the individual financial statements of the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Payment of Dividends</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Dividends are paid to holders
of our common shares and investment shares, as of a record date determined by us. In order to allow for the settlement of securities,
under the rules of the Peruvian Securities Commission, investors who purchase shares of a publicly held company three business days prior
to a dividend payment date do not have the right to receive such dividend payment. Dividends on issued and outstanding common shares and
investment shares are distributed pro rata.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Holders of common shares and
investment shares are not entitled to interest on accrued dividends. In addition, under Article 232 of the Peruvian Corporate Law, the
right to collect accrued dividends declared by a publicly held company expires 10 years from the original dividend payment date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Previous Dividend Payments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table sets forth
the amounts of cash dividends declared and paid from 2012 through the date hereof for our common shares and our investment shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Year ended December 31,</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dividends paid</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Per share (in S/)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">2022</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">194,941,884</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">0.42000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">366,676,401</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.79000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">106,753,888</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.23000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2019</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">154,118,465</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.36000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2018</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">161,396,280</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.37700</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2017</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">149,837,396</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.35000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2016</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">155,236,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.28500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2015</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">162,950,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.28000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2014</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">116,393,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.20000</td><td style="text-align: left">&#160;</td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">At the annual shareholders&#8217;
meeting held on March 24, 2023, the shareholders of the Company approved the financial statements for fiscal year 2022 including the net
income for such year and delegated to the Board of Directors the authority to decide the distribution of dividends from the retained earnings
account and fiscal year 2023 operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">B.
Significant Changes</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are not aware of any changes
bearing upon our financial condition since the date of the financial statements included in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 9. THE OFFER AND LISTING</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">A.
Offer and Listing Details</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Market Price of Our Common Shares and ADSs</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our ADSs</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On February 7, 2012, we completed
our initial public offering of 20,000,000 ADSs, each representing five common shares, in the United States. On March 2, 2012, we sold
an additional 2,296,800 ADSs pursuant to an over-allotment option granted to the underwriters in that offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our ADSs are listed on the
New York Stock Exchange under the symbol &#8220;CPAC.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">B.
Plan of Distribution</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 115; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">C.
Markets</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b>Trading in the Peruvian Securities Market</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Lima Stock Exchange</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of December 31, 2022, there
were 397 companies with securities listed on the Lima Stock Exchange. Established in 1970, the Lima Stock Exchange is Peru&#8217;s only
securities exchange. On November 19, 2003, the members of the Lima Stock Exchange approved to convert its corporate status to a publicly
held corporation effective as of January 1, 2003. As of December 31, 2022, The Lima Stock Exchange had a share capital of S/162,092,340],
divided into 173,659,481 class &#8220;A&#8221; shares and 8,432,859 class &#8220;B&#8221; shares of par value S/1.00 each. Class &#8220;A&#8221;
shares are entitled to one vote per share while class &#8220;B&#8221; shares do not have voting rights. As of December 31, 2022, the Lima
Stock Exchange had 295 shareholders. On March 2020, after its annual review, FTSE announced that, since there is only one Peruvian stock
in the FTSE Global All Cap index, it fails the new minimum investable market cap and securities count requirement criterion. As a result,
Peru was reclassified from Secondary Emerging to Frontier market status effective from September 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Trading on the Lima Stock
Exchange is primarily done on an electronic trading system that became operational in August 1995. From the first Monday of November through
the second Sunday of March of each year, trading hours are Monday through Friday (except holidays) as follows: 8:20 a.m.-8:30 a.m. (pre-market
ordering); 8:30 a.m.-2:55 p.m. (trading); 2:55 p.m.-3:00 p.m. (after-market sales); and 3:00 p.m.-3:10 p.m. (after-market trading). At
all other times, trading hours are from Monday to Friday (except holidays) as follows: 9:00 a.m.-9:30 a.m. (pre-market ordering); 9:30
a.m.-3:55 p.m. (trading); 3:55 p.m.-4:00 p.m. (after-market sales); and 4:00 p.m.-4:10 p.m. (after-market trading).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Transactions during the electronic
sessions are executed through brokerage firms and stock brokers on behalf of their clients. Brokers submit orders in the order in which
they are received. The orders must specify the type of security as well as the amount and price of the proposed sale or purchase. In order
to control price volatility, for Peruvian companies there are volatility auctions for variations of +/- 7% during trading session and
+/- 4% during the last half-hour of continuous trading, when a stock reaches the 15% limit there is an auction and a consequent price
formation. For non-Peruvian companies there is no limit because it is the price in the foreign market the main reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulation of the Peruvian Securities Market</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Securities Market Law
regulates certain securities matters, such as transparency and disclosure, corporate takeovers, capital market instruments and operations,
the securities markets and broker-dealers, and credit-rating agencies. In 1996, the Peruvian Securities Commission, &#8220;<i>Superintendencia
del Mercado de Valores &#8211; SMV</i>&#8221; , formerly known as the National Supervisory Commission for Securities and Companies (<i>Comisi&#243;n
Nacional Supervisora de Empresas y Valores</i>, or &#8220;CONASEV&#8221;), was given additional responsibilities relating to the supervision,
regulation and development of the securities market, while the Lima Stock Exchange was granted the status of a self-regulatory organization.
Additionally, a unified system of guarantees and capital requirements was established for the Lima Stock Exchange.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to Law No. 29782,
published in the Peruvian Official Gazette, <i>El Peruano</i>, on July 28, 2011, the Peruvian Securities Commission is a governmental
entity reporting to Peru&#8217;s Ministry of Economy and Finance with functional, administrative, economic, technical and budgetary autonomy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Peruvian Securities Commission
is governed by the Superintendent and a five board-members confirmed by the Superintendent (who acts as President of the board) and four
members appointed by the Peruvian Executive Power (one suggested by the Ministry of Economy and Finance, one suggested by the BCRP, one
suggested by the Peruvian Superintendence of Banking, Insurance and Private Pension Funds and one independent member). The Peruvian Securities
Commission has broad regulatory powers, including reviewing, promoting, and making rules regarding the securities market, supervising
its participants, and approving the registration of public offerings of securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Peruvian Securities Commission
supervises the securities markets and the dissemination of information to investors. It also (i) governs the operations of the Public
Registry of Securities, (ii) regulates mutual funds, publicly placed investment funds and their respective management companies and broker-dealers,
(iii) monitors compliance with accounting regulations by companies under its supervision as well as the accuracy of financial statements
and (iv) registers and supervises auditors who provide accounting services to those companies registered with the Peruvian Securities
Commission.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to the Securities
Market Law, broker-dealers must maintain a guarantee fund. This guarantee fund must be managed by an entity supervised by the Peruvian
Securities Commission. Contributions to the guarantee fund must be made by the 25 broker-dealers that are members of the Lima Stock Exchange
and are based on the volume traded over the exchange. In addition to the guarantee fund managed, each broker-dealer is required to maintain
a guarantee in favor of the Peruvian Securities Commission to guarantee any liability that broker-dealers may have with respect to their
clients. Such guarantees are generally established through letters of credit issued by local banks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Disclosure Obligations</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Issuers of securities registered
with the Peruvian Securities Commission are required to disclose material information relating to the issuer. Pursuant to the Securities
Market Law and relevant regulations enacted thereunder, all material information in connection with the issuer of registered securities
(such as our common shares and investment shares), its activities or securities issued or secured by such issuer which may influence the
liquidity or price of such securities must be disclosed. Accordingly, issuers must file with the Peruvian Securities Commission mainly
two types of information: (a) financial information, including interim unaudited financial statements on a quarterly basis (which are
not required to be subject to limited review), and annual audited consolidated financial statements on an annual basis, and (b) material
information relating to the issuer and its activities that may significantly affect the price, offering or negotiation of the issued securities,
and in general, all the information that may be relevant for investors to be able to make investment decisions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In order to comply with the
foregoing disclosure obligations, issuers must disclose reaffirmation to the Peruvian Securities Commission and, if the securities are
listed, with the Lima Stock Exchange as soon as practicable but not later than one business day after having become aware of such information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">D.
Selling Shareholders</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">E.
Dilution</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">F.
Expenses of the Issue</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">ITEM 10. ADDITIONAL INFORMATION</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">A.
Share Capital</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">B.
Memorandum and Articles of Association</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Set forth below is certain
information relating to our share capital, including brief summaries of the material provisions of our by-laws, Peruvian corporate law
and certain related laws and regulations of Peru, all as in effect as of the date hereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are a publicly held corporation
under Peruvian Corporate law registered with the Public Registry of Corporations in Lima. We are currently listed on the Lima Stock Exchange.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The second article of our
by-laws provides that our principal corporate purpose is mining and the production and sale of cement, quicklime and other construction
materials in Peru and internationally.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have common shares and
investment shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">See &#8220;Item 6. Directors,
Senior Management and Employees&#8212;A. Directors and Senior Management&#8221; for information regarding our Board of Directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Common Shares</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Common shares represent 100%
of our voting shares. As of March 31, 2023, 423,868,449 of our common shares were outstanding. As of March 31, 2023, there were 34,517
owners of record of our common shares (considering the ADSs listed in the New York Stock Exchange are held by one registered owner). Our
common shares have a par value of S/1.00 per share and have been fully subscribed and are fully paid. Our common shares are registered
in the Securities Public Registry of the Peruvian Securities Commission and are listed on the Lima Stock Exchange.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment Shares</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of March 31, 2023, 4,238,397
of our investment shares were outstanding excluding 36,040,497 investment shares that were held in treasury. Investment shares have no
voting rights and are not, under Peruvian law and accounting regulations, characterized as share capital. However, investment shares are
still considered part of a company&#8217;s equity. As of March 31, 2023, there were 421 owners of record of our investment shares. Our
investment shares have a par value of S/1.00 per share and have been fully subscribed and are fully paid. Our investment shares are registered
in the Securities Public Registry of the Peruvian Securities Commission and are listed on the Lima Stock Exchange.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Shareholders&#8217; Liability</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under Peruvian Corporate Law,
holders of our common shares cannot vote on matters with respect to which they have a conflict of interest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under Article 133 of the Peruvian
Corporate Law, a shareholder must abstain from voting if such shareholder has a conflict of interest. A resolution approved in disregard
of this provision may be challenged under Article 139 of the Peruvian Corporate Law and any shareholder that participated in the determination
in breach of this provision, if such shareholder&#8217;s vote was key in attaining the required majority, may be held liable individually,
or jointly with any other shareholder voting in breach of the provision.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Redemption and Rights of Withdrawal</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under Article 200 of the Peruvian
Corporate Law, holders of our common shares have redemption rights if: (i)&#160;we change our corporate purpose; (ii) a change occurs
in the place of organization to a foreign country; or (iii) any transformation, merger or significant spin-off occurs with respect to
our company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Preemptive and Accretion Rights</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If we increase our share capital,
holders of our common shares and investment shares have the right to subscribe to new common shares and investment shares, respectively,
on a pro rata basis. Holders of common shares have preemptive rights in order to maintain their share interest in our share capital, unless
the capital increase (i)&#160;results from a conversion of debt to common shares; (ii) is approved by shareholders representing at least
40.0% of the subscribed voting shares provided that the capital increase does not favor, directly or indirectly, certain shareholders to
the detriment of others; and (iii) results from a corporate reorganization. Holders of investment shares have preemptive rights to maintain
their proportional ownership in our share capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Shareholders who are in default
of any payments relating to a capital call may not exercise their preemptive rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Preemptive rights are exercised
in two rounds. During the first round, shareholders may subscribe to the new shares on a pro rata basis. During the second round, shareholders
who participated in the first round may subscribe to any remaining shares on a pro rata basis up to the amount of shares such shareholders
subscribed for in the first round. The first round must remain open for at least 15 business days. The second round must remain open for
at least three business days.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Voting Rights and Dividends</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Common Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Holders of common shares are
entitled to one vote per share, with the exception of the election of the board of directors, where each holder is entitled to one vote
per share per nominee. Each holder&#8217;s votes may be cast for a single nominee or distributed among the nominees at the holder&#8217;s
discretion. To that effect, each of our common shares gives the holder the rights to as many votes as there are directors to be elected.
Shareholders may pool votes in favor of one person or distribute them among various persons. Those candidates for the board who receive
the most votes are elected directors. Holders of common shares may attend and vote at shareholders&#8217; meetings either in person or
through a proxy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Holders of common shares have
the right to participate in the distribution of dividends and shareholder equity resulting from liquidation. Our by-laws do not establish
a maximum time limit for the payment of the dividends. However, according to Article 232 of the Peruvian Corporate law, the right to collect
past-due dividends in the case of companies that are publicly held companies, such as ours, expires 10 years after the date on which the
dividend payment was due.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our share capital may be increased
by a decision of holders of common shares at a shareholders&#8217; meeting. Capital reductions may be voluntary or mandatory and must
be approved by holders of common shares at a shareholders&#8217; meeting. Capital reductions are mandatory when accumulated losses exceed
50% of the capital and to the extent such accumulated losses are not offset by accumulated earnings and capital increases within the following
fiscal year. Capital increases and reductions must be communicated to the Peruvian Securities Commission, the Lima Stock Exchange and
the SUNAT. Voluntary capital reductions must also be published in the official gazette <i>El&#160;Peruano</i> and in a widely circulated
newspaper in the city in which we are located.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Investment Shares</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under Peruvian Corporate Law,
investment shares do not represent share capital. Accordingly, our balance sheet reflects the investment shares as a separate account
from our share capital. Holders of investment shares are neither entitled neither to vote nor to participate in shareholders&#8217; meetings.
However, investment shares confer upon the holders thereof the right to participate in the dividends distributed according to their par
value, in the same manner as common shares. Investment shares also confer to the holders thereof the preemptive right to (i) maintain
the current proportion of the investment shares in the case of a capital increase through new contributions; (ii) increase the number
of investment shares upon capitalization of retained earnings, revaluation surplus or other reserves that do not represent cash contributions;
(iii) participate in the distribution of assets resulting from a liquidation in the same manner as common shares; and, (iv) redeem the
investment shares in case of a merger and/or change of business activity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Liquidation Rights</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If we are liquidated, our
shareholders have the right to receive net assets resulting from the liquidation, after we comply with our obligation to pay all our creditors
and after discounting any existing dividend liabilities. For this reason, we cannot assure that we will be able to reimburse 100% of the
book value of the common shares and investment shares in case of bankruptcy or liquidation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Ordinary and Extraordinary Meetings</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to Peruvian Corporate
Law and our by-laws, the annual shareholders&#8217; meeting must be held during the three-month period after the end of each fiscal year.
Additional shareholders&#8217; meetings may be held during the year. Because we are a publicly held corporation, we are subject to the
special control of the Peruvian Securities Commission, as provided in Article 253 of the Peruvian Corporate Law. If we do not hold the
annual shareholders&#8217; meeting during the three-month period after the end of each fiscal year or any other shareholders&#8217; meeting
required by our by-laws, a public notary or a competent judge shall call for such a meeting at the request of at least one shareholder
of the common shares. Such meeting will take place within a reasonable period of time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Other shareholders&#8217;
meetings are convened by the board of directors when deemed convenient by our company or when it is requested by the holders of at least
20% of our common shares. If, at the request of holders of 20% of the common shares, the shareholders&#8217; meeting is not convened by
the board of directors within 15 business days of the receipt of such request, or the board expressly or implicitly refuses to convene
the shareholders&#8217; meeting, a public notary or a competent judge will call pursuant to Law No. 29560 for such meeting at the request
of holders of at least 20% of our common shares. If a public notary or competent judge calls for a shareholders&#8217; meeting, the place,
time and hour of the meeting, the agenda and the person who will preside shall be indicated on the meeting notice. If the meeting called
is other than the annual shareholders&#8217; meeting or a shareholders&#8217; meeting required by the Peruvian Corporate Law or the by-laws,
the agenda will contain those matters requested by the shareholders who requested the meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Holders of investment shares
have no right to request the board to call a shareholders&#8217; meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Notices of Meetings</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Since we are a publicly held
corporation, notice of shareholders&#8217; meetings must be given by publication of a notice. The publication shall occur at least 25
days prior to any shareholders&#8217; meeting in the Peruvian Official Gazette, <i>El&#160;Peruano</i>, and in a widely circulated newspaper
in the city in which we are located. The notice requirement may be waived at the shareholders&#8217; meeting by agreement of the holders
of 100% of the outstanding common shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Quorum and Voting Requirements</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">According to Article 25 of
our by-laws and Article 257 of the Peruvian Corporate Law, shareholders&#8217; meetings called for the purpose of considering a capital
increase or decrease, the issuance of obligations, a change in the by-laws, the sale in a single act of assets with an accounting value
that exceeds 50% of our share capital, a merger, division, reorganization, transformation or dissolution, are subject to a first, second
and third quorum call, each of the second and third quorum call to occur upon the failure of the preceding one. A quorum for the first
call requires the presence of shareholders holding 50% of our total common shares. For the second call, the presence of shareholders holding
at least 25% of our total common shares is adequate, while for the third call there is no quorum requirement. These decisions require
the approval of the majority of the common shares represented at the shareholders&#8217; meeting. Shareholders&#8217; meetings convened
to consider all other matters are subject to a first and second quorum call, the second quorum call to occur upon the failure of the first
quorum.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In accordance with Peruvian
Corporate Law, only those holders of common shares whose names are registered in our stock ledger not less than 10 days in advance of
a meeting will be entitled to attend the shareholders&#8217; meeting and to exercise their rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Limitations on the Rights of Non-residents or Foreign Shareholders</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">There are no limitations under
our by-laws or Peruvian Corporate Law on the rights of nonresidents or foreign shareholders to own securities or exercise voting rights
with respect to our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Disclosure of Shareholdings and Tender Offer Regulations</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Disclosure of Shareholdings</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">There are no provisions in
our by-laws governing the ownership threshold above which share ownership must be disclosed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">However, according to Article
10 of CONASEV Resolution No. 090-2005-EF-94.10, as amended, we must inform the Peruvian Securities Commission of the members of our economic
group and a list of our holders of common shares owning more than a 4% share interest, as well as any change to such information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Tender Offer Regulations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Peruvian security regulations
include mandatory takeover rules applicable to the acquisition of control of a listed company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Subject to certain conditions,
such regulations generally establish the obligation to make a tender offer when a person or group of persons acquires a relevant interest
in a listed company. According to Peruvian law, a person acquires a relevant interest in a listed company when such person (a) holds or
has the power to exercise directly or indirectly 25%, 50% or 60% of the voting rights in a listed company, or (b) has the power to appoint
or remove the majority of the board members or to amend its by-laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In general, the tender offer
must be launched prior to the acquisition of the relevant interest. The tender offer may be launched after the &#8220;relevant interest&#8221;
is acquired if it is acquired (a) by means of an indirect transaction, (b) as a consequence of a public sale offer, or (c) in no more
than four transactions within a three-year period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This mandatory procedure has
the effect of alerting other shareholders and the market that an individual or financial group has acquired a significant percentage of
a company&#8217;s voting shares, and gives other shareholders the opportunity to sell their shares at the price offered by the purchaser.
The purchaser is required to launch a tender offer unless: (a) shareholders representing 100% of the voting rights consent in writing,
(b) voting shares are acquired by a depositary in order to subsequently issue ADSs, or (c) voting shares are acquired pursuant to the
exercise of preemptive rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Changes in Capital</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our by-laws do not establish
special conditions to increase or reduce our share capital beyond what is required under Peruvian Corporate Law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Anti-Takeover Provisions</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our by-laws do not contain
any provision that would have the effect of delaying, deferring or preventing a change of control. However, acquisitions of shares of
our capital stock that involve a change of control may be subject to Peruvian securities and exchange regulations (<i>Ley de Mercado de
Valores y Reglamento de Oferta P&#250;blica de Adquisici&#243;n y de Compra de Valores por Exclusi&#243;n</i>) applicable to tender
offers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Form and Transfer</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Common shares and investment
shares may be either physical share certificates in registered form or book-entry securities in the CAVALI S.A. ICLV book-entry settlement
system, also in registered form.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Furthermore, the Peruvian
Corporate Law forbids publicly held corporations, such as us, from including in their by-laws stipulations limiting the transfer of their
shares or restraining their trading in other ways. In addition, pursuant to our by-laws, we cannot recognize a shareholders&#8217; agreement
that contemplates limitations, restrictions or preferential rights on the transfer of shares, even if such an agreement is recorded in
our stock ledger (<i>matr&#237;cula de acciones</i>) or in CAVALI S.A. ICLV.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">C.
Material Contracts</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On December 31, 2007, we entered
into a contract for the general management and provision of services with ASPI, pursuant to which we provide legal and corporate services
to it. See &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;A. Related Party Transactions.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On February 1, 2008, we entered
into a surface rights agreement with Compa&#241;&#237;a Minera Ares S.A.C., pursuant to which we lease a plot of land adjacent to
our headquarters to our affiliate, Compa&#241;&#237;a Minera Ares S.A.C., a subsidiary of Hochschild Mining plc. See &#8220;Item 7.
Major Shareholders and Related Party Transactions&#8212;A. Related Party Transactions.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On June 30, 2008, we entered
into a property lease agreement with ASPI pursuant to which we lease part of our headquarters as office space to ASPI. See &#8220;Item
7. Major Shareholders and Related Party Transactions&#8212;A.&#160;Related Party Transactions.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On June 3, 2010, we entered
into a long-term electricity supply agreement with Electroper&#250;, a government-owned company, which was set to expire in July 2020,
to serve the electricity requirements of our Pacasmayo facility. Electroper&#250; has agreed to provide us with sufficient energy to
operate our Pacasmayo facility (later expanded to include our Piura facility) at pre-determined maximum amounts during the term of the
contract. Payments for electricity are based on a formula that takes into consideration our energy consumption and certain market variables,
such as the U.S. purchase price index, the global price of oil, the local price of natural gas and the import price of bituminous coal.
We entered into an addendum to this agreement, effective February 1, 2016, which extends the term of the agreement until December 31,
2026, reduces the prices for the 2016-2020 period and establishes new prices for the 2020-2026 period. See &#8220;Item 4. Information
on the Company&#8212;A. History and Development of the Company&#8212;Raw Materials and Energy Sources.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On February 8, 2013, we issued
US$300,000,000 aggregate principal amount of our 4.50% Senior Notes due 2023, in our inaugural international bond offering, pursuant to
an indenture. A portion of the proceeds were used to prepay amounts outstanding our secured loan agreement with BBVA Banco Continental,
and the remaining proceeds were used to cover a portion of the capital expenditures in connection with the construction and development
of the new Piura plant and our cement business. We prepaid a portion of the Senior Notes in a cash tender offer in 2018, and we repaid
the remaining amount upon maturity in February 2023. See &#8220;Item 5. Operating and Financial Review and Prospects&#8212;B. Liquidity
and Capital Resources.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On January 31, 2019, we issued
an aggregate principal amount of S/570,000,000 of debt securities in the local market in two issuances. One in the aggregate principal
amount of S/260 million bearing interest at a rate of 6.68750% for a term of 10 years, and the other in the aggregate principal amount
of S/310 million bearing interest at a rate of 6.84375% for a term of 15 years. The proceeds were used to purchase a portion of our 4.50%
Senior Notes due 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On August 6, 2021, we established
the conditions of a medium-term corporate loan under &#8220;Club Deal&#8221; modality with Banco de Cr&#233;dito del Per&#250; S.A.
and Scotiabank Per&#250; S.A.A. The loan amounted to S / 860,000,000 that will allow the payment of all the financial obligations that
the Company maintains with maturity until February 2023 and will be disbursed based on the maturity of each of them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 29, 2021, we entered into a supply
contract with FLSmidth A/S for the supply of the equipment and engineering for a new 2000 tons per day pyro line for our Pacasmayo Plant
for a total amount of &#8364;19,254,150.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On February 16, 2022, we entered
into a construction and erection contract with Ingenier&#237;a y Construcci&#243;n Sigdo Koppers Per&#250; S.A.C. for the construction
and erection required for our new 2000 tons per day pyro line for our Pacasmayo Plant for a referential amount of S/ 66,083,227.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">D.
Exchange Controls</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Since August 1990, there have
been no exchange controls in Peru and all foreign exchange transactions are based on free market exchange rates. Prior to August 1990,
the Peruvian foreign exchange market consisted of several alternative exchange rates. Additionally, during the 1990s, the Peruvian currency
experienced a significant number of large devaluations, and Peru has consequently adopted, and operated under, various exchange rate control
practices and exchange rate determination policies, ranging from strict control over exchange rates to market determination of rates.
Current Peruvian regulations on foreign investment allow the foreign holders of equity shares of Peruvian companies to receive and repatriate
100 percent of the cash dividends distributed by such companies. Such investors are allowed to purchase foreign exchange at free market
currency rates through any member of the Peruvian banking system and transfer such foreign currency outside Peru without restriction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">E.
Taxation</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following summary contains
a description of certain Peruvian and United States federal income tax consequences of the acquisition, ownership and disposition of common
shares or ADSs, but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision
to purchase common shares or ADSs. The summary is based upon the tax laws of Peru and regulations thereunder and on the tax laws of the
United States and regulations thereunder as in effect on the date hereof, which are subject to change.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Prospective holders of common
shares or ADSs should consult their own tax advisors as to the tax consequences of the acquisition, ownership and disposition of common
shares or ADSs in their particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Peruvian Tax Considerations</b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following are the principal
tax consequences of ownership of common shares or ADSs by non-resident individuals or entities (&#8220;Non-Peruvian Holders&#8221;) as
of the date hereof. Legislative, judicial or administrative changes or interpretations may, however, be forthcoming. Any such changes
or interpretations could affect the tax consequences to holders of common shares or ADSs and could alter or modify the conclusions set
forth herein. This summary is not intended to be a comprehensive description of all the tax consequences of acquisition, ownership and
disposition of common shares or ADSs and does not describe any tax consequences arising under the laws of any taxing jurisdiction other
than Peru or applicable to a resident of Peru or to a person with a permanent establishment in Peru.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For purposes of Peruvian taxation:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">individuals are residents of Peru, if they are Peruvian nationals
who have established their principal place of residence in Peru or if they are foreign nationals with a permanence in Peru of 183 days
in any 12-month period (the condition of Peruvian resident can only be acquired as of the 1st of January of the year following the fulfillment
of residence conditions); and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">legal entities are residents of Peru if they are established
or incorporated in Peru.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b><i>Peruvian Income Tax
Rate</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin: 0pt 0">The Peruvian income tax rate is 29.5% .</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b><i>Cash Dividends and
Other Distributions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Cash dividends paid with respect
to common shares and amounts distributed with respect to ADSs are currently subject to a Peruvian withholding tax, at a rate of 5.0% of
the dividend paid. As a general rule, the distribution of additional common shares representing profits, distribution of shares which
differ from the distribution of earnings or profits, as well as the distribution of preemptive rights with respect to common shares, which
are carried out as part of a pro rata distribution to shareholders, will not be subject to Peruvian tax or withholding taxes.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Capital Gains</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to Article 6 of the
Peruvian income tax law, individuals and entities resident in Peru are subject to Peruvian income tax on their worldwide income while
Non-Peruvian Holders are subject to Peruvian income tax on Peruvian source income only.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The general rule of the Law
of Income Tax in Peru provides that income derived from the disposal of securities issued by Peruvian entities is considered Peruvian
source income and is therefore subject to income tax. Peruvian income tax law also provides that capital gains resulting from the disposal
of ADSs that represent shares issued by Peruvian entities are considered Peruvian source income and therefore also subject to Peruvian
income tax. Peruvian income tax law also provides that taxable income resulting from the disposal of securities is determined by the difference
between the sale price of the securities at market value and the tax basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Notwithstanding the foregoing,
capital gains resulting from the disposal of ADSs or beneficial interest in ADSs that represent shares issued by a Peruvian entity are
not considered Peruvian source income as long as the ADSs issued by the foreign depositary are held in the name of a nominee and such
ADSs are not transferred to a third party as a result of the disposal of the ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In the event ADSs are exchanged
into common shares and such common shares are disposed of, capital gains resulting therefrom will be subject to an income tax rate of
either 5% or 30%, depending on where the transaction takes place. If the transaction is consummated in Peru, the income tax rate is 5%;
if the transaction is consummated outside of Peru, capital gains are taxed at a rate of 30%. Peruvian income tax law regulations have
stated that transactions are deemed to be consummated in Peru if the common shares are transferred through the Lima Stock Exchange. Any
gain resulting from the conversion of ADSs into common shares or common shares into ADSs will not be subject to taxation in Peru.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Any Non-Peruvian Holder who
acquires common shares will have the following tax basis: (i) for common shares purchased by the transferor, the acquisition price paid
for the shares; (ii) for common shares received by the transferor as a result of a share capital increase because of a capitalization
of net profits, the face or nominal value of such common shares; (iii) for other common shares received free of any payment, the stock
market value of such shares if listed on the Lima Stock Exchange or, if not, the face or nominal value of such common shares and (iv)
for common shares of the same type acquired at different opportunities and at different values, the tax basis will be the weighted average
cost. In cases where common shares are sold by Non-Peruvian Holders outside the Lima Stock Exchange, the tax basis must be certified by
the Peruvian tax administration prior to the time payment is made to the transferor; otherwise it would not be possible to deduct the
tax basis and a 30% Peruvian income tax would apply to the total sale price. Under Peruvian income tax law, tax basis certification is
granted by the tax authorities within 30&#160;days from the date of the application (which application must contain supporting evidence
with respect to the tax basis) is made by the transferor. If the tax authorities do not respond within such 30 day period, the tax basis
presented for approval by the transferor is deemed automatically approved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On December 31, 2010, Law
No. 29645 was enacted and took effect from January 1, 2011. This law states that in transactions relating to Peruvian securities through
the Lima Stock Exchange, CAVALI S.A. ICLV (the Peruvian clearing house) will act as withholding agent to the extent that such transactions
are settled in cash through CAVALI&#8217;s account (<i>liquidaci&#243;n en efectivo</i>). The implementing regulations of Law No. 29645
enacted on July 9, 2011 provide that CAVALI began acting as a withholding agent as from November 1, 2011. As a result, while such regulations
do not apply to securities transferred though the Lima Stock Exchange by a Non-Peruvian Holder, such transferor must still self-assess
and pay its income tax liability directly to Peruvian tax authorities within the first 12&#160;working days following the month in which
Peruvian source income was earned. With respect to transactions of Peruvian securities conducted through the Lima Stock Exchange that
are settled directly without CAVALI&#8217;s intervention (liquidaci&#243;n directa), Non-Peruvian Holders are required to self-assess
and pay income taxes directly to the Peruvian tax authorities within the first 12 working days following the month in which income from
a Peruvian source was earned. Finally, if the purchaser is resident in Peru and the sale is not performed through the Lima Stock Exchange,
the purchaser will act as withholding agent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; ">However,
Law No. 30341 regulating an exception to the general rule was enacted on December 12, 2015, and entered into force on January 1, 2016,
and Legislative Decree No. 1262, supplementing Law No. 30341, entered into force on January 1, 2017. This law was in force until December
31, 2019.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35pt">However, the validity of Law
30341 was initially extended until December 31, 2022, by Emergency Decree 005-2019. Then, Law No. 31662, published on December 30, 2022,
again extended its validity until December 31, 2023. The exemption from income tax provided for by Law 30341, that promotes liquidity
and integration of the Securities Market, now contains the following rules:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: left">The exemption is applicable to capital gains generated by
individuals and undivided succession or conjugal partnerships that chose to be taxed as such (not applicable to entities).</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: left">The exemption applies to up to 100 tax units (<i>Unidad Impositiva
Tributaria</i>) of the capital gain generated in each taxable year.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; ">The
exemption regulated by the law applies to income from the sale of shares and other securities representing shares made through a centralized
trading mechanism supervised by the Superintendency of Securities, when the shares do not represent 10% or more of the shares issued by
a given company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; ">Law
No. 30341 and the amendment by Legislative Decree No. 1262, Emergency Decree 005-2019 and Law 31662 include the following provisions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Securities covered by the exemption:</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">American Depositary Receipts (ADRs) representing ADSs and Global Depositary Receipts (GDRs);</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">Exchange Trade Fund (ETF) units having underlying shares and / or debt securities as underlying;</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">Debt securities;</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">Certificates of participation in mutual funds for investment in securities;</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">Certificates of participation in Investment Fund in Real Estate Income (FIRBI) and certificates of participation
in Trust for Securitization for Investment in Real Estate Income (FIBRA); and</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">Negotiable invoices.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Requirements that apply to the exemption:</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">No transfer of 10% or more of the shares or securities representing shares in a period of twelve (12)
months. In the case of ADRs and GDRs, this requirement will be determined by considering the underlying shares;</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">In the case of shares or securities representing shares, the calculation of the percentage shall be determined
based on the total number of shares of capital or account of investment shares at the time of disposal;</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">The law indicates those operations to be considered for calculating this percentage, as well as those
that do not;</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">The securities must have a stock market presence. To determine if the securities have a stock market presence,
the following shall be taken into account:</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Within 180 business days prior to the transfer, the number
of days in which the daily-negotiated amount has exceeded the limit established in the regulation shall be determined. This limit cannot
be less than six Tax Units (ITU) and will be established considering the volume of transactions that take place in the centralized negotiation
mechanisms;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">The number of days determined according to what is indicated
in the previous section will be divided between 180 and multiplied by 100; and</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">The result cannot be less than the limit established by the
regulation. This limit cannot exceed 45%.</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">Those responsible for conducting centralized trading mechanisms must disseminate on their web pages the
list of the securities that comply with having a presence in the stock market.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">Loss of exoneration:</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">If, after applying the waiver, the issuer delivers the values of the Securities Registry of the Stock
Exchange, in whole or in part, in an act or progressively, within the 12 months following the sale, the exoneration applied with respect
to the values listed; and</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.75in"></td><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#11162;</span></td><td style="text-align: left">Those responsible for conducting the centralized trading mechanisms must notify SUNAT, in accordance with
the procedure set forth in the regulations, of the securities whose registrations are canceled within 12 months of the sale.</td></tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Other Considerations</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">No Peruvian estate or gift
taxes are imposed on the gratuitous transfer of ADSs or common shares. No stamp, transfer or similar tax applies to any transfer of ADSs
or common shares, except for commissions payable by seller and buyer to the Lima Stock Exchange (0.15% of value sold), fees payable to
the Peruvian Securities Commission (0.05% of value sold), brokers&#8217; fees (about 0.05% to 1% of value sold) and Value Added Tax (at
the rate of 18%) on commissions and fees. Any investor who sells its common shares on the Lima Stock Exchange will incur these fees and
taxes upon purchase and sale of the common shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>United States Federal Income Tax Considerations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following are the material
United States federal income tax consequences as of the date hereof to a United States Holder (as defined below) of the ownership and
disposition of our common shares and ADSs. This summary deals only with common shares and ADSs held as capital assets (generally, property
held for investment). As used herein, the term &#8220;United States Holder&#8221; means a beneficial owner of common shares or ADSs that
is for United States federal income tax purposes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">an individual who is a citizen or resident of the United States;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a corporation (or other entity treated as a corporation for
United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District
of Columbia;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">an estate the income of which is subject to United States
federal income taxation regardless of its source; or</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a trust if it (1) is subject to the primary supervision of
a court within the United States and one or more United States persons have the authority to control all substantial decisions of the
trust, or (2) has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This summary does not represent
a detailed description of the United States federal income tax consequences applicable to you if you are subject to special treatment
under the United States federal income tax laws, including if you are:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a dealer or broker in securities or currencies;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a financial institution;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a regulated investment company;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a real estate investment trust;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">an insurance company;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a tax-exempt organization;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a person holding our common shares or ADSs as part of a hedging,
integrated or conversion transaction, a constructive sale or a straddle;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a trader in securities that has elected the mark-to-market
method of accounting for your securities;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a person liable for alternative minimum tax;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a person who owns or is deemed to own 10% or more of our stock
(by vote or value);</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a partnership or other pass-through entity for United States
federal income tax purposes;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a person required to accelerate the recognition of any item
of gross income with respect to our common shares or ADSs as a result of such income being recognized on an applicable financial statement;
or</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a person whose &#8220;functional currency&#8221; is not the
U.S. dollar.</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The discussion below is based
upon the provisions of the U.S. Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), and regulations, rulings and judicial
decisions thereunder as of the date hereof, and such authorities may be replaced, revoked or modified so as to result in United States
federal income tax consequences different from those discussed below. There is currently no income tax treaty between the United States
and Peru that would provide for United States federal income tax consequences different from those discussed below. In addition, this
summary assumes that the deposit agreement, and all other related agreements, will be performed in accordance with their terms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If a partnership (or other
entity or arrangement treated as a partnership for United States federal income tax purposes) holds our common shares or ADSs, the tax
treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership.
If you are a partnership or a partner of a partnership holding our common shares or ADSs, you should consult your tax advisors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This summary does not address
the Medicare tax on net investment income, United States federal estate and gift taxes or the effects of any state, local or non-United
States tax laws. If you are considering the acquisition of our common shares or ADSs, you should consult your own tax advisors concerning
the United States federal income tax consequences to you in light of your particular situation as well as any consequences arising under
other United States federal tax laws and the laws of any other taxing jurisdiction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>ADSs</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If you hold ADSs, for United
States federal income tax purposes, you generally will be treated as the owner of the underlying common shares that are represented by
such ADSs. Accordingly, deposits or withdrawals of common shares for ADSs will not be subject to United States federal income tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Taxation of Dividends</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The gross amount of distributions
on the ADSs or common shares (including amounts withheld to reflect Peruvian withholding taxes) will be taxable as dividends, to the extent
paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">To the extent that the amount
of any distribution (including amounts withheld to reflect Peruvian withholding taxes) exceeds our current and accumulated earnings and
profits for a taxable year, as determined under United States federal income tax principles, the distribution will first be treated as
a tax-free return of capital, causing a reduction in the adjusted basis of the ADSs or common shares, and the balance in excess of adjusted
basis will be taxed as capital gain recognized on a sale or exchange. However, we do not expect to keep earnings and profits in accordance
with United States federal income tax principles. Therefore, you should expect that a distribution will generally be reported as a dividend.
Such dividends (including withheld taxes) will be includable in your gross income as ordinary income on the day actually or constructively
received by you, in the case of the common shares, or by the depositary, in the case of ADSs. Such dividends will not be eligible for
the dividends received deduction generally allowed to corporations under the Code.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Subject to applicable limitations
(including a minimum holding period requirement), dividends received by non-corporate United States Holders from a qualified foreign corporation
may be treated as &#8220;qualified dividend income&#8221; that is subject to reduced rates of taxation. A non-United States corporation
is generally treated as a qualified foreign corporation with respect to dividends paid by that corporation on common shares (or ADSs backed
by such shares) that are readily tradable on an established securities market in the United States. United States Treasury Department
guidance indicates that our ADSs, which are listed on the New York Stock Exchange, but not our common shares, are readily tradable on
an established securities market in the United States. Thus, we believe that dividends we pay on our common shares that are represented
by ADSs, but not our common shares that are not so represented, will be eligible for the reduced tax rates. There can be no assurance,
however, that our ADSs will be considered readily tradable on an established securities market in the United States in later years. You
should consult your own tax advisors regarding the application of these rules given your circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The amount of any dividend
paid in <i>soles </i>will equal the U.S. dollar value of the <i>soles</i> received, calculated by reference to the exchange rate in effect
on the date the dividend is actually or constructively received by you, in the case of the common shares, or by the depositary, in the
case of ADSs, regardless of whether the <i>soles</i> are converted into U.S. dollars at that time. If the <i>soles</i> received as a dividend
are converted into U.S. dollars on the date they are received, you generally will not be required to recognize foreign currency gain or
loss in respect of the dividend income. If the <i>soles</i> received as a dividend are not converted into U.S. dollars on the date of
receipt, you will have a tax basis in the <i>soles</i> equal to their U.S. dollar value on the date of receipt. Any gain or loss realized
on a subsequent conversion or other disposition of the <i>soles </i>will be treated as United States source ordinary income or loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Subject to certain conditions
and limitations (including a minimum holding period requirement), Peruvian withholding taxes on dividends may be treated as foreign taxes
eligible for credit against your United States federal income tax liability. For purposes of calculating the foreign tax credit, dividends
paid on the ADSs or common shares will be treated as foreign source income and will generally constitute passive category income. However,
recently issued Treasury regulations (the &#8220;Foreign Tax Credit Regulations&#8221;) impose additional requirements for foreign taxes
to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. Instead of claiming
a foreign tax credit, you may be able to deduct Peruvian withholding taxes on dividends in computing your taxable income, subject to generally
applicable limitations under United States law (including that a United States Holder is not eligible for a deduction for otherwise creditable
foreign income taxes paid or accrued in a taxable year if such United States Holder claims a foreign tax credit for any foreign income
taxes paid or accrued in the same taxable year). The rules governing the foreign tax credit and deductions for foreign taxes are complex.
You are urged to consult your tax advisors regarding the availability of the foreign tax credit or a deduction under your particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Distributions of ADSs, common
shares or rights to subscribe for ADSs or common shares that are received as part of a pro rata distribution to all of our shareholders
generally will not be subject to United States federal income tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Taxation of Capital Gains</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For United States federal
income tax purposes, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of ADSs or common shares
in an amount equal to the difference between the amount realized for the ADSs or common shares and your tax basis in the ADSs or common
shares, both as determined in U.S. dollars. Such gain or loss will generally be capital gain or loss. Capital gains of non-corporate United
States Holders derived with respect to capital assets held for more than one year are eligible for reduced rates of taxation. The deductibility
of capital losses is subject to limitations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If Peruvian income tax is
withheld on the sale or other disposition of our ADSs or common shares, your amount realized will include the gross amount of the proceeds
of that sale or other disposition before deduction of the Peruvian income tax. Any gain or loss recognized by you will generally be treated
as United States source gain or loss. Consequently, in the case of gain from the disposition of ADSs or common shares that is subject
to Peruvian income tax, you may not be able to benefit from a foreign tax credit for that Peruvian income tax (<i>i.e.</i>, because the
gain from the disposition would be United States source), unless you can apply the credit (subject to applicable limitations) against
United States federal income tax payable on other income from foreign sources. However, pursuant to the Foreign Tax Credit Regulations,
any such Peruvian income tax would generally not be a foreign income tax eligible for a foreign tax credit (regardless of any other income
that you may have that is from foreign sources). In such case, the non-creditable Peruvian income tax may reduce the amount realized on
the sale or other disposition of the ADSs or common shares. You are urged to consult your tax advisors regarding the tax consequences
if Peruvian income tax is imposed on a disposition of ADSs or common shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Passive Foreign Investment Company</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We do not believe that we
are, for United States federal income tax purposes, a passive foreign investment company (&#8220;PFIC&#8221;), and we expect to operate
in such a manner so as not to become a PFIC. If, however, we are or become a PFIC, you could be subject to additional United States federal
income taxes on gain recognized with respect to the ADSs or common shares and on certain distributions, plus an interest charge on certain
taxes treated as having been deferred under the PFIC rules. Non-corporate United States Holders will not be eligible for reduced rates
of taxation on any dividends received from us (as discussed above under &#8220;&#8212;Taxation of Dividends&#8221;) if we are a PFIC in
the taxable year in which such dividends are paid or in the preceding taxable year.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Information Reporting and Backup Withholding</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In general, information reporting
will apply to dividends in respect of our ADSs or common shares and the proceeds from the sale, exchange or other taxable disposition
of our ADSs or common shares that are paid to you within the United States (and in certain cases, outside the United States), unless you
establish that you are an exempt recipient. Backup withholding may apply to such payments if you fail to provide a taxpayer identification
number and a certification that you are not subject to backup withholding or if you fail to report in full dividend and interest income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Any amounts withheld under
the backup withholding rules will be allowed as a refund or a credit against your United States federal income tax liability provided
the required information is furnished to the Internal Revenue Service in a timely manner.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b>The above description is
not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition of our ADSs or common
shares. You should consult your own tax advisors concerning the overall tax consequences to you, including the consequences under laws
other than United States federal income tax laws, of an investment in our ADSs or common shares.]</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">F.
Dividends and Paying Agents</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">G.
Statement by Experts</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">H.
Documents on Display</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We make our filings in electronic
form under the EDGAR filing system of the SEC. Our filings are available through the EDGAR system at www.sec.gov. In addition, our filings
are available to the public over our website www.cementospacasmayo.com.pe. Such filings and other information on our website are not incorporated
by reference in this annual report. You may request a copy of this filing, and any other report, at no cost, by writing to us at the following
address or telephoning us:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Investor Relations Department<br/>
Calle La Colonia 150,<br/>
Urbanizaci&#243;n El Vivero, Surco,<br/>
Lima, Peru<br/>
Tel.: + (511) 317-6000<br/>
E-mail: cbustamante@cpsaa.com.pe</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">I.
Subsidiary Information</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">See note 1 to our consolidated
financial statements included in this annual report for a description of our subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For a description of our market
risks, see note 31 to our consolidated financial statements included in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">ITEM 12. DESCRIPTION OF SECURITIES OTHER
THAN EQUITY SECURITIES</p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">A.
Debt Securities</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">B.
Warrants and Rights</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">C.
Other Securities</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">D.
American Depositary Shares</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Fees and expenses</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">JPMorgan Chase Bank, N.A.,
as depositary, pursuant to our Deposit Agreement, dated as of February 7, 2012, and the amendment dated December 4, 2020 (as so amended
the &#8220;Deposit Agreement&#8221;), may charge each person to whom ADSs are issued, including, without limitation, issuances against
deposits of common shares, issuances in respect of common share distributions, rights and other distributions, issuances pursuant to a
stock dividend or stock split declared by us or issuances pursuant to a merger, exchange of securities or any other transaction or event
affecting the ADSs or deposited securities, and each person surrendering ADSs for withdrawal of deposited securities or whose ADSs or
American Depositary Receipts representing ADSs (&#8220;ADRs&#8221;) are cancelled or reduced for any other reason, US$5.00 for each 100
ADSs (or any portion thereof) issued, delivered, reduced, cancelled or surrendered, as the case may be. The depositary may sell (by public
or private sale) sufficient securities and property received in respect of a common share distribution, rights and/or other distribution
prior to such deposit to pay such charge.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following additional charges
shall be incurred by the ADR holders, by any party depositing or withdrawing common shares or by any party surrendering ADSs or to whom
ADSs are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by us or an exchange of
stock regarding the ADRs or the deposited securities or a distribution of ADSs), whichever is applicable:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a fee of US$1.50 per ADR or ADRs for transfers of certificated
or direct registration ADRs;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a fee of US$0.05 or less per ADS for any cash distribution
made pursuant to the deposit agreement;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a fee of US$0.05 or less per ADS per calendar year (or portion
thereof) for services performed by the depositary in administering the ADRs (which fee may be charged on a periodic basis during each
calendar year and shall be assessed against holders of ADRs as of the record date or record dates set by the depositary during each calendar
year and shall be payable in the manner described in the next succeeding provision);</td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">reimbursement of such fees, charges and expenses as are incurred
by the depositary and/or any of the depositary&#8217;s agents (including, without limitation, the custodian and expenses incurred on
behalf of holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign
investment) in connection with the servicing of the common shares or other deposited securities, the delivery of deposited securities
or otherwise in connection with the depositary&#8217;s or its custodian&#8217;s compliance with applicable law, rule or regulation (which
charge shall be assessed on a proportionate basis against holders as of the record date or dates set by the depositary and shall be payable
at the sole discretion of the depositary by billing such holders or by deducting such charge from one or more cash dividends or other
cash distributions);</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">a fee for the distribution of securities (or the sale of securities
in connection with a distribution), such fee being in an amount equal to US$0.05 per ADS issuance fee for the execution and delivery
of ADSs which would have been charged as a result of the deposit of such securities (treating all such securities as if they were common
shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the depositary to those holders
entitled thereto;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">stock transfer or other taxes and other governmental charges;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">cable and facsimile transmission and delivery charges incurred
at your request in connection with the deposit or delivery of common shares;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">transfer or registration fees for the registration of transfer
of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities; and</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left">expenses of the depositary in connection with the conversion
of foreign currency into U.S. dollars.</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We will pay all other charges
and expenses of the depositary and any agent of the depositary (except the custodian) pursuant to agreements from time to time between
us and the depositary. The charges described above may be amended from time to time by agreement between us and the depositary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our depositary has agreed
to reimburse us for certain expenses we incur that are related to establishment and maintenance of the ADR program, including investor
relations expenses and exchange application and listing fees. The amounts of reimbursements available to us are not based upon the amounts
of fees the depositary collects from investors. The depositary collects its fees for issuance and cancellation of ADSs directly from investors
depositing common shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting on their behalf. The depositary
collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable
property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions, or by
directly billing investors, or by charging the book-entry system accounts of participants acting for them. The depositary will generally
set off the amounts owing from distributions made to holders of ADSs. If, however, no distribution exists and payment owing is not timely
received by the depositary, the depositary may refuse to provide any further services to holders that have not paid those fees and expenses
owing until such fees and expenses have been paid. At the discretion of the depositary, all fees and charges owing under the deposit agreement
are due in advance and/or when declared owing by the depositary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Deposit Agreement is incorporated
by reference as Exhibit 2.2 to this annual report, and Amendment No.&#160;1 thereto is incorporated by reference in this annual report
as Exhibit 2.2A, and Amendment No. 2 thereto is incorporated by reference in this annual report as Exhibit 2.2B. We encourage you to review
these documents carefully if you are a holder of ADRs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PART II</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 15. CONTROLS AND PROCEDURES</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">A.
Disclosure Controls and Procedures</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As of the end of the period
covered by this annual report, the Company&#8217;s management, with the participation of our Chief Executive Officer and Chief Financial
Officer, performed an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined
in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Our disclosure controls and procedures are designed to ensure that information required
to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC&#8217;s rules and forms, and that such information is accumulated and communicated to our management, including
the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosures. Any controls and
procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective.
Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2022, the design
and operation of our disclosure controls and procedures were effective at the reasonable assurance level.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">B.
Management&#8217;s Annual Report on Internal Control Over Financial Reporting</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our management is responsible
for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements
for external purposes in accordance with generally accepted accounting principles.</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Because of its inherent limitations,
internal control over financial reporting may not necessarily prevent or detect some misstatements. It can only provide reasonable assurance
regarding financial statement preparation and presentation. Also, projections of any evaluation of effectiveness for future periods are
subject to the risk that controls may become inadequate because of changes in conditions or because the degree of compliance with the
polices or procedures may deteriorate over time.</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Management assessed the effectiveness
of its internal control over financial reporting for the year ended December 31, 2022. The assessment was based on criteria established
in the framework &#8220;Internal Controls&#8212;Integrated Framework&#8221; issued by the Committee of Sponsoring Organizations of the
Treadway Commission (2013 Framework) (COSO). Based on this assessment, our management has concluded that as of December 31, 2022, our
internal control over financial reporting was effective.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The effectiveness of internal
control over financial reporting as of December 31, 2022, has been audited by Tanaka, Valdivia &amp; Asociados SCRL, member firm of Ernst
&amp; Young Global Limited, an independent registered public accounting firm, as stated in their attestation report, which is included
under &#8220;Item 15&#8212;Controls and Procedures &#8212;C. Attestation Report of Independent Registered Public Accounting Firm.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 133; Value: 130 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">C.
Attestation Report of the Independent Registered Public Accounting Firm</p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Report of the Independent Registered
Public Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.15pt; text-align: center">&#160;</p><div>

</div><p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt">To the Shareholders and the Board of Directors of</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.35pt 0pt 42.15pt">&#160;</p><div>

</div><p style="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Cementos Pacasmayo S.A.A. and Subsidiaries</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.35pt 0pt 42.15pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Opinion on Internal Control over Financial Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have audited Cementos Pacasmayo S.A.A. and subsidiaries&#8217;
internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control&#8212;Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), (the COSO criteria). In our
opinion, Cementos Pacasmayo S.A.A. and subsidiaries (the Company) maintained, in all material respects, effective internal control over
financial reporting as of December 31, 2022, based on the COSO criteria.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also have audited, in accordance with the standards
of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company
as of December 31, 2022 and 2021, the related consolidated statements of profit or loss, other comprehensive income or loss, changes
in equity and cash flows for each of the three years in the period ended December 31, 2022, and the related notes and our report dated
April 27, 2023, expressed an unqualified opinion thereon.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&#8217;s management is responsible for maintaining effective
internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included
in the accompanying Management&#8217;s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an
opinion on the Company&#8217;s internal control over financial reporting based on our audit. We are a public accounting firm registered
with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We conducted our audit in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal
control over financial reporting was maintained in all material respects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.35pt 0pt 42.15pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our audit included obtaining an understanding
of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered
necessary in the circumstances. We believe that our <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">audit
provides a reasonable basis for our opinion.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Definition and Limitations of Internal Control Over Financial Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">A company&#8217;s internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s
internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Because of its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">/s/Tanaka, Valdivia &amp; Asociados Sociedad Civil de Responsabilidad
Limitada</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">A member
practice of Ernst &amp; Young Global Limited</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Lima, Peru</p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">April 27, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.15pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 134; Value: 130 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">D.
Changes in Internal Control Over Financial Reporting</p><div>

</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">There have been no changes
in our internal control over financial reporting identified in connection with the evaluation required under Rules 13a-15 or 15d-15 that
occurred during the period covered by this annual report that has materially affected, or is reasonably likely to materially affect, our
internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 16. [RESERVED]</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 16A AUDIT COMMITTEE FINANCIAL
EXPERT</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our Board of Directors has
determined that Mr.&#160;Esteban Chong Leon, President of the audit committee, is a &#8220;financial expert,&#8221; as such term is defined
in the SEC rules. We have determined that Ms.&#160;Ana Maria Botella, Mr.&#160;Venkat Krishnamurti and Mr. Esteban Chong Leon are independent
under the standards of the New York Stock Exchange listing rules and Rule 10A-3 under the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 16B. CODE OF ETHICS</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have adopted a code of
ethics that applies to our directors, officers and employees. Our code of ethics is available on our website http://www.cementospacasmayo.com.pe.
Information on our website is not incorporated by reference in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If we make any substantive
amendment to our code of ethics or if we grant any waivers, including any implicit waiver, from a provision of the code of ethics, we
will disclose the nature of such amendment or waiver by filing a current report on a Form 6-K or in our subsequent annual report on Form
20-F to be filed with the SEC. During the year ended December 31, 2022, no such amendment was made nor did we grant any waiver to any
provision of our code of ethics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Audit and Non-Audit Fees</i></b></p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table presents
the aggregate fees for professional services and other services rendered by our independent auditors, Tanaka, Valdivia y asociados, SCRL,
member firm of Ernst &amp; Young Global Limited, responsible for auditing the annual consolidated financial statements included in the
annual report, during the fiscal years ended December 31, 2022 and 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 135; Value: 130 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">(in thousands of S/)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Audit fees</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">45</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">497</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">256</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total fees</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,786</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Audit fees in the above table
are the aggregate fees billed and billable by our independent auditors in connection with the audit of our annual consolidated financial
statements and review of our quarterly financial information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Tax fees in the above table
are fees billed relating to tax compliance services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our audit committee is responsible
for the oversight of the independent auditors and has established pre-approval procedures for the engagement of its independent registered
public accounting firm for audit and non-audit services. Such services can only be contracted if they are approved by the audit committee,
they comply with the restriction provided under applicable rules and they do not jeopardize the independence of our auditors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 16G. CORPORATE GOVERNANCE</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are a &#8220;foreign private
issuer&#8221; within the meaning of the New York Stock Exchange corporate governance standards. Under New York Stock Exchange rules, a
foreign private issuer may elect to comply with the practices of its home country and not to comply with certain corporate governance
requirements applicable to U.S. companies with securities listed on the exchange.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We currently follow certain
Peruvian practices concerning corporate governance and intend to continue to do so. There are significant differences in the Peruvian
corporate governance practices as compared to those followed by United States domestic companies under the New York Stock Exchange&#8217;s
listing standards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The New York Stock Exchange
listing standards provide that the board of directors of a U.S. listed company must have a majority of independent directors at the time
the company ceases to be a &#8220;controlled company.&#8221; Under Peruvian corporate governance practices, a Peruvian company is not
required to have a majority of independent members on its board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The listing standards for
the New York Stock Exchange also require that U.S. listed companies, at the time they cease to be &#8220;controlled companies,&#8221;
have a nominating/corporate governance committee and a compensation committee (in addition to an audit committee). Each of these committees
must consist solely of independent directors and must have a written charter that addresses certain matters specified in the listing standards.
Under Peruvian law, a Peruvian company may, but is not required to, form special governance committees, which may be composed partially
or entirely of non-independent directors.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition, New York Stock
Exchange rules require the independent non-executive directors of U.S. listed companies to meet on a regular basis without management
being present. There is no similar requirement under Peruvian law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The New York Stock Exchange&#8217;s
listing standards also require U.S. listed companies to adopt and disclose corporate governance guidelines. In November 2013, the Peruvian
Securities Commission and a committee comprised of regulatory agencies and associations prepared and published a list of suggested non-mandatory
corporate governance guidelines called the &#8220;Good Corporate Governance Code for Peruvian Companies.&#8221; These principles are disclosed
on the Peruvian Securities Commission web page at http:// http://www.smv.gob.pe/ and the Lima Stock Exchange web page at http://www.bvl.com.pe.
Although we have implemented a number of these measures and are part of the Best Corporate Governance Practices Index of the Lima Stock
Exchange, we are not required to comply with the referred corporate governance guidelines by law or regulation, only to disclose whether
or not we are in compliance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 16H. MINE SAFETY DISCLOSURE</p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 137; Value: 130 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>SECTION 1.02 PART
III</b></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 17. FINANCIAL STATEMENTS</p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 18. FINANCIAL STATEMENTS</p><div>



</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">See our consolidated financial
statements beginning at page F-1 of this annual report. Our financial statements have been prepared in accordance with IFRS as issued
by the IASB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> ITEM 19. EXHIBITS</p><div>



</div><p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents are filed as part of this
Annual Report on Form 20-F or incorporated by reference herein.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; width: 9%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Exhibit Number&#160;</b></p></td>
    <td style="width: 1%"><b>&#160;</b></td>
    <td style="border-bottom: Black 1.5pt solid; width: 90%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Description of Document&#160;</b></p></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>1.1</td>
    <td>&#160;</td>
    <td style="text-align: left"><a href="http://www.sec.gov/Archives/edgar/data/1221029/000119312517149012/d364208dex11.htm">Amended and Restated By-laws of the Registrant, as currently in effect, incorporated by reference to Exhibit 1.1 of the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on May 1, 2017 (File No. 001-35401)</a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left">2.1</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="http://www.sec.gov/Archives/edgar/data/1221029/000104746912000052/a2206783zex-4_2.htm">Registrant&#8217;s Form of American Depositary Receipt, incorporated by reference to Exhibit 4.1 to the Registrant&#8217;s Registration Statement on Form F-1 filed with the SEC on January 6, 2012 (File No. 333-178922)</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left">2.2</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="http://www.sec.gov/Archives/edgar/data/1221029/000104746912000052/a2206783zex-4_2.htm">Deposit Agreement dated January 19, 2012 among the Registrant, J.P. Morgan Chase N.A., as depositary, and the holders from time to time of American depositary shares issued thereunder, incorporated by reference to Exhibit 4.2 to the Registrant&#8217;s Registration Statement on Form F-1 filed with the SEC on January 6, 2012 (File No. 333-178922)</a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left">2.2A</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="http://www.sec.gov/Archives/edgar/data/1221029/000119380517000293/e615817_ex99-a2.htm">Amendment No. 1, dated as of February 21, 2017, to the Deposit Agreement dated as of February 7, 2012, among the Registrant, J.P. Morgan Chase Bank, N.A., as depositary, and all holders from time to time of American depositary receipts issued thereunder, incorporated by reference to the Registrant&#8217;s Registration Statement on Form F-6 filed with the SEC on February 21, 2017 (File No. 333-216152)</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left">2.2B</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="http://www.sec.gov/Archives/edgar/data/1221029/000119380520001495/e620117_ex99-a3.htm">Amendment No. 2, dated as of December 4, 2020, to the Deposit Agreement dated as of February 7, 2012, among the Registrant, J.P. Morgan Chase Bank, N.A., as depositary, and all holders from time to time of American depositary receipts issued thereunder, incorporated by reference to the Registrant&#8217;s Registration Statement on Form F-6 filed with the SEC on December 4, 2020 (File No. 333-216152)</a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left">2.3</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="http://www.sec.gov/Archives/edgar/data/1221029/000119312514169840/d714189dex23.htm">Indenture, dated as of February 8, 2013, among the Registrant, the Subsidiary Guarantors named therein and Deutsche Bank Trust Company Americas incorporated by reference to Exhibit 2.3 of the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on April 30, 2014 (File No. 001-35401)</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left">2.4</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="http://www.sec.gov/Archives/edgar/data/1221029/000161577419006749/s117247_ex2-4.htm">Local bond issuance agreement (Contrato Marco de Emisi&#243;n de Bonos Corporativos correspondiente al Segundo Programa de Bonos Corporativos de Cementos Pacasmayo S.A.A.) dated January 8, 2019, between Scotiabank Per&#250; S.A.A. as administrative agent and Cementos Pacasmayo S.A.A. as issuer (English summary of principal terms), providing for the issuance of up to S/1,000,000,000 in one or more series, and related issuances of series 1 in an aggregate principal amount of S/260,000,000 and series 2 in an aggregate principal amount of S/310 million, incorporated by reference to Exhibit 4.3 of the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on April 30, 2019 (File No. 001-35401)</a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left">2(d)</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/1221029/000121390020010732/f20f2019ex2d_cementos.htm">Description of securities registered under Section 12(d) of the Exchange Act incorporated by reference to Exhibit&#160;2(d) of the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on April 30, 2012 (File No. 001-35401)</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left">4.1</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/1221029/000104746912000052/a2206783zex-10_1.htm">Power Supply Agreement, dated June 3, 2010, between the Registrant and Electroper&#250; S.A., incorporated by reference to Exhibit 4.1 of the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on April 30, 2012 (File No. 001-35401)</a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left">4.2</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/1221029/000104746912000052/a2206783zex-10_2.htm">Contract of General Management and Provision of Services, dated December 31, 2007, between the Registrant and Inversiones ASPI S.A. (formerly Inversiones Pacasmayo S.A.), incorporated by reference to Exhibit 4.2 of the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on April 30, 2012 (File No. 001-35401)</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left">4.3</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/1221029/000104746912000052/a2206783zex-10_3.htm">Property Lease Agreement, dated June 30, 2008, between the Registrant and Inversiones ASPI S.A. (formerly Inversiones Pacasmayo S.A.), incorporated by reference to Exhibit 4.3 of the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on April 30, 2012 (File No. 001-35401)</a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left">4.4</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/1221029/000104746912000052/a2206783zex-10_4.htm">Surface Rights Agreement, dated February 1, 2008, between the Registrant and Compa&#241;&#237;a Minera Ares S.A.C., incorporated by reference to Exhibit 4.4 of the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on April 30, 2012 (File No. 001-35401)</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left">4.5</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="http://www.sec.gov/Archives/edgar/data/1221029/000121390020010732/f20f2019ex4-5_cementos.htm">Addendum, effective February 1, 2020, to the Power Supply Agreement, dated June 3, 2010, between the Registrant and Electroper&#250; S.A., incorporated by reference to Exhibit 4.5 of the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on May 1, 2020 (File No. 001-35401)</a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left">4.6</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/1221029/000121390022022283/f20f2021ex4-6_cementos.htm">Summary of Principal Terms for Equipment and Engineering supply contract between the Registrant and FL SMIDTTH A/S dated November 29, 2021, incorporated by reference to Exhibit 4.6 of the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on April 28, 2022 (File No. 001-35401)</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left">4.7</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/1221029/000121390022022283/f20f2021ex4-7_cementos.htm">Summary of Principal Terms for Construction and Assembly Contract between the Registrant and Ingenier&#237;a y Construcci&#243;n Sigdo Koppers Per&#250; S.A.C. dated February 16, 2022, incorporated by reference to Exhibit 4.7 of the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on April 28, 2022 (File No. 001-35401)</a></td></tr>
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    <td style="text-align: left"><a href="f20f2023ex8-1_cementos.htm">List of Subsidiaries</a></td></tr>
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<tr style="vertical-align: top; ">
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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</div><p style="text-align: left; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: left; margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Rule-Page --><div style="text-align: left; margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="text-align: left; font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="text-align: left; margin-top: 0; margin-bottom: 0"></p><div>


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.25in">*</td><td style="text-align: left">This certification will not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Exchange Act
(15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference
into any filing under the Securities Act or the Exchange Act, except to the extent that the Registrant specifically incorporates it by
reference.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->136<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The registrant hereby certifies
that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this
annual report on Form 20-F on its behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CEMENTOS PACASMAYO S.A.A.</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%">&#160;</td>
    <td style="width: 4%">&#160;</td>
    <td style="width: 36%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Humberto Nadal Del Carpio<br/>
 Chief Executive Officer &#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April 27, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Cementos Pacasmayo S.A.A. and Subsidiaries</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Consolidated financial statements as of December 31, 2022
and 2021 and<br/>
 for the years ended December 31, 2022, 2021 and 2020, together with<br/>
 the Report of Independent Registered Accounting Firm</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>


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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">Cementos Pacasmayo S.A.A. and Subsidiaries</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Consolidated financial statements as of December 31, 2022 and 2021
and for the years ended December 31, 2022, 2021 and 2020, together with the Report of Independent Registered Accounting Firm</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 90%; font-weight: bold">Contents</td> <td style="text-align: center; width: 10%">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"><a href="#f_001">Report of Independent Registered Accounting Firm (PCAOB ID:<ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">1315</ix:nonNumeric>)</a></td> <td style="text-align: center">F-2</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold">&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Consolidated financial statements</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold">&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><a href="#f_002">Consolidated statement of financial position</a></td> <td style="text-align: center">F-4</td></tr> <tr style="vertical-align: bottom; "> <td><a href="#f_003">Consolidated statement of profit or loss</a></td> <td style="text-align: center">F-5</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><a href="#f_004">Consolidated statement of other comprehensive income (loss)</a></td> <td style="text-align: center">F-6</td></tr> <tr style="vertical-align: bottom; "> <td><a href="#f_005">Consolidated statement of changes in equity</a></td> <td style="text-align: center">F-7</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><a href="#f_006">Consolidated statement of cash flows</a></td> <td style="text-align: center">F-8</td></tr> <tr style="vertical-align: bottom; "> <td><a href="#f_007">Notes to the consolidated financial statements</a></td> <td style="text-align: center">F-9</td></tr> </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><div><a id="f_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Report of Independent Registered Public Accounting
Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Board of Directors and Shareholders of
Cementos Pacasmayo S.A.A. and subsidiaries</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Opinion on the Financial Statements</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have audited the accompanying consolidated statements of financial
position of Cementos Pacasmayo S.A.A. and subsidiaries (the Company) as of December 31, 2022 and 2021, and the related consolidated statements
of profit or loss, other comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended
December 31, 2022, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). In our opinion,
the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as
of December 31, 2022 and 2021, and the consolidated results of its operations and its cash flows for each of the three years in the period
ended December 31, 2022, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting
Standards Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States) (PCAOB) the Company&#8217;s internal control over financial reporting as of December
31, 2022, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (2013 framework) and our report dated April 27, 2023 expressed an unqualified opinion thereon.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These consolidated financial statements are the responsibility of the
Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s consolidated financial statements based
on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements
are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material
misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for
our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Critical Audit Matter</i></p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The critical audit matter communicated below is a matter arising from
the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee
and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially
challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on
the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a
separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As disclosed in Note 7(c) to the consolidated financial statements,
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    taxation authorities have challenged the tax treatment applied by the Company during 2008 and 2009 under the royalty law for metallic
    and non-metallic mining activity in Peru. As of December 31, 2022, the Company has recognized an income tax receivable for an amount of
    S/28,922,000, resulting from payments made to the taxation authorities as part of the tax claim process in Peru but for which the Company
    is disputing the validity of the taxation authorities&#8217; assessment. The Company has recorded and disclosed the tax receivable, as
    management has concluded that the amounts paid to date are recoverable under IFRS based upon the technical merits of the income tax positions
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Uncertainty in a tax position may arise where there is an uncertainty
    as to the meaning of the tax law, or the applicability of the tax law (General Mining Law) to a particular transaction, or both. The Company
    uses significant judgment to determine whether, based on the technical merits, a tax position is more likely than not to be sustained
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    is resolved, requires a high degree of auditor judgment and significant audit effort due to its complexity and the judgment used by the
    Company in the assessment based on interpretations of the income tax legislation and legal rulings in Peru of royalty law for metallic
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  <tr style="vertical-align: top">
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our audit procedures included, among others, evaluating the assumptions
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, we involved our tax subject matter professionals to assess
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">/s/
<ix:nonNumeric contextRef="c0" name="dei:AuditorName">Tanaka, Valdivia &amp; Asociados Sociedad Civil de Responsabilidad Limitada</ix:nonNumeric></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A member practice of</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ernst &amp; Young Global Limited</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&#8217;s auditor since 2002.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation">Lima, Peru</ix:nonNumeric>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 27, 2023</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><div>


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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">Cementos Pacasmayo S.A.A. and Subsidiaries</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Consolidated statement of financial position</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">As of December 31, 2022 and 2021</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

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    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: center">7</td><td>&#160;</td>
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    <td style="text-align: center">31</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in">Total assets</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Current liabilities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">14</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">16</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherFinancialLiabilities" scale="3" unitRef="pen">618,907</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherFinancialLiabilities" scale="3" unitRef="pen">450,964</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">13</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="pen">2,005</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="pen">1,856</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Income tax payable</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilitiesCurrent" scale="3" unitRef="pen">16,340</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilitiesCurrent" scale="3" unitRef="pen">17,517</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Provisions</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">15</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentProvisions" scale="3" unitRef="pen">31,333</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentProvisions" scale="3" unitRef="pen">24,269</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" unitRef="pen">953,139</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" unitRef="pen">722,160</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Non-current liabilities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Financial obligations</td><td>&#160;</td>
    <td style="text-align: center">16</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" scale="3" unitRef="pen">974,264</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" scale="3" unitRef="pen">1,094,391</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Lease liabilities</td><td>&#160;</td>
    <td style="text-align: center">13</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="pen">2,350</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="pen">3,973</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Provisions</td><td>&#160;</td>
    <td style="text-align: center">15</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherLongtermProvisions" scale="3" unitRef="pen">47,638</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherLongtermProvisions" scale="3" unitRef="pen">36,639</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Deferred income tax liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">17</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="pen">141,635</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="pen">148,804</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Total non-current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="pen">1,165,887</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="pen">1,283,807</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Total liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Liabilities" scale="3" unitRef="pen">2,119,026</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Liabilities" scale="3" unitRef="pen">2,005,967</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-indent: -0.125in; padding-left: 0.125in">Equity</td><td>&#160;</td>
    <td style="text-align: center">18</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Capital stock</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapital" scale="3" unitRef="pen">423,868</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapital" scale="3" unitRef="pen">423,868</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Investment shares</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:SharePremium" scale="3" unitRef="pen">40,279</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:SharePremium" scale="3" unitRef="pen">40,279</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Investment shares held in treasury</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TreasuryShares" scale="3" unitRef="pen">121,258</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TreasuryShares" scale="3" unitRef="pen">121,258</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Additional paid-in capital</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionalPaidinCapital" scale="3" unitRef="pen">432,779</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionalPaidinCapital" scale="3" unitRef="pen">432,779</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Legal reserve</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherReserves" scale="3" unitRef="pen">168,636</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherReserves" scale="3" unitRef="pen">168,636</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Other accumulated comprehensive loss</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AccumulatedOtherComprehensiveIncome" scale="3" sign="-" unitRef="pen">17,787</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AccumulatedOtherComprehensiveIncome" scale="3" sign="-" unitRef="pen">20,094</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of these consolidated financial
statements.</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt"></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">Cementos Pacasmayo S.A.A. and Subsidiaries</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Consolidated statement of profit or loss</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">For the years ended December 31, 2022, 2021 and
2020</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt"></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">Cementos Pacasmayo S.A.A. and Subsidiaries</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Consolidated statement of other comprehensive income (loss)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">For the years ended December 31, 2022, 2021 and
2020</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The
accompanying notes are an integral part of these consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>


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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">Cementos Pacasmayo S.A.A. and Subsidiaries</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Consolidated statement of changes in equity</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">For the years ended December 31, 2022, 2021 and
2020</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Dividends, note 18(g)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-29">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Profit for the year</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-36">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-37">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-38">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-39">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-40">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-41">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-43">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-44">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-46">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Total comprehensive income</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-50">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-51">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-52">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-61">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-62">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-63">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-64">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-65">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-68">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-69">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-70">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-72">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Total comprehensive income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-73">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-74">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-75">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-76">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Dividends, note 18(g)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  </table><div>





</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-decoration: none">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-decoration: none">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 147; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-decoration: none">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">Cementos Pacasmayo S.A.A. and Subsidiaries</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-decoration: none">&#160;</span></p><div>

</div><div><a id="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Consolidated statement of cash flows</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">For the years ended December 31, 2022, 2021 and
2020</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-decoration: none">&#160;</span></p><div>

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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" scale="3" unitRef="pen">60,571</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Interest received</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Interest paid</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestPaidClassifiedAsOperatingActivities" scale="3" unitRef="pen">80,573</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Income tax paid</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 5.4pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" scale="3" unitRef="pen">94,163</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" scale="3" unitRef="pen">55,401</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 5.4pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" unitRef="pen">111,819</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" unitRef="pen">170,562</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" unitRef="pen">331,365</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Investing activities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Purchase of property, plant and equipment</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="pen">162,785</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Purchase of intangible assets</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Loans granted</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" scale="3" unitRef="pen">141</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Loan to related party</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">27</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cash flow proceeds from sale of property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="pen">2,664</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="pen">4,634</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Proceeds from loans</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="cpac:ProceedLoansGranted" scale="3" unitRef="pen">149</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="cpac:ProceedLoansGranted" scale="3" unitRef="pen">524</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="cpac:ProceedLoansGranted" scale="3" unitRef="pen">3,697</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Collection of loans from related parties</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">27</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-90">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" scale="3" unitRef="pen">17,121</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-91">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Opening of term deposits with original maturity greater than 90 days</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="cpac:OpeningOfTermDepositsWithOriginalMaturityGreater" scale="3" unitRef="pen">208,990</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Redemption of term deposits with original maturity greater than 90 days</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 5.4pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="cpac:RedemptionOfTermDepositsWithOriginalMaturityGreater" scale="3" unitRef="pen">208,990</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Net cash flows used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 5.4pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="pen">176,188</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="pen">91,824</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="pen">48,421</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 6pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 6pt">&#160;</span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 5.4pt"><span style="font-size: 6pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 6pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 6pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 6pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 6pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 6pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 6pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Financing activities</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Payment of bank loans</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">30</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="cpac:PaidLoan" scale="3" sign="-" unitRef="pen">448,984</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="cpac:PaidLoan" scale="3" sign="-" unitRef="pen">674,463</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Dividends paid</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">30</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" scale="3" unitRef="pen">179,820</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" scale="3" unitRef="pen">336,821</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" scale="3" unitRef="pen">143,623</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Payment for hedging instrument</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">30</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="3" unitRef="pen">15,390</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="3" unitRef="pen">15,214</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="3" unitRef="pen">15,685</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Lease payments</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">13</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="cpac:LeasePayments" scale="3" unitRef="pen">2,511</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="cpac:LeasePayments" scale="3" unitRef="pen">2,419</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="cpac:LeasePayments" scale="3" unitRef="pen">1,669</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Bank loans received</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">30</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="cpac:LoanReceived" scale="3" sign="-" unitRef="pen">525,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="cpac:LoanReceived" scale="3" sign="-" unitRef="pen">220,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="cpac:LoanReceived" scale="3" sign="-" unitRef="pen">791,270</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Dividends returned</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">30</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="cpac:DividendsReturned" scale="3" unitRef="pen">229</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="cpac:DividendsReturned" scale="3" unitRef="pen">481</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="cpac:DividendsReturned" scale="3" unitRef="pen">321</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cash flow from settlement of derivative financial instruments</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-97">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="cpac:IncomeFromSettlementOfDerivativeFinancialInstruments" scale="3" sign="-" unitRef="pen">3,879</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-98">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Payment of bank overdraft</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-99">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="pen">70,921</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Proceeds from bank overdraft</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 5.4pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-101">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-102">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="pen">70,921</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Net cash flows used in financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 5.4pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-decoration: none">&#160;</span></p><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-decoration: none">&#160;</span></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt">Cementos Pacasmayo S.A.A. and Subsidiaries</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><div><a id="f_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Notes to the consolidated financial statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">As of December 31, 2022, 2021 and 2020</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 0.5in">1.</td><td>Corporate information</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_2" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0in"><ix:nonNumeric contextRef="c0" name="cpac:DescriptionOfSharesReceivedUponSpinOff">Cementos Pacasmayo S.A.A. (hereinafter &#8220;the Company&#8221;)
was incorporated in 1957 and, under the Peruvian General Corporation Law, is an open stock corporation, its shares are listed in the Lima
and New York Stock Exchange.</ix:nonNumeric> The Company is a subsidiary of Inversiones ASPI S.A., which holds <ix:nonFraction contextRef="c64" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c65" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c66" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50.01</ix:nonFraction></ix:nonFraction></ix:nonFraction> percent of the Company&#8217;s common
shares as of December 31, 2022, 2021 and 2020. The Company&#8217;s registered address is Calle La Colonia No.150, Urbanizaci&#243;n
El Vivero, Santiago de Surco, Lima, Peru. All the subsidiaries are domiciled and operate in Peru.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_3" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0in">The Company&#8217;s main activity is the production and marketing
of cement, precast, concrete and quicklime in La Libertad region of the northern of Peru.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_4" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0in">The issuance of the consolidated
financial statements of the Company and its subsidiaries (hereinafter &#8220;the Group&#8221;) for the year ended December 31, 2022 were
approved by the General Shareholders&#8217; Meeting on March 24, 2023. The consolidated financial statements as of December 31, 2021 and
for the year then that date were approved by the General Shareholders&#8217; Meeting on March 29, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_5" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0in">For the years ended December 31,
2022, 2021 and 2020, the consolidated financial statements comprise the financial statements of the Company and its subsidiaries: Cementos
Selva S.A.C. and subsidiaries, Distribuidora Norte Pacasmayo S.R.L., Empresa de Transmisi&#243;n Guadalupe S.A.C., Salmueras Sudamericanas
S.A., Calizas del Norte S.A.C. (liquidated during 2022), Soluciones Takay S.A.C. and 150Krea Inc. To these dates, the Company maintains
a <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfVotingRightsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">100</ix:nonFraction> percent interest in all its subsidiaries.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_6" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0in">The main activities of the subsidiaries incorporated in the
consolidated financial statements are described as follows:</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p></ix:continuation><div>

</div><div>

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<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>-</b></span></td><td>Cementos Selva S.A.C. is engaged in production and marketing of cement and other construction materials in the northeast region of
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of Peru, which also produces and sells precast, cement bricks and ready-mix concrete) and in Acu&#237;cola Los Paiches S.A.C. (a fish
farm entity).</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_8" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_9" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>-</b></span></td><td>Empresa de Transmisi&#243;n Guadalupe S.A.C. is mainly engaged in providing electric energy transmission services to the Company.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

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to this project of Salmueras.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_11" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>-</b></span></td><td>Calizas del Norte S.A.C. On May 31, 2016, the Company decided to liquidate the subsidiary Calizas del Norte S.A.C. Thjs liquidation
was completed during 2022.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_12" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>-</b></span></td><td>Soluciones Takay S.A.C., entity constituted on March 29, 2019 whose corporate purpose is to provide advisory services and information,
promotion, acquisition and intermediation services for the management and development of real estate projects by natural and/or legal
persons.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_13" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>-</b></span></td><td>150Krea Inc., entity constituted on June 3, 2021 whose corporate purpose is the lease of intangible assets.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_14" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">1.1</td><td>COVID 19 -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_15" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0in">COVID<span style="font-family: Times New Roman, Times, Serif">-</span>19,
an infectious disease caused by a new virus, was declared a world<span style="font-family: Times New Roman, Times, Serif">-</span>wide
pandemic by the World Health Organization (&#8220;WHO&#8221;) on March 11, 2020.The measures to slow the spread of COVID<span style="font-family: Times New Roman, Times, Serif">-</span>19
have had a significant impact on the global economy.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_16" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0in">On March 15, 2020, the Peruvian government declared a nationwide
state of emergency, effectively shutting down all business considered non-essential (with exception of food production and commercialization,
pharmaceuticals and health). As a result, since that date, the Company shut-down its three production plants until the Peruvian government
allowed it to restart production and commercial activities on May 20, 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_17" id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0in">During the halt period, the Company was unable to generate
revenues; however, it largely returned to the operating levels prior to the shut-down as of the month of August 2020. The Group has prepared
the consolidated financial statements for the financial years ended December 31, 2022, 2021 and 2020 on a going concern basis, which assumes
continuity of current business activities and the realization of assets and settlement of liabilities in the ordinary course of business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0in">Through Supreme Decree No. 130-2022-PCM published on October
27, 2022, the Government formalized the end of the state of national emergency that was declared in 2020.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 0.5in">2.</td><td>Significant accounting policies</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">2.1</td><td><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory">Basis of preparation &#8211;</ix:nonNumeric></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_2" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0in">The consolidated financial statements of
the Group have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting
Standards Board (IASB).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_3" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0in">The consolidated financial statements have
been prepared on a historical cost basis, except for financial instruments designated at fair value through other comprehensive income
(OCI) and derivative financial instruments that have been measured at fair value. The carrying values of recognized assets and liabilities
that are designated as hedged items in fair value hedges that would otherwise be carried at amortized cost are adjusted to record changes
in fair value attributable to the risks that are being hedged in effective hedge relationships. The consolidated financial statements
are presented in Soles and all values are rounded to the nearest thousand (S/000), except when otherwise indicated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><ix:continuation id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0in">The consolidated financial statements provide
comparative information in respect of the previous period or periods. There are certain standards and amendments applied for the first
time by the Group during 2022 that did not require the restatement of previous financial statements, as explained in note 2.3.19.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 150; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">2.2</td><td><ix:nonNumeric contextRef="c0" continuedAt="cpac_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_1" escape="true" name="cpac:DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory">Basis of consolidation -</ix:nonNumeric></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><ix:continuation continuedAt="cpac_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_2" id="cpac_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0in">The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2022 and
2021 and for the years ended December 31, 2022, 2021 and 2020. Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically,
the Group controls an investee if and only if it has: (i) power over the investee (i.e. existing rights that give it the current ability
to direct the relevant activities of the investee), (ii) exposure, or rights, to variable returns from its involvement with the investee,
and (iii) the ability to use its power over the investee to affect its returns.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><ix:continuation continuedAt="cpac_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_3" id="cpac_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0in">The Group reassesses whether or not it controls
an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation
of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets,
liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements
from the date the Group gains control until the date the Group ceases to control the subsidiary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><ix:continuation continuedAt="cpac_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_4" id="cpac_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0in">Profit or loss and each component of OCI
are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling
interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting
policies into line with the Group&#180;s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash
flows relating to transactions between members of the Group are eliminated in full on consolidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:continuation id="cpac_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0in">A change in the ownership interest of a subsidiary,
without a loss of control, is accounted for as an equity transaction.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">2.3</td><td>Summary of significant accounting policies -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.1</td><td>Cash and cash equivalents -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:continuation id="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Cash and cash equivalents presented in the
statement of financial position and statement of cash flows comprise cash at banks and on hand and short-term deposits with an original
maturity of three months or less.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.2</td><td><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory">Financial instruments-initial recognition and subsequent measurement &#8211;</ix:nonNumeric></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">A financial instrument is any contract that
gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">(i)</td><td>Financial assets -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">  Initial recognition and measurement -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial assets are classified at initial
recognition as measured at amortized cost, fair value through OCI or fair value through profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group&#8217;s financial assets include cash and cash equivalents,
commercial and other receivables, available-for-sale financial investments and derivative financial instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 151; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-style: normal; font-weight: normal">Notes to the consolidated
financial statements (continued)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">  Subsequent measurement -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">For purposes of subsequent measurement, financial
assets are classified into the following categories:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>Financial assets at amortized cost (debt instruments).</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>

<tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments).</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>

<tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>Financial assets designated at fair value through OCI without recycling of cumulative gains and losses upon derecognition (equity
instruments).</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>

<tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>Financial assets at fair value through profit or loss.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The classification depends on the business
model of the Company and the contractual terms of the cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial assets at amortized cost (debt
instruments) -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group measures financial assets at amortized
cost if both of the following conditions are met:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>The financial asset is held within a business model with the objective to collect contractual cash flows and not sale or trade it,
and,</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial assets at amortized cost are subsequently
measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when
the asset is derecognized, modified or impaired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial assets are not reclassified after
their initial recognition, except if the Group changes its business model for its management.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">As of December 31, 2022 and 2021 the Group
held trade and other receivables in this category.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial assets at fair value through OCI
(debt instruments) <i>&#8211;</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group measures debt instruments at fair
value through OCI if both of the following conditions are met: </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling,
and</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>

<tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group does not have debt instruments
classified in this category.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm"></p><div>

</div><!-- Field: Page; Sequence: 152; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm"><i>&#160;</i></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial assets at fair value through OCI
(equity instruments) -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Upon initial recognition, the Group can elect
to irrevocably classify its equity investments as equity instruments designated at fair value through OCI when they meet the definition
of equity and are not held for trading. The classification is determined on an instrument-by-instrument basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Gains and losses on these financial assets
are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment
has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which
case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_24" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">As of December 31, 2022 and 2021 the Group
elected to classify irrevocably its non-listed equity investments under this category, see note 9.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_25" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial assets at fair value through profit
or loss -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_26" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial assets at fair value through profit
or loss include financial assets held for trading assets, assets from derivative financial instruments at fair value through profit or
loss, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required
to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing
in the near term. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured
at fair value through profit or loss, irrespective of the business model.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_27" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial assets at fair value through profit
or loss are carried in the statement of financial position at fair value and net changes in such fair value are presented as Financial
Costs (net negative changes in fair value) or Financial Income (net positive changes in fair value) in the consolidated statement of profit
or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_28" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">As of December 31,2022 and 2021, the Group
held derivative financial instruments classified at fair value through profit or loss classified in this category.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_29" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Derecognition -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_30" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">A financial asset (or, where applicable,
a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group&#8217;s
consolidated statement of financial position) when:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_31" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_30"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 2in"></td><td style="width: 0.5in; text-align: left">(i)</td><td style="text-align: justify">The rights to receive cash flows from the asset have expired,
or</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_32" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_31"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">(ii)</td><td>The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows
in full without material delay to a third party under a &#8216;pass-through&#8217; arrangement<span style="font-family: Times New Roman, Times, Serif">&#894;</span>
and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm"></p><div>

</div><!-- Field: Page; Sequence: 153; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_33" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">When the Group has transferred its rights
to receive cash flows from an asset or has entered a pass-through arrangement, it evaluates if, and to what extent, it has retained the
risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor
transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continuing involvement.
In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a
basis that reflects the rights and obligations that the Group has retained.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_34" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Continuing involvement that takes the form
of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount
of consideration that the Group could be required to repay.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_35" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_34"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">(ii)</td><td>Impairment of financial assets -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_36" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group recognizes an allowance for expected
credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between
the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at
an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral
held or other credit enhancements that are integral to the contractual terms.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_37" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">ECLs are recognized in two stages. For credit
exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there
has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over
the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_38" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">For trade receivables and contract assets,
the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_39" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group considers a financial asset in
default when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be
in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in
full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable
expectation of recovering the contractual cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_40" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_39"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">(iii)</td><td>Financial liabilities -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_41" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Initial recognition and measurement -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_42" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial liabilities are classified at initial
recognition as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated
as hedging instruments in an effective hedge, as appropriate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_43" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">All financial liabilities are recognized
initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_44" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group&#8217;s financial liabilities include
trade and other payables, interest-bearing loans and borrowings.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 154; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-style: normal; font-weight: normal">Notes to the consolidated
financial statements (continued)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_45" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Subsequent measurement -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_46" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The subsequent measurement of financial liabilities
depends on their classification, as described below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_47" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in"><i>Financial liabilities at fair value through
profit or loss -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_48" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial liabilities at fair value through
profit or loss include financial liabilities held for trading, derivative financial instruments at fair value through profit or loss and
financial liabilities designated upon initial recognition as at fair value through profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_49" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial liabilities are classified as held
for trading if they are incurred for the purpose of repurchasing in the near term; gains or losses on liabilities held for trading are
recognized in the statement of profit or loss. This category also includes derivative financial instruments entered by the Group that
are not designated as hedging instruments in hedge relationships as defined by IFRS 9 &#8211; Financial Instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_50" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial liabilities designated upon initial
recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9
are satisfied.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_51" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">For the years ended December 31, 2022 and
2021, the Group does not have instruments classified in this category.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_52" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in"><i>Loans and borrowings -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_53" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">After their initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated
statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_54" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_53"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Amortized cost is calculated by considering
any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance
costs in the consolidated statement of profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_55" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_54"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">As of December 31, 2022 and 2021, the Group
includes trade and other payables and financial liabilities in this category, for more information refer to notes 14 and 16.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_56" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_55"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Derecognition -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_57" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_56"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">A financial liability is derecognized when
the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another
from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange
or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amount is recognized in the consolidated statement of profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_58" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_57"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">(iv)</td><td>Offsetting of financial instruments -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_59" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_58"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Financial assets and liabilities are offset
and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to
offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 155; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Notes to the consolidated
financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_60" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_59"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">(v)</td><td>Derivative financial instruments and hedge accounting &#8211;</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_61" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_60"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Initial recognition and subsequent measurement:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_62" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_61"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group uses derivative financial instruments,
cross currency swaps, to hedge its foreign currency exchange rate risk. These derivative financial instruments are initially recognized
at their fair values on the date on which the derivative contract is entered into and subsequently are remeasured at their fair value.
Derivatives are accounted for as financial assets when their fair value is positive and as financial liabilities when their fair value
is negative.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_63" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_62"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">For the purpose of hedge accounting, hedges
are classified as:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_64" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_63"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm
commitment.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>

<tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>

<tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>Hedges of a net investment in a foreign operation.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_65" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_64"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">At the inception of a hedge relationship,
the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_66" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_65"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The documentation includes identification
of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess the effectiveness
of changes in the hedging instrument&#8217;s fair value in offsetting the exposure to changes in the hedged item&#8217;s fair value or
cash flows attributable to the hedged risk. Such hedges expect to be highly effective in achieving offsetting changes in fair value or
cash flows and are assessed on an ongoing basis to determine that they have been highly effective throughout the financial reporting periods
for which they were designated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_67" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_66"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">A hedging relationship qualifies for
hedge accounting if it meets all the following effectiveness requirements:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_68" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_67"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>There is &#8216;an economic relationship between the hedged item and the hedging instrument.</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>The effect of credit risk does not dominate the value changes that result from that economic relationship.</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group hedges
and the quantity of the hedging instrument that the Group uses to hedge that quantity of hedged item.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_69" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_68"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Hedges that meet all the qualifying
criteria for hedge accounting are recorded as cash flow hedges, see note 31(a).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 156; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Notes to the consolidated
financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_70" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_69"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Cash flow hedges</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_71" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_70"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Any gains or losses arising from changes
in the fair value of derivatives is taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized
in OCI and later reclassified to profit or loss when the hedged item affects profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_72" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_71"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">For any other cash flow hedges, the amount
accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged
cash flows affect profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_73" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_72"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">In the case that the cash flow hedge is discontinued,
the amount accumulated in OCI must remain in OCI if the hedged cash flows are still expected to occur. Otherwise, the amount will be immediately
reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the hedged cash flows are recognized, any
amount that remains in OCI must be recorded considering the nature of the underlying transaction.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_74" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_73"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">(vi)</td><td>Fair value measurement -</td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_75" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_74"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group measures financial instruments
such as derivatives, and equity investments, at fair value at each period end.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_76" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_75"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair
value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_77" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_76"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>In the principal market for the asset or liability, or</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>

<tr style="vertical-align: top">
<td></td><td>-</td><td>In the absence of a principal market, in the most advantageous market for the asset or liability.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_78" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_77"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The principal or the most advantageous market
must be accessible by the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_79" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_78"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The fair value of an asset or a liability
is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants
act in their economic best interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_80" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_79"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">A fair value measurement of a non-financial
asset takes into account a market participant&#8217;s ability to generate economic benefits by using the asset in its highest and best use or
by selling it to another market participant that would use the asset in its highest and best use.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_81" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_80"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group uses valuation techniques that
are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant
observable inputs and minimizing the use of unobservable inputs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 157; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Notes to the consolidated
financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_82" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_81"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">All assets and liabilities for which fair
value is measured or disclosed in the financial statements are categorized within the fair value accounting hierarchy, described as follows,
based on the lowest level input that is significant to the fair value measurement as a whole:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_83" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_82"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 2in"></td><td style="width: 0.5in">-</td><td>Level 1 &#8212; Quoted (unadjusted) market prices in active markets for identical assets or liabilities</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>

<tr style="vertical-align: top">
<td></td><td>-</td><td>Level 2 &#8212; Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly
or indirectly observable</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>

<tr style="vertical-align: top">
<td></td><td>-</td><td>Level 3 &#8212; Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_84" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_83"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">For assets and liabilities that are recognized
in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in
the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole)
at the end of each reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_85" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_84"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group&#8217;s management determines the policies
and procedures for recurring and non-recurring fair value measurements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_86" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_85"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">At each reporting date, the Financial Management
analyzes the changes in the values of the assets and liabilities that must be measured or determined on a recurring and non-recurring
basis according to the Group&#8217;s accounting policies. For this analysis, Management contrasts the main variables used in the latest assessments
made with updated information available from valuations included in contracts and other relevant documents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_87" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_86"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">Management also compares the changes in the
fair value of each asset and liability with the relevant external sources to determine whether the change is reasonable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_87"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">For purposes of disclosure of fair value,
the Group has determined classes of assets and liabilities based on the inherent nature, characteristics and risks of each asset and liability,
and the level of the fair value accounting hierarchy as explained above, see note 31(b).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.3</td><td>Foreign currencies -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The functional and presentation currency
for the consolidated financial statements of the Group is soles, which is also the functional currency for its subsidiaries.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Transactions and balances</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Transactions in foreign currencies are initially
recorded at their respective functional currency spot rates at the date the transaction first qualifies for recognition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Monetary assets and liabilities denominated
in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement
or translation of monetary items are recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106"><ix:continuation id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Non-monetary items that are measured in terms
of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 158; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Notes to the consolidated
financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.4</td><td>Inventories -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_2" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Inventories are valued at the lower of cost
or net realizable value. Costs incurred in bringing each product to its present location and conditions are accounted for as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_3" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Raw materials and supplies</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_4" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>-</b></span></td><td>Cost is determined using the weighted average method.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_5" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Finished goods and work in progress</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_6" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>-</b></span></td><td>Cost of direct materials and supplies, services provided by third parties, direct labor and a proportion of manufacturing overheads
is based on normal operating capacity, excluding borrowing costs and exchange currency differences.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_7" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Inventory in transit</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_8" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>-</b></span></td><td>Cost.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115"><ix:continuation id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Net realizable value is the estimated selling
price in the ordinary course of business, less estimated cost of completion and the estimated costs of inventory necessary to make the
sale.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.5</td><td>Borrowing costs -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Borrowing costs directly attributable to
the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period in which
they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118"><ix:continuation id="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Where the funds used to finance a project
form part of general borrowings, the amount capitalized is calculated using a weighted average of interest rates applicable to relevant
general borrowings of the Group during the period. All other borrowing costs are recognized in the consolidated statement of profit or
loss in the period in which they are incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.6</td><td>Leases -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The Group assesses at contract inception
whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for
a period of time in exchange for consideration.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Group as a lessee:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The Group applies a single recognition and
measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use assets representing the right to use the underlying assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">i)</td><td>Right-of-use assets</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group recognizes right-of-use assets
at the commencement date of the lease (the date the underlying asset is available for use). Right-of-use assets are measured at cost,
less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement
date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term
or the estimated useful lives of the assets, unless the ownership of the leased asset transfers to the Group at the end of the lease term
or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The leased
assets correspond to motorized vehicles whose useful life is <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric> years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm"></p><div>

</div><!-- Field: Page; Sequence: 159; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Notes to the consolidated
financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -1cm">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">The right-of-use assets are subject to impairment assessment.
Refer to accounting policies in note 2.3.12.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">ii)</td><td>Lease liabilities</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">At the commencement date of the lease, the
Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend
on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable lease payments that do not depend on
an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">In calculating the present value of lease
payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease
is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest
and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification,
a change in the lease term, a change in the assessment of an option to purchase the underlying asset, a change in the amounts expected
to be paid under residual value guarantee or changes to future payments resulting from a change in an index or rate used to determine
such lease payments</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group&#8217;s lease liabilities are included
in &#8220;lease liabilities&#8221; in the consolidated statement of financial position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">iii)</td><td>Short-term leases and leases of low-value assets</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2in; text-indent: 0in">The Group applies the short-term lease recognition
exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases
of office equipment that are considered to be low value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Group as a lessor:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133"><ix:continuation id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Leases in which the Group does not transfer
substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income is accounted for on
a straight-line basis over the lease terms and is included in other income in the statement of profit or loss due to its operating nature.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and
recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they
are earned.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.7</td><td><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">Property, plant and equipment -</ix:nonNumeric></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Property, plant and equipment is stated at
cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Such cost includes the cost of replacing component
parts of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met
(see note 2.3.5). The capitalized value of a finance lease is also included within property, plant and equipment. When significant parts
of plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful
lives and depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is
recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair
and maintenance costs are recognized in profit or loss as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The present value of the expected cost for
the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision
are met. Refer to significant accounting judgments, estimates and assumptions (note 3) and quarry rehabilitation cost provisions (note
15).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 160; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Notes to the consolidated
financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Depreciation of assets is determined using
the straight-line method over the estimated useful lives of such assets as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Mills and horizontal furnaces</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt"><ix:nonNumeric contextRef="c70" name="cpac:UsefulLivesOrDepreciationRatePropertyPlantAndEquipment">Between 24 and 45</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-left: 5.4pt"><ix:nonNumeric contextRef="c72" name="cpac:UsefulLivesOrDepreciationRatePropertyPlantAndEquipment">Between 10 and 35</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Heavy units</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt"><ix:nonNumeric contextRef="c74" name="cpac:UsefulLivesOrDepreciationRatePropertyPlantAndEquipment">Between 5 and 15</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Light units</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt"><ix:nonNumeric contextRef="c75" name="cpac:UsefulLivesOrDepreciationRatePropertyPlantAndEquipment">Between 5 and 10</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Computer equipment</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt"><ix:nonNumeric contextRef="c76" name="cpac:UsefulLivesOrDepreciationRatePropertyPlantAndEquipment">Between 3 and 10</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">Tools</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt"><ix:nonNumeric contextRef="c77" name="cpac:UsefulLivesOrDepreciationRatePropertyPlantAndEquipment">Between 5 and 10</ix:nonNumeric></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The asset&#8217;s residual value, useful
lives and methods of depreciation are reviewed at each reporting period and adjusted prospectively if appropriate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140"><ix:continuation id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">An item of property, plant and equipment
and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its
use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the consolidated statement of profit or loss when the asset is derecognized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.8</td><td><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForMiningRightsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForMiningRightsExplanatory">Mining concessions -</ix:nonNumeric></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMiningRightsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForMiningRightsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Mining concessions correspond to the exploration
rights in areas of interest acquired. Mining concessions are stated at cost, net of accumulated amortization and/or accumulated impairment
losses, if any, and are presented within the &#8220;Property, plant and equipment&#8221; caption of consolidated statement of financial
position. Those mining concessions are amortized following the straight-line method. In the event the Group abandons the concession, the
costs associated (see note 10(b)) are written-off in the consolidated statement of profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143"><ix:continuation id="_DescriptionOfAccountingPolicyForMiningRightsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">For the years ended December 31, 2022, 2021
and 2020, mining concessions of the Group correspond to areas that contain raw material necessary for cement production.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForStrippingCostsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.9</td><td>Quarry development costs and stripping costs -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForStrippingCostsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForStrippingCostsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Quarry development costs -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForStrippingCostsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForStrippingCostsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Quarry development costs incurred are stated
at cost and are the next step in development of quarries after the exploration and evaluation stage. Quarry development costs are, upon
commencement of the production phase, presented net of accumulated amortization and/or accumulated impairment losses, if any, and are
presented within the property, plant and equipment caption. The amortization is calculated using the straight-line method based on the
useful life of the quarry to which it relates. Expenditures that significantly increase the economic life of the quarry under exploitation
are capitalized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm"></p><div>

</div><!-- Field: Page; Sequence: 161; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForStrippingCostsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForStrippingCostsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Stripping costs -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0in 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForStrippingCostsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForStrippingCostsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Stripping costs incurred in the development
of a mine before production commences are capitalized as part of mine development costs and subsequently amortized over the life of the
mine on a units-of-production basis, using the proved reserves.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149"><ix:continuation id="_DescriptionOfAccountingPolicyForStrippingCostsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Stripping costs incurred subsequently
during the production phase of its operation are recorded as part of cost of production.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left">2.3.10</td><td style="text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory">Intangible assets</ix:nonNumeric></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Intangible assets acquired separately
are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the
date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated
impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure
is reflected in profit or loss in the period in which the expenditure is incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The useful lives of intangible assets
are assessed as either finite or indefinite.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Intangible assets with finite lives are
amortized over the economic useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.
The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end
of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied
in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates.
The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss in the expense category
that is consistent with the function of the intangible assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The Group&#8217;s intangible assets with
finite useful lives are amortized over an average term of <ix:nonNumeric contextRef="c0" format="ixt-sec:durwordsen" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill">ten years</ix:nonNumeric>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Intangible assets with indefinite useful
lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment
of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful
life from indefinite to finite is made on a prospective basis. As of December 31, 2022 and 2021, the Company maintains as intangible assets
with an indefinite useful life of a brand it acquired in 2018.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Any gain or loss arising upon derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the
statement of profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 162; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Exploration and evaluation assets -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Exploration and evaluation activity involve
the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified
resource. Exploration and evaluation activity include:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">-</td><td>Researching and analyzing historical exploration data.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                               </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">-</td><td>Gathering exploration data through geophysical studies.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">-</td><td>Exploratory drilling and sampling.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                           </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">-</td><td>Determining and examining the volume and grade of the resource.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                        </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">-</td><td>Surveying transportation and infrastructure requirements.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                  </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">-</td><td>Conducting market and finance studies.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 113.4pt; text-indent: -28.35pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">License costs paid in connection with
a right to explore in an existing exploration area, are capitalized and amortized over the term of the license.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: -28.35pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Once the legal right to explore has been
acquired, exploration and evaluation costs are charged to the consolidated statement of profit or loss, unless management concludes that
a future economic benefit is more likely than not to be realized, in which case such costs are capitalized, see note 11(b). These costs
include directly attributable employee remuneration, materials and fuel used, surveying costs, drilling costs and payments made to contractors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">In evaluating if costs meet the criteria
to be capitalized, several different sources of information are used, including the nature of the assets, extension of the explored area
and results of sampling, among others. The information that is used to determine the probability of future benefits depends on the extent
of exploration and evaluation that has been performed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Exploration and evaluation costs are
capitalized when the exploration and evaluation activity is within an area of interest for which it is expected that the costs will be
recouped by future exploitation and active and significant operations in relation to the area are continuing or planned for the future.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The main estimates and assumptions the
Group uses to determine whether it is likely that future exploitation will result in future economic benefits include: expected operational
costs, committed capital expenditures, expected mineral prices and mineral resources found. For this purpose, the future economic benefit
of the project can reasonably be regarded as assured when mine-site exploration is being conducted to confirm resources, mine-site exploration
is being conducted to convert resources to reserves or when the Group is conducting a feasibility study, based on supporting geological
information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 63.8pt; text-indent: -35.45pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">As the capitalized exploration and evaluation
costs asset is not available for use, it is not amortized. These exploration costs are transferred to mine development assets once the
work completed to date supports the future development of the property and such development receives appropriate approvals. In this phase,
the exploration costs are amortized in accordance with the estimated useful life of the mining property from the time the commercial exploitation
of the reserves begins. All capitalized exploration and evaluation costs are monitored for indications of impairment. Where a potential
impairment indicator is identified, an assessment is performed for each area of interest in conjunction with the group of operating assets
(representing a cash generating unit) to which the exploration is attributed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 163; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Exploration areas in which resources
have been discovered but require major capital expenditure before production can begin, are continually evaluated to ensure that commercial
quantities of resources exist or to ensure that additional exploration work is under way or planned. To the extent that a capitalized
expenditure is no longer expected to be recovered it is charged to the consolidated statement of profit or loss. The Group assesses at
each reporting date whether there is an indication that exploration and evaluation assets may be impaired, see note 11(c). The following
facts and circumstances are considered in this assessment:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 63.8pt; text-indent: -35.45pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_22"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">(i)</td><td>the period for which the entity has the right to explore in the specific area has expired during the period or will expire in the
near future, and is not expected to be renewed.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                         </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_24" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_23"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">(ii)</td><td>substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor
planned.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                  </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_25" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_24"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">(iii)</td><td>exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities
of mineral resources and the entity has decided to discontinue such activities in the specific area.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                              </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175"><ix:continuation id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_25"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.5in"></td><td style="width: 0.5in">(iv)</td><td>sufficient data exists to indicate that, although development in the specific area is likely to proceed, the carrying amount of the
exploration and evaluation asset is unlikely to be recovered in full through successful development or by sale.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.11</td><td><ix:nonNumeric contextRef="c0" continuedAt="cpac_DescriptionOfAccountingPolicyForOreReserveAndResourceEstimatesExplanatory1-c0_cont_1" escape="true" name="cpac:DescriptionOfAccountingPolicyForOreReserveAndResourceEstimatesExplanatory1">Ore reserve and resource estimates -</ix:nonNumeric></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177"><ix:continuation id="cpac_DescriptionOfAccountingPolicyForOreReserveAndResourceEstimatesExplanatory1-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Ore reserves are estimates of the amount
of ore that can be economically and legally extracted from the Group&#8217;s mining properties and concessions. The Group estimates its
ore reserves and mineral resources, based on information compiled by appropriately qualified persons relating to the geological data on
the size, depth and shape of the ore body, and requires complex geological judgments to interpret the data. The estimation of recoverable
reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production
costs along with geological assumptions and judgments made in estimating the size and grade of the ore body. Changes in the reserve or
resource estimates may impact upon the carrying value of exploration and evaluation assets, provision for quarry rehabilitation and depreciation
and amortization charges.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.12</td><td><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory">Impairment of non-financial assets &#8211;</ix:nonNumeric></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The Group assesses, at each reporting
date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an
asset is required (goodwill and Intangible assets with indefinite useful lives), the Group estimates the asset&#8217;s recoverable amount.
An asset&#8217;s recoverable amount is the higher of an asset&#8217;s or cash-generating unit&#8217;s (CGU) fair value less costs of disposal
and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent
of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset
is considered impaired and is written down to its recoverable amount.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in"></p><div>

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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions
are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated
by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The Group supports its impairment calculation
by using detailed budgets and forecast calculations, which are prepared separately for each of the Group&#180;s CGUs to which the individual
assets are allocated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Impairment losses related to continuing
operations, including impairment on inventories, are recognized in the consolidated statement of profit or loss in expense categories
consistent with the function of the impaired asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">In addition, an assessment is made at each reporting date
to determine whether there is any indication that previously recognized impairment losses may no longer exist or have decreased. If such
an indication exists, the Group estimates the asset&#8217;s or CGU&#8217;s recoverable amount. A previously recognized impairment loss
is reversed only if there has been a change in the assumptions used to determine the asset&#8217;s recoverable amount since the last impairment
loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed
the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior
years. Such reversal is recognized in the consolidated statement of profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184"><ix:continuation id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Exploration and evaluation assets are tested for impairment
annually as of December 31, either individually or at the cash-generating unit level, as appropriate, and when circumstances indicate
that the carrying value may be impaired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: -35.4pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.13</td><td>Provisions -</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in"><i>&#160;</i></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>General -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Provisions are recognized when the Group has a present
obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects
some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset
but only when the reimbursement is virtually certain. The expense relating to any provision is presented in profit or loss net of any
reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects
where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of
time is recognized as finance cost in the consolidated statement of profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Quarry rehabilitation provision -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The Group records the present value of estimated costs
of legal and constructive obligations required to restore operating locations in the period in which the obligation is incurred. Quarry
rehabilitation costs are provided at the present value of expected costs to settle the obligation using estimated cash flows and are recognized
as part of the cost of that particular asset. The cash flows are discounted at a current risk-free rate. The unwinding of the discount
is expensed as incurred and recognized in the consolidated statement of profit or loss as a finance cost. The estimated future costs of
quarry rehabilitation are reviewed annually and adjusted as appropriate. Changes in the estimated future costs or in the discount rate
applied are added to or deducted from the cost of the asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"></p><div>

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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Environmental expenditures and liabilities -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Environmental expenditures that relate to current or future
revenues are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and do
not contribute to current or future earnings are expensed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Liabilities for environmental costs are recognized when
a clean-up is probable, and the associated costs can be reliably estimated. Generally, the timing of recognition of these provisions coincides
with the commitment to a formal plan of action or, if earlier, on divestment or on closure of inactive sites.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193"><ix:continuation id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The amount recognized is the best estimate of the expenditure
required. Where the liability will not be settled for a number of years, the amount recognized is the present value of the estimated future
expenditure.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: -35.45pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.14</td><td>Employees benefits -</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The Group has short-term obligations
for employee benefits including salaries, severance contributions, legal bonuses, performance bonuses and profit sharing. These obligations
are recorded monthly on an accrual basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196"><ix:continuation id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Additionally, the Group has a long-term
incentive plan for key management. This benefit is settled in cash, measured on the salary of each officer and upon fulfilling certain
conditions such as years of experience within the Group and permanency. The Group recognizes the long-term obligation at its present value
at the end of the reporting period using the projected credit unit method. To calculate the present value of these long-term obligations
the Group uses a government bond discount rate at the date of the consolidated financial statements. This liability is annually reviewed
on the date of the consolidated financial statements, and the accrual updates and the effect of changes in discount rates are recognized
in the consolidated statement of profit or loss, until the liability is extinguished.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.15</td><td><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue">Revenue recognition -</ix:nonNumeric></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The group is dedicated to the production
and trading of cement, precast, concrete and quicklime, as well as trade of construction supplies. These goods are sold in contracts with
customers. The Group has concluded that it is principal in its sales agreements because it controls the goods or services before transferring
to the customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Revenue is measured at the fair value
of the consideration received or receivable, considering contractually defined terms of payment and excluding taxes or duties.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 166; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The following specific recognition criteria
must also be met before revenue is recognized:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Sales of goods -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Revenue from sale of goods is recognized
at the point in time when control of the asset is transferred to the customer, generally on delivery of the goods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The Group considers whether there are
other terms in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated.
In determining the transaction price for the sale of goods, the Group considers the effects of variable consideration, the existence of
significant financing components, noncash consideration, and consideration payable to the customer (if any).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Rendering of services -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">In the business segments cement, concrete, mortar, precast
and construction supplies, the Group provides transportation services. These services are sold together with the sale of the goods to
the customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: -28.35pt">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_207" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Transportation services are satisfied
when the transport service is concluded, which coincides with the moment of delivery of the goods to the customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_207"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Operating lease income -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Income from operating lease of land and
office is recognized on a monthly accrual basis during the term of the lease.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Interest income -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210"><ix:continuation id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">For all financial instruments measured
at amortized cost and interest-bearing financial assets, interest income is recorded using the effective interest rate (EIR). EIR is the
rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter
period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in finance income
in the consolidated statement of profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"></p><div>

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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.16</td><td><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory">Taxes -</ix:nonNumeric></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Current income tax -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_214" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Current income tax assets and liabilities
are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the
amount are those that are enacted or substantively enacted, at the reporting date in Peru, where the Group operates and generates taxable
income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_215" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_214"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Deferred tax -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_216" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_215"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Deferred tax is determined based on temporary differences
between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_217" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_216"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Deferred tax liabilities are recognized
for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries,
associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it
is probable that the temporary differences will not reverse in the foreseeable future.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_218" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_217"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Deferred tax assets are recognized for
all deductible temporary differences, the carry forward of unused tax credits and unused tax losses. Deferred tax assets are recognized
to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry
forward of unused tax credits and unused tax losses can be utilized, except in respect of deductible temporary differences associated
with investments in subsidiaries, where deferred assets are recognized only to the extent that it is probable that the temporary differences
will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_219" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_218"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The carrying amount of deferred tax assets
is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available
to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date
and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_220" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_219"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Deferred tax assets and liabilities are
measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax
rates (and tax laws) that have been enacted or substantively enacted at the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_221" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_220"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Deferred tax related to items recognized
outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction
either in OCI or directly in equity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_221"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Deferred tax assets and deferred tax
liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and
the deferred taxes relate to the same taxable entity and the same taxation authority.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 168; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt"><i>&#160;</i></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Mining royalties -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223"><ix:continuation id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Mining royalties are accounted when they
have the characteristics of an income tax. This is considered to be the case when they are imposed under government authority and the
amount payable is based on taxable net income, rather than based on quantity produced or as a percentage of revenue, after adjustment
for temporary differences. For such arrangements, current and deferred tax is provided on the same basis as described above for income
tax. Obligations arising from royalty arrangements that do not satisfy these criteria are recognized as current provisions and included
in results of the year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.17</td><td><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForTreasurySharesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory">Treasury shares-</ix:nonNumeric></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225"><ix:continuation id="_DescriptionOfAccountingPolicyForTreasurySharesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Own equity instruments which are reacquired
(treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in the consolidated statement of profit
or loss on the purchase, sale, issue or cancellation of the Group&#8217;s own equity instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.18</td><td><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory">Business combinations and goodwill -</ix:nonNumeric></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">A&#160;business&#160;consists of inputs
and processes applied to those inputs that have the ability to contribute to the creation of outputs. Business combinations are accounted
for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured
at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group
elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree&#8217;s
identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses of the consolidated
statement of profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">When the Group acquires a business, it
assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual
terms, economic circumstances and pertinent conditions as at the acquisition date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Any contingent consideration to be transferred
by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured
and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial
instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognized in
the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured
at fair value at each reporting date with changes in fair value recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_231" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Goodwill</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_232" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_231"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Goodwill is the excess of the aggregate
of the consideration transferred on the business acquired over the fair value of the assets acquired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_232"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">Goodwill is initially measured at cost
(being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous
interest held over the net identifiable assets acquired and liabilities assumed). If the reassessment still results in an excess of the
fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">After initial recognition, goodwill is
measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group&#8217;s cash-generating units that are expected to benefit from the combination,
irrespective of whether other assets or liabilities of the acquiree are assigned to those units.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234"><ix:continuation id="_DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The Group performs impairment tests of
goodwill annually. The impairment of goodwill is determined estimating the recoverable amount of the cash generating units related to
it. When the recoverable amount of the cash generating units is lower than the carrying value, an impairment is recognized. Impairment
related to goodwill cannot be reversed in future periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_236" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">2.3.19</td><td><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations">New amended standards and interpretations &#8211;</ix:nonNumeric></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_237" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_236"><ix:continuation continuedAt="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_2" id="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The Group applied for the first-time certain standards
and amendments, which are effective for annual periods beginning on or after January 1, 2022. The Group has not early adopted any other
standard, interpretation or amendment that has been issued but is not yet effective.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_238" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_237"><ix:continuation continuedAt="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_3" id="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Onerous Contracts &#8211; Costs of
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_239" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_238"><ix:continuation continuedAt="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_4" id="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">An onerous contract is a contract under which the unavoidable
costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendments specify
that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract
to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General
and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty
under the contract. These amendments had no impact on the consolidated financial statements of the Group as there were no onerous contracts
during the period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_240" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_239"><ix:continuation continuedAt="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_5" id="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Reference to the Conceptual Framework &#8211; Amendments
to IFRS 3 &#8211; </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_241" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_240"><ix:continuation continuedAt="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_6" id="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The amendments replace a reference to a previous version
of the IASB&#8217;s Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its
requirements. The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential
&#8216;day 2&#8217; gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC
21, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the
Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also add a new paragraph
to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. These amendments had no impact on
the consolidated financial statements of the Group as there were no contingent assets or liabilities within the scope of these amendments
that arose during the period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_242" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_241"><ix:continuation continuedAt="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_7" id="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>Property, Plant and Equipment: Proceeds before Intended
Use &#8211; Amendments to IAS 16 &#8211; </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_243" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_242"><ix:continuation continuedAt="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_8" id="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The amendment prohibits entities from deducting from the
cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location
and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds
from selling such items, and the costs of producing those items, in profit or loss. These amendments had no impact on the consolidated
financial statements of the Group as there were no sales of such items produced by property, plant and equipment made available for use
on or after the beginning of the earliest period presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt">&#8195;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt"></p><div>

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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_244" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_243"><ix:continuation continuedAt="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_9" id="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in"><i>IFRS 9 Financial Instruments &#8211; Fees in the &#8216;<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="cpac:PercentageOfDerecognitionOfFinancialLiabilitiesFees" scale="-2" unitRef="pure">10</ix:nonFraction>
per cent&#8217; test for derecognition of financial liabilities &#8211;</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_244"><ix:continuation id="_DescriptionOfInitialApplicationOfStandardsOrInterpretations-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-indent: 0in">The amendment clarifies the fees that an entity includes
when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial
liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either
the borrower or lender on the other&#8217;s behalf. These amendments had no impact on the consolidated financial statements of the Group
as there were no modifications of the Group&#8217;s financial instruments during the period.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 0.5in">3.</td><td>Significant accounting judgments, estimates and assumptions</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal">The
preparation of the Group&#8217;s consolidated financial statements requires management to make judgments, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions
and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in
future periods. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 0in"><span style="font-weight: normal"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal">The
key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below.
The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing
circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the
control of the Group. Such changes are reflected in the assumptions when they occur. The most significant estimate considered by the Company&#8217;s
Management in relation to the consolidated financial statements refers to the evaluation of the impairment of long-lived assets, see notes
2.3.12, 10 and 11.</span></p></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 0in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 0.5in">4.</td><td>Standards issued but not yet effective</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_2" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal">The
standards and interpretations relevant to the Group that are issued, but not yet effective, up to the date of issuance of the financial
statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_3" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal"><i>Amendments
to IAS 1: Classification of Liabilities as Current or Non-current</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_4" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal">In
January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current
or non-current. The amendments clarify: </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_5" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">-</span></td><td><span style="font-weight: normal">What is meant by a right to defer settlement</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                                                                                                                                       </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_6" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">-</span></td><td><span style="font-weight: normal">That a right to defer must exist at the end of the reporting period</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                                                                                                                                                              </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_7" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">-</span></td><td><span style="font-weight: normal">That classification is unaffected by the likelihood that an entity will exercise its deferral right</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                                                                                                                                                                                              </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_8" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">-</span></td><td><span style="font-weight: normal">That only if an embedded derivative in a convertible liability is itself an equity instrument would
the terms of a liability not impact its classification.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_9" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal">The
amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Group
is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_10" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal"><i>Definition
of Accounting Estimates - Amendments to IAS 8 </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_11" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal">In
February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of &#8216;accounting estimates&#8217;. The amendments
clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also,
they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual
reporting periods beginning on or after January 1, 2023 and apply to changes in accounting policies and changes in accounting estimates
that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. The amendments are
not expected to have a material impact on the Group.</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 171; Value: 1 --><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt; text-indent: 0in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt"><span style="font-style: normal; font-weight: normal">Notes
to the consolidated financial statements (continued)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt; text-indent: 0in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_12" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal"><i>Disclosure
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_13" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal">In
February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance
and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide
accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their &#8216;significant&#8217;
accounting policies with a requirement to disclose their &#8216;material&#8217; accounting policies and adding guidance on how entities
apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual
periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide
non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these
amendments is not necessary. The Group is currently assessing the impact of the amendments to determine the impact they will have on the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_14" id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal">Deferred
Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12 In May 2021, the Board issued
amendments to IAS 12, which narrow the scope of the initial recognition exception under IAS 12, so that it no longer applies to
transactions that give rise to equal taxable and deductible temporary differences. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt"><span style="font-weight: normal">The
amendments should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition,
at the beginning of the earliest comparative period presented, a deferred tax asset (provided that sufficient taxable profit is available)
and a deferred tax liability should also be recognized for all deductible and taxable temporary differences associated with leases and
decommissioning obligations. The Group is currently assessing the impact of the amendments.</span></p></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 172; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

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</div><div>

</div><ix:continuation id="cpac_DisclosureAboutTheTransactionsInForeignCurrencyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt">During 2022, the net loss
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_4" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_3"><ix:continuation continuedAt="cpac_DetailedInformationAboutCashAndCashEquivalentExplanatory-c0_cont_2" id="cpac_DetailedInformationAboutCashAndCashEquivalentExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(b)</td><td><ix:footnote id="ix_0_footnote" xml:lang="en-US">Cash at banks is denominated in local and foreign currency and U.S. dollars, is deposited in local and foreign bank are freely available.
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<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr> </table></ix:continuation></ix:continuation><div>

</div><ix:continuation id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_4"><ix:continuation id="cpac_DetailedInformationAboutCashAndCashEquivalentExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(c)</td><td><ix:nonNumeric contextRef="c0" name="cpac:DescriptionOfShortTermDeposit"><ix:footnote id="ix_1_footnote" xml:lang="en-US">The short-term deposits held in domestic banks were freely available and earned interest at the respective short-term market rates
and original maturity less than three months.</ix:footnote></ix:nonNumeric></td></tr></table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><b>&#160;</b></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 173; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><span style="font-style: normal; font-weight: normal">Notes
to the consolidated financial statements (continued)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><b>&#160;</b></p><div>

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<td style="width: 0%"></td><td style="width: 0.5in">7.</td><td>Trade and other receivables</td></tr></table><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(a)</td><td>This caption was made up as follows:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:ScheduleOfTradeAndOtherReceivables"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(b)</td><td>Trade account receivables have current maturity (30 to 90 days) and those overdue bear interest.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_5" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(c)</td><td>On March 22, 2021, the Company received Tax Court Resolution N&#176; 00905-4-21 that declares the calculation of Mining Royalty should
be based on gross sale of the final product (cement) for the years 2008 and 2009. This is an opposite position to what is established
by the Constitutional Court in the STC Exp. N&#176; 1043-2013-PA/TC that declares founded the writ of protection presented by the Company
and its right to calculate the Mining Royalty exclusively based on the value of the mining component, without considering in any way the
value of the final products derived from industrial and manufacturing processes. Company has made, under protest, payments
of the debts arbitrarily placed in collection. These payments as of December 31, 2022 and 2021 amount to S/<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="cpac:LegalFee" scale="0" unitRef="pen"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="cpac:LegalFee" scale="0" unitRef="pen">28,922,000</ix:nonFraction></ix:nonFraction>. To date, the Company
has initiated the corresponding legal actions to recover said payments and in the opinion of Management and its external legal advisors,
it has a high probability of obtaining a favorable result.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt"></p><div>

</div><!-- Field: Page; Sequence: 174; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_6" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(d)</td><td>The movement of the allowance for expected credit losses is as follows:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_7" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DetailedInformationAboutMovementOfAllowanceForDoubtfulAccountsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="padding-left: 0in; font-weight: bold; text-align: center; text-indent: 0in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-left: 0in; text-align: center; text-indent: 0in">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">S/(000)</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">S/(000)</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">S/(000)</td><td>&#160;</td></tr>
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    <td style="padding-left: 0in; text-align: center; text-indent: 0in">&#160;</td><td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_8" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0pt">As of December 31, 2022, the additions
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are presented in the caption &#8220;selling and distribution expenses&#8221; on the consolidated statement of profit and loss, see note
22.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_9" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(e)</td><td>The aging analysis of trade and other accounts receivable as of December 31, 2022 and 2021, is as follows:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_10" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in; text-align: left; text-indent: 0in"><b>As of December
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_11" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" continuedAt="cpac_AnalysisOfAgeOfFinancialAssetThatArePastDueButNotImpaired-c0_cont_1" escape="true" name="cpac:AnalysisOfAgeOfFinancialAssetThatArePastDueButNotImpaired"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_12" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>As of December
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</div><div>

</div><ix:continuation id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_12"><ix:continuation id="cpac_AnalysisOfAgeOfFinancialAssetThatArePastDueButNotImpaired-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 460.7pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 460.7pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 460.7pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">&#160;</p><div>




</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInventoriesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 0.5in">8.</td><td>Inventories</td></tr></table><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_2" id="_DisclosureOfInventoriesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(a)</td><td>This caption is made up as follows:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_3" id="_DisclosureOfInventoriesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DetailedInformationAboutInventoriesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="width: 76%; text-align: left; text-indent: -8.8pt; padding-left: 8.8pt">Goods and finished products</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -8.8pt; padding-left: 8.8pt">Fuel</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -8.8pt; padding-left: 8.8pt">Inventory in transit</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation id="_DisclosureOfInventoriesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(b)</td><td>As of December 31, 2022 and 2021, the amount of the provision for inventory obsolescence amounts to S/<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="cpac:ProvisionForInventoryObsolescence" scale="0" unitRef="pen">24,905,000</ix:nonFraction> and S/<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="cpac:ProvisionForInventoryObsolescence" scale="0" unitRef="pen">23,052,000</ix:nonFraction>, respectively.</td></tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfAvailableforsaleAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 0.5in"><b>9.</b></td><td><b>Financial investment designated at fair value through OCI </b></td></tr></table><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAvailableforsaleAssetsExplanatory-c0_cont_2" id="_DisclosureOfAvailableforsaleAssetsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(a)</td><td>Movement in financial investment designated at fair value through OCI is as follow:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAvailableforsaleAssetsExplanatory-c0_cont_3" id="_DisclosureOfAvailableforsaleAssetsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAvailableforsaleAssetsExplanatory-c0_cont_4" id="_DisclosureOfAvailableforsaleAssetsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(b)</td><td>As of December 31, 2022 and 2021, corresponds to <ix:nonFraction contextRef="c125" decimals="0" format="ixt:num-dot-decimal" name="cpac:NumberOfInvestmentSharesOfFossal" scale="0" unitRef="shares">837,881</ix:nonFraction> and <ix:nonFraction contextRef="c126" decimals="0" format="ixt:num-dot-decimal" name="cpac:NumberOfInvestmentSharesOfFossal" scale="0" unitRef="shares">2,481,397</ix:nonFraction> investment shares of Fossal S.A.A. These shares represent <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="cpac:InvestmentSharesThanRepresentOfEquityOfFossalSAAPercentage" scale="-2" unitRef="pure">8.52</ix:nonFraction>%
and <ix:nonFraction contextRef="c4" decimals="4" format="ixt:num-dot-decimal" name="cpac:InvestmentSharesThanRepresentOfEquityOfFossalSAAPercentage" scale="-2" unitRef="pure">8.40</ix:nonFraction>% of equity of Fossal S.A.A., respectively.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAvailableforsaleAssetsExplanatory-c0_cont_5" id="_DisclosureOfAvailableforsaleAssetsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">The main asset held by Fossal S.A.A. corresponded
to its investment in the company Fosfatos del Pac&#237;fico S.A., a pre-operational company that has a diatomite extraction concession
and is dedicated to the Fosfatos Project (a project for the exploitation and sale of phosphate rock). The Board of Directors of the company
Fosfatos del Pac&#237;fico S.A. held on December 30, 2020, considering the longer time it will take for the renewal of the Environmental
Impact Study (EIA) of the project and that the current international prices of phosphate rock are lower than the sales prices originally
estimated at the beginning of the project, agreed to make the accounting provision due to the total devaluation of the assets related
to the Phosphate Project.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 63.8pt; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfAvailableforsaleAssetsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0pt">The Company has recognized a charge in
OCI for S/<ix:nonFraction contextRef="c125" decimals="0" format="ixt:num-dot-decimal" name="cpac:ChargeInOtherComprehensiveIncome" scale="0" unitRef="pen">565,000</ix:nonFraction> related to updating the fair value of the financial investment maintained in Fossal S.A.A. during 2022 (S/<ix:nonFraction contextRef="c126" decimals="0" format="ixt:num-dot-decimal" name="cpac:ChargeInOtherComprehensiveIncome" scale="0" unitRef="pen">1,995,000</ix:nonFraction>
and S/<ix:nonFraction contextRef="c127" decimals="0" format="ixt:num-dot-decimal" name="cpac:ChargeInOtherComprehensiveIncome" scale="0" unitRef="pen">17,532,000</ix:nonFraction> during 2021 and 2020, respectively).</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 176; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 0.5in">10.</td><td>Property, plant and equipment</td></tr></table><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(a)</td><td>The composition and movement in property, plant and equipment for <ix:nonNumeric contextRef="c0" format="ixt-sec:durwordsen" name="cpac:PropertyPlantAndEquipmentUsefulLives">two years</ix:nonNumeric> ended December 31, 2022 is presented below:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="cpac_DisclosureOfDetailedInformationOfPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="cpac:DisclosureOfDetailedInformationOfPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p><div>





</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3"><ix:continuation continuedAt="cpac_DisclosureOfDetailedInformationOfPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="cpac_DisclosureOfDetailedInformationOfPropertyPlantAndEquipmentExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_6" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_5"><ix:continuation continuedAt="cpac_DisclosureOfDetailedInformationOfPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="cpac_DisclosureOfDetailedInformationOfPropertyPlantAndEquipmentExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(c)</td><td>The Group has assessed the recoverable amount of its remaining long-term assets and did not find indicators of an impairment for these
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_7" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_6"><ix:continuation continuedAt="cpac_DisclosureOfDetailedInformationOfPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="cpac_DisclosureOfDetailedInformationOfPropertyPlantAndEquipmentExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_8" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_7"><ix:continuation continuedAt="cpac_DisclosureOfDetailedInformationOfPropertyPlantAndEquipmentExplanatory-c0_cont_6" id="cpac_DisclosureOfDetailedInformationOfPropertyPlantAndEquipmentExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: 0in; padding-left: 0in">Disposals</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: 0in; padding-left: 0in">As of December 31, 2022</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-indent: 0in; padding-left: 0in">As of January 1, 2021</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: 0in; padding-left: 0in">Additions</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: 0in; padding-left: 0in">Disposals</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: 0in; padding-left: 0in">Additions</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_4" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_3"><ix:continuation continuedAt="cpac_ScheduleOfIntangibleAssetsTableTextBlock-c0_cont_2" id="cpac_ScheduleOfIntangibleAssetsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(b)</td><td><ix:footnote id="ix_9_footnote" xml:lang="en-US">As of December 31, 2022 and 2021, the exploration cost and mining evaluation include mainly capital expenditures related to the coal
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</div><div>

</div><ix:continuation id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_4"><ix:continuation id="cpac_ScheduleOfIntangibleAssetsTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(c)</td><td><ix:footnote id="ix_10_footnote" xml:lang="en-US">As of December 31, 2022 and 2021, the Group evaluated the conditions of use of the projects related to the exploration and mining
evaluation costs and its other intangibles, not finding any indicators of impairment in said assets.</ix:footnote></td></tr></table></ix:continuation></ix:continuation><div>

</div><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p><div>




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<td style="width: 0%"></td><td style="width: 0.5in">12.</td><td>Goodwill</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_2" id="_DisclosureOfGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0in">As of December 31, 2022 and 2021, the
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</div><div>

</div><ix:continuation id="_DisclosureOfGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0in">The Group has assessed the recoverable
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt; text-indent: 0in">&#160;</p><div>

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<td style="width: 0%"></td><td style="width: 0.5in">13.</td><td>Leases</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_2" id="_DisclosureOfLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0in"><span style="font-weight: normal">The
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_3" id="_DisclosureOfLeasesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0in"><span style="font-weight: normal">The
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</div><div>

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</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 180; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_6" id="_DisclosureOfLeasesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0in"><span style="font-weight: normal">The
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</div><div>

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    <td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: 0in; padding-left: 0in">Balance as of December 31</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-indent: 0in; padding-left: 0in">Maturity</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Current portion</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0in; padding-left: 0in">Non-current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: 0in; padding-left: 0in">Balance as of December 31</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="cpac:LeasesEndingBalances" scale="3" unitRef="pen">5,829</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation id="_DisclosureOfLeasesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0in"><span style="font-weight: normal">The
future cash disbursements in relation to lease liabilities have been disclosed in note 30.</span></p></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt; text-indent: -28.35pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 0.5in">14.</td><td>Trade and other payables</td></tr></table><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_2" id="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(a)</td><td>This caption is made up as follows:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_3" id="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="cpac_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory-c0_cont_1" escape="true" name="cpac:DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">S/(000)</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">S/(000)</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: 0in; padding-left: 0in">Trade payables (b)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" id="ix_99_fact" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" scale="3" unitRef="pen">159,096</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" id="ix_100_fact" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" scale="3" unitRef="pen">111,336</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Interest payable (d)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" id="ix_101_fact" name="ifrs-full:CurrentInterestPayable" scale="3" unitRef="pen">26,611</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" id="ix_102_fact" name="ifrs-full:CurrentInterestPayable" scale="3" unitRef="pen">29,871</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Remuneration payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="cpac:CurrentRemunerationPayable" scale="3" unitRef="pen">19,735</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="cpac:CurrentRemunerationPayable" scale="3" unitRef="pen">20,835</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Advances from customers</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAdvances" scale="3" unitRef="pen">14,702</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAdvances" scale="3" unitRef="pen">14,668</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Accounts payable related to the acquisition of property, plant and equipment, note 10(e)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayablesToRelatedParties" scale="3" unitRef="pen">14,560</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayablesToRelatedParties" scale="3" unitRef="pen">7,615</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Taxes and contributions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" scale="3" unitRef="pen">11,347</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" scale="3" unitRef="pen">8,638</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Dividends payable, note 18(g)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentDividendPayables" scale="3" unitRef="pen">9,764</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentDividendPayables" scale="3" unitRef="pen">9,550</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Hedge finance cost payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="cpac:CurrentHedgeFinanceCostPayable" scale="3" unitRef="pen">5,978</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="cpac:CurrentHedgeFinanceCostPayable" scale="3" unitRef="pen">6,213</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Guarantee deposits</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Account payable to the principal and affiliates, note 27</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="3" unitRef="pen">143</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0in; padding-left: 0in">Other accounts payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_4" id="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_3"><ix:continuation continuedAt="cpac_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory-c0_cont_2" id="cpac_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(b)</td><td><ix:footnote id="ix_11_footnote" xml:lang="en-US">Trade accounts payable result from the purchases of material, services and supplies for the Group&#8217;s operations, and mainly correspond
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_5" id="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_4"><ix:continuation continuedAt="cpac_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory-c0_cont_3" id="cpac_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(c)</td><td><ix:footnote id="ix_12_footnote" xml:lang="en-US">Other payables are non-interest bearing and have an average term of 3 months.</ix:footnote></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfTradeAndOtherPayablesExplanatory-c0_cont_5"><ix:continuation id="cpac_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(d)</td><td><ix:footnote id="ix_13_footnote" xml:lang="en-US">Interest payable is normally settled semiannually throughout the financial year.</ix:footnote></td></tr></table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt"><b>&#160;</b></p><div>

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<td style="width: 0%"></td><td style="width: 0.5in">15.</td><td>Provisions</td></tr></table><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

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<td style="width: 0.5in"></td><td style="width: 0.5in">(a)</td><td>This caption is made up as follows:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_3" id="_DisclosureOfProvisionsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfOtherProvisionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Change in estimate</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0in; padding-left: 0in">Payments and advances</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: 0in; padding-left: 0in">At December 31, 2021</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="text-indent: 0in; padding-left: 0in">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: 0in; padding-left: 0in">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: 0in; padding-left: 0in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-indent: 0in; padding-left: 0in">At January 1, 2022</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c413" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="6" unitRef="pen">22,513</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c414" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="6" unitRef="pen">11,036</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c415" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="6" unitRef="pen">3,090</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="6" unitRef="pen">60,908</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Additions (b), note 23</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c417" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInExistingProvisionsOtherProvisions" scale="6" unitRef="pen">8,272</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c419" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInExistingProvisionsOtherProvisions" scale="6" unitRef="pen">1,368</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInExistingProvisionsOtherProvisions" scale="6" unitRef="pen">41,801</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Exchange difference</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-237">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c418" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" scale="6" sign="-" unitRef="pen">495</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-238">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" scale="6" sign="-" unitRef="pen">495</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Unwinding of discounts, note 26</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-239">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c417" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions" scale="6" unitRef="pen">1,200</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c418" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions" scale="6" unitRef="pen">91</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-240">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTimeValueOfMoneyAdjustmentOtherProvisions" scale="6" unitRef="pen">1,291</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in; padding-left: 0in">Change in estimate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-241">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-242">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c418" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:ChangesInPropertyPlantAndEquipment" scale="6" unitRef="pen">2,745</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-243">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:ChangesInPropertyPlantAndEquipment" scale="6" unitRef="pen">2,745</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 0in; padding-left: 0in">Payments and advances</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c416" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" scale="6" sign="-" unitRef="pen">25,097</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-244">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-245">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c419" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" scale="6" sign="-" unitRef="pen">2,182</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" scale="6" sign="-" unitRef="pen">27,279</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: 0in; padding-left: 0in">At December 31, 2022</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c399" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="6" unitRef="pen">31,333</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c420" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="6" unitRef="pen">31,985</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c421" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="6" unitRef="pen">13,377</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c422" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="6" unitRef="pen">2,276</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="6" unitRef="pen">78,971</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: 0in; padding-left: 0in">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: 0in; padding-left: 0in">Current portion</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c399" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherShorttermProvisions" scale="6" unitRef="pen">31,333</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-246">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-247">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-248">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherShorttermProvisions" scale="6" unitRef="pen">31,333</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: 0in; padding-left: 0in">Non-current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c420" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentProvisions" scale="6" unitRef="pen">31,985</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c421" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentProvisions" scale="6" unitRef="pen">13,377</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c422" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentProvisions" scale="6" unitRef="pen">2,276</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentProvisions" scale="6" unitRef="pen">47,638</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_4" id="_DisclosureOfProvisionsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_7" id="_DisclosureOfProvisionsExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:ScheduleOfWorkersProfitSharingTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_8" id="_DisclosureOfProvisionsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(c)</td><td>Long-term incentive plan -</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_9" id="_DisclosureOfProvisionsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0pt">In 2011, the Group implemented a compensation
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service of each officer in the Group. According to the latest plan update, the executive would receive the equivalent of an annual salary
for each year of service beginning to accrue from 2019. This benefit accrues and accumulates for each officer and is payable in two installments:
the first payment will be made on the sixth year after the creation of this bonus plan, and the last payment at the end of the ninth year
from the creation of the plan. If the executive decides to voluntarily leave the Group before a scheduled distribution, they will not
receive this compensation. The Group used the Projected Unit Credit Method to determine the present value of this deferred obligation
and the related current deferred cost, considering the expected increases in salary base and the corresponding current government bond
discount rate (risk-free rate).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_10" id="_DisclosureOfProvisionsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_11" id="_DisclosureOfProvisionsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0pt">As of December 31, 2022 and 2021, it
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provision has been created based on studies made by internal specialists. Management believes that the assumptions used, based on
the current economic environment, are a reasonable basis upon which to estimate the future liability. These estimates are reviewed
regularly to consider any material change to the assumptions. However, actual quarry rehabilitation costs will ultimately depend
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</div><div>

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</div><div>

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protection laws approved by the Ministry of Energy and Mines.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p><div>




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</div><div>

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</div><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -3.65pt; padding-left: 3.65pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt; text-indent: 0in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt; text-indent: 0in"><i>&#160;</i></p><div>




</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_4" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(b)</td><td>Short-term promissory notes -</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_5" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">As of December 31, 2021, the Company maintained two loans of
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</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_6" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(c)</td><td><i>Senior Notes-</i></td></tr></table><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_7" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c.1)</i></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Senior Notes in US dollars</i></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_8" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">The General Shareholder&#8217;s Meeting
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Meeting held on January 24, 2013, agreed to issue Senior Notes through a private offering under Rule 144A and Regulation S of the U.S.
Securities Act of 1933. Also it was agreed to list these securities on the Ireland Stock Exchange. Consequently, on February 1, 2013,
the Company issued Senior Notes with a face value of US$<ix:nonFraction contextRef="c427" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CorporateLoans" scale="0" unitRef="usd">300,000,000</ix:nonFraction>, with a nominal annual interest rate of <ix:nonFraction contextRef="c427" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">4.50</ix:nonFraction>%, and maturity in 2023,
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certain of its existing debt and the difference was used to fund capital expenditures in connection with its cement business. The Senior
Notes are guaranteed by the following subsidiaries of the Company: Cementos Selva S.A.C., Distribuidora Norte Pacasmayo S.R.L., Empresa
de Transmisi&#243;n Guadalupe S.A.C., Dinoselva Iquitos S.A.C and Calizas del Norte S.A.C. (liquidated during 2022).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_9" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">The Board of Directors&#8217; Meeting
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acquired Senior Notes totaling US$168,388,000. Consequently, the Senior Notes balance in US dollars was US$131,612,000, in periods as
of December 31, 2022 and 2021. To finance this acquisition, the Company issued medium-term promissory notes from Banco de Cr&#233;dito
del Per&#250; (bridge loans) for a total of S/580,769,000, which were canceled with the issuance of the Senior Notes denominated in
Soles in January 2019, as explained below.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

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of the purchase of the Senior Notes denominated in US dollars, the Company&#8217;s Management considers that it was not necessary to continue
with all the derivative financial instruments that were previously used to hedge those liabilities. For this reason, during December 2018,
the Company settled US$150,000,000 of a total of US$300,000,000 nominal amount of derivatives then outstanding. In 2021, the Company settled
derivative financial instruments of negotiation recognized at fair value through profit or loss for US$18,000,000. The loss obtained from
this settlement amounted to approximately S/1,569,000, which was presented in cumulative net loss on settlement of derivative financial
instruments caption from the consolidated statement of profit and loss for the year ended December 31, 2021, see note 31(a).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_11" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">As of December 31, 2022 and 2021,
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</div><div>

</div><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_12" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><i>(c.2)</i></td><td style="text-align: justify"><i>Senior Notes in Soles</i></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:nonNumeric contextRef="c430" name="cpac:SeniorNotesDescription"><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_13" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in"><span style="font-weight: normal">The
General Shareholders&#8217; Meeting held on January 8, 2019, approved the issuance of Senior Notes denominated in Soles in the local market
up to the maximum amount of S/1,000,000,000 through the Second Corporate Bonds Program of Pacasmayo, whose purpose was to settle the mid-term
loans described in the previous paragraph. On January 31, 2019, senior notes were issued for: i) S/260,000,000 at a rate of 6.688 percent
per year and maturity of 10 years and; ii) S/310,000,000 at a rate of 6.844 percent per year and maturity of 15 years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

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by the following Company&#8217;s subsidiaries: Cementos Selva S.A.C., Distribuidora Norte Pacasmayo S.R.L., Empresa de Transmisi&#243;n
Guadalupe S.A.C. and Dinoselva Iquitos S.A.C.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_15" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><i>(c.3)</i></td><td style="text-align: justify"><i>Financial covenants</i></td>
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</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_16" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_15"><ix:nonNumeric contextRef="c0" continuedAt="cpac_DescriptionOfFinancialCovenantsRatio-c0_cont_1" name="cpac:DescriptionOfFinancialCovenantsRatio"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">The financial covenants related to the Senior Notes denominated US
dollars and soles state that if the Company and its guarantor subsidiaries issue debt or equity instruments, merges with another company
or dispose or rents significant assets, the Senior Notes will trigger the following financial covenants, calculated based on the Company
and Guarantee Subsidiaries annual consolidated financial statements:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -14.2pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_17" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_16"><ix:continuation continuedAt="cpac_DescriptionOfFinancialCovenantsRatio-c0_cont_2" id="cpac_DescriptionOfFinancialCovenantsRatio-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 28.35pt">-</td><td>A fixed charge covenant ratio of at least 2.5 to 1.</td></tr></table><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_18" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_17"><ix:continuation id="cpac_DescriptionOfFinancialCovenantsRatio-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 28.35pt">-</td><td>A consolidated debt-to-EBITDA ratio of no greater than 3.5 to 1.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -42.5pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_19" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">As of December 31, 2022, the Company
was in compliance with these covenants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -14.2pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_20" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">For the years ended December 31, 2022, 2021 and 2020, senior
notes generated interest that has been recognized in the consolidated statement of profit or loss for S/<ix:nonFraction contextRef="c431" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="0" unitRef="pen">60,225,000</ix:nonFraction>, S/<ix:nonFraction contextRef="c432" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="0" unitRef="pen">63,333,000</ix:nonFraction> and S/<ix:nonFraction contextRef="c433" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="0" unitRef="pen">60,857,000</ix:nonFraction>,
respectively, see note 26.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_21" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(d)</td><td>Medium-term Corporate Loan under &#8220;Club Deal&#8221; modality:</td></tr></table><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_22" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">On August 6, 2021, <ix:nonNumeric contextRef="c434" continuedAt="cpac_DescriptionOfMediumtermCorporateLoanUnderRatio-c434_cont_1" name="cpac:DescriptionOfMediumtermCorporateLoanUnderRatio">the Company established the conditions
of a medium-term corporate loan under &#8220;Club Deal&#8221; modality with Banco de Cr&#233;dito del Per&#250; S.A. and Scotiabank
Per&#250; S.A.A. The loan amounts to S/860,000,000 that will allow the payment of all the financial obligations that the Company maintains
with a maturity until February 2023 and will be disbursed based on the maturity of each of these obligations. The disbursements amounted
to S/449,000,000 and were made during 2022 and were used to pay the loans mentioned in section (b). The loan conditions include
a grace / availability period of 18 months from August 6 and a payment term of 7 years from the last disbursement, which is estimated
for the Company estimates will occur in February 2023. Since that date, the loan will be paid in 22 equal quarterly installments and has
an annual interest rate of 5.82 percent.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt"></p><div>

</div><!-- Field: Page; Sequence: 186; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_23" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_22"><ix:continuation continuedAt="cpac_DescriptionOfMediumtermCorporateLoanUnderRatio-c434_cont_2" id="cpac_DescriptionOfMediumtermCorporateLoanUnderRatio-c434_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0in">As part of the loan conditions,
the Company has assumed the following obligations:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: -28.35pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_24" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_23"><ix:continuation continuedAt="cpac_DescriptionOfMediumtermCorporateLoanUnderRatio-c434_cont_3" id="cpac_DescriptionOfMediumtermCorporateLoanUnderRatio-c434_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">I.</td><td>Comply with the following financial covenants:</td>
</tr></table><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_25" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_24"><ix:continuation continuedAt="cpac_DescriptionOfMediumtermCorporateLoanUnderRatio-c434_cont_4" id="cpac_DescriptionOfMediumtermCorporateLoanUnderRatio-c434_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left">a.</td><td style="text-align: justify">Debt Ratio (Financial Debt / EBITDA) &lt;= 3.50x</td>
</tr><tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_26" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_25"><ix:continuation continuedAt="cpac_DescriptionOfMediumtermCorporateLoanUnderRatio-c434_cont_5" id="cpac_DescriptionOfMediumtermCorporateLoanUnderRatio-c434_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left">b.</td><td style="text-align: justify">Debt Service Coverage Ratio (FCSD / SD)&gt; = 1.15x</td>
</tr><tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_27" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_26"><ix:continuation continuedAt="cpac_DescriptionOfMediumtermCorporateLoanUnderRatio-c434_cont_6" id="cpac_DescriptionOfMediumtermCorporateLoanUnderRatio-c434_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.5in; text-align: left">c.</td><td style="text-align: justify">Debt Service Coverage Ratio (EBITDA / SD) = 1.50x</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_28" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_27"><ix:continuation id="cpac_DescriptionOfMediumtermCorporateLoanUnderRatio-c434_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">These financial safeguards will be calculated and verified
at the end of each calendar quarter, considering the information of the consolidated financial statements of the Company for the last
12 months, prepared in accordance with IFRS.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_29" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_28"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">II.</td><td style="text-align: justify">It maintains the following main obligations to do:</td>
</tr></table><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_30" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_29"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">a.</td><td>Subordinate any obligation the Company had or may have to this loan.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                               </table></ix:continuation><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_31" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_30"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">b.</td><td>Maintain the loan with a status equal to other senior financing of the Company.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                                          </table></ix:continuation><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_32" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_31"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">c.</td><td>Keep assets in good condition and properly insured.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                              </table></ix:continuation><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_33" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_32"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">d.</td><td>Maintain all licenses, authorizations, concessions, permits, titles and rights required by government authorities.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_34" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_33"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">III.</td><td>It maintains the following obligations not to do:</td></tr></table><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_35" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_34"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">a.</td><td>Pay dividends, reduce capital stock or make any other distribution to its shareholders if such events would result in the Company&#180;s
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<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                          </table></ix:continuation><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_36" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_35"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">b.</td><td>That the Company and its subsidiaries participate in processes of liquidation, transformation, corporate reorganization, acquisition
of companies, merger or spin-off.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                           </table></ix:continuation><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_37" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_36"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">c.</td><td>Transfer, sell, alienate, donate or give in usufruct, lease, give in fiduciary domain, encumber their assets, income flows and / or
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                            </table></ix:continuation><div>

</div><ix:continuation continuedAt="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_38" id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_37"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">d.</td><td>Grant financing, personal or real guarantees in favor of third parties.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="cpac_DisclosureOfFinancialObligationstextBlock-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">As of December 31, 2022, the Company was in compliance
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&#160;</p><div>

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</div><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="margin-right: 0in; margin-top: 0; margin-bottom: 0">&#160;</p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-282">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 5.35pt">Effect of differences between book and tax bases of inventories</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-285">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c523" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="pen">55</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-286">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-287">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-288">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-289">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-291">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-292">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-293">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 5.35pt">Other</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c532" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" unitRef="pen">555</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c532" decimals="-3" format="ixt:num-dot-decimal" name="cpac:IncomeTaxRelatingToComponentOfOtherComprehensiveIncome" scale="3" sign="-" unitRef="pen">14</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c533" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="pen">604</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c534" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" unitRef="pen">290</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-294">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-295">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c535" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="pen">894</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -7.65pt; padding-left: 7.65pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c536" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="pen">17,857</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c537" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" sign="-" unitRef="pen">6,836</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-296">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c538" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="pen">11,021</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c539" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" sign="-" unitRef="pen">1,426</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-297">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-298">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c540" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="pen">9,595</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -7.65pt; padding-left: 7.65pt">Deferred income tax liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-299">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-300">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.65pt; padding-left: 7.65pt">Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c546" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" sign="-" unitRef="pen">1,430</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.65pt; padding-left: 7.65pt">Impairment on brine project assets Salmueras</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-316">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-355">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-356">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -7.65pt; padding-left: 7.65pt">Other</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c646" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" sign="-" unitRef="pen">42</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-357">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-358">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c648" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" sign="-" unitRef="pen">42</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-359">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-360">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-361">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c650" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" sign="-" unitRef="pen">42</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -7.65pt; padding-left: 7.65pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c651" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" sign="-" unitRef="pen">197,271</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c652" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" unitRef="pen">2,352</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c653" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" sign="-" unitRef="pen">201,065</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c654" decimals="-3" format="ixt:num-dot-decimal" name="cpac:AdditionsQuarryRehabilitationProvision" scale="3" sign="-" unitRef="pen">810</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -7.65pt; padding-left: 7.65pt">Total deferred income tax liabilities, net</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c659" decimals="-3" format="ixt:num-dot-decimal" name="cpac:IncomeTaxRelatingToComponentOfOtherComprehensiveIncome" scale="3" sign="-" unitRef="pen">966</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 188; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&#160;</p><div>

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relate to income taxes levied by the same tax authority. The legal right is defined for each individual determination of the income tax
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_5" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">A reconciliation between tax expense and the product of
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_6" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DisclosureOfReconciliationBetweenTaxExpensesAndProductExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_7" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">The components of the deferred income tax related to the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_8" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_11" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DisclosureOfCompositionOfDeferredTaxExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0cm">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

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recognized a deferred tax liability for taxes that would be payable on the unremitted earnings of the Group&#8217;s subsidiaries. The
Group has determined that the timing differences will be reversed by means of dividends to be received in the future that, according to
the current tax rules in effect in Peru, are not subject to income tax.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_13" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">As of December 31, 2022, certain subsidiaries of the Group
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that have a history of losses for some time and cannot be used to offset future taxable profits of other Group subsidiaries. No deferred
tax assets have been recognized in relation to these tax loss carryforwards, since there are no possibilities of tax planning opportunities
or other evidence of recovery in the near future.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">For information purposes, the temporary difference associated
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which should not be recognized in the consolidated financial statements as it is not expected to reverse in the foreseeable future and
the Company is in control of such reversal.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: left; width: 0%"></td><td style="text-align: left; width: 0.5in">18.</td><td style="text-align: left">Equity</td></tr></table><p style="text-align: left; margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_2" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.5in"></td><td style="text-align: left; width: 0.5in">(a)</td><td style="text-align: left">Capital stock -</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_3" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in">As of December 31, 2022 and 2021, share
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.5in"></td><td style="text-align: left; width: 0.5in">(b)</td><td style="text-align: left">Investment shares -</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in">Investment shares do not have voting rights
or participate in shareholder&#8217;s meetings or the appointment of directors. Investment shares confer upon the holders thereof the
right to participate in dividends distributed according to their nominal value, in the same manner as common shares. Investment shares
also confer the holders thereof the right to:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: left; text-indent: -0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: left; width: 1in"></td><td style="text-align: left; width: 0.5in">(i)</td><td style="text-align: left">maintain the current proportion of the investment shares in the case of capital increase by new contributions;</td></tr></table><p style="text-align: left; margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: left; width: 1in"></td><td style="text-align: left; width: 0.5in">(ii)</td><td style="text-align: left">increase the number of investment shares upon capitalization of retained earnings, revaluation surplus or other reserves that do not
represent cash contributions;</td></tr>
                                       </table><p style="text-align: left; margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: left; width: 1in"></td><td style="text-align: left; width: 0.5in">(iii)</td><td style="text-align: left">participate in the distribution of the assets resulting from liquidation of the Company in the same manner as common shares; and,</td></tr></table><p style="text-align: left; margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: left; width: 1in"></td><td style="text-align: left; width: 0.5in">(iv)</td><td style="text-align: left">redeem the investment shares in case of a merger and/or change of business activity of the Company.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: left; text-indent: -0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_10" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">As of December 31, 2022 and 2021, the Company had <ix:nonFraction contextRef="c665" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssuedAndFullyPaid" scale="0" unitRef="shares"><ix:nonFraction contextRef="c666" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssuedAndFullyPaid" scale="0" unitRef="shares">40,278,894</ix:nonFraction></ix:nonFraction>
investment shares subscribed and fully paid, with a nominal value of <ix:nonFraction contextRef="c3" decimals="0" format="ixt-sec:numwordsen" name="cpac:NominalValuePerShare" scale="0" unitRef="penPershares">one</ix:nonFraction> Sol per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: left">&#160;</p></ix:continuation><div>
</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_11" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(c)</td><td>Treasury shares -</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_12" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in">As of December 31, 2022 and 2021, the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_13" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: left; width: 0.5in"></td><td style="text-align: left; width: 0.5in">(d)</td><td style="text-align: left">Additional paid-in capital -</td></tr></table><p style="text-align: left; margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_14" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0pt">As of December 31, 2022 and 2021, the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_15" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_16" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in">Provisions of the General Corporation
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_17" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_19" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_20" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_19"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DisclosureOfDetailedInformationAboutEquityDistributionExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">As of December 31, 2022 and 2021, dividends
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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</div><div>

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</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_3" id="_DisclosureOfRevenueExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="cpac_DisclosureOfDetailedInformationAboutSalesOfGoodsExplanatory-c0_cont_1" escape="true" name="cpac:DisclosureOfDetailedInformationAboutSalesOfGoodsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_4" id="_DisclosureOfRevenueExplanatory-c0_cont_3"><ix:continuation continuedAt="cpac_DisclosureOfDetailedInformationAboutSalesOfGoodsExplanatory-c0_cont_2" id="cpac_DisclosureOfDetailedInformationAboutSalesOfGoodsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueExplanatory-c0_cont_5" id="_DisclosureOfRevenueExplanatory-c0_cont_4"><ix:continuation id="cpac_DisclosureOfDetailedInformationAboutSalesOfGoodsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation id="_DisclosureOfRevenueExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">For all segments, performance obligations are met
at the time of delivery of the goods and the terms of payment are usually between 30 and 90 days from the date of dispatch.</p></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></p><div>




</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 192; Value: 1 --><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCostOfSalesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCostOfSalesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">20.</td><td>Cost of sales</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCostOfSalesExplanatory-c0_cont_2" id="_DisclosureOfCostOfSalesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This caption is made up as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfCostOfSalesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DisclosureOfDetailedInformationAboutCostOfSalesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinishedGoods" scale="3" unitRef="pen">20,037</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">21.</td><td>Administrative expenses</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-c0_cont_2" id="_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This caption is made up as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DisclosureOfDetailedInformationAboutAdministrativeExpensesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="width: 64%; text-align: left; text-indent: -8.85pt; padding-left: 8.85pt">Personnel expenses, note 23(b)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -8.85pt; padding-left: 8.85pt">Depreciation and amortization</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -8.85pt; padding-left: 8.85pt">Consumption of supplies</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the consolidated financial statements (continued)<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfExpensesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfExpensesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">22.</td><td>Selling and distribution expenses</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesExplanatory-c0_cont_2" id="_DisclosureOfExpensesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This caption is made up as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfExpensesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DisclosureOfDetailedInformationAboutSellingAndDistributionExpensesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEmployeeBenefitsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 0.5in">23.</td><td>Employee benefits expenses</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_2" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(a)</td><td>Employee benefits expenses are made up as follow:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_3" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DisclosureOfDetailedInformationAboutEmployeeBenefitsExpensesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="text-align: center">S/(000)</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_4" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(b)</td><td>Employee benefits expenses are allocated as follows:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DisclosureOfDetailedInformationAboutAllocationOfEmployeeBenefitsExpensesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td style="width: 64%; text-align: left">Cost of sales, note 20</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">Administrative expenses, note 21</td><td>&#160;</td>
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    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -0.5in">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">24.</td><td>Other operating income (expense), net</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

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</div><div>

</div><ix:continuation id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DisclosureOfDetailedInformationAboutOtherOperatingIncomeExpenseExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">S/(000)</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">S/(000)</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">S/(000)</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Rentals to third parties</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-indent: -7.1pt; padding-left: 7.1pt">Recovery of expenses</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Income from management and administrative services provided to related parties, note 27</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinanceIncomeExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinanceIncomeExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">25.</td><td>Finance income</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinanceIncomeExplanatory-c0_cont_2" id="_DisclosureOfFinanceIncomeExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This caption is made up as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfFinanceIncomeExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DisclosureOfDetailedInformationAboutFinanceIncomeExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td>&#160;</td>
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    <td style="width: 64%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Interest on term deposits</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 19.1pt 0pt 0; text-align: right"><span style="text-decoration: none">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinanceCostExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinanceCostExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">26.</td><td>Finance costs</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinanceCostExplanatory-c0_cont_2" id="_DisclosureOfFinanceCostExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This caption is made up as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfFinanceCostExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DisclosureOfFinanceCostsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: center">S/(000)</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">S/(000)</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -8.6pt; padding-left: 8.6pt">Interest on senior notes, note 16 (c)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -8.6pt; padding-left: 8.6pt">Finance cost on cross currency swaps</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -8.6pt; padding-left: 8.6pt">Interest on promissory notes</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -8.6pt; padding-left: 8.6pt">Expenses for the purchase and amortization of issuance costs of senior notes</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -8.6pt; padding-left: 8.6pt">Interest on lease liabilities, note 13</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -8.6pt; padding-left: 8.6pt">Counterparty credit risk in cross currency swaps</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -0.5in"></p><div>

</div><!-- Field: Page; Sequence: 195; Value: 1 --><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">27.</td><td>Related parties</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_2" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transactions with related entities -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_3" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">During 2022, 2021 and 2020, the Company carried out the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_4" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_5" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As a result of these transactions, the
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</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_7" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Terms and conditions of transactions
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_8" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Outstanding balances with related parties
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_9" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Compensation of key management personnel
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</div><div>

</div><ix:continuation id="_DisclosureOfRelatedPartyExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The compensation paid to key management
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left; text-indent: -0.5in">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b style="font-style: normal; font-weight: normal">Notes to the consolidated financial statements (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_EarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:EarningsPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">28.</td><td>Earnings per share</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_EarningsPerShareExplanatory-c0_cont_4" id="_EarningsPerShareExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_EarningsPerShareExplanatory-c0_cont_5" id="_EarningsPerShareExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Group has no dilutive potential ordinary shares as
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</div><div>

</div><ix:continuation id="_EarningsPerShareExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">There have been no other transactions involving common
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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<td style="width: 0"></td><td style="width: 0.5in">29.</td><td>Commitments and contingencies</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_2" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Operating lease commitments &#8211; Group as lessor</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_3" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-weight: normal">As
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Inversiones ASPI S.A. This lease is renewable annually, and provided an annual rent expense for the years ended December 31, 2022, 2021
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_4" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_3"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">Consortium contract &#8211;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_5" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-weight: normal">On
December 19, 2022, Distribuidora Norte Pacasmayo S.R.L., subsidiary of the Group, has subscribed a collaboration contract with Flujo Libre
S.A.C., with the purpose to participate together in the project &#8220;Mejoramiento del Sistema de Pistas y Cerco Perim&#233;trico del
Aeropuerto de Piura&#8221;. The mentioned contract is valid for a maximum of 2 years and 11 months.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_6" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-weight: normal">On
this matter, the Company has communicated to the tax authority the subscription of the collaboration contract which will not take independent
accounting and Distribuidora Norte Pacasmayo S.R.L. will be the contracting party that will act as operator of the contract.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_7" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_6"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">Capital commitments</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_8" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-weight: normal">As
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b style="font-style: normal; font-weight: normal">Notes to the consolidated financial statements (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_9" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_8"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">Usufruct Concessions</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_10" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-weight: normal">In
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non-metallic mining activities related to cement production. This agreement has a term of <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="cpac:AggrementOfMaturityTerm">30</ix:nonNumeric> years, with fixed annual payments of US$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="cpac:fixedAnnualPayments" scale="0" unitRef="usd">600,000</ix:nonFraction>
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<ix:nonNumeric contextRef="c725" name="cpac:AgreementDescription">As part of this agreement, the Company is required to pay an equivalent amount of S/4.5 for each metric ton of calcareous extracted that
is indexed by inflation after the first year of exploitation; the annual royalty may not be less than the equivalent to 850,000 metric
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</div><div>

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agreement with two third parties in October 2007, related to usufruct of the Bayovar 4 concession for an indefinite period to
extract coquina and other minerals. <ix:nonNumeric contextRef="c0" name="cpac:MiningRoyaltyDescription">As consequence, the Group made payments amounting to US$250,000 for each third party
for the first five years and variable payments for the rest of the contract. The related expense as of December 31, 2022 and 2021
amounted to S/1,582,000 and S/1,687,000, respectively, and were recognized as part of the cost of inventory production. As part of
this agreement, the Company is required to pay an equivalent amount of US$5.1 to each third party for every metric ton of calcareous
extracted, with the minimum production level for the calculation of 20,000 metric tons every six months following the beginning of
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_12" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_11"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">Mining royalty</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_13" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-weight: normal"><ix:nonNumeric contextRef="c726" name="cpac:DescriptionOfRoyaltyPayment">According
with the Royalty Mining Law in force since October 1, 2011, the royalty for the exploitation of metallic and nonmetallic resources is
payable on a quarterly basis in an amount equal to the greater of: (i) an amount determined in accordance with a statutory scale of rates
based on operating profit margin that is applied to the quarterly operating profit, adjusted by certain items, and (ii) 1% of net sales,
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S.A.A. and the subsidiaries affected by this mining royalty, prepared in accordance with IFRS. Mining royalty payments will be deductible
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_14" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Mining royalty expense paid to the Peruvian Government for
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_15" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_14"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">Tax situation</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_17" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For purposes of determining income tax,
transfer pricing for transactions with related companies and companies resident in territories with low or no taxation, must be supported
with documentation including information on the valuation methods used and the criteria considered for determination. Based on the operations
of the Group, Management and its legal advisors believe that as a result of the application of these standards will not result in significant
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_18" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The tax authority has the power to review
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_20" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_19"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:ScheduleOfFutureMinimumRentalPayableExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; text-align: left">Cementos Pacasmayo S.A.A.</td><td style="white-space: nowrap">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_21" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Due to possible interpretations that
the tax authority may give to legislation in effect, it is not possible to determine whether or not any of the tax audits will result
in increased liabilities for the Group. For that reason, tax or surcharge that could arise from future tax audits would be applied to
the income of the period in which it is determined. However, in management&#8217;s opinion and that of its legal advisors, any possible
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_22" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0pt"><b>Environmental matters</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left; text-indent: 0pt"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_23" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-weight: normal">The
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_24" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>Environmental remediation -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_25" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Law No. 28271 regulates environmental
liabilities in mining activities. This Law has the objectives of ruling the identification of mining activity&#8217;s environmental liabilities
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_26" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In compliance with the above-mentioned
laws, the Group presented environmental impact studies (EIS), declaration of environmental studies (DES) and Environmental Adaptation
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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p><div>

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the EIS and EAMP presented by the Group for its mining concessions and exploration projects. A detail of plans and related expenses approved
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_29" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As of December 31, 2022 and 2021,
the Group had no liabilities related to environmental remediation expenses because all were paid before the end of the year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 325.95pt 0pt 0; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_30" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0pt"><b>Quarry rehabilitation provision
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_31" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Law No. 28090 regulates the
obligations and procedures that must be met by the holders of mining activities for the preparation, filing and implementation of Quarry
Closure Plans, as well as the establishment of the corresponding environmental guarantees to secure fulfillment of the investments that
this includes, subject to the principles of protection, preservation and recovery of the environment. In connection with this obligation,
as of December 31, 2022 and 2021, the Group maintains a provision for the closing of the quarries exploited by its operations amounting
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</div><div>




</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left; text-indent: 0in">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_33" id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Group has received claims from third parties in relation
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</div><ix:continuation id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-weight: normal">The
Group has been advised by its legal counsel that it is only possible, but not probable, that these actions will succeed.</span></p></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -0.5in"></p><div>

</div><!-- Field: Page; Sequence: 201; Value: 1 --><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -0.5in">&#160;</p><div>

</div><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -0.5in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinancialRiskManagementExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 0.5in">30.</td><td>Financial risk management, objectives and policies</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_2" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Group&#8217;s main financial liabilities comprise loans
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The Group&#180;s main financial assets include cash and short-term deposits and trade and other receivables that derive directly from
its operations. The Group also holds derivative financial instruments designated at fair value through OCI, derivative financial instruments
designated as cash flow hedges and derivative financial instruments at fair value through profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_3" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Group is exposed to market risk, credit risk and liquidity
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Financial Management that advises on financial risks and the appropriate financial risk governance framework for the Group. The financial
management provides assurance to the Group&#8217;s senior management that the Group&#8217;s financial risk-taking activities are governed
by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group&#180;s
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_4" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Management reviews and implements policies for managing
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_5" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Market risk -</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_6" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Market risk is the risk that the fair value or future cash
flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest
rate risk, foreign currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by
market risk include deposits, financial obligations, financial instruments designated at fair value through OCI and derivative financial
instruments designated at fair value through profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_7" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The sensitivity analyses shown in the following sections
relate to the Group&#8217;s consolidated position as of December 31, 2022 and 2021. The sensitivity analyses have been prepared on the
basis that the amount of net debts and the proportion of financial instruments in foreign currencies are all constant and on the basis
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_8" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><b>Interest rate risk - </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_9" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Interest rate risk is the risk that the fair value or future
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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_10" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As of December 31, 2022 and 2021, all of the Group&#8217;s
borrowings were at a fixed rate of interest; consequently, the management evaluated that it is not relevant to do an interest rate sensitivity
analysis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_11" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Foreign currency risk -</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_12" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Foreign currency risk is the risk that the fair value or
future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group&#8217;s exposure to
the risk of changes in foreign exchange relates primarily to the Group&#8217;s operating activities (when revenue or expense is denominated
in a different currency from the Group&#8217;s functional currency).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_13" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Group hedges its exposure to fluctuations on the translation
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_14" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>Foreign currency sensitivity</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_15" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The following table demonstrates the sensitivity to a reasonably
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_16" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" continuedAt="cpac_DisclosureOfSensitivityToAReasonablyPossibleChangeExplanatory-c0_cont_1" escape="true" name="cpac:DisclosureOfSensitivityToAReasonablyPossibleChangeExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_18" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Equity price risk -</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_19" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Group&#8217;s listed equity securities measured at
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securities, see note 31.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 203; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b style="font-style: normal; font-weight: normal">Notes to the consolidated financial statements (continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_20" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Credit risk -</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_21" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Credit risk is the risk that counterparty will not meet
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from its operating activities (primarily for trade receivables) and from its financing activities, including deposits with banks and financial
institutions, foreign exchange transactions and other financial instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_22" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>Trade receivables</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_23" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Customer credit risk is managed by each business unit subject
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monitored and any shipments to major customers are generally covered by letters of credit. As of December 31, 2022 and 2021, the Group
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_25" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>Cash deposits and hedging derivative financial instruments
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_26" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Credit risk from balances with banks and financial institutions
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only with approved counterparties of first level. The limits are set to minimize the concentration of risks and therefore mitigate financial
loss through potential counterparty&#8217;s failure to make payments. As of December 31, 2022 and 2021, the Group&#8217;s maximum exposure
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_27" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Liquidity risk -</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_29" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Group&#8217;s objective is to maintain a balance between
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_30" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As of December 31, 2022 and 2021 no portion of Senior Notes denominated
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2023, the Company established the obligations of the new &#8220;Club Deal&#8221; financing to begin disbursements in 2022, see note 16(d).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>&#160;</b></p></ix:continuation><div>

</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

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</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_33" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The financial derivative instruments disclosed in
the table below are the gross undiscounted cash flows. However, those amounts may be settled gross or net. The following table shows the
corresponding reconciliation to those amounts to their carrying amounts:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_34" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_33"><ix:nonNumeric contextRef="c0" escape="true" name="cpac:DisclosureOfFinancialDerivativeInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</div><div>


</div><!-- Field: Page; Sequence: 205; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_37" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Capital management -</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_38" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For the purpose of the Group&#8217;s
capital management, capital includes capital stock, investment shares, additional paid-in capital and all other equity reserves attributable
to the equity holders of the Company. The primary objective of the Group&#8217;s capital management is to maximize the shareholders&#8217;
value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_39" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In order to achieve this overall objective,
the Group&#8217;s capital management, among other things, aims to ensure that it meets financial covenants attached to the interest-bearing
loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the creditors
to immediately call the senior notes. There have been no breaches in the financial covenants of Senior Notes in any of the years presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_40" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Group manages its capital structure
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structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">No changes were made in the objectives,
policies or processes for managing capital during the years ended December 31, 2022 and 2021.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the consolidated financial statements (continued)<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">31.</td><td>Fair value of financial assets and liabilities</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_2" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b style="font-style: normal; font-weight: normal">Financial assets -</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_3" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Except for derivative financial instruments and financial
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_4" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b style="font-style: normal; font-weight: normal">Financial liabilities -</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_5" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">All financial liabilities of the Group including trade
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_6" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(a)</td><td>Derivative financial instruments -</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_7" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0pt">Hedging derivatives -</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_8" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0pt"><i>Foreign currency risk -</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_9" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">As of December 31, 2022 and 2021, the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_10" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The cash flow hedge of the expected future payments was assessed
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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_11" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">Assets (liabilities) from financial instruments
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_12" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">As of December 31, 2022 and 2021 the Company
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_13" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_16" id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">All financial instruments for which fair value is recognized
or disclosed are categorized within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement
as a whole. The fair value hierarchies are those described in note 2.3.2 (vi).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt">&#160;</p></ix:continuation><div>

</div><div>


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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


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</div><p style="margin-top: 0; margin-bottom: 0">Notes to the consolidated financial statements (continued)</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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</div><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c678" decimals="-3" format="ixt:num-dot-decimal" id="ix_123_fact" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" scale="3" unitRef="pen">16</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Profit before income tax</td><td>&#160;</td>
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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_12" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_11"><ix:continuation continuedAt="cpac_DisclosureOfSegmentsExplanatory-c0_cont_2" id="cpac_DisclosureOfSegmentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in">(*)</td><td><ix:footnote id="ix_15_footnote" xml:lang="en-US">As of December 31, 2022, corresponds to the financial investment designated at fair value through OCI for S/<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="cpac:FinancialInvestmentDesignatedAtFairValue" scale="0" unitRef="pen">274,000</ix:nonFraction> and fair value
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segment of cement, and the financial investment designated at fair value through OCI and fair value of derivative financial instrument
at fair value through profit or loss are not assigned to any segment.</ix:footnote></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_13" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_12"><ix:continuation id="cpac_DisclosureOfSegmentsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in">(**)</td><td><ix:footnote id="ix_16_footnote" xml:lang="en-US">Capital expenditure consists of S/<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsForDevelopmentProjectExpenditure" scale="0" unitRef="pen">190,126,000</ix:nonFraction> and S/<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsForDevelopmentProjectExpenditure" scale="0" unitRef="pen">97,288,000</ix:nonFraction> during the years ended as of December 31, 2022 and 2021, respectively,
and are related to additions of property, plant and equipment, intangible and other minor non-current assets.</ix:footnote></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_14" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Geographic information</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As of December 31, 2022 and 2021, all non-current assets
are located in Peru and all revenues are from clients located in the north region of the country.</p></ix:continuation><div>




</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">33.</td><td>Subsequent events</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_2" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">On January 4, 2023, Cementos Pacasmayo S.A.A. acquired
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</div><div>

</div><ix:continuation id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">On February 8, 2023, Cementos Pacasmayo S.A.A. made the
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif">F-71</span></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>















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<ix:nonFraction contextRef="c35" id="hidden-fact-38" name="ifrs-full:ProfitLoss" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c36" id="hidden-fact-39" name="ifrs-full:ProfitLoss" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c38" id="hidden-fact-41" name="ifrs-full:ProfitLoss" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c32" id="hidden-fact-42" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c33" id="hidden-fact-43" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c34" id="hidden-fact-44" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c49" id="hidden-fact-61" name="ifrs-full:ProfitLoss" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c50" id="hidden-fact-62" name="ifrs-full:ProfitLoss" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c52" id="hidden-fact-64" name="ifrs-full:ProfitLoss" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c53" id="hidden-fact-65" name="ifrs-full:ProfitLoss" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c54" id="hidden-fact-66" name="ifrs-full:ProfitLoss" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c48" id="hidden-fact-67" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c49" id="hidden-fact-68" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c50" id="hidden-fact-69" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c51" id="hidden-fact-70" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c52" id="hidden-fact-71" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c55" id="hidden-fact-72" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c49" id="hidden-fact-74" name="ifrs-full:OtherComprehensiveIncome" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c50" id="hidden-fact-75" name="ifrs-full:OtherComprehensiveIncome" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c51" id="hidden-fact-76" name="ifrs-full:OtherComprehensiveIncome" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c48" id="hidden-fact-78" name="ifrs-full:DividendsPaid" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c49" id="hidden-fact-79" name="ifrs-full:DividendsPaid" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c53" id="hidden-fact-83" name="ifrs-full:DividendsPaid" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c54" id="hidden-fact-84" name="ifrs-full:DividendsPaid" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-85" name="ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-86" name="ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-87" name="ifrs-full:PurchaseOfAvailableforsaleFinancialAssets" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-88" name="ifrs-full:CashAdvancesAndLoansMadeToRelatedParties" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-89" name="ifrs-full:CashAdvancesAndLoansMadeToRelatedParties" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-90" name="ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-91" name="ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-92" name="cpac:OpeningOfTermDepositsWithOriginalMaturityGreater" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-93" name="cpac:OpeningOfTermDepositsWithOriginalMaturityGreater" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-94" name="cpac:RedemptionOfTermDepositsWithOriginalMaturityGreater" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-95" name="cpac:RedemptionOfTermDepositsWithOriginalMaturityGreater" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-96" name="cpac:PaidLoan" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-97" name="cpac:IncomeFromSettlementOfDerivativeFinancialInstruments" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-98" name="cpac:IncomeFromSettlementOfDerivativeFinancialInstruments" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-99" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-100" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-101" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-102" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-103" name="cpac:AdditionOfQuarryRehabilitationCosts" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c80" id="hidden-fact-104" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c81" id="hidden-fact-105" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c82" id="hidden-fact-106" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c83" id="hidden-fact-107" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c84" id="hidden-fact-108" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c85" id="hidden-fact-109" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c86" id="hidden-fact-110" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c87" id="hidden-fact-111" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c88" id="hidden-fact-112" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c89" id="hidden-fact-113" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c90" id="hidden-fact-114" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c91" id="hidden-fact-115" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c92" id="hidden-fact-116" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c93" id="hidden-fact-117" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c95" id="hidden-fact-118" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c96" id="hidden-fact-119" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c97" id="hidden-fact-120" name="cpac:TradeReceivableAndOtherNonCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c101" id="hidden-fact-121" name="cpac:TradeReceivableAndOtherCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c102" id="hidden-fact-122" name="cpac:TradeReceivableAndOtherCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c103" id="hidden-fact-123" name="cpac:TradeReceivableAndOtherCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c104" id="hidden-fact-124" name="cpac:TradeReceivableAndOtherCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c105" id="hidden-fact-125" name="cpac:TradeReceivableAndOtherCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c107" id="hidden-fact-126" name="cpac:TradeReceivableAndOtherCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c108" id="hidden-fact-127" name="cpac:TradeReceivableAndOtherCurrent" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:footnote id="ix_2_footnote" xml:lang="en-US">Trade account receivables have current maturity (30 to 90 days) and those overdue bear interest.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of trade and other receivables-->
<ix:footnote id="ix_3_footnote" xml:lang="en-US">On March 22, 2021, the Company received Tax Court Resolution N&#176; 00905-4-21 that declares the calculation of Mining Royalty should be based on gross sale of the final product (cement) for the years 2008 and 2009. This is an opposite position to what is established by the Constitutional Court in the STC Exp. N&#176; 1043-2013-PA/TC that declares founded the writ of protection presented by the Company and its right to calculate the Mining Royalty exclusively based on the value of the mining component, without considering in any way the value of the final products derived from industrial and manufacturing processes.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of trade and other receivables-->
<ix:footnote id="ix_4_footnote" xml:lang="en-US">The movement of the allowance for expected credit losses is as follows:</ix:footnote><!--Text not found in footnote sections assigned to Schedule of trade and other receivables-->
<ix:footnote id="ix_5_footnote" xml:lang="en-US">The aging analysis of trade and other accounts receivable as of December 31, 2021 and 2020, is as follows:</ix:footnote><!--Text not found in footnote sections assigned to Schedule of trade and other receivables-->
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<ix:nonFraction contextRef="c117" id="hidden-fact-129" name="ifrs-full:FinancialAssets" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c117" id="hidden-fact-130" name="ifrs-full:TradeReceivables" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c123" id="hidden-fact-133" name="ifrs-full:TradeReceivables" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c143" id="hidden-fact-137" name="cpac:DisposalPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c149" id="hidden-fact-138" name="cpac:DisposalPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c150" id="hidden-fact-139" name="cpac:DisposalPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c141" id="hidden-fact-140" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c149" id="hidden-fact-141" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c150" id="hidden-fact-142" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c165" id="hidden-fact-143" name="cpac:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipments" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c168" id="hidden-fact-144" name="cpac:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipments" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c165" id="hidden-fact-145" name="cpac:SalesAndorRetirement" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c166" id="hidden-fact-146" name="cpac:SalesAndorRetirement" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c168" id="hidden-fact-147" name="cpac:SalesAndorRetirement" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c173" id="hidden-fact-148" name="cpac:SalesAndorRetirement" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c174" id="hidden-fact-149" name="cpac:SalesAndorRetirement" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c165" id="hidden-fact-150" name="cpac:DisposalPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c166" id="hidden-fact-151" name="cpac:DisposalPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c167" id="hidden-fact-152" name="cpac:DisposalPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c173" id="hidden-fact-153" name="cpac:DisposalPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c174" id="hidden-fact-154" name="cpac:DisposalPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c175" id="hidden-fact-155" name="cpac:DisposalPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c176" id="hidden-fact-156" name="cpac:DisposalPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c165" id="hidden-fact-157" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c167" id="hidden-fact-158" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c173" id="hidden-fact-159" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c174" id="hidden-fact-160" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:footnote id="ix_6_footnote" xml:lang="en-US">Mining concessions mainly include net acquisition costs of S/15,488,000 related to coal concessions acquired through a purchase option executed from 2011 to 2013. The caption also includes some concessions acquired by the Group for exploration activities related to the cement business. In previous years management recognized a full impairment related to the total net book value of a closed zinc mining unit which included concession costs, development costs and related facilities and equipment. From this impairment estimate, S/42,859,000 corresponds to concession costs. According to management&#180;s expectation the recovery amount of this zinc mining unit is zero.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of property, plant and equipment-->
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{"company-data": {"conformed-name": "CEMENTOS PACASMAYO SAA", "cik": "0001221029", "assigned-sic": "3241", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-35401", "film-number": "23854924"}, "business-address": {"street1": "CALLE LA COLONIA 150", "street2": "URBANIZACION EL VIVERO SURCO", "city": "LIMA 33", "state": "R5", "zip": "00000", "phone": "5113176000"}, "mail-address": {"street1": "CALLE LA COLONIA 150", "street2": "URBANIZACION EL VIVERO SURCO", "city": "LIMA 33", "state": "R5", "zip": "00000"}}
As filed with the U.S.
Securities and Exchange Commission on April 27, 2023
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
December 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number
001-35401
CEMENTOS PACASMAYO S.A.A.
(Exact name of Registrant as specified in its
charter)
PACASMAYO CEMENT CORPORATION
(Translation of Registrant's name into
English)
Republic of
Peru
(Jurisdiction of incorporation or organization)
Calle La Colonia 150
,
Urbanización El
Vivero
Surco,
Lima
Peru
(Address of principal executive offices)
Javier Durand, Esq., General Counsel
Tel. +
51-1-317-6000
Calle La Colonia 150
Urb. El Vivero
-
Lima
,
Peru
(Name, telephone, email and/or facsimile number
and address of company contact person)
Securities registered pursuant to Section 12(b)
of the Act.
Title of each class
Trading Symbol(s)
Name of each exchange on
    which registered
Common Shares, par value S/1.00 per share, in the form of American Depositary Shares, each representing
    five Common Shares
CPAC
New York Stock Exchange
Securities registered pursuant to Section 12(g)
of the Act: None
Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act: None
Indicate the number of outstanding shares of each
of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:
At December 31, 2022
423,868,449
common shares
4,238,397 investment shares*
*
Excluding 36,040,497 investment shares held in treasury.
Indicate by check mark if
the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
☐
No
☒
If this report is an annual
or transition report, indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.  Yes
☐
No
☒
Note- Checking the box above
will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their
obligations under those Sections.
Indicate by check mark whether
the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether
the Registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (§ 203.405 of this chapter) during the preceding 12 months (or for such other period that the registrant was required to submit
and post such files).
Yes
☐
No
☒
Indicate by check mark whether
the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition
of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of
the Exchange Act. (Check one):
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Emerging growth company
☐
If an emerging growth company
that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a)
of the Exchange Act.
☐
† The term "new
or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting
Standards Codification after April 5, 2012.
Indicate by check mark whether
the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that
prepared or issued its audit report.
☒
If securities are registered
pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing
reflect the correction of an error to previously issued financial statements.
☐
Indicate by check mark whether
any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the
Registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate by check mark which
basis of accounting the Registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☐
International Financial Reporting Standards
as issued by the International Accounting Standards Board
☒
Other
☐
If "Other" has been checked
in response to the previous question, indicate by check mark which financial statement item the Registrant has elected to follow. Item
17
☐
Item 18
☐
If this is an annual report,
indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
☒
PART
I
INTRODUCTION
Certain Definitions
All references to "we," "us,"
"our," "our company," "Pacasmayo," and "Cementos Pacasmayo" in this annual report are
to Cementos Pacasmayo S.A.A., a publicly held corporation (
sociedad anónima abierta
) organized under the laws of Peru, and,
unless the context requires otherwise, its consolidated subsidiaries. The term "U.S. dollar", "U.S. dollars" and
the symbol "US$" refer to the legal currency of the United States; and the term "
sol
" or "
soles"
and the symbol "S/" refer to the legal currency of Peru.
Financial Information
Our consolidated financial
statements included in this annual report have been prepared in
soles
and in accordance with International Financial Reporting
Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and audited in accordance
with the standards of the Public Company Accounting Oversight Board (United States).
In this annual report, we
present EBITDA, which is a financial measure that is not recognized under IFRS. We refer to such financial measures as "non-IFRS"
financial measures. A non-IFRS financial measure is generally defined as one that purports to measure financial performance; financial
position or cash flows of the subject reporting company but excludes or includes amounts that would not be so adjusted in the most comparable
IFRS measure. We present EBITDA because we believe it provides the reader with a supplemental measure of the financial performance of
our core operations that facilitates period-to-period comparisons on a consistent basis. EBITDA should not be construed as an alternative
to profit or operating profit, as an indicator of operating performance, as an alternative to cash flow provided by operating activities
or as a measure of liquidity (in each case, as determined in accordance with IFRS). EBITDA, as calculated by us, may not be comparable
to similarly titled measures reported by other companies, including those in the cement industry. For a calculation of EBITDA and a reconciliation
of EBITDA to the most directly comparable IFRS financial measure, see "Item 4. Information on the Company—B. Business
Overview—Overview."
We have translated some of
the
soles
amounts appearing in this annual report into U.S. dollars for convenience purposes only. Unless the context otherwise
requires, the rate used to translate
soles
amounts to U.S. dollars was S/3.814 to US$1.00, which was the average accounting exchange
rate (
tipo de cambio contable
) reported on December 31, 2022, by the Peruvian Superintendence of Banks, Insurance and Private Pension
Fund Administrators (
Superintendencia de Banca
,
Seguros y AFPs
, or "SBS"). The Federal Reserve Bank of New York
does not report a noon buying rate for
soles
. The U.S. dollar equivalent information presented in this annual report is provided
solely for convenience of the reader and should not be construed as implying that the
soles
amounts represent, or could have been
or could be converted into, U.S. dollars at such rates or at any other rate.
Certain figures included in
this annual report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be arithmetic
aggregations of the figures that precede them.
Market Information
We make estimates in this
annual report regarding our competitive position and market share, as well as the market size and expected growth of the construction
sector and cement industry in Peru. We have made these estimates on the basis of our management's knowledge and statistics and other
information available from the following sources:
●
the Central Bank of Peru (
Banco Central de Reserva del Perú,
or the "BCRP");
●
the National Statistical Institute of Peru (
Instituto Nacional de Estadística e Informática
,
or "INEI");
●
the Association of Cement Producers of Peru (
Asociación de Productores de Cemento
, or "ASOCEM");
1
●
the Ministry of Housing, Construction and Sanitation (
Ministerio de Vivienda, Construcción y
Saneamiento
);;
●
ADUANET, a website administered by the Peruvian Tax Superintendence (
Superintendencia Nacional de Administración
Tributaria
, or "SUNAT");
●
the Peruvian Chamber of Construction (
Cámara Peruana de la Construcción
); and
●
the Global Competitiveness Index prepared by the World Economic Forum.
We believe these estimates
to be accurate as of the date of this annual report.
Forward-Looking Statements
This annual report contains
forward-looking statements. Forward-looking statements convey our current expectations or forecasts of future events. These statements
involve known and unknown risks, uncertainties and other factors, including those listed under "Item 3. Key Information –
D. Risk Factors," which may cause our actual results, performance or achievements to differ materially from the forward-looking
statements that we make.
Forward-looking statements
typically are identified by words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "project," "plan," "believe," "potential,"
"continue," "is/are likely to," or other similar expressions. Any or all of our forward- looking statements in
this annual report may turn out to be inaccurate. Our actual results could differ materially from those contained in forward-looking statements
due to a number of factors, including:
●
political, economic and social risk inherent to conducting business in Peru;
●
exchange rates, inflation and interest rates;
●
the entry of new competitors into the market we serve;
●
construction activity levels, particularly in the northern region of Peru;
●
private investment and public spending in construction projects;
●
natural disasters, such as floods and earthquakes affecting the northern region of Peru, and global events,
such as public health crises and epidemics/pandemics and the worldwide effects thereof and responses thereto;
●
availability and prices of energy, admixtures and raw materials;
●
changes in the regulatory framework, including tax, environmental and other laws;
●
the successful expansion of our production capacity;
●
our ability to compete with potential substitutes of cement products that may be introduced in the Peruvian
construction industry;
●
our ability to maintain and expand our distribution network;
●
international conflicts, such as the current one between Russia and Ukraine, and the worldwide effects
and responses thereto
●
our ability to retain and attract skilled employees; and
●
other factors discussed under "Item 3. Key Information—D. Risk Factors."
The forward-looking statements
in this annual report represent our expectations and forecasts as of the date of the filing of this annual report. Except as required
by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information,
future events or otherwise, after the date of this annual report.
2
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
ITEM 3. KEY INFORMATION
A. [Reserved]
B. Capitalization and Indebtedness
Not applicable.
C. Reasons for the Offer and Use of Proceeds
Not applicable.
D. Risk Factors
Global Macroeconomic Conditions
Global macroeconomic
conditions may have an adverse effect on our business, financial condition and results of operations.
Our operations and customers
are located in Peru. As a result, our business, financial condition and results of operations, like those of most companies in Peru, may
be adversely affected by the level of economic activity in the country. Therefore, variations in economic indicators such as inflation,
gross domestic product ("GDP"), the balance of payments, the appreciation and depreciation of the national currency, access
to credit, interest rates, investment and savings, consumption, spending and fiscal income and employment rates, among other variables,
over which we have no control, could affect the development of the Peruvian economy and, therefore, could generate adverse consequences
for our business, financial condition and results of operations. These variables, in turn, may be affected by global macroeconomic factors.
During 2022, world economic
activity continued to be affected by high energy prices, China's "zero COVID" policy, the reduction of surplus savings generated
during the pandemic, geopolitical uncertainty and tightening monetary conditions. For emerging economies, this scenario contributed to
a reduction in the price of several raw materials and the tightening of financial conditions. In 2022, capital flows continued to register
low levels compared to the previous year.
The cement sector is closely
related to the following main macroeconomic variables: (i) the expansion or contraction of the economy as measured by GDP, (ii) domestic
demand, (iii) private investment and (iv) public spending. In this regard, prolonged conditions, at the global level, that adversely affect
the economic growth of Peru would negatively affect the cement sector, which may have an adverse effect on our business, financial condition
and results of operations.
3
International conflicts,
such as the current war between Russia and Ukraine, and other geopolitical tensions or conflicts have put upward pressure on international
prices, increasing inflation, and therefore adversely affecting our business, financial condition, and results of operations.
Global markets are currently
operating in a period of economic uncertainty, volatility and disruption following Russia's full-scale invasion of Ukraine on February
24, 2022. Although the length and impact of the ongoing war is highly unpredictable, to date, it has had an adverse effect on global economic
conditions and business activity globally and has lead to (i) credit and capital market disruptions, (ii) increases in interest rates
and inflation in the market in which we operate and (iii) lower global growth, among others. These developments have caused interruptions
in the trade flows of goods produced by Russia and Ukraine (mainly energy and grains) which have generated upward pressure on international
prices of those goods. Additionally, Russia's prior annexation of Crimea, recognition of two separatist republics in the Donetsk
and Luhansk regions of Ukraine and subsequent military interventions in Ukraine have led to sanctions and other penalties being levied
by the United States, the European Union and other countries against Russia, Belarus, the Crimea Region of Ukraine, the so-called Donetsk
People's Republic and the so-called Luhansk People's Republic. As a result of these commercial and financial sanctions, pressure
on international prices may continue, even after the war in Ukraine has ended.
Similar pressures have been
observed in the price of energy. Russia is a major producer of natural gas, oil and coal. Production and commercial activities have been
affected by direct and indirect sanctions. Peru is a net importer of oil, and as such it has been affected by the significant increase
in price, generating high levels of inflation. In Peru, the inflation rate in 2022 was the highest annual rate of inflation recorded since
1996. The increase in the price of coal directly affects our business since it is one of the raw materials used in our process and, in
2022, it accounted for 21.3% of our cement production cost. Indirectly, the increase in the price of oil and gas also affects our business,
as it generates inflationary pressure throughout, and increases freight prices, which in turn increase import costs.
Geopolitical and economic
risks have also increased over the past few years as a result of trade tensions between the United States and China, Brexit, and the rise
of populism and tensions in South America and the Middle East. The foregoing conflicts and any other geopolitical tensions may lead, among
others, to a de-globalization of the world economy, an increase in protectionism or barriers to immigration, a general reduction of international
trade in goods and services and a reduction in the integration of financial markets, any of which could materially and adversely affect
our business, financial condition and results of operations.
The increase in global
freight costs have adversely affected international prices, increasing inflation and therefore impacting our business, financial condition
and results of operations.
The current increase in freight
prices is due both to demand and supply side issues. On the one hand, there was a surge in demand for goods, as consumers spent their
money on goods rather than services during pandemic lockdowns and restrictions. On the other hand, there were capacity constraints, including
container ship carrying capacity, container shortages, labor shortages, continued on and off COVID-19 restrictions across port regions
and congestion at ports. This mismatch between surging demand and reduced supply capacity then led to record container freight rates during
2021, that remained high during 20222. According to the United Nations Conference on Trade and Development (UNCTAD), this will have a
profound impact on trade and undermine socioeconomic recovery, especially in developing countries, until maritime shipping operations
return to normal. In Peru, this has already resulted in higher levels of inflation, with inflation reaching 8.5 % in 2022, compared to
6.2% in 2021. Increased freight costs directly affect our business and results of operations since imported materials represent approximately
37.9% of our production costs.
4
Risks Relating to Peru
Economic, social and
political developments in Peru including political instability, rates of inflation and unemployment could have a material adverse effect
on our business, financial condition and results of operations.
All of our operations and
customers are located in Peru. Accordingly, our business, financial condition and results of operations depend on the level of economic
activity in Peru. Our business, financial condition and results of operations could be affected by changes in economic and other policies
of the Peruvian government (which has exercised and continues to exercise substantial influence over many aspects of the private sector),
and by other economic and political developments in Peru, including devaluation or depreciation, currency exchange controls, inflation,
economic downturns, political instability, corruption scandals, social unrest and terrorism.
In the past, Peru has experienced
political instability that included a succession of regimes with disparate economic policies and programs that created uncertainty for
domestic and foreign investors. Pedro Castillo became President of Peru, after a disputed election result in 2021. He faced political
opposition in the Peruvian Congress, which was highly fragmented, as no political party had achieved a clear majority and at least 10
political parties had minority representation, which led some groups in the Peruvian Congress to ask for his resignation. On December
7, 2022, President Castillo announced his decision to dissolve Congress, to intervene in the Judiciary, the Public Ministry, the Attorney
General's Office, and the Constitutional Court, in addition to the scheduling of an election of a new Congress. These efforts by
President Castillo failed due to the immediate rejection by all government bodies, including the cabinet and the armed and police forces.
President Castillo was impeached that same day by Congress and arrested in transit to the Mexican embassy in Lima to request political
asylum. The then Vice President Dina Boluarte was sworn in as President in accordance with the line of constitutional succession.
In December 2022, a few days
into President Boluarte's term, there were strong protests in the central, southern, and southern Andean areas of the country by
sectors of the population that demanded the immediate resignation of Dina Boluarte, the closure of Congress, the call for a Constituent
Assembly and freedom of Pedro Castillo. In response, President Boluarte announced that she would propose to Congress an early election
for April 2024. The protests escalated in various parts of the country, but subsequently downscaled to some extent. However, as of the
date of this annual report, Congress has yet to approve the date of these early elections, and, accordingly, President Boluarte's
mandate is currently scheduled to end in 2026. However, since the political opposition in the Peruvian Congress remains strong, no assurance
can be made that impeachment motions will not be presented to the Peruvian Congress against President Boluarte during the remainder of
her term. We can provide no assurance that these protests will not escalate again in the future. In addition, the Peruvian government
may seek to modify and reform the Peruvian Constitution to expand the role of the government in activities currently undertaken by the
private sector in accordance with statements made during the campaign of President Castillo. Although it is expected that a majority of
the Peruvian Congress would oppose certain new policies and reforms, we can provide no assurance that policymaking by the government will
not be unpredictable. We cannot assure you whether President Boluarte or any of her successors, should an impeachment motion (
moción
de vacancia)
be approved by the Peruvian Congress, will pursue business-friendly and open-market economic policies that stimulate
economic growth and stability, and that measures negatively impacting private investment, such as higher taxation or exchange controls,
will not be implemented.
During the 1980s and the early
1990s, Peru experienced severe terrorist activity targeted against, among others, the government and the private sector. Since then, terrorist
activity in Peru has been mostly confined to small-scale operations in the Huallaga Valley and the Valleys of the Rivers Apurimac, Ene
and Mantaro, or "VRAEM," areas, both in the Eastern part of the country. The Huallaga Valley and VRAEM constitute the largest
areas of coca cultivation in the country and thus serve as a hub for the illegal drug trade. Terrorist activity and the illegal drug trade
continue to be key challenges for Peruvian authorities. Any violence derived from the drug trade or a resumption of large-scale terrorist
activities which may occur could hurt our operations and, could disrupt the economy of Peru and our business. In addition, Peru has, from
time to time, experienced social and political turmoil, including riots, nationwide protests, strikes and street demonstrations.
Despite Peru's ongoing
economic growth and stabilization, the social and political tensions and high levels of poverty and proper employment continue. Future
government policies to preempt or respond to social unrest could include, among other things, expropriation, nationalization, suspension
of the enforcement of creditors' rights and new taxation policies. These policies could adversely and materially affect the Peruvian
economy and our business.
The foregoing political uncertainty
and presidential decisions could further increase interest rates and currency volatility, as well as adversely and materially affect the
Peruvian economy and our business, financial condition and results of operations.
5
A depreciation or devaluation
of the sol could have a material adverse effect on our business, financial condition and results of operations.
A significant depreciation or devaluation of the
sol
may affect us due to the fact that our revenues are denominated in
soles
while 37.9% of our costs, as of December 31,
2022 was denominated in U.S. dollars. As a result, we are exposed to currency mismatch risks. We expect to reduce our U.S dollar-denominated
costs once we stop requiring imported clinker, most likely during the second half of 2023. Nonetheless, a depreciation or devaluation
of the
sol
against the U.S. dollar and increased exchange rate volatility would increase the cost of our debt service obligations
which could have a material adverse effect on our business, financial condition and results of operations.
If the Peruvian government
were to implement restrictive exchange rate policies and other similar laws, our business, financial condition and results of operations
could be adversely affected.
Since 1991, the Peruvian economy
has undergone a major transformation from a highly protected and regulated system to a free market economy. During this period, protectionist
and interventionist laws and policies have been dismantled. As a result the Peruvian economy had been growing consistently, until 2020
due to the COVID-19 pandemic. Currently, foreign exchange rates are determined by market conditions, with regular open-market operations
by the BCRP in the foreign exchange market to reduce volatility in the value of Peru's currency against the U.S. dollar.
We cannot assure you that
the Peruvian government will not institute restrictive exchange rate policies in the future. Any such restrictive exchange rate policy
could have a material adverse effect on our business, financial condition and results of operations and adversely affect our ability to
repay debt or other obligations and restrict our access to international financing.
In addition, if the Peruvian government were to
institute restrictive exchange rate policies in the future, we might be obligated to seek an authorization from the Peruvian government
to make payments on the notes and the guarantees. We cannot assure you that such an authorization would be obtained. Any such exchange
rate restrictions or the failure to obtain such an authorization could materially and adversely affect our ability to make payments under
our U.S. dollar-denominated debt and to pay dividends on our American Depositary Shares ("ADSs").
Increased rates of inflation
in Peru could have an adverse effect on the Peruvian long-term credit market, as well as the Peruvian economy generally and, therefore,
on our business, financial condition and results of operations.
In the past, Peru has suffered
through periods of high and hyper-inflation, which has materially undermined the Peruvian economy and the government's ability to
create conditions that support economic growth. In response to increased inflation, the BCRP, which sets the Peruvian basic interest rate,
may increase or decrease the basic interest rate in an attempt to control inflation or foster economic growth. Increases in the base interest
rate could adversely affect our results of operations, increasing the cost of certain funding. Additionally, a return to a high-inflation
environment would also undermine Peru's foreign competitiveness, with negative effects on the level of economic activity and employment,
while increasing our operating costs and adversely impacting our operating margins if we are unable to pass the increased costs on to
our customers. During 2022, inflation reached 8.5%, well above the previous five-year average of 2.6%. Supply shocks, including the recent
rise in prices of energy, increased freight costs, and the increase in domestic demand explains this increase at a global level. The recent
conflict between Russia and Ukraine is likely to exacerbate these effects. Moreover, there has been an increase in interest rates globally,
which has an effect on the cost of financing and may adversely affect our business and financial condition if we were to require financing.
Changes in tax laws
or their interpretation may increase our tax burden and, as a result, negatively affect our business.
The Peruvian Congress and
government regularly implement changes to tax laws that may increase our tax burden, or the tax burden of our subsidiaries. These changes
may include modifications in our taxable base, tax rates and, on occasion, the enactment of temporary taxes that in some cases have become
permanent taxes or changes to VAT exemptions applicable to certain of our operations in the Amazonian region. We are unable to estimate
the outcomes that these changes may have on business. In that sense, the Peruvian government recently introduced several changes related
to transfer pricing rules and formal obligations in order to comply with BEPS (base erosion and profit shifting) Guidelines on transactions
performed between related parties or with the intervention of low or no-tax jurisdictions, such as the obligation to file new local-files,
master-files and country-by-country reports with the Peruvian tax authority, and to adjust taxable bases accordingly for income tax purposes.
The effects of any tax reforms
that could be proposed in the future and any other changes that result from the enactment of additional reforms have not been, and cannot
be, quantified. However, any changes to our tax regime or interpretations thereof (including in connection with the tax rates, tax base
(
base imponible
), deductions rules, payments in advance regime (
regimen de pagos a cuenta
), time of payment or the establishment
of new taxes thereof) may result in increases in our overall costs and/or our overall compliance costs, which could negatively affect
our results of operations.
6
Our operations could
be adversely affected by an earthquake, flood or other natural disasters.
Severe weather conditions
and other natural disasters in areas in which we operate may materially adversely affect our operations. Peru is affected by El Niño,
an oceanic and atmospheric phenomenon that causes a warming of temperatures in the Pacific Ocean, resulting in heavy rains off the coast
of Peru and various other effects in other parts of the world. The effects of El Niño, which typically occurs every two to seven
years, include flooding and the destruction of fish populations and agriculture, and accordingly have a negative impact on Peru's
economy. For example, in early 2017, El Niño adversely affected agricultural production, transportation and communications services,
tourism and commercial activity, caused widespread damage to infrastructure and displaced significant populations. Although our facilities
were not significantly affected, our ability to ship cement was compromised by the destruction of infrastructure. Moreover, the road between
our quarry and plant in Piura was flooded and became impassable in 2017, causing increased logistics costs, as we had to transport the
raw material required for cement production at our Piura plant by an alternate road. With the rains experienced during the first months
of 2023, this road has again become impassable, albeit over a shorter distance than in 2017. We currently have enough inventory to supply
raw material to our Piura plant, but we cannot assure you that the road will be fully operational before we need to use it again.
Peru also is located in an
area that experiences seismic activity and occasionally is affected by earthquakes. For example, in 2007, an earthquake with a magnitude
of 7.9 on the Richter scale struck the central coast of Peru, severely damaging the region south of Lima. During March 2023, Cyclone Yaku
generated intense rainfall, which resulted in flooding and landslides, which severely damaged some areas in the north of Peru. Although
there was no severe physical damage to our properties, there have been closures of one or more of our franchised stores, inadequate work
forces in our markets, temporary disruptions in the supply of products, delays in the delivery of goods and a reduction in the availability
of products to these stores. In addition, adverse climate conditions (due to climate change or otherwise) and adverse weather patterns,
such as droughts or floods that impact growing conditions and the quantity and quality of crops, may materially adversely affect the availability
or cost of certain commodities or other products within our supply chain. Any of these factors may disrupt and materially adversely affect
our business, financial condition and results of operations.
Our operations could
be adversely affected by government-mandated plant closures.
Public health crises, such as epidemics or pandemics,
as well as other events deemed to be public emergencies, may result in the government requiring us to cease our operations. For example,
in March 2020, the Peruvian government ordered a state of emergency due to the COVID-19 outbreak, and required us to close our operations
from March 16, 2020 until May 18, 2020. This closure had a materially adverse effect on our business, financial condition, and results
of operations, in particular during the state of emergency. Although our business recovered well following the required period of closure,
we do not know if the government will take similar measures in the future as a result of public health crises or other public emergencies
that may have an impact on the Peruvian economy as a whole, the construction sector, our customers' ability to purchase cement and
cement-based products, and/or our customers' ability to pay for products we have previously sold to them.
The Peruvian economy
could be adversely affected by economic developments in regional or global markets.
Financial and securities markets
in Peru are influenced by economic and market conditions in regional and global markets. Although economic conditions vary from country
to country, investors' perceptions of the events occurring in one country may adversely affect cash flows and securities from issuers
in other countries, including Peru. For example, the Peruvian economy was adversely affected by the political and economic events that
occurred in several emerging economies in the 1990s, including in Mexico in 1994, which impacted the fair value of securities issued by
companies from markets throughout Latin America. The crisis in the Asian markets beginning in 1997 also negatively affected markets throughout
Latin America. Similar adverse consequences resulted from the economic crisis in Russia in 1998, the Brazilian devaluation in 1999 and
the Argentine crisis in 2001. In addition, Peru's economy continues to be affected by events in the economies of its major regional
partners and in developed economies that are trading partners or that affect the global economy.
The 2008 and 2009 global economic
and financial crisis substantially affected the financial system, including Peru's securities market and economy. Additionally,
the debt crisis in Europe that began with financial crises in Greece, Spain, Italy and Portugal, reduced the confidence of foreign investors,
caused volatility in the securities markets and affected the ability of companies to obtain financing globally. Doubts about the pace
of global growth, particularly in the United States, contributed to already weak international growth in 2011, 2012 and 2013. Brexit continues
to create volatility and uncertainty in a number of financial markets. The global COVID-19 pandemic has resulted in a worldwide recession
that we cannot yet accurately measure as it is ongoing. Any interruption to the recovery of developed economies, the continued effects
of the global crisis in 2008 and 2009, a worsening or resurgence of the debt crisis in Europe, impacts due to Brexit, the economic impact
of COVID-19, or a new economic and/or financial crisis, or a combination of the above, could affect the Peruvian economy, and consequently,
materially adversely affect our business. In particular, the Peruvian economy recently has suffered the effects of fluctuating commodity
prices in the international markets, a decrease in export volumes, a decrease in foreign direct investment inflows and, as a result, a
decline in foreign reserves and an increase in its current account deficit. Additionally, adverse developments in regional or global markets
or an increase in the perceived risks associated with investing in emerging markets in the future could adversely affect the Peruvian
economy and, as a result, adversely affect our business, financial condition and results of operations. In March 2020, after its annual
review, the FTSE announced that, since there is only one Peruvian stock in the FTSE Global All Cap index, it does not meet the requirements
of the new minimum investable market cap and securities count requirement criterion. As a result, Peru was reclassified from Secondary
Emerging to Frontier market status as of September 2020.
7
A decline in the prices
of certain commodities in the international markets could have a material adverse effect on our financial condition and results of operations.
In 2022, traditional exports,
in particular mineral products, fishing products, agricultural products and petroleum and its derivatives, represented 74.3% of Peru's
total exports, according to the figures published by the BCRP. Changes in commodity prices in the international markets may have an adverse
impact on Peruvian government finances, which could affect both investor confidence and the sustainability of government expenditure and
social programs. Thus, a decline in commodity prices could, ultimately, affect the political environment in Peru, especially as regional
and local governments are particularly reliant on tax revenue from mining operations. Lower commodity prices could also affect the retail
sector, leading to, for example, a decline in purchasing power and consumer spending.
Corruption and ongoing
high-profile corruption investigations may hinder the growth of the Peruvian economy and have a negative impact on our business and operations.
Peruvian authorities are currently
conducting several high-profile corruption investigations relating to the activities of certain companies in the construction and infrastructure
sectors, which have resulted in suspension or delay of important infrastructure projects that were otherwise operational and permitted.
The overall delay relating to such projects has resulted in a drop in GDP growth and overall infrastructure investment.
In July 2017, former President
Ollanta Humala and his wife were detained in connection with a corruption probe and in February 2018, a Peruvian judge submitted a request
to extradite former president Alejandro Toledo on allegations of bribery, both in connection with Brazilian construction company Odebrecht
S.A. Several high-profile politicians are subject to corruption investigations. Corruption and corruption investigations could directly
affect the Peruvian government, divert resources that would otherwise be focused on developing the economy, create political instability,
and result in slower or negative economic growth, such as has recently happened in Brazil. In turn, this could impact our ability to successfully
implement our growth and expansion strategies.
On March 21, 2018, President
Kuczynski announced his decision to resign his office as president, due to allegations of corruption he faced. On March 23, 2018, Congress
accepted his resignation and his first vice president, Martín Vizcarra, was sworn in as acting president. In November 2021, President
Vizcarra was impeached, due to alleged illegal payments by construction companies to President Vizcarra during his tenure as regional
governor of Moquegua and, later, as Minister of Transport and Communications.
In July 2018, a set of secretly
recorded phone conversations involving high-court officials in Peru revealed widespread corruption in the judicial system's top
ranks. In February 2019, preventive prison was ordered of four of the implicated judges while the investigations continue.
In April 2019, two former
presidents were placed in preliminary detention due to their alleged ties to corruption: Pedro Pablo Kuczynski, who is currently detained,
and Alan Garcia, who took his own life when police came to place him under arrest.
In December 2022, President
Castillo announced his decision to dissolve Congress, to intervene in the Judiciary, the Public Ministry, the Attorney General's
Office and the Constitutional Court, and to convene the election of a new Congress. This announcement was rejected by all government institutions,
including the Public Ministry, the cabinet, and the armed and police forces. President Castillo was impeached that same day by Congress
and arrested in transit to the Mexican embassy in Lima to request political asylum. He is currently being investigated and held under
preliminary detention.
Although recent history has
shown that the macroeconomic stability of the country remains unaffected by political turmoil, we cannot yet assess the political and
economic impact these developments may have on the political stability of the country. See "Economic, social and political
developments in Peru including political instability, rates of inflation and unemployment could have a material adverse effect on our
business, financial condition and results of operations."
8
Public health crises,
including epidemics/pandemics, such as the COVID-19 pandemic, have adversely affected Peru's economy and therefore our business,
financial condition and results of operations.
The COVID-19 pandemic had
a material adverse impact on the Peruvian economy in 2020, resulting in volatility in the financial markets, reduced international trade
and lower activity in certain of the key drivers of the local economy. In addition, social distancing and stay-at-home quarantine measures
imposed to minimize pressure on the healthcare system and contain social costs, adversely affected dynamism of various productive sectors
of the economy. Reduced activity in these economic sectors has resulted in reduced employment and less income for families and companies.
In 2021, there was a substantial
recovery in the Peruvian economy, with the most dynamic sectors being construction, non-primary manufacturing, commerce and some branches
of the service sector, including telecommunications and finance and insurance. However, there are sectors that are still lagging behind
in their recovery, especially those with a greater degree of physical interaction such as services related to transportation, accommodations,
restaurants and tourism in general.
We cannot assure you that the measures adopted by the Peruvian government
to counteract the effects of public health crises, such as COVID-19, or others, will be sufficient over the long term to restore public
confidence or to restore economic growth.
Risks Relating to our Business and Industry
We are subject to the
possible entry of domestic or international competitors into our market, which could decrease our market share and profitability.
The cement market in Peru
is competitive and is currently served mainly by three main groups, which together supply most of the cement consumed in the country,
although there are two smaller producers and some imports. In the cement industry, the location of a production plant tends to limit the
market a plant can serve because transportation costs are high, reducing profit margins. Historically, we have supplied the northern region
of Peru while two other groups have supplied the central (which includes the Lima metropolitan area) and southern regions of Peru, driven
principally by the location of production facilities and distribution focus. However, competition could intensify if other manufacturers
decide to enter our market.
We may face increased competition
if the other Peruvian cement manufacturers, despite incremental freight costs, expand their distribution of cement to the northern region
of Peru, or if they develop a cement plant in the north, particularly if the cement markets in Lima or other areas of Peru become saturated.
In the past, some foreign cement manufacturers have announced plans to build cement plants in the central region of the country. If competition
intensifies in the central region of Peru due to the presence of foreign cement manufacturers or otherwise, it may have price repercussions
in our market.
We also face the possibility
of competition from the entry into our market of imported clinker for grinding facilities, cement or other materials or products from
foreign manufacturers, which may have significantly greater financial resources than us, particularly as production capacity continues
to exceed depressed demand in other parts of the world and transportation costs decrease.
We may not be able to maintain
our market share if we cannot match our competitors' prices or keep pace with the development of new products. If any of these events
were to occur, our business, financial condition and results of operations could be adversely affected.
9
Demand for our cement
products is highly related to housing construction in northern Peru, which, in turn, is affected by economic conditions in the region.
Cement consumption is highly
related to construction levels. Demand for our cement products depends, in large part, on residential construction in the north of Peru,
which consists mostly of low-income families gradually building or improving their own homes without technical assistance, which we refer
to as
auto-construcción
. We estimate that in 2022,
auto-construcción
accounted for approximately 76.6% of
our cement sales, which proved to be the most resilient sector during the economic crisis generated during 2020 by the COVID-19 pandemic.
Residential construction, in turn, is highly correlated to prevailing economic conditions in Peru. A decline in economic conditions would
reduce household disposable income and cause a significant reduction in residential construction, leading to a decrease in demand for
cement. As a result, a deterioration of economic conditions in the northern region of Peru would have a material adverse effect on our
financial performance and results of operations. We cannot assure you that growth in Peru's GDP, or the contribution to GDP growth
attributable to the northern region of the country, will continue at the recent pace or at all. Despite political uncertainty, cement
sales have continued to be strong during 2022. However, we cannot assure you that strong sales will remain during 2023 and beyond, as
the economy continues to be affected by external factors such as inflationary pressure, and political uncertainty continues.
A reduction in private
or public construction projects in the northern region of Peru would have a material adverse effect on our business, financial condition
and results of operations.
We estimate that in 2022,
approximately 12.7% of our cement sales were derived from private construction (other than
auto-construcción
) and 10.7%
from public construction in the north of Peru. Significant interruptions or delays in, or the termination of, private or public construction
projects may adversely affect our business, financial condition and results of operations. Private and public construction levels in our
market depend on investments in the region which, in turn, are affected by economic conditions.
The level of public infrastructure
construction also depends, to a great extent, on the priorities and financial resources of the national, regional and local governmental
authorities. Although the anticipated increase in Peru's large infrastructure projects has been delayed, this remains an important
growth driver for the country and also a necessity due to Peru's significant infrastructure deficit. In the North, significant spending
will be directed towards reconstruction works to address the damage caused by Coastal El Niño, based on Peru's "Reconstruction
with Changes" Plan. This Plan has an approved budget of S/25.7 billion (US$7.6 billion). In June 2020, the Peruvian government signed
an agreement with the government of the United Kingdom, for the execution of a package of S/7 billion. Through the agreement, the United
Kingdom will provide the structure, strategy and governance processes necessary for the timely delivery of all works, promoting efficiency
and avoiding corruption. This model has already been used successfully for the construction of the necessary infrastructure for the Lima
2019 Pan American Games, therefore favorable results are expected this time as well. Although execution has been slower than expected,
the continuation of this project will continue to boost our sales. However, we cannot assure that public spending for construction projects
will continue in the upcoming years. A reduction in public infrastructure spending in our market would adversely affect our business,
financial condition and results of operations.
10
Our business, financial
condition and results of operations may be adversely affected by increases in energy prices or shortages in the supply of energy.
Energy accounts for a significant percentage of
our production costs. Our principal energy sources are coal, gas and electricity. In 2022, the cost of energy represented approximately
31.0% of our cement production costs, compared to 25.0% in 2021 and 28.7% in 2020 We use a substantial amount of coal as a source of fuel
in our production process. Most of the coal we use is anthracite coal which we purchase from domestic suppliers and import a small amount
of bituminous coal from suppliers primarily in Colombia, in each case, at market prices. We do not have long-term coal supply agreements,
and we do not engage in hedging transactions in connection with the price of coal. Any shortage or interruption in the supply of coal
could also disrupt our operations. In addition, the price of coal is largely driven by the price of oil, and, as a result, increases in
international oil prices are likely to affect the price of coal and adversely affect our results of operations.
We have a long-term electricity
supply agreement with Electroperú S.A. ("Electroperú"), a government-owned company, to serve the electricity
requirements of our Pacasmayo and Piura facilities until 2026. We have also entered into a supply agreement with Electro Oriente S.A.
("ELOR") to supply the Rioja facility until 2024. Our business, financial condition and results of operations could be materially
and adversely affected by higher costs, interruptions, and unavailability or shortage of electricity. We have no back-up power system
at our plants and cannot assure you that, in case of interruption or failure in Electroperú's or ELOR's operations,
we will have access to other energy sources at the same prices and conditions, which could adversely affect our business, financial condition
and results of operations. Moreover, electricity to our plants is transmitted through the Peruvian Electricity Interconnection System
(
Sistema Eléctrico Interconectado Nacional del Perú
, or "SEIN"). Any interruptions or failures in SEIN's
system would also have a material adverse effect on our business, financial condition and results of operations.
In the recent past, we have
experienced electricity rationing, limiting our use of electricity to certain times of the day. In such cases, we were forced to readjust
our production schedules in order to ensure that our production process was not interrupted. In the event of any future rationing of electricity,
we may not be able to readjust quickly enough and our production process may be interrupted. Future shortages or efforts to respond to
or prevent shortages, such as rationing, may adversely impact the cost or supply of electricity for our operations.
A significant increase in
the prices of coal, gas or electricity would increase our costs of production. We may not be able to increase the prices of our cement
products in the future if the prices of coal, gas or electricity rises, which would adversely affect our business, financial condition
and results of operations
Changes in the cost
or availability of admixtures and raw materials supplied by third parties may adversely affect our business, financial condition and results
of operations.
We use certain admixtures
and raw materials in the production of cement, such as gypsum, blast furnace slag and iron that we obtain from third parties. In 2022,
our cost of admixtures and raw materials supplied by third parties as a percentage of our cement production costs was approximately 5.1%,
compared to approximately 4.5% in 2021. Moreover, during 2022, we had to use imported clinker, to satisfy the sharp and sudden increase
in cement demand, and the cost of this imported clinker as a percentage of our cement production costs was approximately 16.3%, compared
to 21.3% in 2021. We do not have long-term contracts for the supply of admixtures or raw materials that we use and if existing suppliers
cease operations or reduce or eliminate production of these products, our costs to procure these materials may increase significantly
or we may be obligated to procure alternatives to replace these products. Current increases in import prices, mainly due to freight increases,
have affected the price of our admixtures. We have tried to replace, when possible, imported admixtures with local ones to decrease the
effect on our cost of production. We are also currently investing to optimize the current capacity at our Pacasmayo plant, in order to
produce an additional estimated 600,000 metric tons of clinker per year, in order to reduce our clinker imports. We expect to finish this
optimization by the second half of 2023. However, we cannot assure that we will continue to be able to replace imported admixtures or
optimize the current capacity at our Pacasmayo plant in the timing expected or at all.
11
We may undertake future
acquisitions that may not achieve expected benefits.
Our strategic initiatives
include pursuing acquisitions that tend to diversify our existing portfolio of products and services and expand our geographic footprint.
In the future, we may decide to expand by acquiring other companies in Peru or abroad. Any future acquisitions will depend on our ability
to identify suitable candidates, negotiate acceptable terms, and obtain financing for the acquisitions. If future acquisitions are significant,
they could change the scale of our business and expose us to new geographic, political, operating and financial risks. In addition, each
acquisition involves a number of risks, such as the diversion of our management's attention from our existing business to integrating
the operations and personnel of the acquired business, possible adverse effects on our results of operations during the integration process,
our inability to achieve the intended objectives of the combination and potential unknown liabilities associated with the acquired assets.
We may not be able to
obtain the funding required to implement future strategies.
Our strategies to continue
to expand our cement production capacity and distribution network require significant capital expenditures. We cannot assure you that
we will generate sufficient cash flow from operations, or that we will have access to external financing sources, to adequately fund such
capital expenditures. Our access to external sources of financing will depend on many factors, including factors beyond our control, such
as conditions in the global capital markets and investors' risk perception of investing in Peru and in emerging markets generally.
Any equity or debt financing, if available, may not be on terms that are favorable to us. If our access to external financing is limited,
we may not be able to execute our strategy, which could adversely affect our business, financial condition and results of operations.
In addition, our local bonds
due 2029 and 2034, and the "club deal" loan we entered into in 2021, contain covenants that limit our ability and that of
our restricted subsidiaries to incur additional indebtedness if we do not meet certain financial ratios. If we are unable to incur additional
debt to fund our future strategies, our business could be adversely affected.
We are subject to risks
related to litigation and administrative proceedings that could adversely affect our business and financial performance in the event of
an unfavorable ruling.
The nature of our business
exposes us to litigation relating to product liability claims, labor, health and safety matters, environmental matters, regulatory, tax
and administrative proceedings, governmental investigations, tort claims and contract disputes, among other matters. In the past, we have
been subject to antitrust and tax proceedings or investigations. While we contest these matters vigorously and make insurance claims when
appropriate, litigation is inherently costly and unpredictable, making it difficult to accurately estimate the outcome of actual or potential
litigation. Although we establish provisions as we deem necessary, the amounts that we reserve could vary significantly from any amounts
we actually pay due to the inherent uncertainties in the estimation process. We cannot assure you that these or other legal proceedings
will not materially affect our ability to conduct our business, financial condition and results of operations in the event of an unfavorable
ruling.
Our business is subject
to a number of operational risks, which may adversely affect our business, financial condition and results of operations.
Our business is subject to
several industry-specific operational risks, including accidents, natural disasters, labor disputes and equipment failures. Such occurrences
could result in damage to our production facilities and equipment, and/or the injury or death of our employees and others involved in
our production process. Moreover, such accidents or failures could lead to environmental damage, loss of resources or intermediate goods,
delays or the interruption of production activities and monetary losses, as well as damage to our reputation. Our insurance may not be
sufficient to cover losses from these events, which could adversely affect our business, financial condition and results of operations.
In addition, key equipment
at our facilities, such as our mills and kilns, may deteriorate sooner than we currently estimate. Such deterioration of our assets may
result in additional maintenance or capital expenditures and could cause delays or the interruption of our production activities. If these
assets do not generate the cash flows we expect, and we are not able to procure replacement assets in an economically feasible manner,
our business, financial condition and results of operations may be materially and adversely affected.
12
Our business depends
on the continued operation of our Pacasmayo and Piura facilities.
Our production facilities
in Pacasmayo and Piura are essential to our business. In 2022, approximately 91.1% of our total cement and all of our quicklime was produced
at our Pacasmayo and Piura facilities. These plants are subject to normal hazards of operating any cement production facility, including
accidents, natural disasters and unexpected malfunctioning of the equipment. Any interruption in our operation of our Pacasmayo or Piura
facilities or a decrease in the effective capacity of these facilities would adversely affect our results of operations. In 2020, the
production and commercialization of cement was shut down for over two months, as a consequence of the state of emergency declared to prevent
the spread of COVID-19. This halt in production and commercialization for over two months had an adverse effect on our business, financial
condition and results of operations, which we were able to partially offset during the second half of the year due to strong demand. However,
we cannot assure you that demand will continue to be strong during 2023 and beyond, or that there will not be further shutdowns or closures
of significant parts of the economy,
The introduction of
cement substitutes into the market and the development of new construction techniques could have a material adverse effect on our business,
financial condition and results of operations.
Materials such as plastic,
aluminum, ceramics, glass, wood and steel can be used in construction as a substitute for cement. In addition, other construction techniques,
such as the use of drywall, could decrease the demand for cement and concrete. In Peru, drywall has only been introduced into the housing
construction market in recent years and it is not widely used. However, the use of drywall for housing construction could increase significantly
in the future as it becomes more popular. In addition, research aimed at developing new construction techniques and modern materials may
introduce new products in the future. The use of substitutes for cement could cause a significant reduction in the demand and prices for
our cement products.
Our success depends
on key members of our management and board of directors.
Our success depends largely
on the efforts and strategic vision of our executive management team and our board of directors. The loss of the services of some or all
of our executive management team or members of our board of directors could have a material adverse effect on our business, financial
condition and results of operations.
The execution of our business
plan also depends on our ongoing ability to attract and retain additional qualified employees capable of operating our plants. Due to
the limited pool of skilled workers in the north of Peru or workers from other regions willing to relocate to the north of Peru, we may
not be successful in attracting and retaining the personnel we require. If we are unable to hire, train and retain qualified employees
at a reasonable cost, we may be unable to successfully operate our business or reach full planned production levels in a timely manner
and, as a result, our business, financial condition and results of operations could be adversely affected.
Our operations and sales
are highly concentrated in the northern region of Peru.
All of our operations are
located in the northern region of Peru, including our production facilities and the quarries from where we obtain limestone to produce
cement. In addition, substantially all our cement products are sold to consumers in this market. As a result, any adverse economic, political,
or social conditions affecting the northern region of Peru, as well as natural disasters and weather conditions, such as the El Niño
climate pattern, among other factors that may affect this region, could have a material adverse effect on our business, financial condition
and results of operations. In 2017, the north of Peru experienced severe rain, landslides, and flooding, which affected the demand for
cement, and the ability to ship it, as well as the provision of raw materials since some roads were destroyed. Our plants did not suffer
any significant damage as we halted operations to mitigate physical damage. For example, in March 2023, Cyclone Yaku generated intense
rainfall, which resulted in flooding and mudslides, which severely damaged some areas in the north of Peru, particularly the city of Pacasmayo,
where we operate. Although there was no severe physical damage to our properties, we were affected by temporary road interruptions, inadequate
work force turnout, temporary disruptions in the supply of products, delays in the delivery of our products.
13
We are subject to environmental
regulations and may be exposed to liability and political cost as a result of our handling of hazardous materials and potential costs
for environmental compliance.
We are subject to various
environmental protection and health and safety laws and regulations that regulate, among other things, the generation, storage, handling,
use and transportation of hazardous materials; emissions and discharge of hazardous materials; and the health and safety of our employees.
Pursuant to Peruvian law, in order to conduct mining and industrial activities, we are required, among other things, to (i) submit an
environmental impact assessment to the Ministry of Production (
Ministerio de la Producción
) and a mining closure plan to
the Ministry of Energy and Mines (
Ministerio de Energía y Minas
, or "MINEM") prior to initiating mining activities,
(ii) comply with certain air emission and wastewater discharge standards, (iii) obtain approval from the water management authority to
discharge wastewater into natural water sources or soil, (iv) dispose solid waste generated by us in special landfills exclusively through
companies registered with the environmental agency, and (v) store fuel in compliance with environmental and safety standards. In addition,
we are required to have a health and safety committee and develop an internal health and safety code. Although we believe we are in compliance
with all these regulations in all material respects, we cannot assure you that we have been or will be at all times in full compliance
with these laws and regulations. Any violation of such laws or regulations could result in substantial fines, criminal sanctions, revocations
of operating permits and shutdowns of our facilities. In addition, current or future governments may also impose stricter regulations
which may require us to incur higher compliance costs.
Pursuant to certain applicable
environmental laws, we could be held liable for all or substantially all of the damages caused by pollution at our current or former facilities
or those of our predecessors or at disposal sites. We could also be held liable for all incidental damages due to the health effects of
exposure of individuals to hazardous substances or other environmental damage.
We cannot assure you that
our costs of complying with current and future environmental and health and safety laws and regulations, and any liabilities arising from
past or future releases of, or exposure to, hazardous substances will not adversely affect our business, financial condition and results
of operations.
Social unrest by local
communities may have an adverse effect on our business and results of operations.
Mining is an important part
of the Peruvian economy. As of December 31, 2022, mining and oil and gas accounted for approximately 12.3% of the country's GDP
according to the BCRP. On several occasions, local communities have opposed these operations and accused them of polluting the environment
and hurting agricultural and other traditional economic activities. In recent years, Peru has experienced protests against mining projects
in several regions around the country. For example, since 2019, there have been on-and-off conflicts in Las Bambas between local communities
and China Minmetals Corp, resulting in road blockages and halt in operations repeatedly throughout this period, and is still ongoing.
We conduct some extraction activities in our quarries and operate in areas close to local communities. Although we have historically had
very good relationships with the local communities where we operate and nearby, we provide no assurance that this will continue to be
the case in the future. During 2022, certain groups made social demands relating to agriculture, transportation, mining, which caused
instability. In December, social unrest, mainly in the center and south of the country after the impeachment of President Castillo caused
further instability and have resulted in an overall slowdown in GDP growth. Further social demands and conflicts may have an effect on
the Peruvian economy, and on our business and results of operations.
International agreements
related to climate change may result in an increase in our costs.
There are ongoing international
efforts to address greenhouse emissions. The United Nations and certain international organizations have taken action against activities
that may increase the atmospheric concentration of greenhouse gases. Regulatory measures, such as the Kyoto Protocol, aimed at addressing
greenhouse gas emissions and climate changes, are in various stages of negotiation and implementation. Such measures may result in increased
costs to us for installation of new controls aimed at reducing greenhouse gas emissions, purchase of credits or licenses for atmospheric
emissions, and monitoring and registration of greenhouse gas emissions from our operations. These measures, if adopted in Peru, could
adversely affect our business, financial condition and results of operations.
14
Changes in regulations
or in the interpretation of regulations may adversely affect our business, financial condition and results of operations.
Our business is subject to
extensive regulation in Peru, including, among others, relating to tax, environmental, labor, health and safety, and mining matters. We
believe that our facilities are currently operating in all material respects in accordance with all applicable concessions, laws and regulations.
Future regulatory changes, changes in the interpretation of such regulations or stricter enforcement of such regulations, including changes
to our concession agreements, may increase our compliance costs and could potentially require us to alter our operations. We cannot assure
you that regulatory changes in the future will not adversely affect our business, financial condition and results of operations.
Any dispute with the
labor unions that represent our employees could have an adverse effect on our business, financial condition and results of operations.
As of December 31, 2022, approximately
21.6% of our employees were members of employee unions. Although we consider our relations with our employees are currently positive,
we cannot assure you that we will not experience work slowdowns, work stoppages, strikes or other labor disputes in the future, which
could adversely affect our business, financial condition and results of operations.
New projects may require
the prior approval of local indigenous communities.
On September 7, 2011, Peru
enacted Law No. 29785, regarding the Prior Consultation Right of Local Indigenous Communities, in accordance with the International Labor
Organization Convention No. 169 (
Ley del Derecho a la Consulta Previa a los Pueblos Indígenas y Originarios, Reconocido en el
Convenio 169 de la Organización Internacional del Trabajo
). This law, which became effective on December 6, 2011, establishes
a prior consultation procedure (
procedimiento de consulta previa
) that the Peruvian government must carry out with local indigenous
communities, whose rights may be directly affected by new legislative or administrative measures, including the granting of new mining
concessions. Local indigenous communities do not have a veto right; upon completion of this prior consultation procedure, the Peruvian
government retains the discretion to approve or reject the applicable legislative or administrative measure. However, to the extent that
in the future our new projects may require implementation of legislative or administrative measures that impact local indigenous communities,
we may not be able to undertake such projects, unless the Peruvian government first conducts the foregoing consultation procedure. We
cannot assure you that this law will not adversely affect our new projects and have an adverse effect on our business, financial condition
and results of operations.
The instruments pursuant
to which our principal indebtedness was issued contain financial and other covenants, and any default under any of these instruments may
have a material adverse effect on our financial condition and cash flows.
In January 2019, we issued
an aggregate of S/570 million in debt securities in two issuances under our local bond program: one in the aggregate principal amount
of S/260 million bearing interest a rate of 6.68750% with a term of 10 years, and another in the aggregate principal amount of S/310 million
bearing interest at a rate of 6.84375% with a term of 15 years. These issuances contain the same restrictions and covenants as our 4.50%
Senior Notes due 2023. And, in 2021, we entered into a "club deal" loan, which also contains restrictive covenants, as well
as financial covenants requiring us to meet certain financial ratios tests. Failure to meet or satisfy any of these covenants could result
in an event of default under the indenture, the agreements governing our local bonds or our "club deal" loan.
Failures in our information
technology systems and information security (cybersecurity) systems can adversely impact our operations and reputation.
Our operations are to a certain extent dependent
on information technology and automated operating systems to manage or support our operations. The proper functioning of these systems
is critical to the efficient operation and management of our business. In addition, these systems may require modifications or upgrades
as a result of technological changes or growth in our business. These changes may be costly and disruptive to our operations. Our systems
may be vulnerable to damage, disruption or intrusion caused by circumstances beyond our control, such as physical or electronic break-ins,
catastrophic events, power outages, natural disasters, computer system or network failures, viruses or malware, unauthorized access and
cyberattacks. Although we take actions to secure our systems and electronic information through cybersecurity tools, backup and recovery
solutions, procedures and policies which are based on Cybersecurity framework NIST 1.1 and ISO/IEC 27001:2013, have disaster recovery
plans in case of incidents that could cause major disruptions to our business, these measures may not be sufficient since cybersecurity
threats continue to evolve over time. Any significant information leakage or theft of information could affect our compliance with data
privacy laws and damage our relationship with our employees, customers and suppliers, and also adversely impact our business, financial
condition and results of operations. Our insurance does not cover any risk associated with any cyber security risks.
15
Risks Relating to our Common Shares and ADSs
The market price of
our ADSs may fluctuate significantly, and you could lose all or part of your investment.
Volatility in the market price
of our ADSs may prevent you from being able to sell your ADSs at or above the price you paid for them. The market price and liquidity
of the market for our ADSs may be significantly affected by numerous factors, some of which are beyond our control and may not be directly
related to our operating performance. These factors include, among others:
●
actual or anticipated changes in our results of operations, or failure to meet expectations of financial
market analysts and investors;
●
investor perceptions of our prospects or our industry;
●
operating performance of companies comparable to us and increased competition in our industry;
●
new laws or regulations or new interpretations of laws and regulations applicable to our business;
●
general economic trends in Peru;
●
catastrophic events, such as earthquakes and other natural disasters; and
●
developments and perceptions of risks in Peru and in other countries.
Our controlling shareholder
has significant influence over us and his interests could conflict with the interests of other shareholders.
As of March 31, 2023, our
controlling shareholder beneficially owned 50.01% of our outstanding common shares. As a result, our controlling shareholder has the ability
to determine the outcome of substantially all matters submitted for a vote to our shareholders and thus exercise control over our business
policies and affairs, including, among others, the following:
●
the composition of our board of directors and, consequently, any determinations of our board with respect
to our business direction and policy, including the appointment and removal of our executive officers;
●
determinations with respect to mergers, other business combinations and other transactions, including
those that may result in a change of control;
●
whether dividends are paid or other distributions are made and the amount of any such dividends or distributions;
●
whether we offer preemptive and accretion rights to holders of our common shares in the event of a capital
increase;
●
sales and dispositions of our assets; and
●
the amount of debt financing we incur.
Our controlling shareholder
may direct us to take actions that could be contrary to the interests of our other shareholders and may be able to prevent other shareholders
from blocking these actions or from causing different actions to be taken. Also, our controlling shareholder may prevent change of control
transactions that might otherwise provide the shareholders with an opportunity to dispose of or realize a premium on their investment
in our common shares and ADSs. We cannot assure you that our controlling shareholder will act in a manner consistent with our other shareholders'
best interests.
16
Holders of ADSs may
be unable to exercise voting rights with respect to our common shares underlying the ADSs at our shareholders' meetings.
Holders of ADSs may exercise
voting rights with respect to the common shares represented by the ADSs only in accordance with the deposit agreement relating to the
ADSs. Holders of our common shares will receive notice of shareholders' meetings through publication of a notice 25 days in advance,
pursuant to Peruvian law, in the official gazette in Peru, a Peruvian newspaper of general circulation, the bulletin of the Lima Stock
Exchange and the website of the
Superintendencia del Mercado de Valores
(the "Peruvian Securities Commission"), and
will be able to exercise their voting rights by either attending the meeting in person or voting by proxy. ADS holders will not receive
notice directly from us. Instead, pursuant to the deposit agreement, we will notify the depositary, which will mail to holders of ADSs
the notice of the meeting and a statement as to the manner in which voting instructions may be given. To exercise their voting rights,
ADS holders must instruct the depositary how to exercise the voting rights for the common shares which underlie their ADSs. Due to these
additional procedural steps involving the depositary, the process for exercising voting rights may take longer for ADS holders than for
holders of our common shares.
Holders of ADSs also may not
receive voting materials in time to instruct the depositary to vote the common shares underlying their ADSs. In addition, the depositary
and its agents are not responsible for failing to carry out voting instructions of the holders of ADS or for the manner of carrying out
such instructions, unless such failure can be attributable to gross negligence, bad faith or willful misconduct on the part of the depositary
or its agents. Accordingly, holders of ADSs may not be able to exercise voting rights, and they will have little, if any, recourse if
the underlying common shares are not voted as requested.
The ability of holders
of our ADSs to receive payments of cash dividends may be limited.
Our shareholders' ability
to receive cash dividends may be limited by the ability of the depositary to convert cash dividends paid in
soles
into U.S. dollars.
Under the terms of our deposit agreement with the depositary for the ADSs, the depositary will convert any cash dividend or other cash
distribution we pay on the common shares underlying the ADSs into U.S. dollars, if it can do so on a reasonable basis and can transfer
the U.S. dollars to the United States. If this conversion is not possible or if any government approval is needed and cannot be obtained,
the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do
so. If the exchange rate fluctuates significantly during a time when the depositary cannot convert the foreign currency, holders of ADSs
may lose some or all of the value of the dividend distribution.
Holders of ADSs may
be unable to exercise pre-emptive or accretion rights with respect to the common shares underlying their ADSs.
Under Peruvian corporate law, if we issue new common
shares as part of a capital increase, unless otherwise agreed to by holders of 40.0% of our outstanding common shares, our shareholders
will generally have the right to subscribe to a proportional number of common shares of the class held by them to maintain their existing
ownership percentage, which is known as preemptive rights. In addition, shareholders are entitled to the right to subscribe for the unsubscribed
common shares of either the class held by them or other classes which remain unsubscribed at the end of a preemptive rights offering,
on a pro rata basis, which is known as accretion rights. Holders of ADSs may not be able to exercise the preemptive or accretion rights
relating to common shares underlying the ADSs unless a registration statement under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), is effective with respect to those rights or an exemption from the registration requirements of the Securities Act is available.
We are not obligated to file a registration statement with respect to the common shares relating to these preemptive and accretion rights
and we cannot assure you that we will file any such registration statement. Unless we file a registration statement or an exemption from
registration is available, holders of ADSs may receive only the net proceeds from the sale of their preemptive and accretion rights by
the depositary or, if the preemptive and accretion rights cannot be sold, they will be allowed to lapse. As a result, U.S. holders of
our ADSs may suffer dilution of their interest in our company upon future capital increases.
17
We are entitled to amend
the deposit agreement under which our ADSs were issued, and to change the rights of ADS holders under the terms of such agreement, without
the prior consent of the ADS holders.
We are entitled to amend the
deposit agreement and to change the rights of the ADS holders under the terms of such agreement, without the prior consent of the ADS
holders. Any change related to an increase in deposits or charges for book-entry securities services or any modification that might hinder
the rights of the ADS holders will be effective within 30 days after the ADS holders have received notice of such change or modification
and such holders will have no right to any compensation whatsoever.
Our status as a foreign
private issuer allows us to follow alternate standards to the corporate governance standards of the New York Stock Exchange, which may
limit the protections afforded to investors.
We are a "foreign private
issuer" within the meaning of the New York Stock Exchange corporate governance standards. Under New York Stock Exchange rules, a
foreign private issuer may elect to comply with the practices of its home country and not to comply with certain corporate governance
requirements applicable to U.S. companies with securities listed on the exchange. We currently follow certain Peruvian practices concerning
corporate governance and intend to continue to do so. Accordingly, holders of our ADSs will not have the same protections afforded to
shareholders of companies that are subject to all New York Stock Exchange corporate governance requirements.
For example, the New York
Stock Exchange listing standards provide that the board of directors of a U.S. listed company must have a majority of independent directors
at the time the company ceases to be a "controlled company." Under Peruvian corporate governance practices, a Peruvian company
is not required to have a majority of independent members on its board of directors.
The listing standards for
the New York Stock Exchange also require that U.S. listed companies; at the time they cease to be "controlled companies,"
have a nominating/corporate governance committee and a compensation committee (in addition to an audit committee). Each of these committees
must consist solely of independent directors and must have a written charter that addresses certain matters specified in the listing standards.
Under Peruvian law, a Peruvian company may, but is not required to, form special governance committees, which may be composed partially
or entirely of non-independent directors.
In addition, New York Stock
Exchange rules require the independent non-executive directors of U.S. listed companies to meet on a regular basis without management
being present. There is no similar requirement under Peruvian law.
The New York Stock Exchange's
listing standards also require U.S. listed companies to adopt and disclose corporate governance guidelines. In November 2013, the Peruvian
Securities Commission and a committee comprised of regulatory agencies and associations prepared and published a list of suggested non-mandatory
corporate governance guidelines called the "Good Corporate Governance Code for Peruvian Companies." Although we have implemented
a number of these measures, we are not required to comply with the corporate governance guidelines by law or regulation, only to disclose
whether or not we are in compliance.
Minority shareholders
in Peru are not afforded equivalent protections as minority shareholders in other jurisdictions and investors may face difficulties in
commencing judicial and arbitration proceedings against our company or the controlling shareholder.
Our company is organized and
existing under the laws of Peru, and our controlling shareholder is resident in Peru. Accordingly, investors may face difficulties in
serving process on our company, our officers and directors or the controlling shareholder in other jurisdictions, and in enforcing decisions
granted by courts located in other jurisdictions against our company, our officers and directors or the controlling shareholder that are
based on securities laws of jurisdictions other than Peru.
18
In Peru, there are no proceedings
to file class action suits or shareholder derivative actions with respect to issues arising between minority shareholders and an issuer,
its controlling shareholders or directors and officers. Furthermore, the procedural requirements to file actions by shareholders differ
from those of other jurisdictions, such as in the United States. As a result, it may be more difficult for our minority shareholders to
enforce their rights against us, our directors, officers or controlling shareholder as compared to the shareholders of a U.S. company.
The deposit agreement provides that the depositary has no obligation to commence or become involved in any judicial proceedings and any
other legal actions relating to the ADSs or the deposit agreement, either on behalf of the ADS holders or on behalf of any other person.
The ability of investors
to enforce civil liabilities under U.S. securities laws may be limited.
Most of our directors or executive
officers are not residents of the United States. All or a substantial portion of our assets and those of our directors and executive officers
are located outside of the United States. As a result, it may not be possible for investors in our securities to affect service of process
within the United States upon such persons or to enforce in U.S. courts or outside of the United States judgments obtained against such
persons outside of the United States.
We are a company organized
and existing under the laws of Peru, and there is no existing treaty between the United States and Peru for the reciprocal enforcement
of foreign judgments. It is not clear whether a Peruvian court would accept jurisdiction and impose civil liability if proceedings were
commenced in a foreign jurisdiction predicated solely upon U.S. federal securities laws.
ITEM 4. INFORMATION ON THE COMPANY
A. History and Development of the Company
Our History
Cementos Pacasmayo S.A.A.
was incorporated in Lima, Peru in 1949, by a group of private investors that founded the company to serve the cement market in the northern
region of Peru. Cementos Pacasmayo began its operations in 1957 and is a publicly held corporation (
sociedad anónima abierta
)
organized under the laws of Peru. Our executive offices are located at Calle La Colonia 150, Urbanización El Vivero, Surco, Lima,
Peru. Our telephone number at this location is + (511) 317-6000. Our website address is www.cementospacasmayo.com.pe. Information on or
accessible through our website is not a part of, nor incorporated by reference in, this annual report.
Cementos Pacasmayo S.A.A.
and Hochschild Mining plc together constitute the two businesses of the Hochschild Group, which has operated in Latin America for more
than 100 years. Hochschild Mining plc is incorporated in the United Kingdom and its shares have been listed on the London Stock Exchange
since 2006. Cementos Pacasmayo has been listed on the Lima Stock Exchange since 1995. As of March 31, 2023, Eduardo Hochschild, directly
and indirectly, owned and controlled 38.32% of the shares of Hochschild Mining plc. Through Inversiones ASPI S.A. ("ASPI"),
as of that same date, Eduardo Hochschild, directly and indirectly, owned and controlled 50.01% of the outstanding common shares of Cementos
Pacasmayo. S.A.A.
The Hochschild Group traces
its origins to 1911, when Mauricio Hochschild, a German mining engineer, founded a group of companies in South America that came to be
known as the Hochschild Group. Following World War I, the Hochschild Group expanded into Bolivia where it developed significant interests
in tin. The Hochschild Group commenced operations in Peru in 1925 and in 1945 Luis Hochschild, the nephew of Mauricio Hochschild (and the
father of Eduardo Hochschild), joined the Hochschild Group's Peruvian operations.
19
During the first decades of
its operations, the Hochschild Group focused on the commercialization of minerals, although it later began operating its own mines and
other industrial companies. During World War II, the Hochschild Group was a key supplier of tin and other metals to the allied forces.
The Hochschild Group acquired
its initial ownership interest in us in 1956. Set forth below are key developments in our company's history.
●
In 1957, we began our operations with the installation of our first clinker line with an installed production
capacity of approximately 110,000 metric tons per year. In 1966 and 1977, we added a second and third clinker line, respectively, increasing
our installed clinker production capacity to approximately 830,000 metric tons per year.
●
In November 1984, the South American mining and industrial operations of the Hochschild Group were sold
to the Anglo American Corporation of South Africa which, in the same month, sold the Peruvian operations of the Hochschild Group, including
its interest in Cementos Pacasmayo and predecessors of Hochschild Mining plc, to a group of companies controlled by Luis Hochschild.
●
In 1995, we launched our distribution network to commercialize and distribute our products throughout
the northern region of Peru. In that same year, we also listed our common shares for trading on the Lima Stock Exchange, currently under
the ticker symbol "CPACASC1."
●
In 1998, we acquired from the Peruvian government our Rioja facility, located in the northeast of Peru.
At the time, the Rioja facility had one clinker line with an installed cement production capacity of approximately 35,000 metric tons
per year.
●
In 2003, we acquired Zemex Corporation, a U.S. company engaged in non-metallic mining and industrial activities
in the United States and Canada, which we sold in 2007 in a series of transactions.
●
In 2009, we created Fosfatos del Pacífico in order to explore phosphate rock deposits from our
concession at Bayóvar in the north of Peru.
●
In 2010, we reached an aggregate total installed cement production capacity of 3.1 million in our Pacasmayo
and Rioja facilities and completed the conversion of our Waelz kiln, retrofitting it to produce quicklime or calcine zinc interchangeably.
That same year, we also sold our copper mining concessions in the central region of Peru known as "Mina Raul," which were
previously leased to a third party, for US$28.0 million.
●
In December 2011, we sold a minority equity interest in Fosfatos to an affiliate of Mitsubishi to develop
our phosphate deposits in the Bayóvar fields, in the northwest of Peru.
●
In March 2012, we completed our initial equity offering of 22,296,800 ADSs in the United States and listed
our ADSs on the New York Stock Exchange.
20
●
In February 2013, we issued US$300 million in our inaugural international bond offering. A portion
of the proceeds from this offering were used to prepay amounts outstanding on our secured loan agreement with BBVA Banco Continental,
and the remaining proceeds were used to fund a portion of the capital expenditures related to the construction and operation of our new
Piura plant and our cement business.
●
In September 2015, we began producing cement at our new plant in Piura. This was a very important milestone
for us, since we have been investing in this project since 2012 and we have begun to reap the benefits of this investment.
●
In January 2016, we began producing clinker at our new plant in Piura, finishing the start-up of the plant,
adding one million metric tons of annual clinker production capacity.
●
In March 2017, we completed the spin-off of Fostatos del Pacífico.
●
In December 2017, our board of directors resolved to focus our strategy on our core business of developing
cement and building solutions. In furtherance of this strategy, we have focused on disposing of our non-core investments. In the fourth
quarter of 2017, we discontinued our brine project.
●
In March 2018, we launched our new brand image and updated our vision: to further enhance our position
as a leader in developing building solutions and innovations that anticipate the needs of our clients and that contributes to the progress
of our country.
●
During 2018, we implemented the ISO 37001 anti-bribery management systems, obtaining certification in
January 2019. This certification confirms that our management systems are designed to help prevent, detect and respond to bribery and
comply with anti-bribery laws and voluntary commitments applicable to our activities. This certification and related initiatives reiterate
our commitment to global anti-bribery best practices and high standards of transparency and good corporate governance.
●
In November 2018, we launched an offer to purchase for cash a portion of the US$300 million principal
amount of our outstanding 4.50% Senior Notes due 2023. The offer expired on December 7, 2018 and we purchased a total of US$168,388,000,
or approximately 56.13% of the total outstanding amount of our 4.50% Senior Notes due 2023.
●
On January 8, 2019, the General Shareholders' Meeting approved the creation of a local bond program
in an aggregate principal amount up to S/1,000 million. On January 31, 2019, we issued an aggregate principal amount of S/570 million
in debt securities under our local bond program: one in the aggregate principal amount of S/260 million accruing interest at a rate of
6.68750% per annum with term to maturity of 10 years, and the other in the aggregate principal amount of S/310 million accruing interest
at a rate of 6.84375% per annum with a term to maturity of 15 years. The proceeds were used to purchase a portion of our 4.50% Senior
Notes due 2023. The rates and terms obtained reduce our financial cost structure, with lower cost of capital, an extended maturity and
less exposure to exchange rate fluctuations.
●
In 2020, we were included on the Dow Jones Sustainability ("DJS") MILA Pacific Alliance Index
for the second consecutive year. This index is made up of those companies that demonstrate superior performance among their peers based
on social, environmental, and economic criteria.
●
In 2021, given the exponential growth in the demand for cement, in October 2021, the optimization of the
capacity of our Pacasmayo plant was approved, in order to produce an additional 600,000 metric tons of clinker, and thus reduce the consumption
of imported clinker.
●
In 2022, for the fourth consecutive year, we managed to be
part of the annual DJS MILA Pacific Alliance Index, achieving a score of 79 points, which was an improvement of 4 points compared to
the previous year. We were the only Peruvian cement company present in DJS MILA Pacific Alliance Index for 2022. In addition, to strengthen
our sustainability strategy and especially our commitment to reducing emissions, in 2022, we designated a Sustainability Manager and
a Climate Change Managing Director. During 2022, we implemented the ISO 37301 compliance management system, obtaining the certification
in January 2023.
21
Capital Expenditures
We expect to spend approximately
S/ 75 million per year over the next three years on recurring capital expenditures necessary to operate our plants and equipment. During
2023, we will incur in additional capital expenditures to finance the optimization of our plant in Pacasmayo. We expect to finance these
investments with our current and future cash flows.
The table below sets forth
our total capital expenditures incurred in 2022, 2021 and 2020.
Year
    ended December 31,
(in millions
    of S/)
2022
2021
2020
Concrete and aggregates
    equipment
18.8
27.9
24.9
Piura plant projects
17.1
15.1
17.0
Pacasmayo plant projects
149.7
45.4
16.9
Rioja
    plant projects
4.5
8.9
3.4
Other
    investing activities
-
0.5
Total
190.1
97.3
62.7
B. Business Overview
Overview
We are a leading Peruvian
cement company, and the only cement manufacturer in the northern region of Peru. With more than 65 years of operating history, we produce,
distribute and sell cement and cement-related materials, such as precast products and ready-mix concrete. Our products are primarily used
in construction, which has been one of the fastest growing segments of the Peruvian economy in recent years. We also produce and sell
quicklime for use in mining operations, although it represents a very small percentage of our overall revenues.
In 2022, our cement shipments
were approximately 3.4 million metric tons, representing an estimated 23.9% share of total cement shipments in Peru. Cement volumes
in 2022 decreased by 5.4% compared to 2021. 2021 was an all-time record year in terms of our cement shipments, with an increase of 39.6%
versus 2019, which was our previous record year. We believe the construction sector has significant potential to grow with the continued
deficit in infrastructure and the persistent housing deficit in the country, as well as the reconstruction of northern Peru following
the impact of El Niño weather conditions in the first four months of 2017. Our current challenge is to sustain cement sales volume
levels in 2023.
We own three cement production
facilities, our flagship Pacasmayo facility located in the northwest region of Peru, our Piura facility located around 300 kilometers
north of Pacasmayo, and our smaller Rioja facility located in the northeast. Our facilities have total installed annual cement production
capacity of approximately 4.9 million metric tons. We also have installed annual production capacity of 240,000 metric tons of quicklime.
We own concession rights to several quarries with reserves of limestone and other raw materials located near our facilities.
We completed an expansion
of our Rioja plant in April 2013. We more than doubled the cement production capacity of our Rioja facility by installing a new production
line with 240,000 metric tons of installed annual cement production capacity. We finished construction of our plant in Piura in 2015.
This facility has annual production capacity of 1.6 million metric tons of cement. In September 2015, we began cement production, and
clinker production began in January 2016. During 2021, we decided to optimize our capacity at our Pacasmayo plant, in order to add an
estimated 600,000 metric tons of clinker capacity per year. This should be completed during the second half of 2023.
We provide consumers with
high-quality and value-added cement products and, as a result, we believe we have developed strong brand recognition and customer loyalty
in our market. We have developed one of the largest independent retail distribution networks for construction materials in Peru. Through
our network of 240 independent retailers and 341 hardware stores as of December 31, 2022, we distribute our cement products as well as
other construction materials manufactured by third parties, such as steel rebar, cables and pipes, in the northern region of Peru. We
also sell our cement products directly to other retailers that are not part of our distribution network and to private construction companies
and government entities.
22
The following table sets forth
certain macroeconomic data for Peru and operating and financial data for our company for the periods indicated.
As of and for the year ended December 31,
2022
2021
2020
Economic data
(1)
:
Change in GDP
2.9
%
13.2
%
(11.1
)%
Change in construction sector in Peru
3.5
%
34.7
%
(15.6
)%
Operating data:
Capacity (thousands of metric tons per year):
Installed cement capacity
4,940
4,940
4,940
Installed clinker capacity
2,780
2,780
2,780
Production (thousands of metric tons):
Cement production
3,436
3,632
2,590
Clinker production
2,198
2,036
1,477
Utilization rate at Pacasmayo plant
(2)
:
Cement
61.0
%
67.9
%
45.1
%
Clinker
62.3
%
58.6
%
47.5
%
Utilization rate at Rioja plant
(2)
:
Cement
69.8
%
76.8
%
59.8
%
Clinker
85.7
%
94.4
%
70.9
%
Utilization rate at Piura plant
(2)
:
Cement
85.1
%
82.7
%
63.7
%
Clinker
100.0
%
89.3
%
56.6
%
Gross profit (S/ million)
652.0
559.4
375.3
Gross profit margin
(3)
:
30.8
%
28.9
%
29.0
%
EBITDA (S/ million)
493.9
453.9
315.3
EBITDA margin
23.3
%
23.4
%
24.3
%
Profit (S/ million)
176.8
153.2
57.9
Profit margin
8.4
%
7.9
%
4.5
%
(1)
Source: BCRP.
(2)
Utilization rate is calculated by dividing production for the specified period by installed capacity.
(3)
Gross profit margin is equal to gross profit as a percentage of net sales.
Non-IFRS Financial Measure and Reconciliation
We define EBITDA as net profit
minus finance income and plus finance costs, income tax expense, and depreciation and amortization, and plus or minus gain from exchange
difference, net.
EBITDA should not be construed
as an alternative to profit or operating profit, as an indicator of operating performance, as an alternative to cash flow provided by
operating activities or as a measure of liquidity (in each case, as determined in accordance with IFRS). EBITDA, as calculated by us,
may not be comparable to similarly titled measures reported by other companies, including those in the cement industry.
23
The following table sets forth the reconciliation
of our profit to EBITDA:
Year ended December 31,
2022
2022
2021
2020
(in millions of US$)
(in millions of S/)
(in millions of S/)
(in millions of S/)
Net profit
46.4
176.8
153.2
57.9
Income tax expense
22.4
85.6
70.9
28.0
Finance income
(0.9
)
(3.3
)
(2.9
)
(3.0
)
Finance costs
24.9
95.1
89.0
88.7
Net (loss) gain derivative financial instruments recognized at fair value through profit or loss
—
0.1
(0.6
)
(5.3
)
Liquidation of financial instruments
—
—
—
—
Accumulated net loss due to settlement of derivative financial instruments at fair value through profit or loss
—
—
1.6
—
Loss from exchange difference, net
0.4
1.1
7.1
9.8
Depreciation and amortization
36.3
138.5
135.6
139.2
EBITDA
129.5
493.9
453.9
315.3
(1)
Calculated based on an average exchange rate of S/3.814 to US$1.00 as of December 31, 2022.
Peruvian Cement Market
Peru reached a 2.9% GDP growth
rate in 2022. From 2017 to 2022 GDP grew at a compound annual growth rate, ("CAGR"), of 1.7%. Growth during this period was
accompanied by low inflation, which averaged 2.88% per year. In addition, as of December 31, 2022, the government had accumulated foreign
exchange reserves of approximately US$74.0 billion, and the sovereign long-term debt rating was investment grade from each of the three
major international credit rating agencies. Although this economic growth had resulted, among other key trends, in significant poverty
reduction, with a decrease in the percentage of the country's population living below the poverty line from approximately 48.6%
in 2004 to approximately 20.2% in 2019, the COVID-19 pandemic took a toll on it and in 2020 poverty levels increased 9.9 percentage points.
Fortunately, poverty levels for 2021, which is the last available data, decreased by 4.2 percentage points, reaching 25.9%.
We sell substantially all
our cement in the northern region of Peru, which in 2022 accounted for approximately 32.9% of the country's population and 20.0%
of national GDP. Two other groups sold most of the cement consumed in each of the central and southern regions of Peru, with 1.9% of all
the cement consumed in the country coming from imports, and approximately 3.6% coming from a small domestic producer. From 2017 to 2022,
total cement consumption in Peru increased 2.3% according to the INEI. Peru continues to have a significant housing deficit, estimated
by the INEI at 1.9 million homes nationwide. In Peru, cement is mainly sold to a highly fragmented consumer base, consisting primarily
of households that buy cement in bags to gradually build or improve their own homes without professional technical assistance, a segment
known in our industry as
auto-construcción
. We estimate that in 2022 sales to the
auto-construcción
segment
accounted for approximately 76.6% of our total sales of cement, private construction projects accounted for 12.7%, and public construction
projects accounted for the remaining 10.7%. Approximately 88.3% of our total cement sales in 2022 were in the form of bagged cement, substantially
all of which was sold through retailers.
Even though our ready-mix
sales are still a small proportion of our sales, we expect this trend to change as infrastructure becomes a bigger driver of demand in
the upcoming years, and we are continuing the development of our strategy to become a building solutions company.
24
Competitive Strengths
Our principal competitive
strengths include the following:
Strong corporate governance
standards and international recognition
Our common shares are listed
on the Lima Stock Exchange and our ADSs are listed on the New York Stock Exchange. We are subject to the disclosure requirements of the
U.S. Securities and Exchange Commission (the "SEC") and the Peruvian Securities Commission and we must comply with and
adopt internal compliance standards to increase transparency and improve corporate governance standards including an audit committee and
appointment of independent directors. Since 2009, every year we have been selected as part of the Good Corporate Governance Index of the
Lima Stock Exchange. Furthermore, in 2022, we received the Top Social Responsibility Award (
Distintivo de Empresa Socialmente Responsable
)
for the tenth consecutive year, in recognition of our achievement of corporate goals in a socially responsible manner, principle that
is ingrained in our corporate culture and business strategy. Also, we were included for the fourth consecutive year as part of the 2022
DJS MILA Pacific Alliance Index. This index is made up of those companies that demonstrate superior performance among their peers under
social, environmental and economic criteria. This achievement comes as a result of Pacasmayo's effort to improve in all of these
criteria and to work towards ambitious goals in terms of long-term sustainability. We are committed not only to remain in the Index but
to improve our performance, as we are convinced that the focus on sustainability is key to our business and our stakeholders.
In February 2023, we were
selected to be part of The Sustainability Yearbook 2023, for the third consecutive year. To appear in the Yearbook, companies must score
within the top 15% of their industry globally and have a gap of less than 30% from the leader's Global ESG score. With around 7,800
companies evaluated around the world, an inclusion in the yearbook is a true statement of excellence in corporate sustainability.
Track record of cash flow generation and
strong results through multiple business cycles
We have historically generated
strong cash flow and high profit margins mainly due to the following key factors:
●
our leadership position in the northern region of Peru; and
●
our extensive distribution network, operational flexibility and efficiency, and focus on innovation.
Despite the difficulties encountered
globally due to the COVID-19 pandemic and the war in Ukraine, we were able to generate a record S/493.9 million in EBITDA during 2022,
the highest in company history.
This solid financial position
and our ability to consistently generate operating cash flow also allows us to obtain relatively low interest rates.
Leader in attractive
and expanding market with solid macroeconomic fundamentals
We are currently the only
cement manufacturer in the northern region of Peru and we produce and sell substantially all of our cement in the region. In 2022, the
northern region accounted for approximately 32.9% of the country's population and 20.0% of its GDP. From 2018 to 2022, GDP in the
northern region increased at a CAGR of 1.9%. During the same period, our cement sales volume grew at a CAGR of 12.4%, above northern region
GDP mainly due to increased public spending resulting from the government's reconstruction plan after El Niño in 2017, and
the resilience of the
auto-construcción
segment, mainly driven by high employment levels in agriculture which is prominent
in the North.
25
Best-in-class operating
efficiencies with vertical integration and strong brand recognition
Our quarries are located in
close proximity to our plants, enabling us to minimize transportation costs. We strive to enhance our operational efficiency by focusing
on lowering costs and improving profitability. We also benefit from our vertically integrated operations, participating in the entire
chain of production from the quarries, which we own directly, to the related products such as quicklime, ready–mix, precast and
our large distribution network. We have developed one of the largest independent retail distribution networks for construction materials
in Peru, known as "DINO," consisting of 240 independent retailers and 341 hardware stores as of December 31, 2022, primarily
small, local stores in the northern region, through which we distribute our cement products, as well as construction materials manufactured
by third parties. We use our distribution network, together with our strategically located commercial offices, to promote our products
and stay abreast of market developments. We have developed this network through years of fostering relationships with retailers in the
region, which we believe would be difficult for a competitor to replicate. Our distribution network has enabled us to build strong recognition
for our Pacasmayo brand among retailers and end-consumers in our market, which we believe is important to our business, particularly because
our cement is principally sold in bags to retail consumers.
Disciplined capital
expenditure plan with attractive risk / return profile
We seek to minimize risk while
securing an adequate return on our development projects. In 2015, we completed construction of our new plant in Piura, the third largest
city in northern Peru, which has an annual production capacity of 1.6 million metric tons of cement. The first ton of cement from the
Piura plant was produced and shipped on September 17, 2015. The Piura plant improves our competitive position in the northern region of
Peru. With production from three plants, we are able to serve our market more efficiently. This state-of-the-art plant is one of the most
modern in Latin America. It also reduces transportation costs by enabling the dispatching of cement from plants within closer proximity
to the point of sale.
During 2021, we decided to
invest approximately US$70 million to optimize our current capacity at our Pacasmayo plant, in order to produce an additional estimated
600,000 metric tons of clinker per year. Due to the sudden and sharp increase in demand since the second half of 2020, we have had to
import clinker, which negatively affects our margin due to higher cost of production. This optimization, when completed during the second
half of 2023, will allow us to stop importing clinker, if demand remains around current levels, as we currently expect.
Emphasis on innovation
We place significant emphasis
on research and development to ensure our products meet the needs of consumers in our market and to improve the efficiency of our operations.
For example, we have developed cement products suitable to coastal construction that tend to be more exposed to erosion from sulfate.
We believe that, by educating retailers and end consumers of these attributes of our products, we have been successful in building demand
and realizing higher margins for our differentiated product offering.
In July 2016, we created the
Innovation Department with the main objective of systematizing the continuous transformation process of the business in order to ensure
a sustainable growth for Cementos Pacasmayo and the improvement of its margins. To achieve this objective it is necessary to:
●
Put the customer at the center of all our processes.
●
Design a management innovation model.
●
Promote an organizational culture that encourages entrepreneurship and innovation.
Given that customers, and consumption
patterns can change quickly and unexpectedly we must quickly adapt in order to retain our customers.
26
In 2019 we developed new value
propositions that we believe will enable us to offer our clients the best experiences. We designed Journey Maps together with the commercial
and marketing areas wherein we detailed the experience of our various clients to identify our strengths and those aspects that we need
to improve. Under this approach, in 2022 we continued developing, and in some cases, consolidating our digital platforms:
Name of the
project
Description
PACASPRO
Digital platform aimed at delivering value to construction companies. Through this digital application, our clients will be able to check the status of their dispatches, re-schedule them and display the GPS location of their shipments in real time.
APOLO
It will be our new commercial digital platform that will support our Mundo Experto digital strategy. It is in the research and design stage.
SISPLAN
Digitization of the request, approval and issuance processes for the discount on plans and promotions, negotiation, tenders and sale, giving visibility to our clients and sales force.
BIM
Digital catalogue of company products, aimed at facilitating the transition from traditional construction processes to the implementation of building information modeling. The initiative includes team training and use of BIM as a virtual design tool in the Engineering Department.
Cellular Concrete
Project development in conjunction with the R&D and Marketing Departments that involves the design of a new type of concrete with innovative properties such as lighter weight and high thermal and acoustic performance.
AYU
The project focuses on getting to know Peruvian families to design a value proposition that enhances the fulfillment of their plans through financial inclusion.
ISICOM
The project is aimed at the commercial management carried out by the sales force (CRM), in which we cover all the activities of its roadmap to be able to fulfill its commercial management of sales, registration of construction projects and contact with customers.
DAKAR
Digital platform aimed at medium and small carriers seeking greater utilization of their units by offering them an easy and fast way to find reliable cargo.
DEDALO
Design and guide the implementation of a process automation model, accelerating the digital transformation of the company.
EVA
Digital platform aimed at hardware stores that want to generate sales with digital receipts and that seek to improve the management of their business.
Strong relationship
with local communities
Since we began operations
65 years ago, we have been committed to improving the quality of life of the communities surrounding our plants, whose members we regularly
employ. We have developed close and cooperative relationships with the local communities, which are supported by several social responsibility
initiatives we have undertaken. For example, the family of our controlling shareholder founded, Asociación Tecsup, a leading non-profit
institute in Peru that provides technical education to students as well as UTEC, a leading technical university. We provide scholarships
and financial aid to local qualified students interested in studying at Tecsup. Through its three campuses in Peru, as of December 31,
2022, Tecsup had graduated over 14,333 students in various technical fields, some of whom currently work for us and our affiliates.
Highly experienced and
professional management and board of directors
Our management team, with
an average of 15 years of experience in the cement industry in Peru, has extensive technical and local market expertise and has led our
company through our recent growth. We have developed a strong professional business culture and a team of highly qualified executives.
We also have a well-regarded and experienced board of directors that includes some of Peru's business leaders and former senior
government officials. Since 2009, we have been selected to form part of the Best Corporate Governance Practices Index of the Lima Stock
Exchange (recently renamed S&P/BVL Peru General ESG Index), and since 2019 we have been selected as part of the DJS MILA Pacific Alliance
Index.
Our Strategies
Our objective is to maximize
shareholder value, while honoring our commitment to the environment and abiding by our social responsibility goals. We aim to be a leading
company that provides building solutions anticipating the needs of our clients and that contributes to the continued development of our
country. We intend to achieve our objective through the following principal strategies:
Continue to focus on
our core business of supplying the rising demand for cement
We plan to continue to meet
the increasing demand for cement in our market, while controlling production costs. We intend to increase our production capacity while
we continue to serve the current cement market, as well as increasing cement demand through the production of new cement-based products.
Our principal goal is to maintain our market share in the northern region of Peru without reducing the profitability of our business.
Deepen our commercial
relationship with retailers and end-consumers
We plan to enhance our commercial
relationships with retailers and end-consumers in our market, both to maintain brand loyalty and to foster demand for our cement products.
We will continue to support retailers in our DINO distribution network by providing product education, training sessions, rewards programs,
and assistance in financing purchases of our products. In addition, we continue with our door-to-door commercial strategy for cement sales.
We believe that these initiatives have been successful in strengthening our relationship with retailers and end-consumers.
27
Continue to focus on
being the preferred provider of building solutions
We strive to be the supplier
of choice for cement consumers in the northern region of Peru, whether its individuals building their homes or private construction companies
or governmental entities undertaking projects of any size. We continue to focus on providing consumers with efficient and customized building
solutions for their construction needs. Over the past several years, we have evolved from being a single type cement manufacturer to offering
five different types of cement products, under 2 brands, and other building solutions, such as assembly gravity walls, sheet piles, precast
beams, among others. Moreover, in 2018 we launched a new corporate image and future vision, transforming ourselves from a cement producer
to a building solutions company. We focus on innovation and are constantly searching for ways to improve building practices, inspired
by our culture based on sustainability. For example, we offer cement that contains special properties that protect against sulfate erosion,
as well as other products designed to meet the needs of consumers in the northern region of Peru. For the industrial segment and under
our
PacasPro
brand, we continue with the digitalization of the purchasing process and of the use of our products and services.
For our mass channel and self-builders we have
Mundo Experto
, an ecosystem that integrates physical and digital solutions, improves
the purchasing experience and contributes to the professionalization and formalization of the construction market. Our mission is to provide
a comprehensive solution for all project types and thus respond to the unique needs of each client, generating savings and efficiencies
in the construction processes.
Selectively pursue acquisitions
We will continue to evaluate
and may selectively pursue strategic acquisitions of cement and complementary businesses that expand our geographic footprint and diversify
our portfolio of products. Our management team has significant operating experience and industry knowledge in the production and commercialization
of cement and cement-related materials, and we believe this experience will enable us to identify and pursue attractive acquisitions that
will maximize shareholder value.
Continue to strengthen
our enterprise risk management
We continue to strengthen
our enterprise risk management methods and processes that allow us to identify, assess and monitor the legal, commercial, operational,
financial and reputational risks, as well as fraud, corruption, bribery and money laundering and financing of terrorism risks, determining
the existing controls and establishing a plan along with other areas in order to mitigate existing risks. Along these lines, since 2018,
we have implemented the ISO 37001 Anti-bribery management systems obtaining the certification every year since 2019. This certification
confirms that our management system is designed to help prevent, detect and respond to bribery and comply with anti-bribery laws and voluntary
commitments applicable to its activities. We believe this certification reiterates our commitment to global anti-bribery best practices
and high standards of transparency and good corporate governance. Also, to continue to strengthen our management systems, during 2022
we implemented the ISO 37301 compliance management system, obtaining certification in January 2023.
Maintain high environmental,
social and governance standards
We are committed to maintaining
high environment, social and corporate governance standards. We are focused on developing and strengthening a favorable social environment
for the continuity and growth of our operations, prioritizing our social investment in innovative education, health and local development
programs in coordination with other stakeholders to contribute to sustainable development. Since 2009, we have been selected as part of
the Good Corporate Governance Index of the Lima Stock Exchange. Furthermore, in 2022, we received the Top Social Responsibility Award
(
Distintivo de Empresa Socialmente Responsable
) for the tenth consecutive year, in recognition of our achievement corporate goals
in a socially responsible manner, a principle that is ingrained in our corporate culture and business strategy. Furthermore, in 2022 we
obtained a special distinction in the Environmental category. Also, we were included for the fourth consecutive year as part of the DJS
MILA Pacific Alliance Index. This index is made up of those companies that demonstrate superior performance among their peers under social,
environmental and economic criteria.
In February 2023, we were
chosen to be part of The Sustainability Yearbook for the third consecutive year. To appear in the Yearbook, companies must score within
the top 15% of their industry globally and have a gap of less than 30% from the leader's Global ESG score.2021 was the first year
that Peruvian companies were included as part of the Yearbook, and we are the only Peruvian cement company to be included for two consecutive
years. With around 7,800 companies evaluated around the world, an inclusion in the yearbook is a true statement of excellence in corporate
sustainability. This achievement is a recognition of our extraordinary efforts to improve in all of these criteria and to work towards
ambitious goals in terms of long-term sustainability. We are committed not only to remain in the Index but to improve our performance,
as we are convinced that the focus on sustainability is key to our business and our stakeholders.
Likewise, in 2022 we were
recognized with first place in the category "Leading Company in Investor Relations Peru" in the "ALAS 20-Agenda Sustainable
Leaders" award, organized by GOVERNART in Peru and other countries in the region.
28
Our Products
Our core products are cement and other cement-related materials. We
also produce quicklime. In 2022, cement, concrete, mortar and precast accounted for 92.1% of our net sales and quicklime accounted for
2.0%. We also sell and distribute construction materials, such as steel rebar, cables and pipes, manufactured by large third-party manufacturing
companies, and others which in 2022 represented 5.8% of our net sales.
The following table sets forth
a breakdown of our shipments by type of product for the periods indicated:
Year ended December 31,
(in thousands of metric tons)
2022
2021
2020
Cement, concrete, mortar and precast
3,435
3,632
2,581
Quicklime
46
69
59
The following table sets forth a breakdown
of our total net sales by product for the periods indicated:
Year ended December 31,
(in millions of S/)
2022
2021
2020
Cement, concrete, mortar and precast
1,963.8
1,784.5
1,185.2
Construction Supplies (1)
114.0
113.9
32.5
Quicklime
37.9
39.1
78.2
Others
—
0.3
0.4
Total
2,115.7
1,937.8
1,296.3
(1)
Refers to construction materials manufactured by third parties
that we distribute. Construction supplies include the following products: steel rebar, wires, nails, corrugated iron, electric conductors,
plastic tubes and accessories, among others.
Cement
Cement is a powdered mixture
of ground minerals that, when mixed with water, adheres to other materials and hardens to form a rock-like substance. Cement is generally
mixed with other materials, such as gravel and sand, forming concrete with a high degree of compressive strength that is able to withstand
substantial pressure.
Cement types are generally
classified as either Portland cement or blended hydraulic cement. Portland cement is a hydraulic cement produced by pulverizing clinker,
consisting essentially of crystalline hydraulic calcium silicates and calcium sulfate. Blended hydraulic cement consists of a mixture
of Portland cement clinker and mineral admixtures, such as blast furnace slag, pozzolanic materials and limestone.
We produce predominantly blended
cement, which represented 83.5% of our cement sales in 2022. This type of cement requires less clinker and reduces carbon dioxide emissions
of our operations and production. Our global clinker/cement ratio is estimated at 72%, below the average value for similar producers globally
of approximately 76%.
We produce a range of cement
products suitable for various uses, such as residential and commercial construction and civil engineering. We currently offer the following
six types of cement products designed for specific uses:
●
Type ICo
. This type of cement is used for general purposes and is similar to Portland Type I cement.
It is widely used in our market due to its effectiveness and low hydration heat.
●
Type MS/MH/R (called Fortimax3)
. This is the new formula for the type of cement that is used to
protect against moderate sulfate action, such as drainage structures, with higher-than-normal, but not unusually severe, sulfate concentrations
in ground water. It is designed for sites and structures in humid areas that are exposed to sulfates and sea water. It also prevents thermal
contraction cracking due to moderate heat hydration and is resistant to contact with alkaline reagents.
●
Type I
. This type of cement is for general purposes and suitable if special properties are not
needed. It is generally used for constructing pavements, floors, reinforced concrete buildings, bridges, reservoirs, pipes, masonry
units and precast concrete products.
29
●
Type V
. Type V cement is used in concrete exposed to severe sulfate action, principally in places
where soil or ground water has high sulfate content. It is generally used in hydraulic construction, such as irrigation canals, tunnels,
water conduits and drains.
●
Type HS
. Type HS cement is used in concrete that is exposed to severe sulfate action, principally
where soil or ground water has high sulfate content. It is recommended for port construction, industrial plants and construction of sewage
sites. Our Portland Type HS cement has low reactivity with alkali-reactive aggregates, making it more durable than other types of cement.
●
Type IL
. Type IL cement is a blended Portland limestone cement. These cements are more environmentally
friendly than Portland cements and have very similar performance to Portland Type I/II cements
We believe that our Type V,
Fortimax and HS cement products are particularly suitable for construction in the northern coastal region of Peru, where sulfate and chloride
concentrations from soil, ground water and sea water affect the durability of construction structures. By educating retailers about the
different cement characteristics and conducting marketing campaigns, we believe we have been successful in building demand for our cement
products. Our research and development department is also equipped to produce custom-tailored cement products on demand. In addition,
through our dedicated team of geologists and scientists, we have significantly reduced the amount of clinker required for cement production
minimizing our capital expenditures and significantly reducing our carbon dioxide emissions (CO2).
We market and distribute our
cement primarily in 42.5 kilogram bags. Most of our bagged cement is sold to the retail sector consisting primarily of households that
buy bags of cement to build or expand their own homes over time with little or no formal technical assistance (commonly referred to as
auto-construcción
). The bags are made of Kraft paper to preserve the quality of the cement. Our bags include information
relating to the composition of our cement, handling instructions, production dates and storage instructions. Our cement bags have different
colors to easily identify the different types of cement. Once bagged at our Pacasmayo, Rioja and Piura facilities, our cement is loaded
onto trucks operated by third parties. Cement in bulk is sold to large industrial consumers.
Concrete Products
We also produce and sell concrete
products principally in the form of ready-mix concrete used in large construction sites, as well as precast, bricks, pavers and other
precast materials.
●
Ready-mix concrete
. Ready-mix is a blend of cement, aggregates (sand and stone), admixtures and
water. It is manufactured and delivered to construction sites in a form that is ready to use. This mixture hardens to form a building
material, ranging from sidewalks to skyscrapers. We have 19 fixed and mobile ready-mix plants.
●
Concrete precast
. We produce and sell concrete precast, such as paving units, or paver stones for
pedestrian walkways, as well as other bricks for partition walls and concrete precast for structural and non-structural uses.
●
New cement based products
. We have developed, and are in the process of developing more cement-based
products that are innovative and easy building solutions. Some of these products are:
⮚
Mortar for brick laying
: Pre-dosed and bagged dry masonry mortar for block and brick laying.
⮚
Mortar for plaster
: Pre-dosed mortar to plaster interiors and exteriors, walls and ceilings. Allows
smooth finishes and thin applications
⮚
Caravista Concrete
: Concrete designed to be exposed without any additional coating or paint.
⮚
Tremie Concrete
: Concrete designed to be placed under water at depths greater than 1.5 meters.
⮚
New Jersey Walls
: Safety barriers used to separate traffic flows
30
⮚
Mortar for brick laying
: Pre-dosed and bagged dry masonry mortar for block and brick laying.
⮚
Viaforte Type MH
: Cement of moderate heat of special hydration for stabilization of soils and road
bases. The cement provides greater workability and less risk of cracking on site, also ensuring greater durability to the structure
⮚
Bagged Dry Concrete
: Pre-dosed mixture of cement, aggregates (Stone and Sand) and additives, that
only requires the addition of water indicated on the package and mixing (manual or mechanical) to be used immediately
⮚
Corner block
: Product that complements the structures built with our precast, giving better functionality
to any corner.
⮚
Beam block
: Product that is used to confine the upper part of walls built with our precast.
⮚
Concrete pipes
: Precast reinforced concrete pipes that are installed without the need to open pit
ditches or dredging of maritime floors. The main use of the driving pipe is to collect seawater (inlet pipe) and to bring brackish water
back out to sea (outfall pipe). We have built a 1.5 kilometer long underwater outfall project for the Talara Refinery, where it is
necessary to build a water collection system for its fire and cooling system.
⮚
Sheet piles presented and assembled
: Concrete piles that can be pre-stressed or reinforced (they
are two different types of manufacturing) that sink one alongside the other, forming a containment structure, used as riparian defenses.
We manufacture pre-stressed and reinforced sheet piles that can form a coastal defense for rivers, ensuring the containment of water during
rainy events, reducing the vulnerability of cities to floods.
Quicklime
We produce and distribute
quicklime, which has several industrial uses. Quicklime serves as a neutralizer, lubricant, drying and absorbing material, disinfectant,
and as a raw material. Quicklime has various applications, including in the steel, food, fishing and chemical industries. It is also used
in mining operations to treat water and industrial residues, in agriculture as a fertilizer enhancer and, to a lesser extent, in other
industries. In Peru, quicklime is mainly used in the mining industry, as an additive to treat water residues. We produce quicklime in
finely and coarsely ground varieties and sell it either in bags of one metric ton or in bulk, according to clients' requirement.
31
Production Process
Cement Production Process
The diagram below depicts
the standard cement production process, which consists of the following main stages:
●
extraction and transportation of limestone or coquina (seashells) from the quarry;
●
grinding and homogenization to make the raw material of consistent quality;
●
clinkerization;
●
cement grinding;
●
storage in silos; and
●
packaging, loading and distribution.
Extraction of raw materials
.
To produce cement, limestone/coquina are extracted from our quarries. We use explosives to loosen the limestone and deploy bulldozers
to remove dirt and the overburden covering the limestone. We crush the limestone in our primary and secondary cone crusher and the resulting
limestone is loaded into trucks and hauled to our Pacasmayo or Rioja facilities from the adjacent quarry where it is stored. In the case
of Piura, our surface miner drills out our coquina quarry and then it is also loaded into trucks and hauled to the Piura plant.
Grinding and homogenization
.
Limestone/coquina, clay and sand are mixed with iron that is acquired from third parties. The quality of the resulting raw meal is monitored
by examining samples of each batch and processing them through our quality control x-ray software that automatically measures the mix
of materials to confirm the blend is in compliance with our quality standards. Subsequently, the raw meal is sent to a blending silo and
then to a storage silo from where it is fed into the pre-heater.
32
Clinkerization
. The
raw meal is heated at a temperature of approximately 1,450 degrees Celsius in our kilns. The intense heat causes the limestone and other
materials in the mixture to react inside the kiln, turning the mixture into clinker. Clinker is then cooled to a temperature of approximately
200 degrees Celsius and stored in a silo or in an outdoor yard.
Cement grinding
. After
being cooled, clinker, together with gypsum and some admixtures, is fed into a ball mill or into a vertical roller mill where it is ground
into a fine powder to produce cement. In this form, cement reacts as a binding agent that, when mixed with water, sand, stone and other
aggregates, is transformed into concrete or mortar.
Storage in silos
. After
passing through the ball mills, the cement is transferred on conveyor belts and stored in concrete silos in order to preserve its quality
until distribution.
Packaging, loading and
transport
. Cement is transferred through another conveyor belt from the silo to be packaged in 42.5 kilogram bags and then loaded
into trucks operated by third parties to be transported for distribution. Bulk cement may be transported (unpackaged) on especially designed
trucks that deliver large amounts of cement directly to the work site.
Quicklime Production Process
Quicklime is produced by crushing
limestone with a calcium carbonate content of at least 95% by calcinating it in a rotary kiln. The limestone for quicklime comes from
our quarries. The crushing of the limestone is done at the quarry and the calcination process takes place only at our Pacasmayo facility.
We produce quicklime in finely and coarsely ground varieties and sell both varieties in bags of 40 kilograms and up to one metric ton,
as well as in bulk.
Raw Materials and Energy Sources
Limestone and Other Calcareous Resources
We obtain limestone required
to produce clinker and quicklime principally from land where we have concession rights. For our Pacasmayo plant, we extract limestone
from our Acumulación Tembladera quarry located approximately 60 kilometers from the plant, and for our Rioja plant, we extract
limestone from our Calizas Tioyacu quarry which is adjacent to our Rioja plant. For our Piura plant, we extract coquina from Virrilá
quarry, located approximately 120 kilometers from the plant.
Acumulación Tembladera
.
We have a concession with an indefinite term to extract limestone and other minerals from our Acumulación Tembladera quarry, a
3,390 hectare open-pit mine located in the district of Yonan, in the department of Cajamarca. We acquired this concession in November
2002.
Calizas Tioyacu
. For
our Rioja production, we have a concession with an indefinite term to extract limestone and other minerals from a 400 hectare open-pit
mine near our Rioja facility in the district of Elias Soplin Vargas, in the department of San Martín. We acquired this concession
in February 1998.
Virrilá
. For
our Piura production, we also have a group of concessions with an indefinite term to extract coquina and other minerals from our Virrilá
quarry, a 931 hectare open-pit mine located in the district of Sechura, in the department of Piura. We acquired these concessions between
2000 and 2008.
In addition to our Acumulación
Tembladera, Calizas Tioyacu, Bayovar 4 and Virrilá quarries, we also own concession rights to various other calcareous material
quarries consisting, in total, of approximately 40,767 hectares located in the northern region of Peru. None of these quarries are in
operation as of the date of this annual report.
33
Clay, Sand and Other Raw Materials and Admixtures
The other raw materials that
we use to produce clinker are clay, sand, iron and diatomite.
Clay
For cement production in our
Pacasmayo facility, we extract clay from our Cerro Pintura quarry, a 400 hectare open-pit concession located in the district and province
of Pacasmayo, department of La Libertad. We were granted this concession by the MEM in 1996. The term of the concession is indefinite,
provided we pay an annual concession fee and meet minimum annual production requirements.
For cement production in our
Rioja facility, we extract clay from our Pajonal quarry, a 400 hectares open-pit concession located in the district and province of Rioja,
department of San Martin. This concession was granted to us by the MEM in 1998. The term of the concession is indefinite, provided we
pay an annual concession fee and meet minimum annual production requirements.
We have not calculated our
clay reserves, as we believe there is an abundant supply of clay in our concessions and more broadly in the northern region where we operate.
Sand
For cement production in our
Pacasmayo facility, we use sand extracted from our Cerro Pintura quarry. Our Rioja facility does not utilize sand as a raw material given
the type of cement it produces.
We have not calculated our
sand reserves, as we believe there is an abundant supply of sand in our concessions and more broadly in the northern region where we operate.
Iron
We use small quantities of
iron in our cement production, which we purchase from third parties at market prices.
Pozzolanic Materials and Other Admixtures
Our cement production also
requires small amounts of other admixtures, such as pozzolanic materials, gypsum and blast furnace slag.
For cement production in our
Pacasmayo facility, we use pozzolanic materials obtained from our Cunyac quarry, a 200 hectare open-pit concession located in the district
of Sexi, province of Santa Cruz, department of Cajamarca. The concession was granted to us by the MEM in 2008. The term of the concession
is indefinite, provided we pay an annual concession fee and meet minimum annual production requirements.
For cement production in our
Rioja facility, we use pozzolanic materials obtained from our Fila Larga quarry, a 1,000 hectare open-pit concession located in the district
of El Milagro, province of Utcubamba, department of Amazonas. The concession was granted to us by the MEM in 1998.
We also own several other
concessions containing pozzolanic material which have not been exploited. In addition, our use of pozzolanic materials may be substituted
with clinker or other admixtures. Other admixtures, such as gypsum and blast furnace slag, are purchased at market prices from third-party
suppliers. If we are unable to acquire raw materials or admixtures from current suppliers, we believe that other sources of raw materials
and admixtures would be available without significant interruption to our business.
34
Energy Sources
Our main energy sources are
fuel in the form of coal and electricity. Our production processes consume significant amounts of energy, because our kilns must reach
extreme temperatures to produce clinker and quicklime. In addition, milling operations, homogenization and transportation of materials
consume significant amounts of energy.
Coal
We purchase mostly anthracite
coal from local suppliers and import small amounts of bituminous coal from suppliers mainly in Colombia, in each case at spot market prices.
Anthracite coal tends to be less expensive than bituminous coal. We store coal at our premises and in our warehouse facility adjacent
to the Salaverry port, located approximately 130 kilometers south of our Pacasmayo facility, where we have sufficient stock of coal to
maintain our production levels for the next year.
In December 2009 and February
2010, we entered into option agreements to acquire coal mining concessions as a means to secure a steady and reliable source for our coal
requirements and to reduce the volatility in costs related to coal. In 2011, we exercised certain options under these agreements to acquire
coal mining concessions for 908.5 hectares near our Pacasmayo facility for a total purchase price of US$4.5 million. In 2013, we
exercised our remaining options to purchase an additional coal mining concession for 501.2 hectares for US$1.0 million, thereby completing
the acquisition of the related coal mining concessions.
Electricity
As of December 31, 2022, all
of the electricity requirements for our Pacasmayo and Piura facilities were supplied by Electroperú and for our Rioja facility
by ELOR.
We have a long-term electricity
supply contract with Electroperú currently valid until 2026. Electroperú has agreed to provide us with sufficient energy
to operate our Pacasmayo and Piura facilities at pre-determined maximum amounts during the term of the contract. Payments for electricity
are based on a formula that takes into consideration our energy consumption and certain market variables, such as the U.S. purchase price
index, the global price of oil, the local price of natural gas and the import price of bituminous coal.
In addition, we have a medium-term
electricity supply contract with ELOR to supply the Rioja facility, which was recently extended until 2024. ELOR supplies the Rioja facility
with six megawatts of electricity at peak hours and eight megawatts at non-peak hours. Payments for electricity are based on a formula
that takes into consideration our energy consumption and certain market variables, such as the U.S. dollar price, the local price of natural
gas, the global price of oil and the import price of bituminous coal.
Other Production Materials
We use other materials in
the cement production process, including paper bags to package cement, which we purchase principally from local suppliers; plastic bags
used to package quicklime, which we purchase from local suppliers; and water to cool the kiln exhaust gases and for our crushing operations
at our Acumulación Tembladera quarry, which we obtain principally from a well located at our Pacasmayo facility and from the Jequetepeque
river. Water used in our production process is maintained in a closed system at our plants and re-processed for utilization in our production
process.
35
Consumer Base
The retail cement sector in
Peru is characterized by households that purchase single bags of cement to gradually build or improve their homes with little or no professional
assistance. This sector is known as
auto-construcción
. Families in this sector tend to invest a large portion of their savings
in building or improving their own homes.
Auto-construcción
is often conducted with the help of a foreman (
maestro de
obra
) who generally has experience in construction. Our retail marketing plans typically target the
maestro de obra
who is
usually the decision maker when buying cement and other related construction materials.
We also sell directly to small,
medium and large private construction companies working on a variety of construction projects, from housing complexes to commercial developments.
In the public sector, we provide cement for national, regional and local governments carrying out construction projects including housing
complexes and public construction, ranging from local schools and hospitals to large infrastructure.
Sales and Distribution
Distribution
Our market extends from the
Ecuadorian border in the north of Peru to the city of Barranca in the south (approximately 180 kilometers north of Lima), to the rainforest
in the east and the Pacific Ocean in the west. Our market covers the provinces of Amazonas, Cajamarca, La Libertad, Lambayeque, Piura
and Tumbes in the north; and San Martín and Loreto in the northeast.
Our Pacasmayo, Piura and Rioja
facilities supply the entire northern region of Peru, interchangeably subject to where it is most efficient to ship from at the moment,
depending on the distance and type of cement being produced, among other factors.
In 2022, approximately 88.3%
of our total cement shipments were in the form of bagged cement, substantially all of which was sold through retailers both within and
outside of our distribution network. The remaining 11.4% of our cement was sold in bulk or in shipments of precast products or ready-mix
concrete directly to large construction companies.
We have developed one of the
largest independent retail distribution networks for construction materials in Peru, consisting of 341 local hardware stores, with which
we have a distribution agreement. In addition, we also distribute to other independent retailers located throughout the northern region
of Peru with whom we do not have contractual relationships. We have built our distribution network by investing in strengthening our relationship
with retailers.
Even though our ready-mix
sales are still a small proportion of our sales, we expect this trend to change as infrastructure becomes a bigger driver of demand in
the upcoming years. Additionally, we sell and distribute other construction materials manufactured by third parties that are used alongside
cement, such as steel rebar, plastic pipes and electrical wires, among others.
36
Marketing and Brand Awareness
We use our distribution network,
together with our strategically located local commercial offices, to promote our products and brands, as well as to keep us informed of
market developments. We believe our distribution network has enabled us to build strong recognition for our Pacasmayo brand among
maestros
de obra
, retailers and end consumers which we believe is important to our business, particularly because our cement is principally
sold in bags to retail consumers.
Our marketing expenses in
2022 were approximately S/6.4 million, or 0.1% of our sales. Historically, our marketing strategy has been to develop brand loyalty by
providing high-quality products, tailored to the needs of our customers, and customer service accompanied by complimentary training for
the maestros de obra, who are typically the decision makers in the auto-construcción segment.
We develop strong ties with
our distributors by promoting income generating opportunities for them. For instance, we give them priority when hiring transportation
to distribute our cement throughout our territory. Also, our large salesforce has the ability to cover most of the construction sites
in northern Peru generating business opportunities that are then channeled through our distributors. Finally, our distributors enjoy various
commercial and marketing benefits such as rebates, special promotions, special credit conditions, and loyalty programs.
We have been working consistently
in recent years to focus time and attention on our client's needs, in an effort to go beyond just selling cement and its byproducts,
to providing solutions and innovating. Consequently, we were well-positioned to leverage these initiatives during the ongoing pandemic
period. The self-construction segment has been the primary driver behind the growth in sales volume during 2022. We have focused on several
fronts to enhance the customer experience and to facilitate access to our solutions. We have developed
Mundo Experto
, which is
a virtual ecosystem made up of digital solutions that serves to join supply and demand and offers a superior purchasing experience leveraged
on intensive use of technology to generate more value for our users. The digital solutions are targeted and customized for the different
users, such as foremen, hardware stores, and the self-builder.
Quality Control
In Peru, cement production
is subject to standardization (
normalización
) regulations approved by the National Institute for the Protection of Competition
and Intellectual Property (
Instituto Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual
,
or "INDECOPI"). Although the standardization regulations are not mandatory, they are useful in achieving an optimum level
of management. As of the date of this annual report, we comply with all standardization regulations applicable to our products.
We have established a quality
assurance program in accordance with ISO Standard 9001-2008, certified by SGS del Perú S.A.C., a company that provides inspection,
verification, testing and certification services. We monitor quality at every stage of the cement production process. In our facilities,
we periodically test the quality of our raw materials. These tests include chemical, physical and x-ray tests. We perform similar examinations
of the clinker we produce. Additionally, we also perform regular quality tests on our finished products.
We have a quality control
area with computerized systems to access real-time information on the quality of our products. As part of our quality control process,
we monitor the performance of our different cement products, monitor the performance of additives in our cement and review monthly statistical
analysis on the resistance of cement, among other things.
37
Competitive Position
Peru's cement production
is segmented into three main geographic regions: the northern region, the central region, including Lima's metropolitan area, and
the southern region. We are the only cement manufacturer in the northern region of Peru. The central region is principally served by UNACEM
(formerly known as Cementos Lima and Cemento Andino), some imports, Caliza Cemento Inca and Mixercon. The south is principally served
by Cementos Yura and Cementos Sur. In 2022, our cement shipments were approximately 3.4 million metric tons, representing an estimated
23.9% share of total cement shipments in Peru.
Regulatory Matters
Overview
Although our core business
is the production of cement, we hold a number of mining concessions granted by the Peruvian government for the supply of limestone and
other raw materials required for cement production. As a result, we are subject both to the mining and the general industrial legal framework
in Peru. The regulatory framework applicable to our cement production may be divided into rules and regulations relating to (i) the mining
and crushing of limestone and clay, and (ii) the production process.
Mining Regulations
The General Mining Law (
Texto
Único Ordenado de la Ley General de la Minería
) approved by Supreme Decree No. 014-92-EM, published in the Peruvian
Official Gazette,
El Peruano
, on June 3, 1992, is the primary law governing both metallic and non-metallic mining activities in
Peru and is supplemented by implementing guidelines and policies regarding mining and the processing of minerals enacted by the MEM. Under
the General Mining Law, mining activities (except storage, reconnaissance, prospecting and trade) are carried out exclusively through
various forms of concessions. Mining concessions are granted by the Geological, Mining and Metallurgical Institute (
Instituto Geológico
Minero y Metalúrgico
, or "INGEMMET"), and all other concessions, including our mineral processing concessions,
are granted by the Directorate General for Mining of the MEM. Any act, transfer, termination or agreement related to these concessions
must be registered with the Mining Rights Registry, which is part of the National Public Registry System, to be effective against the
Peruvian government and third parties.
Holders of concessions or
mining claims must comply with several obligations, including the payment of an annual concession fee (
derecho de vigencia
) of
US$3.00 per applicable hectare. The annual concession fee is due and payable on or prior to June 30 of each year. Failure to pay the annual
concession fee for two consecutive years will result in the termination of the mining concession.
Mining activities require
holders to obtain title to the surface land from individual landowners, peasant communities or the Peruvian government. Mining concessions
are granted for an unlimited period, subject to the achievement of minimum annual production levels. Two different regimes apply depending
on the date the concession was granted:
Under Legislative Decree 1320
and Supreme Decree No. 011-2017-EM, since January 1, 2019, if the annual minimum production or investment has not been met, the annual
penalty and the causes to terminate a mining concession will be determined by the General Mining Law for all concessions, as described
below.
For concessions granted until
2008, the following rules apply:
●
the minimum annual production target is equivalent to one tax unit (approximately US$1,187) per year per
hectare, in case of metallic mining concessions, and 10% of one tax unit (approximately US$119) per year per hectare, in the case of non-metallic
mining concessions;
●
the minimum production level is to be achieved no later than the end of the tenth year from the date of
grant;
●
if the minimum production level is not achieved within that period, an annual penalty equivalent to 2% of
the minimum annual production level is due until such level is achieved;
●
if the minimum production level is not achieved by the end of the fifteenth year, an annual penalty equivalent
to 5% of the minimum annual production level is due until such level is achieved;
●
if the minimum production level is not achieved by the end of the twentieth year, an annual penalty equivalent
to 10% of the minimum annual production level is due until such level is achieved; and
●
if the minimum production level is not achieved by the end of the thirtieth year, the mining concession
expires.
38
Any penalty must be paid prior
to June 30 of each year. Failure to pay the penalty for two consecutive years results in the termination of the mining concession.
Since January 1, 2020, these
penalties will be applied for concessions granted in 2009 and thereafter.
The foregoing penalties and
fines are not applicable to mining concessions granted by the government through private investment promotion initiatives, which will
be subject to the minimum production and investment levels set forth in such contracts.
In addition to the payment
of the annual concession fee and the penalty, holders of mining concessions must, pursuant to the Mining Royalty Law, pay a royalty for
the exploitation of metallic and non-metallic resources. Prior to the amendment of the Mining Royalty Law described below, the amount
of the royalty was determined on a monthly basis. For those minerals with an international market price (gold, silver, copper, zinc, lead
and tin), the amounts were computed by applying the rates to the value of the concentrate or its equivalent, according to the applicable
international market price. The historic rate scales were established in the Mining Royalty Law's regulations as shown in the following
table:
Annual sales
(in millions of US$)
Rate
Up to 60
1
%
Between 60 and up to 120
2
%
More than 120
3
%
In case of minerals without
an international reference market price (minerals other than gold, silver, copper, zinc, lead and tin), the mining royalty amounted to
1% of the value of the final product obtained from the mineral separation process, net of any costs incurred in the mineral separation
process (
componente minero
).
However, the Mining Royalty
Law was amended on September 29, 2011 to increase the tax payable on metallic and non-metallic mineral resources. Effective October 1,
2011, the royalty for the exploitation of metallic and non-metallic resources is payable on a quarterly basis in an amount equal to the
greater of (i) an amount determined in accordance with the following statutory scale of tax rates based on a company's operating
profit margin and applied to the company's operating profit, as adjusted by certain non-deductible expenses, and (ii) 1% of a company's
net sales, in each case, during the applicable quarter. The royalty rate applied to the company's operating profit is based on its
operating profit margin according to the following statutory scale of rates:
Operating Margin
Applicable Rate (%)
0% - 10%
1.00
10% - 15%
1.75
15% - 20%
2.50
20% - 25%
3.25
25% - 30%
4.00
30% - 35%
4.75
35% - 40%
5.50
40% - 45%
6.25
45% - 50%
7.00
50% - 55%
7.75
55% - 60%
8.50
60% - 65%
9.25
65% - 70%
10.00
70% - 75%
10.75
75% - 80%
11.50
More than 80%
12.00
39
Mining royalty payments will
be deductible for income tax purposes in the fiscal year in which such payments are made.
We believed that certain portions
of the regulations of the Mining Royalty Law were unconstitutional, because they impose a mining royalty tax on non-mining activities.
For instance, for cement companies, the amended Mining Royalty Law and its regulations established that the mining royalty tax was calculated
based on the total operating profit or net sales, as opposed to operating profit or net sales attributable exclusively to mining products,
such as limestone, used to produce cement. Accordingly, in December 2011, we filed a claim to declare that the mining royalty tax applicable
for the exploitation of non-metallic mining resources be calculated based on the value of the final product obtained from the mineral
separation process, net of any costs incurred in the mineral separation process ("
componente minero
").
In November 2013, the Peruvian
Constitutional Court affirmed the constitutional challenge we filed against the new regulation of the Mining Royalty Law, in a final and
unappealable ruling, on the grounds that the new regulation violates the constitutional right of property, as well as the principles of
legal reserve and proportionality. Therefore, the new regulation is rendered inapplicable to our operation. As a result, we will continue
to use as a basis for the calculation of the mining royalty the value of the concentrate or mining component, and not the value of the
product obtained from the industrial or manufacturing process.
Finally, holders of mining
concessions are required at the beginning of their operations to submit a mining closure plan that must contain a description of the steps
to restore the areas and facilities of each mining operation area to pre-mining condition. Holders of mining concessions are required
to secure completion of the restorative measures by means of the following guarantees: (i) banking guarantee or credit insurance; (ii)
cash guarantees; (iii) trusts; or (iv) those indicated in the Peruvian Civil Code.
In August 2021, Law 31347,
that modifies the Mine Closure Law (Law 28090), specifying aspects such as mandatory, administrative and oversight powers, opportunity
for presentation and approval, applicable guarantees, periodic reports to be presented to various authorities, among others was approved.
As of the date of this annual
report, we primarily owned non-metallic mining concessions and limited metallic mining concessions with respect to iron. Substantially
all of our concessions were granted prior to 2008. Our mining rights and concessions are in full force and effect under applicable Peruvian
laws. We believe that we are in compliance in all material respects with the terms and requirements applicable to our mining rights and
concessions.
Production Process
The cement production process
along with other manufacturing activities are governed by General Industry Law (
Ley General de Industrias
), Law No. 23407, published
in
El Peruano
on May 29, 1982, which establishes basic rules that promote and regulate activities in the manufacturing industry.
The Ministry of Production is vested with authority to promote private investments in connection with industrial, processing and manufacturing
activities, the surveillance of sustainable exploitation of natural resources (except for those extractive activities involving primary
transformation of natural products), the protection of the environment, and the supervision of the quality of manufactured products. All
industrial companies are subject to the General Industry Law and its regulations to the extent that the company's gross income is
primarily derived from industrial activities. Pursuant to Supreme Decree No. 009-2011-MINAM, the supervisory and monitoring functions
of the Ministry of Production were transferred to the OEFA in 2013.
40
Technical Regulation on Hydraulic Cement
On January 21, 2022, the
Government published D.S. 1-2022-PRODUCE, which approves the Technical Regulation on Hydraulic Cement Used in Buildings and Constructions
in General, through which various aspects are regulated that will allow verification of compliance with the minimum safety requirements
of cement. Originally, the Regulation entered into force six months after its publication, later extended to July 22, 2023 by D.S. 10-2022-PRODUCE,
a period in which all the parties involved (public entities, national manufacturers, importers, laboratories, chain of supply, among others)
must adapt their protocols to comply with the provisions of the Regulation.
Environmental Regulations
Industrial companies and particularly
cement companies are required to comply with several environmental regulations. Pursuant to Article 50 of Legislative Decree No. 757,
the competent environmental authority is that corresponding to the activity of the company which generates the higher gross annual income.
For that reason, the environmental authority that monitors our operations, considering that cement production represents the highest proportion
of our gross profit, is the Ministry of Production.
The Environmental Regulations
for Manufacturing Industries (
Reglamento de Protección Ambiental para el Desarrollo de Actividades de la Industria Manufacturera
—Supreme
Decree No. 019-97-ITINCI, or the "Environmental Regulations"), set forth different environmental obligations depending on
the date of commencement of the subject company's industrial activities. Thus, companies with industrial cement activities operational
at the time these regulations entered into force (September 1997) were obliged to submit an Environmental Adaptation Management Plan (
Programa
de Adecuación y Manejo Ambiental
, or "PAMA") to the Ministry of Production; while companies with industrial activities
starting from that date onwards are obliged to submit either an environmental impact assessment or an environmental impact declaration
depending on the level of risk and the impact of their activities on the environment. Furthermore, the Environmental Regulations establish
that the Ministry of Production may require a mining closure plan (as an independent environmental assessment) with environmental measures
that all companies must comply with before closing their operations to prevent any negative effects on the environment.
With regard to air emissions
and wastewater discharges, the Ministry of Production has adopted legally binding environmental quality standards (
Limites Máximos
Permisibles
, or "LMPs") for cement industries (approved by Supreme Decree No. 001-2020-MINAM). These standards are legally
enforceable, and all cement industry operations are required to comply with them.
A violation of the Environmental
Regulations is subject to different types of administrative sanctions, as determined in the Environmental Sanctions Regime of the Ministry
of Production (
Régimen de Sanciones e Incentivos del Reglamento de Protección Ambiental para el Desarrollo de Actividades
de la Industria Manufacturera
—Supreme Decree No. 025-2001-ITINCI), including warnings notices; fines of up to 600 tax units
(
Unidad Impositiva Tributaria
) (S/2,970,000); restrictions, suspensions or cancellation of the authorization or concession; and
total or partial closing of the industrial facilities. The type of sanction imposed ultimately depends on the seriousness of the violation.
Although the environmental competent authority for industrial activities is the Ministry of Production, other government agencies may
impose fines in case of non-compliance with applicable permits.
By Directing Council Resolution
No. 023-2013-OEFA/CD, of the
Organismo de Evaluación y Fiscalización Ambiental
(the Environmental Monitoring and
Enforcement Agency or "OEFA"), OEFA assumes the functions of monitoring, supervision, control and sanctioning of environmental
matters in the Cement Sector of the Manufacturing Industry, of the Industrial Subsector of the Ministry of Production - PRODUCE.
41
In 2016, by Ministerial Resolution
No. 201-2016-MINAM, the "National Protocol of Continuous Emission Monitoring Systems – CEMS" was approved. Its objective
is to standardize the process of continuous monitoring of polluting gases and particles emitted into the atmosphere by manufacturing activities.
It establishes the technical criteria for the selection of continuous monitoring methodologies, as well as the location of the monitoring
points, the operation of the equipment and the calibration tests required for the assurance of the quality of the measurements.
By Ministerial Resolution
No. 191-2016-MINAM, the "National Plan for the Integral Management of Solid Waste - PLANRES 2016-2024" was approved. It establishes
among other things, obligations to managers regarding the management of non-municipal solid waste, as well as the modification of the
environmental studies in case it is planned to carry out co-processing.
Law 30754, published on April 18, 2018, approved
the Framework Law on Climate Change. This law establishes the principles, approaches and general provisions to coordinate, articulate,
design, execute, report, monitor, evaluate and disseminate public policies for the integral, participatory and transparent management
of adaptation to and mitigation of the effects of climate change. It also established that the Ministry of the Environment (
Ministerio
del Ambiente
) will establish the guidelines to add analyses of climate risk and vulnerability, as well as the mitigation and adaptation
measures to address the effects of climate change, in the evaluation of investment projects subject to the National Environmental Impact
Assessment System.
This law aims to reduce the
vulnerability of the country to climate change, take advantage of opportunities for low carbon growth and fulfill the international commitments
assumed by the government of Peru before the United Nations Framework Convention on Climate Change, with an intergenerational approach.
The Regulation of the Framework
Law on Climate Change was approved on December 31, 2019 by Supreme Decree No. 013-2019-MINAM. The objectives set forth in the Regulation
will be met through the implementation of climate change adaptation and mitigation measures, the creation of systems that contribute to
account for carbon dioxide emissions, the reduction of carbon dioxide emissions and the promotion of private sector participation in the
execution of sustainable and low-carbon projects. However, to date, no concrete measures or goals have been established, nor have any
deadlines for their fulfillment.
In Peruvian legislation, there
is no form of emissions trading scheme.
On January 25, 2022, Supreme Decree No. 003-2022-MINAM
was published, declaring the climate emergency of national interest and providing guidelines and priority actions for the adaptation to
and mitigation of the effects of climate change.
Prior Consultation with Local Indigenous Communities
On September 7, 2011, Peru
enacted Law No. 29785, Prior Consultation Right of Local Indigenous Communities. The law was enacted in order to implement Convention
No. 169 of the International Labor Organization on Local Indigenous Communities in Independent Countries, previously ratified by Peru
through Legislative Decree No. 26253. This law, which became effective on December 6, 2011, establishes a prior consultation procedure
to be undertaken by the Peruvian government in favor of local indigenous communities, whose collective rights may be directly affected
by new legislative or administrative measures, including the granting of new mining concessions. Regulation implementing this law was
approved on April 3, 2012, by Supreme Decree No. 001-2012-MC, which defines the local indigenous communities that are entitled to the
prior consultation rights and establishes the different stages that comprise the prior consultation procedure.
Consultation procedures for
mining and processing concessions are carried out by the MEM prior to the granting of a new processing concession.
According to the recent practice
of the Geologic Institute of Mining and Metallurgy (
Instituto Geológico Minero Metalúrgico
), the granting of mining
concessions does not qualify as an "administrative measure" that potentially affects the rights of indigenous people because
it does not grant
per se
a right to explore and exploit mineral deposits. Accordingly, the granting of mining concessions has not
been included among measures that require consultation procedures with indigenous people. According to Ministerial Resolution No. 003-2013-MEM-DM,
the MEM has established that consultation procedures are applicable prior to the commencement of: (i) exploration activities (
Autorización
de inicio de actividades de exploración
); (ii) exploitation activities (
Autorización de inicio o reinicio de las
actividades de desarrollo, preparación y explotación - incluye plan de minado y botaderos
); and (iii) processing
concessions (
otorgamiento de concesión de beneficio
).
42
Local indigenous communities
do not have a veto right; upon completion of this prior consultation procedure, the Peruvian government can discretionarily approve or
reject the applicable legislative or administrative measure. In addition, any sale, lease or other act of disposal of surface land owned
by local indigenous communities is subject to the approval of an assembly composed of the members of such communities according to the
following rules:
●
for local indigenous communities located on the coast, approval of not less than 50% of members attending
the assembly is required; and
●
for local indigenous communities located in the highlands and the Amazon region, approval of at least
2/3 of all members attending the assembly is required.
Permits and Licenses
Mining Concessions
According to the General Mining
Law, a mining concession is required in order to extract mineral resources needed to produce cement. The mining concession grants the
right to explore and exploit the mineral resources located in a solid of indefinite depth, limited by the vertical plane corresponding
to the sides of square, rectangle or polygon referred to by the Universal Transversal Mercator coordinates. The Geological Mining and
Metallurgical Institute (
Instituto Geológico Minero y Metalúrgico
) is in charge of managing the procedure of granting
mining concessions, which includes the receipt of the request, the granting and the termination of mining concessions.
Explosives
.
Mining concessionaires are
required to obtain the following permits to operate and store explosives:
●
Certificate of Mining Operation (
Certificado de Operación Minera
), granted by the MEM;
●
Semiannual Authorization for Use of Explosives, granted by the General Bureau of Explosives of the Ministry
of Interior (
Superintendencia Nacional de Control de Servicios de Seguridad, Armas, Municiones y Explosivos de Uso Civil
, or "SUCAMEC");
●
Manipulation of Explosives License for each individual that intends to handle explosives, granted by the
SUCAMEC; and
●
Explosive's Warehouse Operation License, granted by SUCAMEC.
Water and Wastewaters
To use water resources in
cement industry activities, it is necessary to obtain a water right granted by the Water Management Authority (
Autoridad Nacional del
Agua
, or "ANA") prior to the use of underground or fresh water sources. If the proposed activities will generate domestic
or industrial wastewaters, which will be discharged into natural water sources or soil, authorization from ANA is required, with a favorable
opinion of the General Bureau of Environmental Health (
Dirección General de Salud Ambiental
, or "DIGESA").
Hazardous Waste
Hazardous waste generated
as a consequence of cement production activities must be disposed of in specialized landfills. The transportation of solid waste outside
the limits of the industrial complex must be conducted exclusively through specialized companies registered with DIGESA and MINAM. Industries
are free to contract with an EO-RS (a company that provides solid waste services such as transportation, treatment or disposal) or with
an EC-RS (a company that carries out commercialization activities aiming at the reuse of solid waste). Yet in order to limit their liability
in case of environmental harm, industries must make sure the EO-RS and EC-RS they retain count with all necessary permits to collect,
transport and dispose hazardous wastes.
43
Chemical Feedstock
The commercialization, transportation
and use of controlled chemical feedstock (
Insumos Químicos y Productos Fiscalizados
, or "IQPF") is restricted,
because of their potential use in the production of illegal drugs or controlled substances. Companies that require an IQPF must obtain
an IQPF User Certificate (
Certificado de Usuario de IQPF
) from the General Bureau of Chemical Feedstock of the Ministry of Interior
(
Unidad Antidrogas de la Policía Nacional del Perú
, or "DIRANDRO"). Companies such as ours are also required
to register with the Ministry of Production any IQPF activities they plan to carry out (
Registro Único para el Control de IQPF
).
Fuel Storage
Any company that purchases
fuels for its own activities and has facilities to receive and store fuel with a minimum capacity of one meter cubed (264.170 gallons)
is required to (i) receive from the Mining and Energy Investment Supervision Body (
Organismo Supervisor de la Inversión en Energía
y Minería
, or "OSINERGMIN") prior permission to build and operate said installations, and (ii) be registered with
the Registry of Direct Fuel Consumers, in order to obtain the SCOP Code (
Código del Sistema de Control de Órdenes de
Pedido
) necessary to purchase fuel.
Cultural Heritage Protection
If the design and development
of cement industry activities involves the removal of topsoil, a Certificate of Non-Existence of Archaeological Ruins (
Certificado
de Inexistencia de Restos Arqueológicos
, or "CIRA") from the Ministry of Culture (
Ministerio de Cultura
)
with respect to the area under construction must be obtained. The CIRA will either certify that on the surface of the evaluated area no
archaeological sites or features were discovered or will identify their exact location and extent in order to implement precautionary
measures to protect the archaeological artifact. The CIRA is valid for an unlimited period but will become void should any archaeological
artifacts be accidentally discovered during the construction works or due to any natural cause. In such an instance, the company must
stop the construction work immediately and notify the Ministry of Culture. Failure to stop the construction work may generate civil and
criminal liabilities. Under certain exceptional circumstances, Peruvian legislation allows the removal of archeological artifacts when
the area is required for development of projects that are of national interest.
Labor Regulations
Peruvian legislation allows
hiring employees through: (i) a fixed-term contract, (ii) a contract for an indefinite duration; or (iii) a contract for part-time employment.
The minimum wage established
in Peru is S/1,025 per month. Peruvian labor legislation establishes a maximum 8-hour work day or 48 hours per week for employees older
than 18 years. For overtime, employers must pay at least an additional 25% and an additional 35% over the regular hourly wage for the
first two hours and for any additional hours, respectively. Employees are entitled to a minimum rest of 24 consecutive hours per week.
Regardless of the type of
employment contract, pursuant to Peruvian law full-time employees are entitled to receive:
(i)
an additional 10% of the minimum wage, provided that they are
responsible for (a) one or more children under the age of 18 or (b) persons who are up to 24 years of age if they are pursuing higher
education,
(ii)
two additional months' salary per year, one in July and
one in December (pursuant to Law No. 29351, said payments were not subject to any social contribution, except for Income Tax; consequently,
until December 2015, employers paid directly to their employees as an Extraordinary Bonus, the amount of the contribution to the Social
Health Insurance (ESSALUD) for such payments, equivalent to 9% of the bonus paid),
(iii)
thirty calendar days of annual paid vacation per year,
44
(iv)
life insurance, since the first day at work,
(v)
a compensation for years of service (CTS) equal to 1.16% of
a monthly salary and is deposited each year in May and November, provided they work an average of at least four hours per day for the
same employer,
(vi)
benefits from the Peruvian Social Health Insurance (ESSALUD)
to which employers must contribute a rate equivalent to 9% of their employees' income, and
(vii)
a percentage of the company's annual income net of taxes
(10% in the case of income derived from industrial cement operations, and 8% in the case of income derived from our mining or commercial
activities), provided the company has twenty or more employees.
On June 25, 2021, Law 31246 was published, which
modified the current Law on Safety and Health at Work to guarantee the right of workers to safety and health at work in the face of epidemiological
and health risk.
Free and Fair Competition Protection
In Peru, businesses are generally
not required to receive the prior authorization of the antitrust authority, which in Peru is INDECOPI. However, in order to promote economic
efficiency and protect consumers, anti-competitive behavior is subject to sanctions under applicable law. Behavior that is prohibited
according to national law includes: (i) the abuse of a dominant market position, (ii) concerted horizontal practices and (iii) concerted
vertical practices. Moreover, under the Unfair Competition Law it is illegal to act in a way that may hinder the competitive process.
An unfair behavior is one that is objectively contrary to the entrepreneurial good faith, ethical behavior and efficiency in a market
economy.
On January 7, 2021, Law No. 31112, Law that establishes the Prior Control
of Business Concentration Operations, was published in the Official Gazette "El Peruano", which entered into force in January,
2021, together with its Regulations, approved by Supreme Decree No. 039-2021-PCM. This law establishes a system of prior control of business
concentration operations in order to promote effective competition and economic efficiency in the markets for the welfare of consumers.
C. Organizational Structure
Cementos Pacasmayo S.A.A.
is part of the Hochschild Group. As of March 31, 2023, Eduardo Hochschild, directly and indirectly, owned and controlled 38.32% of the
shares of Hochschild Mining plc. Through ASPI, as of that same date Eduardo Hochschild, directly and indirectly, owned and controlled
50.01% of the outstanding common shares of Cementos Pacasmayo.
All of our operating subsidiaries
are incorporated in Peru. The following chart sets forth our simplified corporate structure, operating subsidiaries only, as of the date
of this annual report.
The following is a brief description
of the principal activities of our consolidated subsidiaries.
●
Cementos Selva S.A.C. is engaged in the production and marketing of cement and other construction materials
in the northeast region of Peru. It also owns all of the equity shares of Dinoselva Iquitos S.A.C. (a cement and construction materials
distributor in the north of Peru, which also produces and sells precast, cement bricks and ready-mix concrete) and in Acuícola
Los Paiches S.A.C. (a fish farm entity).
45
●
Distribuidora Norte Pacasmayo S.R.L. is mainly engaged in selling cement produced by the Company. Additionally,
it produces and sells precast, cement bricks and ready-mix concrete.
●
Empresa de Transmisión Guadalupe S.A.C. is mainly engaged in providing electric energy transmission
services to the Company.
Other immaterial, non-operating subsidiaries
●
Salmueras Sudamericanas S.A. ("Salmueras") was engaged in the exploration of a brine project
located in the northern region of Peru. In December 2017, the Company decided not to continue with the activities related to this project,
●
Soluciones Takay S.A.C. is a platform that connects families that want to build with certified professionals.
●
150Krea Inc. seeks to develop a business in the United States relating to digital innovation in the construction
industry
●
Corporación Materiales Piura S.A.C. is a non-operating company that owns some mining properties
located in Piura.
D. Property, Plant and Equipment
Properties
We own our headquarters office
in Lima, Peru, at Calle La Colonia 150, Urbanización El Vivero, Surco. We also own our plants, warehouses, transportation
facilities and the office space at our production facilities, including our workers' facilities occupying approximately 50,000 square
meters at our Pacasmayo facility and a warehouse occupying approximately 25,000 square meters at the Salaverry port facility.
Area of Operation
We own and operate three cement
production facilities. Our largest facility is located in the city of Pacasmayo, department of La Libertad, approximately 667 kilometers
north of Lima. The second facility is located in the city of Piura, department of Piura, approximately 330 kilometers north of Pacasmayo.
This facility started cement production in September 2015. We also own and operate a smaller cement facility, located in the city of Rioja,
department of San Martín, approximately 468 kilometers east of the Panamericana Norte highway. From our Pacasmayo and Piura facilities
we supply cement principally to the coastal and highland regions of northern Peru, including the cities of Piura, Chiclayo, Cajamarca,
Trujillo and Chimbote. From our Rioja facility, we supply cement to the northeastern region of Peru, including the cities of Moyobamba,
Tarapoto, Loreto, among others.
46
Pacasmayo Facility
As of December 31, 2022, our
Pacasmayo facility had 9 kilns, which produce clinker (one of which is also equipped to produce quicklime), and an additional Waelz rotary
kiln that produces quicklime. Additionally, our facility has a primary and secondary cone crusher located near our Acumulación
Tembladera limestone quarry. The main crusher has installed crushing capacity of 800 metric tons per hour and the secondary crusher has
installed crushing capacity of 170 metric tons per hour. Our Pacasmayo facility operates with three horizontal rotary kilns with total
installed annual clinker production capacity of 1,034,880 metric tons and six vertical shaft kilns with total installed annual clinker
production capacity of 465,120 metric tons. The total installed annual clinker production capacity at our Pacasmayo facility is 1.5 million
metric tons. In 2021, due to the exponential growth in cement sales, we decided to invest approximately US$70 million to optimize our
current capacity at our Pacasmayo plant, in order to produce approximately 600,000 additional metric tons of clinker per year. Our Pacasmayo
facility also features three cement finishing mills with installed annual cement production capacity of 2.9 million metric tons. Our Pacasmayo
facility is also equipped with silos containing storage capacity for 26,700 metric tons of cement.
As of December 31, 2022, our
Pacasmayo facility had installed production capacity of approximately 240,000 metric tons of quicklime per year, including the annual
installed capacity of one of our clinker kilns and our Waelz rotary kiln, which are equipped to also produce quicklime.
Piura Facility
Annual installed production
capacity of our Piura plant is 1.6 million metric tons of cement and 1 million metric tons of clinker. Our Piura plant operates with a
horizontal kiln with installed clinker production capacity of 1 million metric tons per year, as well as a cement mill with installed
cement production capacity of 1.6 million metric tons per year. Our Piura plant also has two storage silos with storage capacity of 240,000
metric tons of cement.
During 2020, we invested in
the construction of a new silo, with a capacity of 1,300 metric tons, which will reduce transportation costs as we will be able to serve
the areas of influence from the Piura plant.
Rioja Facility
Annual installed production
capacity of our Rioja plant is 440,000 metric tons of cement and 280,000 metric tons of clinker.
Our Rioja facility currently
operates with a small cone crusher and four vertical shaft kilns with total annual installed clinker production capacity of 280,000 metric
tons and three cement finishing mills with total annual installed cement production capacity of 440,000 metric tons. Our Rioja plant is
also equipped with silos with storage capacity of 1,750 metric tons of cement.
47
Ready-Mix Concrete Facilities
We also have 22 fixed and
mobile ready-mix concrete and precast facilities located in the northern cities of Chimbote, Trujillo, Chiclayo, Piura, Cajamarca, Pacasmayo
and Tarapoto among others. These facilities allow us to supply ready-mix concrete and precast materials to small, medium and large construction
projects throughout the entire northern region of Peru. As of December 31, 2022, our ready-mix operations had 191 mixer trucks, 34 concrete
pumps and 2 pavers available to deliver ready-mix concrete.
Capacity and Volumes
The table below sets forth
our clinker, cement and quicklime production capacity and volumes in our Pacasmayo and Rioja facilities for the periods indicated.
As
    of and for the year ended December 31,
(in
    thousands of
2022
2021
2020
metric
    tons, except percentages)
Capacity
Production
Utilization
rate(1)
Capacity
Production
Utilization
rate
(1)
Capacity
Production
Utilization
rate(1)
Cement:
Pacasmayo
    facility
2,900
1,768
61.0
%
2,900
1,970
67.9
%
2,900
1,307
45.1
%
Piura
    facility
1,600
1361
85.1
%
1,600
1,324
82.8
%
1,600
1,020
59.8
%
Rioja
    facility
440
307
69.8
%
440
338
76.8
%
440
263
63.7
%
Total
4,940
3,436
69.6
%
4,940
3,632
73.5
%
4,940
2,590
52.4
%
Clinker:
Pacasmayo
    facility
1,500
935
62.3
%
1,500
879
58.6
%
1,500
712
47.5
%
Piura
    facility
1,000
1,023
100.0
%
1,000
893
89.3
%
1,000
566
56.6
%
Rioja
    facility
280
240
85.7
%
280
264
94.3
%
280
198
70.9
%
Total
2,780
2,198
79.1
%
2,780
2,036
73.2
%
2,780
1,476
53.1
%
Quicklime
(2)
:
Pacasmayo
    facility
240
46
19.2
%
240
69
28.8
%
240
55
22.7
%
(1)
Utilization rate is calculated by dividing production for the specified period by installed capacity.
(2)
Our Rioja facility does not produce quicklime. In addition, one of our clinker kilns and our Waelz rotary
kiln are equipped to produce quicklime.
48
Summary Disclosure (229.1303)
Map of Mining Concessions of Cementos Pacasmayo
S.A.A. and subsidiaries.
The following map of Peru shows the location of
the Peruvian mining properties of Cementos Pacasmayo S.A.A. and subsidiaries. The mining properties are located in Piura, Lambayeque,
Cajamarca, Amazonas, Ica, Cusco, San Martin, La Libertad and Ancash Region.
Figure 1 General map of the mining properties and industrial facilities
of Cementos Pacasmayo S.A.A. and subsidiaries
The map shows the mining properties and industrial
facilities of Cementos Pacasmayo and its subsidiaries.
General description of mining properties and operations
Cementos Pacasmayo's
mining properties in Peru were obtained through administrative procedures of INGEMMET. Mineral properties in Peru are classified according
to the type of ore (i.e. metallic and non-metallic).
Cementos Pacasmayo has
mining properties in exploration, development and production stages. Cementos Pacasmayo has three material properties (Tembladera, Virrilá,
and Tioyacu), all of which are in the production stage.
Table 1 provides an overview
of Cementos Pacasmayo's material properties, including relevant information for each quarry.
Mining
    Property
Mining
    concessions
Location
    of the mining concession
Percentage
    of ownership interests
Operator
Surface
    area (ha)
Stage
    of the mining concession
Permits
Key condition
    of permit
Type of
    mine / material
Beneficiation
    plant and other installations
Production
2022
(Ton)
Production
2021
(Ton)
Production
2020
(Ton)
Tembladera
Acumulación
    Tembladera
Cajamarca
100
%
San Martin Contratistas
    Generales S.A.
3,391
Production
Yes
EIA
(1)
and others
Open Pit / Limestone
Industrial facilities
(2)
1,727,182
1,629,895
837,029
Virrilá
UEA Virrilá
Piura
100
%
San Martin Contratistas Generales
    S.A.
38,226
Production
Yes
EIA
(1)
and others
Open Pit / Coquina
Industrial facilities
(2)
1,766,003
1,465,709
748,722
Tioyacu
Calizas Tioyacu
San Martin
100
%
Cementos Selva S.A.C.
400
Production
Yes
EIA
(1)
and others
Open Pit / Limestone
Industrial facilities
(2)
421,636
377,702
208,935
Table 1 Main mining properties of Cementos Pacasmayo
S.A.A. and subsidiaries
(1)
Environmental Impact Study (EIA)
(2)
Cement plants are governed by the laws of the industrial sector.
49
A. Summary of Mineral Resources and Mineral Reserves
Tables 2 and 3 summarize the mineral resources
and reserves of the mining properties of Cementos Pacasmayo and subsidiaries.
Table 2 Summary of mineral resources (exclusive
of reserves) of Cementos Pacasmayo S.A.A. and subsidiaries as of December 31, 2022.
Measured Mineral
Resources
Indicated Mineral
Resources
Measured + Indicated Mineral Resource
Inferred Mineral
Resources
Amount
(Million
Tonnes)
Grades/
Qualities
(% CaO)
Amount
(Million
Tonnes)
Grades/
Qualities
(% CaO)
Amount
(Million
Tonnes)
Grades/
Qualities
(% CaO)
Amount
(Million
Tonnes)
Grades/
Qualities
(% CaO)
Limestone:
Acumulación Tembladera
127.4
49.4
35.7
50.2
163.1
49.6
74.1
50.3
Calizas Tioyacu
0.07
50.1
0.13
47.1
0.20
48.1
19.7
45.9
Coquina:
UEA Virrilá Total
17.4
49.7
29.0
49.5
46.4
49.5
3.9
46.4
*
Table 2 is based on the following cement prices: Tembladera/Pacasmayo (S/599.5 per ton) and Virrilá/Piura (S/668.8 per ton) and other non-material information underlying the model, which were updated as of December 31, 2022. Also, technical and economic information assumed for the Mineral Resources estimation in the model can be found in the Cementos Pacasmayo S.A.A. Technical Report Summaries (TRS) 229.601 (Item 601) Exhibits 96.1, 96.2, and 96.3 to our 2021 Form 20-F.
Table 3 Summary of Mineral Reserves of Cementos
Pacasmayo S.A.A. and subsidiaries' properties at December 31, 2022.
Proven Mineral
Reserves
Probable Mineral
Reserves
Total Mineral
Reserves
Amount
(Million
Tonnes)
Grades/
Qualities
(%CaO)
Amount
(Million
Tonnes)
Grades/
Qualities
(%CaO)
Amount
(Million
Tonnes)
Grades/
Qualities
(%CaO)
Limestone:
Acumulación Tembladera
62.1
49.5
12.2
49.6
74.3
49.5
Calizas Tioyacu
6.3
50.3
4.7
47.3
11.0
49.0
Coquina:
UEA Virrilá Total
42.6
49.8
2.9
47.7
45.5
49.7
*
Table 3 is based on the following cement prices: Tembladera/Pacasmayo (S/ 599.53 per ton), Virrilá/Piura (S/668.8 per ton) and Tioyacu/Rioja (S/735.9 per ton) and other non-material information underlying the model, which were updated as of December 31, 2022. Also, technical and economic information assumed for the Mineral Resources estimation in the model can be found in the Cementos Pacasmayo S.A.A. Technical Report Summaries (TRS) 229.601 (Item 601) Exhibits 96.1, 96.2, and 96.3 to our 2021 Form 20-F.
50
Acumulación Tembladera Individual Disclosure (229.1304)
Property description
Location
The Tembladera property is located in Yonan district,
Contumaza province, Cajamarca region, Peru at longitude -79.123393° W and latitude -7.245671° S. It is located 60 kilometers from
the cement plant.
The area of the mining concession is 3,390.97
Hectares. The mining rights are granted by INGEMMET through a Presidential Resolution.
Cementos Pacasmayo S.A.A. owns the mining concession
and it is registered as "Acumulación Tembladera" as a non-metallic mining concession.
Pacasmayo cement plant and Acumulación
Tembladera mining concession are shown in Figure 1 while the locations of the Acumulación Tembladera and the cement plant are shown
separately in Figures 2 and 3, respectively.
Figure 1 Pacasmayo cement plant and Acumulación
Tembladera
51
Figure 2 Acumulación Tembladera
Our Pacasmayo cement plant is shown in Figure 3.
Figure 3 Pacasmayo cement plant
52
Infrastructure
The Tembladera quarry has the necessary infrastructure
for normal operations. Facilities for electric power, water supply, fuels, access and roads have been installed.
Energy is supplied by Hidrandina S.A. Company,
which obtains energy from the national grid. Energy distribution is overhead and at medium voltage of 2.3 kilovolts. The quarry also has
an electrical sub-station. The sub-station area is 1,062 square meters.
Water is obtained from the village canal, which
flows near the quarry. The water is used for minor activities within the quarry, such as access and road watering, limestone watering
in mining areas, post-blasting watering, watering of green areas, and consumption by restrooms.
A contractor manages the fuel system. The fuel
storage and dispatch system has the necessary equipment to supply fuel to the mobile and fixed units within the quarry. Trained personnel
and safety measures are in place to handle fuel safely.
The Tembladera quarry can be accessed by air from
Lima to Trujillo (1 hour) and by land from Trujillo to Tembladera Quarry. The route is from Trujillo to Pacasmayo (112.6 kilometers),
from Pacasmayo to Ciudad de Dios (14.3 kilometers) and from Ciudad de Dios to Tembladera (50 kilometers) and Tembladera - Security point
(0.8 kilometers), for a total of 747.1 kilometers. The entire route is paved. Alternatively, the quarry can be accessed by air from Lima
to Chiclayo, time average 1.15 hrs. of flight, and from Chiclayo to Ciudad de Dios (86.8 kilometers) and from Ciudad de Dios to Tembladera
(50 kilometers) and Tembladera – Security point (0.8 kilometers). The entire route is paved.
The Tembladera quarry's personnel come from
the town of Tembladera, adjacent to the quarry. Others come from Cajamarca and La Libertad region.
Personnel from the town of Tembladera are transported
to the quarry in buses and pickup trucks.
Mining Concession Ownership and Area
The Tembladera Accumulation was granted by Resolution
No. 01989-2002-INACC/J of the National Institute of Concessions and Cadastre (
Instituto Nacional de Concesiones y Catastro
).
The procedure to obtain a mining concession is
established in the General Mining Law (Supreme Decree 014-92-EM) and its Regulation Legislative Decree 020-2020-EM.
The mining concession is in the owner's name of
Cementos Pacasmayo S.A.A. and is also registered as "Acumulación Tembladera" as a non-metallic mine.
Cementos Pacasmayo has the surface rights to the
area of operation in the Tembladera quarry.
Cementos Pacasmayo pays for the right to use the
concession Acumulación Tembladera with unique code 010001801L. These payments must be made from the first working day of January
to June 30 of each year, providing the financial entities the unique code of its mining right. The Acumulación Tembladera concession
payment is equivalent to US$3.00 per hectare.
53
Royalties
Law No. 28258 approved the Peruvian Mining Royalty
Law on June 24, 2004, which was amended by Law No. 29788 of September 28, 2011. Cementos Pacasmayo S.A.A currently pays the Mining Royalty
(see note 29 to our consolidated financial statements included in this annual report).The payment to the Peruvian government is made through
(SUNAT), which is the entity designated to control this consideration for the use of natural resources, and such payment is made through
an application that the tax authority has made available to those required to pay.
If the mining royalty is not declared or paid,
penalties for infractions and default interest for non-compliance are incurred. However, failure to pay these fines is not a cause for
the loss of the mining concession.
Set forth below is additional information, as
relevant to the particular property.
Mining activities on the property and industrial
in the cement plant
Tembladera Quarry
The Tembladera quarry, located in the Acumulación
Tembladera mining concession, is currently in production stage. The Tembladera quarry is an open-pit mine that uses explosives to fragment
the limestone rock. After crushing, the material is loaded onto trucks to be transported from the quarry to the cement plant located in
Pacasmayo.
Figure 4 shows the flowsheet of mining processes
at the Tembladera quarry. Further details of the process are provided in Exhibit 96.1 to our 2021 Form 20-F.
Figure 4 Diagram of mining process of the Tembladera
quarry
Pacasmayo cement plant
The Pacasmayo plant is subject to the laws of
the industrial sector, according to current Peruvian regulations.
The Pacasmayo plant is located at Pacasmayo District,
Pacasmayo Province, La Libertad Region. This plant is 67.3 kilometers from the Tembladera quarry. The Pacasmayo plant produces various
products for the construction industry, the main product being cement. Different types of cement are produced depending on their applications,
using limestone, sand, iron and clays as raw materials. The specific mix of raw materials produces the clinker necessary for the production
of cement.
The standard cement production process consists
of the following main stages:
●
Extraction and transportation of limestone;
●
Raw material storage;
●
Grinding and homogenization to make the raw material of consistent quality;
●
Clinkerization;
●
Cement grinding;
●
Storage in silos; and
●
Packaging, loading and distribution.
54
Figure 5 shows the flowsheet for raw material processing,
clinker and cement production. Further details of the process are provided in Exhibit 96.1 to our 2021 Form 20-F.
Figure 5 Pacasmayo plant process block diagram
Tembladera Quarry
The Tembladera quarry has been operating for 65
years. The material extracted from the quarry is used to supply the Pacasmayo plant. The amount of limestone to be mined is planned annually
through the mining plan.
The equipment in operation at the Tembladera quarry
are in optimum condition to maintain continuity of operations. Maintenance and optimization of the equipment is carried out periodically
and is supervised by the operator of the quarry. The equipment is in good condition and operational. Further details of the equipment
are provided in Exhibit 96.1 to our 2021 Form 20-F.
Facilities
The Tembladera quarry has facilities such as offices,
blasting explosives warehouse, electrical substation, maintenance shop, lubricant warehouse, gas station, oil tank, guardhouse, limestone
field, dining room, laboratory, truck scale, ore belt, loading tunnel, meteorological station, safety trench and septic tank.
Pacasmayo Plant
The Pacasmayo plant has been in operation for
65 years. The Pacasmayo plant uses the limestone extracted from the Tembladera quarry in the manufacture of cement and quicklime.
The equipment in operation at the Pacasmayo plant
is in optimal condition to avoid any interruption in cement production. Maintenance and optimization of the equipment is carried out periodically
and is supervised by Cementos Pacasmayo personnel. The Pacasmayo plant is currently being optimized with a modern, state-of-the-art clinker
production line in order to increase production. The equipment is in good condition and operational. Further details of the equipment
are provided in Exhibit 96.1 to our 2021 Form 20-F.
55
Facilities
The Pacasmayo plant has facilities such as maintenance
workshops, warehouses, laboratories, administrative offices, and cement production lines that support cement production.
The total cost of the mining concession, mine development
costs, land, buildings and other facilities, machinery and equipment, furniture and fixtures, transportation units, computer equipment
and tools, quarry rehabilitation costs, capitalized interest and work in progress amounted to S/ 732,147,286 as of December 31, 2022.
History
By means of Resolution No. 01989-2002-INACC/J
dated November 4, 2002, the National Institute of Concessions and Cadastre and granted Cementos Pacasmayo, the non-metallic concession
title called "Acumulación Tembladera" with code No. 01-00018-01-L.
The property dates back to the date of its oldest
integral concession: "Norte No. 1" granted by the Regional Mining Office of Cajamarca by Ministerial Resolution No. 267 of June
30, 1950, in benefit of Cementos Portland del Norte S.A., starting operations as Cementos Pacasmayo, from 1957 until 2013 when Calizas
del Norte S.A.C. (CALNOR) was incorporated. CALNOR engaged in activities from January 2014 until May 2016. San Martin Contratistas Generales
S.A. has engaged in activities from October 2016 to the present.
Property Encumbrances
Cementos Pacasmayo S.A.A. does not make any payments
with respect to encumbrances for the Acumulación Tembladera property. The Acumulación Tembladera mining concession currently
has no outstanding payments with respect to infractions and penalties.
Concessions
The Acumulación Tembladera mining concession
is a production stage property with estimated mineral reserves.
Geology
The ore deposit contains limestone rock with a
grade suitable for cement production. The limestone is contained within the so-called Cajamarca Formation, belonging to the Upper Cretaceous
(Turonian floor, around 90 MA). This Formation overlies the Quilquiñan Group, and intrajacent to the Celendín Formation.
Table 1 shows the stratigraphic
column of the area of the Tembladera quarry. Sedimentary rocks corresponding to the Cajamarca Formation and the Upper Cretaceous Celendín
Formation outcrop in the project area as described below.
Table 1 Stratigraphic Column of the Tembladera
quarry
System
Series
Stratigraphic Unit
Intrusive
Lithologic Description
Quaternary
Recent
Fluvial Deposit
Qr-fl
rocks
Fluvial origin
Alluvial Deposit
Qr-al
Alluvial origin
Tertiary
Lower
Andesite
T-an
Intrusion of andesitic dykes longitudinally into the deposit rock mass.
Cretaceous
Upper
Celendin Formation
Ks-ce
Thin layers of clayey nodular limestone, interbedded with marls and lutites.
Cajamarca Formation
Ks-c
Limestone of marine origin of whitish to light gray color.
Quilquiñan Group
Ks-q
Lutites and marls with some calcareous intercalations.
56
Figure 1 Geological section of Tembladera quarry
Resources and Reserves
Table 2 shows the mineral resources at the Tembladera
quarry as of December 31, 2022.
Table 2 Mineral Resources (exclusive of reserves)
as of December 31, 2022 based on cement price of S/599.5 per ton
Amount
(Million
Tonnes)
Grades/
qualities
(% CaO)
Grades/
qualities
(% SO
3
)
Grades/
qualities
(% MgO)
Grades/
qualities
(% Al
2
O
3
)
Cut-off
grades
(% CaO)
Measured resources
127.4
49.4
0.3
1.8
1.7
48.6
Indicated resources
35.7
50.2
0.1
1.6
1.4
48.6
Measured + Indicated resources
163.1
49.6
0.2
1.7
1.7
48.6
Inferred resources
74.1
50.3
0.3
1.6
1.4
48.6
The Mineral resources estimation considered the
expected price of cement, the complete forecast horizon contemplates perpetuity is included at the end of the 30 years of projection.
Clinker is used for cement production through the addition of other non-metallic minerals.
Table 3 shows the mineral Reserves at the Tembladera quarry.
Table 3 Mineral Reserves at the end of the
2022 fiscal year based on cement price of S/599.5 per ton
Amount
(Million
Tonnes)
Grades/
qualities
(% CaO)
Grades/
qualities
(% SO
3
)
Grades/
qualities
(% MgO)
Grades/
qualities
(% Al
2
O
3
)
Cut-off grades
(% CaO)
Proven reserves
62.12
49.5
0.3
1.5
1.6
49.5
Probable reserves
12.23
49.6
0.2
1.5
1.5
49.5
Total Reserves
74.35
49.5
0.3
1.5
1.6
49.5
57
The Mineral Reserves estimation considered the
expected price of cement. The complete forecast horizon contemplates a total of 30 years of projection. Clinker is used for cement production
through the addition of other non-metallic minerals.
Reconciliation of Resources and Reserves at the End of the Fiscal
Year
Table 4 shows the difference between the mineral
resource estimates as of December 31, 2022 and 2021.
Table 4 Resources for the last two fiscal years
expressed in millions of tons.
Resources as of
Dec. 31,
2022
Resources as of
Dec. 31,
2021
Discrepancy
Measured resources
127.4
128.3
The difference is due to the annual consumption of limestone used in the cement plant and the updated quarry stability design.
Indicated resources
35.7
37.6
The difference is due to the annual consumption of limestone used in the cement plant and the updated quarry stability design.
Measured + Indicated resources
163.1
165.9
The difference is due to the annual consumption of limestone used in the cement plant and the updated quarry stability design.
Inferred resources
74.1
74.2
The difference is due to the annual consumption of limestone used in the cement plant and the updated quarry stability design.
*
Some techniThe for the Mineral Resources estimation in the economic model can be found in the Cementos Pacasmayo S.A.A. Technical Report Summary (TRS) of the Tembladera Quarry and Pacasmayo Cement Plant 20-F 229.601 (Item 601) Exhibit 96.1 to our 2021 Form 20-F. All mineral resources are estimated at cement plant. The updated average price is S/599.5 per ton of cement at nominal values, perpetuity is included at the end of the 30-year projection.
58
Table 5 shows the difference between the mineral reserve estimates
at the end of this fiscal year and the previous fiscal year.
Table 5 Reserves as of December 31, 2022 and
2021 expressed in millions of tons.
Reserves
    as of
Dec. 31,
2022
Reserves
    as of
Dec. 31,
2021
Discrepancy
Proven reserves
62.1
66.5
Mineral reserve estimation for 2022 considered 30 years as LOM due to economic issues of price and cost forecast. Main differences are supported by annual limestone consumption to produce cement.
Probable reserves
12.2
10.5
Mineral reserve estimation for 2022 considered 30 years as LOM due to economic issues of price and cost forecast. Main differences are supported by annual limestone consumption to produce cement.
*
The prices assumed for the Mineral Reserves estimation in the economic model can be found in the Cementos Pacasmayo S.A.A. Technical Report Summary (TRS) Tembladera Quarry and Pacasmayo plant 229.601 (Item 601) Exhibit 96.1 to our 2021 Form 20-F, and which were updated as of December 31, 2022. All mineral Reserves are estimated at cement plant. The updated average price is S/599.5 per ton of cement, average of the 30-year projection, at nominal values.
Previously disclosed
Cementos Pacasmayo has previously disclosed mineral
resources and reserves at the Tembladera quarry in our 2021 Form 20-F. Further details are provided in Exhibit 96.1 to our 2021 Form 20-F.
Exploration
Cementos Pacasmayo did not conduct any exploration
activity at the Tembladera quarry during the year ended December 31, 2022. Cementos Pacasmayo is developing a drilling campaign in order
to further refine mineral reserve estimates.
Virrilá Individual Disclosure (229.1304)
Property description
Location
The Virilá property is located in the Sechura
District, Sechura Province, Piura Region
, Peru at longitude -80.766994° W and latitude -5.922731°
S
. The concessions are registered in INGEMMET as Virrilá 3, Virrilá 4, Virrilá 6, Virrilá 7, Virrilá
8, Virrilá 9, Virrilá 10, Virrilá 11, Virrilá 12, Virrilá 13, Virrilá 14, Virrilá 15,
Virrilá 16, Virrilá 17, Virrilá 18, Virrilá 19, Virrilá 20, Virrilá 21, Virrilá 22, Virrilá
23 and Bayovar N° 4 with mining activity.
The area of the mining property is 38,226.00 hectares.
The mining rights are granted by INGEMMET through a Presidential Resolution.
Cementos Pacasmayo owns the mining concession
and it is registered as "Unidad Económica Administrativa ("UEA") Virrilá" as a non-metallic mining
concession.
Cementos Pacasmayo currently has an agreement
with the Fundación Comunal San Martin de Sechura for the use of the surface land associated with the production area of the Virrilá
quarry.
Piura Cement Plant and UEA Virrilá are shown
in Figure 1 while the location of the UEA Virrilá property and Piura cement plant are shown in Figures 2 and 3, respectively.
59
Figure 1 Piura cement plant and UEA Virrilá
60
Figure 2 UEA Virrilá property
Piura Cement Plant is shown in Figure 3.
Figure 3 Piura cement plant
61
Infrastructure
The Virrilá quarry has the necessary infrastructure
for normal operations. Facilities for electric power, water supply, fuels, accesses and roads have been installed.
The Virrilá quarry
is supplied with fuel by diesel oil tanker trucks. Fuel distribution is the responsibility of an authorized contractor company, which
will have the permits and records required for this type of facility and activity.
The Virrilá quarry
is supplied with energy by electric generators.
The Virrilá quarry
can be access by paved road from the Piura city, along the north Panamerican highway, to the Bayovar intersection and then to the Virrilá
quarry. The estimated travel time is 2 hours.
Personnel for the Virrilá quarry come from
the town of Sechura, near to the quarry and from Piura.
Personnel from Sechura are transported to the
quarry in buses and pickup trucks. The contractor is responsible for the logistics of the personnel operating the quarry.
Mining Concession Ownership and Area
On March 31, 2016, the
Virrilá concession was granted by Presidential Resolution No. 0147-2016-INGEMMET/PCD/PM and includes nine non-metallic mining rights
in the UEA Virrilá, with code No. 01-00011-00-U of Cementos Pacasmayo S.A.A.
The UEA Virrilá,
with code No. 01-00011-00-U of Cementos Pacasmayo S.A.A. which grouped 12 non-metallic mining rights according to Presidential Resolution
No. 2869-2015-INGEMMET/PCD/PM dated September 30, 2015 now has a total of 21 mining rights.
Royalties
Law No. 28258 approved the Peruvian Mining Royalty
Law on June 24, 2004, which was amended by Law No. 29788 of September 28, 2011. Cementos Pacasmayo S.A.A. currently pays the Mining Royalty
(see note 29 to our consolidated financial statements included in this annual report).
The payment to the Peruvian government is made
through SUNAT, which is the entity designated to control this consideration for the use of natural resources and such payment is made
through an application that the tax authority has made available to those required to pay.
In case the mining royalty is not declared or
paid, penalties for infractions and default interest for non-compliance are incurred. However, failure to pay these fines is not a cause
for the loss of the mining concession.
Set forth below is additional information, as
relevant to the particular property;
Mining Activities on the Property
The Virrilá quarry
located in the UEA Virrilá is currently in production stage. This is an open-pit mine where surface miners are used to fragment
the coquina, which is loaded onto trucks by front-end loaders and transported to the cement plant located in Piura which is 120 kilometers
from UEA Virrilá.
Figure 4 shows the flowsheet of mining process
of the Virrilá quarry. Further details of the process are provided in Exhibit 96.2 to our 2021 Form 20-F.
62
Figure 4 Diagram of mining process of the Virrilá
quarry
Piura Cement Plant
The cement plant is under the laws of the industrial
sector, according to current Peruvian regulations.
The cement plant is located
at Veintiséis de Octubre District, Piura Province and Piura region. This facility receives material from the Virrilá quarry.
The cement plant produces various products for the construction industry, the main product being cement. Different types of cement are
produced depending on their applications, and using coquina (a soft limestone of broken shells), sand, iron and clays are used as raw
materials. The specific mix of raw materials produces the clinker necessary to produce cement.
The standard cement production
process consists of the following main stages:
●
Extraction and transportation of coquina;
●
Raw material storage;
●
Grinding and homogenization to make the raw material of consistent quality;
●
Clinkerization;
●
Cement grinding;
●
Storage in silos; and
●
Packaging, loading and distribution.
Figure 5 shows the flowsheet for raw material processing,
clinker and cement production. Further details of the process are provided in Exhibit 96.2 to our 2021 Form 20-F.
Figure 5 Piura plant process block diagram
63
Virrilá Quarry
The Virrilá quarry has been operating for
seven years. The material extracted from the quarry is used to supply the Piura plant. The amount of coquina to be mined is planned annually
through the mining plan.
The equipment in operation at the Virrilá
quarry are in optimum condition to maintain continuity of operations. Maintenance and optimization of the equipment is carried out periodically
and is supervised by the operator of the quarry. The equipment is in good condition and operational. Further details of the equipment
are provided in Exhibit 96.2 to our 2021 Form 20-F.
Facilities
The Virrilá quarry has facilities such
as offices, dining room, infirmary, vehicle parking lots, lubricant warehouse, chemical baths, maintenance shop, sample preparation laboratory,
industrial water tank, truck scale, hopper for weighing, wastewater treatment pond, and satellite and radio antenna.
Piura Plant
The equipment in operation at the Piura plant is
in optimal condition to avoid any interruption in cement production. Maintenance and optimization of the equipment is carried out periodically
and is supervised by Cementos Pacasmayo S.A.A. personnel. The equipment is in good condition and operational. Further details of the equipment
are provided in Exhibit 96.2 to our 2021 Form 20-F.
Facilities
The Piura Plant has facilities such as maintenance
workshops, warehouses, laboratories, administrative offices, and cement production lines that support cement production.
The total cost of the mining concession, mine development
costs, land, buildings and other facilities, machinery and equipment, furniture and fixtures, transportation units, computer equipment
and tools, quarry rehabilitation costs, capitalized interest and work in progress amounted to S/896,454,509 as of December 31, 2022.
64
History
The quarry is a non-metallic
deposit of coquina material, source of different types of cements for construction; Cementos Pacasmayo S.A.A. owns the deposit.
The Virrilá quarry
started operations in 2015. The mining contractor San Martin Contratistas Generales S.A. was in charge of the exploitation from the beginning
of operations until March 14, 2020. The mining contractor Posada Perú SAC started operations at the Virrilá quarry on September
14, 2020 until December 30, 2021.
On January 3, 2022, the
mining contractor San Martin Contratistas Generales S.A. was hired to transport the coquina from the Virrilá quarry to the Piura
plant.
Property Encumbrances
Cementos Pacasmayo S.A.A.
does not make any payments with respect to encumbrances for the UEA Virrilá concessions. The UEA Virrilá concessions currently
have no outstanding payments with respect to infractions and penalties.
Concessions
The UEA Virrilá is a production stage property
with estimated mineral reserves.
Geology
The lithostratigraphy
of the area consists of Cenozoic sedimentary units, locally formed by Tertiary units and covered by Quaternary deposits; the Tablazo Lobitos
and Quaternary deposits of ancient alluvial, lacustrine and Aeolian origin form these units. Table 1 shows the stratigraphic column of
the area of the Virrilá quarry and Figure 6 shows the Geological section of the Virrilá quarry.
Table 1 Stratigraphic Column of the Virrilá
quarry
Era
System
Symbol
Serie
Stratigraphic Unit
Quaternary
Qh-e
Holocene
Eolic deposits
Cenozoic
Qp-tt
Pleistocene
Tablazo Talara
Tertiary
Tm-zi
Miocene
Lower Zapallal Formation
65
Figure 1 Geological section of the Virrilá
quarry
Resources and Reserves
Table 2 shows the mineral resources at the Virrilá quarry as
of December 31, 2022.
Table 2 Mineral Resources (exclusive of reserves)
as of December 31, 2022 based on cement price of S/668.8 per ton
Amount
(Million
Tonnes)
Grades/
qualities
(% CaO)
Grades/
qualities
(% SO
3
)
Grades/
qualities
(% MgO)
Cut-off grades
(% CaO)
Measured resources
17.4
49.7
0.6
0.6
48.5
Indicated resources
29.0
49.5
1.0
1.1
48.5
Measured + indicated resources
46.4
49.5
0.8
0.9
48.5
Inferred resources
3.9
46.4
2.2
1.6
43.6 – 48.5
The Mineral resource estimation considered the
expected price of cement The complete forecast horizon contemplates a total of 30 years of projection. Clinker is used for cement production
through the addition of other non-metallic minerals.
66
Table 3 Mineral Reserves as of December 31,
2022
Table 3 Mineral Reserves as of December 31, 2022 based on cement price
of S/668.8 per ton
Amount (Million Tonnes)
Grades/
qualities
(% CaO)
Grades/
qualities
(%
                                            SO
3
)
Grades/
qualities
(% MgO)
Cut-off grades
(% CaO)
Proven reserves
42.6
49.8
0.5
0.5
48.5
Probable reserves
2.9
47.6
0.9
0.9
48.5
Total reserves
45.5
49.7
0.6
0.5
48.5
The Mineral reserves
estimation considered the expected price of cement. The complete forecast horizon contemplates a total of 30 years of projection. Clinker
is used for cement production through the addition of other non-metallic minerals.
Reconciliation of
Resources and Reserves at fiscal year-end
Table 4 shows the difference between the mineral
resource estimates as of December 31, 2022 and December 31, 2021.
Table 4 Resources as of December 31, 2022 and
2021 expressed in millions of tons.
Resources
    as of
Dec. 31,
2022
Resources
    as of
Dec. 31,
2021
Discrepancy
Measured Resources
17.4
21.1
The difference is due to the annual consumption of coquina used in the cement plant.
Indicated Resources
29.0
29.2
The difference is due to the annual consumption of coquina used in the cement plant.
Measured + Indicated Resources
46.4
50.3
The difference is due to the annual consumption of coquina used in the cement plant.
Inferred Resources
3.9
3.9
The inferred resources remain the same as last year.
*
The prices assumed for the Mineral Resources estimation in the economic model can be found in the Cementos Pacasmayo S.A.A. Technical Report Summary (TRS) of the Virrilá Quarry and Piura plant 229.601 (Item 601) Exhibit 96.2 to our 2021 Form 20-F. All resources are estimated at cement plant. The updated average price is S/668.8 per ton of cement, average of the 30-year projection, at nominal values.
Table 5 shows the difference between the mineral reserve estimates
as of December 31, 2022 and December 31, 2021.
Table 5 Reserves as of December 31, 2022 and 2021
expressed in millions of tons.
Reserves as of
Dec. 31,
2022
Reserves as of
Dec. 31,
2021
Discrepancy
Proven Reserves
42.6
42.4
Due to the update of the coquina production plan.
Probable Reserves
2.9
2.9
*
The prices assumed for the Mineral Reserves estimation in the economic model can be found in the Cementos Pacasmayo S.A.A. Technical Report Summary (TRS) Virrilá Quarry and Piura Cement Plant 229.601 (Item 601) Exhibit 96.2 to our 2021 Form 20-F. All Reserves are estimated at cement plant. The updated average price is S/ 668.8 per ton of cement, average of the 30-year projection, at nominal values.
67
Previously disclosed
Cementos Pacasmayo has previously disclosed mineral
resources and reserves at the Tembladera quarry in our 2021 Form 20-F. Further details are provided in Exhibit 96.2 to our 2021 Form 20-F.
Other Activities
Cementos Pacasmayo S.A.A.
has carried out drilling works in the Virrilá quarry to confirm the mineral reserves. This activity will improve the accuracy of
mineral reserves estimation. Diamond drilling was carried out and a specialized company was contracted to carry out the work. New drilling
data is not included in the 2022 reserves model.
Tioyacu Individual Disclosure
(229.1304)
Property description
Location
The Tioyacu property is located in Elias Soplin
Vargas district, Rioja province, San Martin region, Peru at longitude -77.284376° W and latitude -5.999057° S. It is located 5
kilometers from the cement plant.
The area of the mining concession is 400 hectares.
The mining rights are granted by INGEMMET of the Energy and Mines Sector through a Presidential Resolution.
Cementos Selva S.A.C owns the mining property
and it is registered as "Calizas Tioyacu" a non-metallic mining property.
Rioja cement plant and Calizas Tioyacu quarry
are shown in Figure 1 while the locations of the Calizas Tioyacu and Rioja cement plant are shown in Figures 2 and 3, respectively.
Figure 1 Rioja plant and Calizas Tioyacu
68
Figure 2 Calizas Tioyacu property
Our Rioja cement plant is shown in Figure 3.
Figure 3 Rioja cement plant
69
Infrastructure
The Tioyacu quarry has
the necessary infrastructure for normal operations. Facilities for electric power, water supply, fuels, accesses and roads have been installed.
The Rioja plant owned
by Cementos Selva S.A.C.
,
a wholly-owned subsidiary of
Cementos Pacasmayo S.A.A., currently has adequate infrastructure (such as workshops, service stations, restrooms, and others).
The Tioyacu quarry can be accessed from the coast
by air from Lima to Tarapoto, time average 1.10 hours by air, and from Tarapoto to Rioja (139 kilometers) and from the city of Rioja to
the cement plant (15 kilometers). Another alternative to access the quarry is by road from Lima to Rioja and the distance is 1,107 kilometers
and the road is paved.
The personnel at Tioyacu quarry come from the
Elias Soplin Vargas district and Rioja and Nueva Cajamarca.
Mining Concessions Ownership and Area
Calizas Tioyacu concession
was approved by Resolution 0960-96-RPM granted by the Public Mining Registry.
The procedure to obtain
a mining concession is contemplated in the General Mining Law DS- 014-92-EM) and its Regulation Legislative Decree 020-2020-EM.
The Tioyacu quarry has a Usufruct and Easement
Agreement for the use and easement of the surface where mining activities where mining activities are carried out. The agreement was signed
with Corporación de Desarrollo de San Martin (COREDESAM).
Cementos Selva S.A.C.
pays the concession fee for the Calizas Tioyacu concession with unique code 010912495. These payments must be made from the first working
day of January to June 30 of each year, providing the financial entities the unique code of its mining right. In the case of the Calizas
Tioyacu concession, the payment is equivalent to US$3.00 per hectare.
Royalties
The Peruvian Mining Royalty Law was approved on
June 24, 2004 by Law No. 28258, which was amended by Law No. 29788 of September 28, 2011. Cementos Selva S.A.C. currently pays the Mining
Royalty (see note 29 to our consolidated financial statements included in this annual report).
The payment to the Peruvian government is made
through SUNAT, which is the entity designated to control this consideration for the use of natural resources, and such payment is made
through an application that the tax authority has made available to those required to pay.
In case the mining royalty is not declared or
paid, fines for infractions and late payment interest for non-compliance are incurred. However, failure to pay these fines is not a cause
for the loss of the mining concession.
Set forth below is additional information, as
relevant to the property.
70
Mining Activities on the Property
Tioyacu Quarry
The Tioyacu quarry located in the Calizas Tioyacu
mining concession, is currently in the production stage. The Tioyacu quarry is an open-pit mine that uses explosives to fragment the limestone
rock, which is then loaded onto trucks by front-end loaders and transported to the Rioja plant.
Figure 4 shows a flowsheet
of mining process of the Tioyacu quarry. Further details of the process are provided in Exhibit 96.3 to our 2021 Form 20-F.
Figure 4 Diagram of mining process of the Tioyacu
quarry
Rioja Cement Plant
This cement plant is under the laws of the industrial
sector, according to current Peruvian regulations.
The Rioja cement plant is located in the district
of Elías Soplin Vargas, La Rioja province, San Martin region, 5 kilometers from the quarry. This facility receives material from
the Tioyacu quarry. The cement plant produces various products for the construction industry, the main product being cement. Different
types of cement are produced depending on their applications, using limestone, sand, iron and clays are used as raw materials. The specific
mix of raw materials produces the clinker necessary for the production of cement.
The standard cement production process consists
of the following main stages:
●
Extraction and transportation of limestone;
●
Raw material storage;
●
Crushing and Drying of Raw Materials
●
Grinding and homogenization to make the raw material of consistent quality;
●
Clinkerization;
●
Cement grinding;
●
Storage in silos; and
●
Packaging, loading and distribution.
71
Figure 5 shows the flowsheet for raw material processing,
clinker and cement production. Further details of the process are provided in Exhibit 96.3 to our 2021 Form 20-F.
Figure 5 Rioja plant process block diagram
Tioyacu Quarry
The Tioyacu quarry has been operating for 22 years
for Cementos Selva S.A.C. The material extracted from the quarry is used to supply the Rioja cement plant, which has also been in operation
for 22 years. The amount of limestone to be mined is planned annually through the mining plan.
The equipment in operation
at the Tioyacu quarry is in optimum condition to maintain continuity of operations. Maintenance and optimization of the equipment is carried
out periodically and is supervised by the operator of the quarry. The equipment is in good condition and operational. Further details
of the equipment are provided in Exhibit 96.3 to our 2021 Form 20-F.
Facilities
The Tioyacu quarry does not have maintenance and
administrative facilities because the Rioja cement plant is near the quarry and provides the necessary facilities for quarry operations.
Rioja Plant
The equipment in operation
at the Rioja plant is in optimal condition to avoid any interruption in cement production. Maintenance and optimization of the equipment
is carried out periodically and is supervised by Cementos Selva S.A.C. personnel. The equipment is in good condition and operational.
Further details of the equipment are provided in Exhibit 96.3 to our 2021 Form 20-F.
Facilities
The Rioja plant has facilities such as maintenance
workshops, warehouses, laboratories, administrative offices, and cement production lines that support cement production.
The total cost of the
mining concession, mine development costs, land, buildings and other constructions, machinery and equipment, furniture and fixtures, transportation
units, computer equipment and tools, quarry rehabilitation costs, capitalized interest and work in progress amounted to S/144,045,842
as of December 31, 2022.
72
History
The Tioyacu quarry began
operations as Cementos Rioja S.A. in 2000. Prior to 2000, Cementos Rioja S.A. had successfully won the bid for the "Cement Plant
with Vertical Kiln of Rioja", promoted by CEPRI Cemento Rioja at the Public Auction of February 6, 1998. Ownership was then transferred
by the Regional Government of San Martin by public deed on March 28, 1988, to Cementos Rioja S.A.
The development of the
project, and the non-metallic mining concession – Calizas Tioyacu, among others, were a part of the transfer in favor of Cementos
Rioja S.A. by Empresa Minera del Perú, by public deed dated April 8, 1998.
It should be noted for
a better understanding of the above, that according to the provisions of article 9 to the General Mining Law (D.S. No. 014-92-EM). Accordingly,
the industrial cement plant is not an integral or accessory part of the mining concession, nor does it carry out mining activities, it
is a different property dedicated to the industrial manufacture of cement.
On March 1, 2022, Cementos
Selva S.A. changed its corporate form from a S.A. (
sociedad anónima
) to a S.A.C. (
sociedad anónima cerrada
).
Property Encumbrances
Cementos Selva S.A.C.
does not make any payments with respect to encumbrances for the Tioyacu quarry. Tioyacu quarry currently has no outstanding payments with
respect to infractions and penalties.
Concessions
The Calizas Tioyacu is
a production stage property with estimated mineral reserves.
Geology
The ore deposit contains
limestone with a grade suitable for cement production. The limestone is contained within the so-called Condorsinga Formation. This Formation
is part of the Pucará Group. Figure 6 shows the stratigraphic column of the area of the Tioyacu quarry.
Figure 6 Rioja plant process block diagram
73
Figure 7 Geological section of the Tioyacu quarry
Resources and Reserves
Table 1 shows the mineral
resources at the Tioyacu quarry as of December 31, 2022.
Table 1 Limestone Resources (exclusive of reserves)
as of December 31, 2022 based on cement price of S/753.9 per ton
Amount
(Million
Ton)
Grades/
qualities
(% CaO)
Grades/
qualities
(%
                                            SiO
2
)
Grades/
qualities
(%
                                            K
2
O)
Cut-off
grades
(% CaO)
Measured resources
0.07
50.1
5.6
0.2
49.0
Indicated resources
0.13
47.1
6.2
0.1
49.0
Measured + Indicated resources
0.2
48.1
6.0
0.2
49.0
Inferred resources
19.7
45.9
2.0
0.1
40.0 – 49.0
74
Table 2 Limestone Reserves as of December 31,
2022 based on cement price of S/735.9 per ton
Amount
Grades/
qualities
(% CaO)
Grades/
qualities
(%
                                            SiO
2
)
Grades/
qualities
(%
                                            K
2
O)
Cut-off grades
(% CaO)
Proven reserves
6.3
50.3
5.7
0.2
49.0
(1)
Probable reserves
4.7
47.3
6.3
0.2
49.0
(1)
Total reserves
11.0
49.0
6.0
0.2
49.0
(1)
(1)
The quality restrictions established may vary according to the
requirements of the material balance, associated with limestone and other raw materials.
The estimation of mineral resources and reserves
considered the expected price of cement. The complete forecast horizon contemplates a total of 27 years of projection. Clinker is used
for cement production through the addition of other non-metallic minerals.
Reconciliation of Resources and Reserves as
of December 31, 2022 and 2021
Table 3 shows the difference between the mineral resource estimates
as of December 31, 2022 and 2021.
Table 3 Resources for the two fiscal years expressed
in millions of tons.
Resources as at December 31,
2022
Resources as at December 31,
2021
Discrepancy
Measured resources
0.07
-
Due to the limestone production plan.
Indicated resources
0.13
-
Due to the limestone production plan.
Measured + Indicated resources
0.2
-
Due to the limestone production plan.
Inferred resources
19.7
19.2
The inferred resources are the same as last year, with some increases due to topographic differences.
*
No economic analysis was performed for the Inferred Mineral
Resources.
Table 4 Reserves as of December 31, 2022 and
2021 expressed in millions of tons.
Reserves as at
December 31,
2022
Reserves as at
December 31,
2021
Discrepancy
Proven reserves
6.3
6.5
The difference is due to the annual consumption of limestone used in the cement plant.
Probable reserves
4.7
4.8
The difference is due to the annual consumption of limestone used in the cement plant.
*
The prices assumed for the Mineral Reserves estimation in the economic model can be found in the Cementos Selva S.A.C. Technical Report Summary (TRS) of the Tioyacu Quarry and Rioja Cement Plant 229.601 (Item 601) filed as Exhibit 96.3 to our 2021 Form 20-F. All mineral reserves are estimated as quantities at cement plant. The updated average price is S/735.9 per ton of cement, average of the 27-year projection, at nominal values.
75
Previously disclosed
Cementos Pacasmayo has
previously disclosed mineral resources and reserves at the Tioyacu quarry in our 2021 Form 20-F. Further details are provided in Exhibit
96.3 to our 2021 Form 20-F.
Exploration
In 2022, Cementos Selva
S.A.C. did not conduct any exploration activity at the Tioyacu quarry.
Internal Control Disclosure
(229.1305)
As part of its corporate policies and through
its Vice-President of Operations, Cementos Pacasmayo S.A.A. has implemented the necessary controls and procedures for quality assurance
(QA) and quality control (QC) of the company's production activities and associated information for the estimation of mineral resources
and reserves. Cementos Pacasmayo S.A.A. has also implemented quality management systems for its production activities and the quality
management system has been ISO 9001 certified since 2015.
The QA and QC measures are applied to exploration,
quarry production (mining), and cement plant processing activities. For laboratory analysis of exploration samples used in mineral resource
and reserve estimates, Cementos Pacasmayo uses a program of duplicate samples, standards and blanks to evaluate the reliability of the
laboratory results that its qualified persons rely on for resource and reserve estimates. Its qualified persons also verify the data prior
to using the data in their work.
In each of its operations, Cementos Pacasmayo
following the quality management system, applies the quality control procedures specific to each stage of the process such as exploration
activities, limestone/coquina production, reception of raw materials in the cement plant, crushing of raw materials, coal grinding, cement
grinding and raw materials or products in the cement plants such as clinker, additions and cement.
Quality control procedures include sample security
such as chain of custody for reliable information.
Cementos Pacasmayo has a chemical analysis laboratory
in each of its cement plants where procedures based on international standards are used for the chemical and physical analysis of raw
materials, clinker, and other materials; mainly used in limestone and cement production. Methodologies including the insertion of blanks,
duplicates, and standards are applied as part of the quality plan.
Cementos Pacasmayo has a data management department
whose goal is to verify the quality of the information and its incorporation into the geological database, so that it can be used in studies
and interpretations, geological modeling, and estimation of mineral resources and reserves.
Data verification activities apply to exploration,
limestone/coquina production and cement processing data. For exploration and limestone production information, Datashed software is used
as a tool for data analysis.
At the cement plant, the quality plan considers
the PDCA (Plan, Do, Check, Act) cycle, which allows the quality of information to be verified during cement production activities.
76
As part of the quality control activities, Cementos
Pacasmayo periodically hires an external laboratory to verify it´s laboratory results obtained during the exploration activities,
which are part of the geological database and consequently used in the estimation of resources and reserves.
Cementos Pacasmayo has implemented internal controls
to ensure its mineral resource and reserves estimates are compliant with Regulation S-K, Item 1300 requirements including ensuring of
mineral resource and reserve estimates are prepared by qualified persons who are members of the Peruvian Engineers Association, an organization
that regulates the legal professional practice of engineers in Peru.
Mineral resource and reserve estimates at the
end of each fiscal year are and will continue to be reviewed by our Mining Operations Department to ensure compliance with S-K 1300. Cementos
Pacasmayo engineers and geologists reconcile actual production with estimates of mineral resources and reserves annually to verify accuracy
of the estimates. The comprehensive risk inherent in our estimates of mineral resources and reserves are consistent with industry best
practices.
Insurance
We maintain a comprehensive
insurance program that protects us from certain types of property and casualty losses. Our plants and equipment are insured against losses.
Additionally, our insurance policy provides coverage for business interruption in our cement manufacturing facilities. We also purchase
commercial insurance to cover risks associated with workers' compensation and other general liabilities. We believe our insurance
programs and policy limits and deductibles are appropriate for the risks associated with our business and are in line with the insurance
policies of similar cement manufactures that operate in Peru.
Sustainability Performance
We report our sustainability
performance information to the GNR (Getting the Numbers Right) database, inspired by the guiding principles of the Cement Sustainability
Initiative (CSI), a sector-project of the World Business Council for Sustainable Development (WBCSD) among other cement companies in Latin
America through the Inter-American Cement Federation (FICEM).
In August 2018, we joined
the Global Cement and Concrete Association (GCCA) and became members of the GCCA and the GCCA announced the formation of a strategic partnership
with WBCSD to facilitate sustainable development of the cement and concrete sectors and their value chains. As part of a new agreement,
the work carried out by the CSI and the GNR database was transfer from WBCSD to the GCCA on 1 January 2019.
In 2019, we became members
of Innovandi Global Cement and Concrete Research Network which is GCCA´s Innovation arm, which runs key programs to develop innovations
to help the industry decarbonize and produce carbon neutral concrete by 2050.
In 2020, member companies
of the Global Cement and Concrete Association came together as leaders in the sector to commit to producing carbon neutral concrete by
2050, in line with global climate targets – accelerating the Co2 reductions.
In 2022, we were included
for the fourth consecutive year as part of the DJS MILA Pacific Alliance Index. This index is made up of those companies that demonstrate
superior performance among their peers under social, environmental and economic criteria. This achievement comes as a result of Pacasmayo's
effort to improve in all of these criteria and to work towards ambitious goals in terms of long-term sustainability. We are committed
not only to remain in the Index but to improve our performance, as we are convinced that the focus on sustainability is key to our business
and our stakeholders. We participated in the Carbon Disclosure Project (CDP) for the first time, and we are committed to participate every
year in this project going forward. CDP is a not-for-profit charity that runs the global disclosure system for investors, companies, cities,
states and regions to manage their environmental impacts.
77
In February 2023, we were
selected to be part of The Sustainability Yearbook for the third consecutive year. To appear in the Yearbook, companies must score within
the top 15% of their industry globally and have a gap of less than 30% from the leader's Global ESG score. 2021 was the first year
that Peruvian companies were included as part of the Yearbook, and we are the only cement company that has been part of the Yearbook for
three consecutive years. With around 7,800 companies evaluated around the world, an inclusion in the yearbook is a true statement of excellence
in corporate sustainability. In addition, to strengthen our sustainability strategy and especially our commitment to reducing emissions,
in 2022, we designated a Sustainability Manager and a Climate Change Managing Director
Social Performance
We are committed to the development
and quality of life of communities that surround the area where we operate. We have developed a good relationship with the local communities
surrounding our plant facilities since we started operations in Pacasmayo. We have a number of social responsibility programs aimed at
improving health and education in the area. Below is a brief description of a few of our social initiatives.
Tecsup
. Tecsup is a
leading not-for-profit institute in Peru that provides technical education. It was founded by the family of our controlling shareholder,
and we support it by providing scholarships to promising students living near our plants to study at the Trujillo campus of Tecsup. Through
its three campuses in Peru, Tecsup has graduated over 11,285 students in various technical fields, some of whom currently work for us
and our affiliated companies.
Center for Technological
Training
. We have three training centers at our facilities where we teach students and adults business and technical skills. Our centers
are staffed with instructors from Tecsup. The goal of the center is to help develop the professional skills of the local population, especially
of students and teachers at the educational institutions in the towns of Tembladera, Pacasmayo and Sechura. In 2022, this program benefited
over 1,909 stakeholders.
Abilities Strengthening
. This program seeks
to provide training to local stakeholders such as grassroots organizations, and local entrepreneurs. The objective of the program is to
strengthen their skills and knowledge by providing courses and seminars especially designed for that purpose. The program is funded by
us and in 2022 benefited 186 stakeholders.
Universidad de Ingeniería y Tecnología
– UTEC (University of Engineering and Technology). This entity is an educational nonprofit proposal that since 2012 is aimed at
the development of people in the engineering field, looking to satisfy the need for these types of professionals in the labor market by
implementing a curriculum in line with the trends and demands that globalization poses to modern engineering, with an integrated approach
to innovative teaching models. We support it by providing financial aid for its operations. To enhance students' knowledge, UTEC
also has various national and international alliances with top organizations.
Acuícola Los Paiches
.
Through our social venture, Acuícola Los Paiches S.A.C., we studied the reproductive forms of the "
paiche
" (arapaima
giga), a native fish species that was on the edge of extinction. After years of studies and scientific testing, we have successfully bred
this species in captivity, and we have obtained thousands of fingerlings.
Floor Improvement Project
. This
project promotes the urban development of our areas of influence, we set out to improve the infrastructure conditions of homes,
through the substitution of dirt floors for concrete floors to contribute to the improvement of the quality of life and habitability
conditions of the towns surrounding our operations. This is how 93 families joined this initiative and with our support they have
managed to build concrete floors in their homes. Likewise, we have contributed 1,995 bags of cement to build a total of 2,922.26
square meters of concrete floors. This project has motivated the participants to invest financial resources and contribute labor to
improve their homes.
78
Risk Management
Risk Management Description
Corporate Risk Management
(GRC) is a structured approach that allows managing all of the important risks that could affect our long-term objectives. The purpose
of this approach is to support senior management in the decision-making process, in order to reduce adverse impacts and take advantage
of opportunities; as well as managing the action plans to mitigate the risks.
Therefore, Pacasmayo has processes
and systems that analyze and evaluate the management of its business units, encouraging continuous improvement. Our management control
systems include:
●
Mapping of new emerging risks and definition of impact, probability
and design of controls;
●
Periodic review of current risks and update of impact probability and controls information;
●
Quantification and effect of risk on EBITDA;
●
Evaluation of external factors; and
●
Periodic review of policies, procedures, regular internal audits and employee training.
Risk Management Process
The following are highlights
of our risk management process.
●
The risks are mapped considering the impact on profit, revenues, resources, employees, communities where
we operate and our suppliers.
●
An integrated risk management system and tools are used to collect information collaboratively with the
functional areas and external sources of the company.
●
These processes include the evaluation of risks related to operations, human rights, sustainability, fraud
and corruption, in different areas such as commercial, operations, environment, health and safety, among others.
●
The development of a risk management culture throughout the company in a decentralized manner, integrating
the processes to the mapping of risks and the identification and mitigation of risks from the strategic level to the operational level.
●
The foregoing is reinforced with training for employees and suppliers and communication plans for the
entire company.
Risk Management Organization
Managers responsible
for risk metrics
Risk management team
Risks committee
Audit Committee
● Those responsible
    for the evaluation, management and prevention of the risk metrics of each area.
● Risk management
    coordinates with them for the development and monitoring of these metrics.
● Group responsible for the implementation of the corporate risk management strategy, which includes activities
such as risk identification, evaluation, quantification, and promotion of a risk management culture, among others.
● Group created to
    establish and supervise the implementation of the risk management strategy at the corporate level.
● It is made up by
    the CEO, the VPs and the Risks Manager
● the Risks
    Committee reports to the Audit Committee
● Made up by 3
    independent board members, reports directly to the Board
● The participants are
    the external auditors, the internal auditor, the compliance officer, the CFO and the Risk Manager
● Evaluates improvement
    opportunities and plans for the risk metrics.
79
Climate Related Risks
We have identified the risks
and opportunities related to climate change and have analyzed the impacts of the risks on our strategy. ESG risk management and risks
related to climate change are analyzed through the risk management stages and are part of our 2030 Sustainability Plan.
The identified risks have
been incorporated into the risk matrix so that they can be managed and operated as part of the comprehensive risk management cycle. We
are developing a business continuity plan with action measures and impact mitigation in the event of the occurrence of any events contemplated
by such risks.
During 2022, we took financial
measures in relation to the risks and opportunities derived from climate change, for a total investment amount of S/ 206,977.
●
Extreme scarcity of drinking water
- We identified the
closest urban centers from which to meet the current demand for drinking water to mitigate this risk. The additional costs would be borne
by us in their entirety. To manage this risk, we identified drinking water providers in the closest urban centers. The cost of the measures
taken to manage this risk was S/37,701.
●
Extreme scarcity of water for production processes
- We identified tanker truck suppliers in the
surrounding areas to mitigate this risk. The additional costs would be borne by us in their entirety. To manage this risk, we identified
tanker truck suppliers in the surrounding areas. The cost of the measures taken to manage this risk was S/71,397.
●
Significant increases in the price of water
- We identified tanker truck suppliers in the surrounding
areas to mitigate this risk. We closely follow the evolution of the price of water. The additional costs would be borne by us in their
entirety. To manage this risk, we identified tanker truck suppliers and we track prices. The cost of the measure taken to manage this
risk was S/97,879.
Cybersecurity
Our focus on Information Technology
(IT) is to generate a collaborative digital ecosystem, where the different actors within the company (areas, processes and people) develop
their activities leveraged on information, communication and automation technologies in a reliable, conscious and safe way. In this way,
they can contribute to their own development, digital development, innovation and digital transformation and the fulfillment of our strategic
objectives as a company.
Management is governed by
ISO 27001, and the following 3 policies:
o
Policy on information security – protects IT assets
o
Logical Access Policy – regulates controlled access to information
o
Help Desk Management Policy - Standardizes service request management
Regarding cybersecurity, governance
is led by IT management, through the Infrastructure and Information Security area, and the person responsible for supervising compliance
with the strategy is the Chief Information Officer (CIO). Our management strategy focuses on four fundamental pillars:
●
Awareness
●
Risk management
●
The regulatory framework provided by the associated internal processes and policies
●
Resilience mechanisms for the protection of our information
Likewise, our management is
complemented by an information security committee made up of the areas that are closely related to issues related to cybersecurity: Supply
chain and risk management, human resources management, audit and internal control management, operations management and finance management.
During 2022 we successfully
migrated our Core SAP S/4 HANA platform with the "RISE WITH SAP - Business transformation as a service" program to private environments
in Google Cloud. Now we have a unified management of the infrastructure, licensing, support and services by SAP that covers 99.7% of our
operations.
80
Emerging Risks
Emerging risks are those that
have an impact in the long-term. The risks considered here include all recently identified risks that could have a long-term impact on
the company's business or industry, although in some cases they may have already begun to impact the company's business.
Risk
    Description
Potential
    Impact
Mitigation
    Actions
Evidence
    of Mitigation Actions
Economic Risk:
Cost increments due to extremely high energy prices influenced by geopolitical
tensions in the European region (Import cost, inflation, exchange rate, etc.)
Medium to high:
Margin reduction due to increases in production costs. Decrease in
    national consumption levels.
International situation constant monitoring
Increase of raw material stock levels
Implementation of production cost optimization
    strategies
Anticipated currency and cash flow
matching
Development of key raw material security stock review
and expansion
Evaluation of additional transportation routes
Coal usage optimization plan
Increase of foreign currency holding levels
Economic Risk:
Revenue losses and cost increments due to political instability in
    Peru which translates in social unrest with direct consequences on the company's operations
Medium to high:
Impact on revenue and margins due to protests, manifestations, riots
    and/or looting that might lead to important interruptions in the delivery of our finished products, the transportation of critical raw
    material and the disruption of consumption in the overall market.
Constant monitoring
Increase of raw material stock levels
Implementation of production cost optimization
    strategies
Evaluation of available transportation
    companies
Crisis Communication Management
Manual
Development of key raw material security stock review
and expansion
Evaluation of alternative routes of transportation
Expansion of selected suppliers for transportation activities
81
ITEM
4A. UNRESOLVED STAFF COMMENTS
Not applicable.
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
A.
Operating Results
Overview
We are a leading Peruvian
cement company, and the only cement manufacturer in the northern region of Peru. With more than 65 years of operating history, we produce,
distribute and sell cement and cement-related materials, such as precast products and ready-mix concrete. Our products are primarily used
in construction. We also produce and sell quicklime for use in mining operations.
In 2022, our cement sales
volume were approximately 3.4 million metric tons, representing an estimated 23.9% share of Peru's total cement sales that year.
That same year, we also sold approximately 46 thousand metric tons of quicklime.
We own three cement production
facilities, our Pacasmayo and Piura facilities located in the northwest region of, Peru, and our smaller Rioja facility located in the
northeast. Our facilities have total installed annual cement production capacity of approximately 4.9 million metric tons. We also have
installed annual production capacity of 240,000 metric tons of quicklime. We own concession rights to several quarries with reserves of
limestone/coquina and other raw materials located near our facilities. We completed an expansion of our Rioja plant in April 2013. We
more than doubled the cement production capacity of our Rioja facility by installing a new production line that added 240,000 metric tons
of installed annual cement production capacity. In 2015, we completed construction of our cement plant in Piura, the third largest city
in northern Peru, which has an annual production capacity of 1.6 million metric tons of cement. The first ton of cement from the Piura
facility was produced and shipped on September 17, 2015, and clinker production started in January 2016. The Piura plant improved our
competitive position in the northern region of Peru. With production from three plants, we are able to serve our market more efficiently,
as it reduces transportation costs by enabling the dispatching of cement from plants within closer proximity to the point of sale. In
2021, due to the exponential growth in cement sales, we decided to invest approximately US$70 million to optimize our current capacity
at our Pacasmayo plant, in order to produce approximately 600,000 additional metric tons of clinker per year. Since mid-2020 we have needed
to import clinker in order to satisfy current demand levels, which has had a negative effect on our margins. With this optimization -when
completed, which we expect will occur during the second half of 2023- we should be able to stop importing clinker, if demand remains around
current levels, as we estimate.
Factors Affecting our Results of Operations
Revenue Drivers
In 2022, approximately 88.6%
of our total cement sales were in the form of bagged cement, substantially all of which was sold through retailers both within and outside
of our distribution network. The remaining 11.4% of our cement was sold in bulk or in shipments of precast products or ready-mix concrete
directly to large construction companies. Our retail sales are directed to both the
auto-construcción
segment and construction
companies that buy cement for a variety of small construction works, including minor residential, commercial and infrastructure projects.
Cement destined for large private and public projects, such as housing complexes, highways, irrigation channels, hospitals, schools, mining
and industrial facilities, is typically sold in bulk or in shipments of precast products or ready-mix concrete.
We estimate that sales to the
auto-construcción
segment accounted for approximately 76.6% of our total cement sales in 2022, 70.3% in 2021 and 70.6% in 2020; private construction projects,
both large and small, accounted for approximately 12.7% of our total cement sales in 2022, 14.7% in 2021, and 13.6% in 2020; and public
construction projects accounted for the remaining 10.7% in of our total cement sales in 2022, 15.0% in 2021, and 15.8% in 2020. Since
2020, we have seen an increase in
auto-construcción
compared to other segments, mainly due to its resilience in times of
crisis. As the Peruvian economy becomes less informal, and there is more stability and confidence from the private sector, private construction
projects and infrastructure are expected to become increasingly more important to our business.
82
Our cement sales are largely
driven by residential construction (both
auto-construcción
and small and large housing developments undertaken by construction
companies), which is generally affected by economic conditions in the northern region of Peru.
Auto-construcción
is particularly
affected by levels of disposable household income, as low-income families tend to invest most of their savings in developing their homes.
Larger residential construction is more susceptible to the economic outlook, the availability of financing and prevailing investment levels
in the region. GDP in the northern region of Peru is estimated to have increased by 1.7% in 2022, increased by 11.2% in 2021, and contracted
by 7.9% in 2020. Our cement volumes, which represented most of the cement sales in the northern region of Peru, contracted 5.3% in 2022,
grew by 40.4% in 2021 and contracted by 1.3% in 2020, in terms of metric tons of cement shipments.
Our cement sales are also
driven, to a lesser extent, by commercial developments and infrastructure projects. Commercial and other private construction projects
are also affected by the level of public and private investment in the region, while public infrastructure projects depend on the priorities
and financial resources of the national, regional and local governments. During 2020, there was a significant reduction in activity relating
to these projects, due primarily to the economic impact of the COVID-19 pandemic, but during 2021 and 2022, we have seen some level of
recovery in commercial developments and infrastructure projects.
Cost Drivers
Coal is the main source of
energy used in our production process, in particular to fuel our kilns. We purchase anthracite coal from nearby coal mines and import
a small amount of bituminous coal primarily from Colombia. We do not have long-term coal supply agreements, and we do not engage
in hedging transactions in connection with the price of coal. In the past, the price of bituminous coal has been related to the international
price of oil, as it is used as a substitute for oil. Coal accounted for an estimated 16.8% of our costs of production in 2022, 11.6% in
2021 and 12.6% in 2020. During 2022, prices of coal were affected by global inflation, as the war in Ukraine put pressure on the supply
of coal and other sources of energy.
Electricity is used in our
facilities mainly to power our cement mills. We power our Pacasmayo and Piura facilities with electricity purchased from Electroperú,
with which we have a long-term supply agreement expiring in 2026. Our Rioja facility is powered primarily with electricity from ELOR,
with which we have a medium-term supply agreement expiring in 2024. Under these agreements, the price of electricity is based on a formula
that takes into consideration our consumption of electricity and certain market variables, including the international price of oil. Electricity
accounted for approximately 14.2% of our cost of production in 2022, 13.7% in 2021 and 14.6% in 2020. Electricity costs tend to be lower
during the rainy season, from January to March of each year, as our region is served primarily by hydro-electric power plants. During
2022, electricity prices increased due to the increase in the international price of oil.
In addition, we purchase from
third parties admixtures and certain raw materials that we use in our production process, including gypsum, blast furnace slag, iron and
other materials. Admixtures and raw materials used in our cement production process do not include construction supplies that we acquire
from third-parties for resale through our distribution network along with our cement products. The cost of admixtures and raw materials
purchased from third parties, excluding imported clinker, accounted for approximately 5.1% of our cost of production in 2022, 4.3% in
2021, and 4.3% in 2020.
Due to the sudden and sharp
increase in demand since the second half of 2020, we have had to use imported clinker in order to satisfy demand. The cost of imported
clinker as a percentage of our cement production costs was approximately 16.3% in 2022, compared to 21.5% in 2021 and 10.1% in 2020.
Personnel expenses represented
15.0% of our total costs and expenses in 2022, 17.1% in 2021 and 18.9% in 2020.
Third-party Construction Supplies
In addition to selling our
own products, we also sell and distribute construction supplies manufactured by third parties, such as steel rebar, wires and pipes that
are typically used in construction along with our cement. Our profit margins from the sale of third party construction supplies are significantly
lower than the margins on our cement products and they are affected by fluctuations in product prices and the exchange rate between the
sol
and the U.S. dollar between the time we purchase these products and the time we resell them. We sell these products primarily
as a service to retailers in our distribution network in an effort to support the sale of our cement products.
83
Mining Royalty Tax
The mining royalty tax for
the exploitation of metallic and non-metallic minerals is payable on a quarterly basis in an amount equal to the greater of (i) an amount
determined in accordance with a statutory scale of tax rates based on a company's operating profit margin that is applied to its
operating profit, as adjusted by certain non-deductible expenses and (ii) 1% of a company's net sales, in each case during the applicable
quarter. These amounts are determined based on our unconsolidated financial statements and those of our subsidiaries with operations that
are under the scope of the Mining Royalty Law. Mining royalty payments are deductible for income tax purposes in the fiscal year in which
such payments are made. For additional information, see note 29 to our consolidated financial statements included in this annual report.
Operating Segments
We have three operating segments: (i) cement, concrete,
mortar and precast, (ii) quicklime and (iii) sales of construction supplies. For additional information on our operating segments, see
note 32 to our consolidated financial statements included in this annual report.
New Accounting Pronouncements
For a description of new interpretations and improvements
to IFRS in effect since 2022, see notes 2.3.19 and 4 to our consolidated financial statements included in this annual report.
Critical Accounting Policies
The following is a discussion
of our application of critical accounting policies that require our management to make certain assumptions about matters that are uncertain
at the time the accounting estimate is made, where our management could reasonably use different estimates, or where accounting changes
may reasonably occur from period to period, and in each case would have a material effect on our financial statements. For additional
information, see note 3 to our annual audited consolidated financial statements included in this annual report.
Determination of Useful Live of Assets for Depreciation and Amortization
Purposes
Depreciation of mining concessions
and mine development costs are charged to cost of production on a units-of-production basis using proved reserves. Other assets are depreciated
on a straight-line-basis over their estimated useful lives, as follows:
Years
Buildings and other construction:
Administrative facilities
Between 20 and 51
Main production structures
Between 20 and 56
Minor production structures
Between 20 and 35
Machinery and equipment:
Mills and horizontal furnaces
Between 24 and 45
Vertical furnaces, crushers and grinders
Between 23 and 36
Electricity facilities and other minors
Between 10 and 35
Furniture and fixtures
10
Transportation units:
Heavy units
Between 5 and 15
Light units
Between 5 and 10
Computer equipment
Between 3 and 10
Tools
Between 5 and 10
The assets' residual
value, useful lives and methods of depreciation/amortization are reviewed at each reporting period, and adjusted prospectively, if appropriate.
An item of property, plant
and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected
from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the consolidated statement of profit or loss when recognition of the asset
is derecognized.
84
Revenue Recognition
Revenue is measured at the
fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes
or duty.
The following specific recognition
criteria must also be met before revenue is recognized:
Sales of goods
Revenue from sale of goods
is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the goods.
We consider whether there
are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated.
In determining the transaction price for the sale of goods, we consider the effects of variable consideration, the existence of significant
financing components, noncash consideration, and consideration payable to the customer (if any).
Rendering of services
In the operating segments of cement, concrete,
mortar, precast, quicklime, and construction supplies, we provide transportation services. These services are sold together with the sale
of the goods to the customer.
Transportation services are
satisfied when the transport service is concluded, which coincides with the moment of delivery of the goods to the customers.
Operating lease income
Income from operating lease
of land and office is recognized on a monthly accrual basis during the term of the lease.
Interest income
For all financial instruments
measured at amortized cost and interest-bearing financial assets, interest income is recorded using the effective interest rate (EIR).
EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument
or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in
finance income in the consolidated statement of profit or loss.
Impairment of Non-Financial Assets
We assess at each reporting
date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an
asset is required, (goodwill and intangible assets with indefinite useful lives), we estimate the asset's recoverable amount. An
asset's recoverable value is the higher of an asset's or cash-generating unit's fair value less costs of disposal and
its value in use, and is determined for an individual asset, unless the asset does not generate net cash inflows that are largely independent
of those from other assets or groups of assets. Where the carrying amount of an asset's cash-generating unit exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into
account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation
multiples, quoted share prices for publicly traded companies or other available fair value indicators.
As of December 31, 2022 and
2021, goodwill related to the acquisition of assets made by our subsidiary Distribuidora Norte Pacasmayo S.R.L. amounted to S/4,459,000.
We have assessed the recoverable amount of our goodwill and have determined that there are no indicators of an impairment loss of this
asset as of December 31, 2022 and 2021.
We base our impairment calculation
on detailed budgets and forecast calculations, which are prepared separately from our cash generation units to which the individual assets
are allocated. Impairment losses of continuing operations, including impairment on inventories, are recognized in the consolidated statement
of profit or loss in expense categories consistent with the function of the impaired asset.
85
An assessment is made at each
reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or have decreased.
If such indication exists, we estimate the asset's or cash-generating unit's recoverable amount. A previously recognized impairment
loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last
impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount,
nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset
in prior years. Such reversal is recognized in the consolidated statement of profit or loss. Exploration and evaluation assets are tested
for impairment annually as of December 31, either individually or at the cash-generating unit level, as appropriate and when circumstances
indicate that the carrying value may be impaired.
Deferred Tax
Deferred tax is provisioned
using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial
reporting purposes at the reporting date.
Deferred tax liabilities are
recognized for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries,
associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it
is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognized
for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses. Deferred tax assets are recognized
to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry
forward of unused tax credits and unused tax losses can be utilized, except in respect of deductible temporary differences associated
with investments in subsidiaries, where deferred assets are recognized only to the extent that it is probable that the temporary differences
will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.
The carrying amount of deferred
tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will
be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting
date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be
recovered.
Deferred tax assets and liabilities
are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on
tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax related to items recognized
outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction
either in other comprehensive income or directly in equity.
Deferred tax assets and deferred
tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities
and the deferred taxes relate to the same taxable entity and the same taxation authority.
Derivative Financial Instruments and Hedge Accounting
Initial Recognition and Subsequent Measurement
We use derivative financial
instruments, such as cross-currency swaps (CCS), to hedge our foreign currency exchange rate risk. Such derivative financial instruments
are initially recognized at their fair value on the date on which the derivative contract is entered into and subsequently remeasured
at their fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when fair
value is negative.
For the purpose of hedge accounting,
hedges are classified as follows:
●
"Fair value hedges" are those that hedge the exposure to changes in the fair value of a recognized
asset or liability or an unrecognized firm commitment.
●
"Cash flow hedges" are those that hedge the exposure to variability in cash flows that is
either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or
the foreign currency risk in an unrecognized firm commitment.
●
"Hedges of a net investment in a foreign operation" are those that hedge the exposure to variability of the monetary item that is receivable from or payable to a foreign operation. Such monetary items may include long-term receivables or loans. They do not include trade receivables or trade payables.
86
At the inception of a hedge
relationship, we formally designate and document the hedge relationship to which we wish to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
The documentation includes
identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how our management will
assess the effectiveness of changes in the hedging instrument's fair value in offsetting the exposure to changes in the hedged item's
fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes
in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout
the financial reporting periods for which they were designated.
A hedging relationship qualifies
for hedge accounting if it meets all of the following effectiveness requirements:
●
there is 'an economic relationship' between the hedged item and the hedging instrument;
●
the effect of credit risk does not 'dominate the value changes' that result from that economic
relationship; and
●
the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged
item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of
hedged item.
Hedges that meet all the qualifying
criteria for hedge accounting are recorded as cash flow hedges.
Cash flow hedges
Any gains or losses arising
from changes in the fair value of derivatives is taken directly to profit or loss, except for the effective portion of cash flow hedges,
which is recognized in other comprehensive income (OCI) and later reclassified to profit or loss when the hedge item affects profit or
loss.
For any other cash flow hedges,
the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during
which the hedged cash flows affect profit or loss.
If the cash flow hedge is
discontinued, the amount accumulated in other comprehensive income must remain in other comprehensive income accumulated if the covered
cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification
adjustment. After discontinuation, once the covered cash flows are given, any amount that remains in other comprehensive accumulated results
must be recorded considering the nature of the underlying transaction.
On February 8, 2023, we paid
in full the outstanding US$131,612,000 aggregate principal amount of our 4.50% Senior Notes due 2023 at maturity using proceeds from the
Club Deal credit line, and we also settled the US$132,000,000 in related derivative financial instruments.
87
Results of Operations
Comparison of Year Ended December 31, 2022 to Year Ended December
31, 2021
Year ended December 31,
(amounts in millions of S/)
2022
2021
Variation %
Sales of goods
2,115.7
1,937.8
9.2
%
Cost of sales
(1,463.7
)
(1,378.3
)
6.2
%
Gross profit
652.0
559.5
16.5
%
Operating income (expenses):
Administrative expenses
(227.6
)
(196.1
)
16.1
%
Selling and distribution expenses
(65.2
)
(51.5
)
26.6
%
Other operating (expense) income, net
(3.9
)
6.4
N/A
Total operating expenses, net
(296.7
)
(241.2
)
23.0
%
Operating profit
355.3
318.3
11.6
%
Other income (expenses):
Finance income
3.3
2.9
(13.8
)%
Finance costs
(95.1
)
(89.0
)
6.9
%
Net (loss) gain on derivative financial instruments at fair value through profit or loss
(0.1
)
0.6
N/A
Accumulated net loss due to settlement of derivative financial instruments at fair value through profit or loss
-
(1.6
)
N/A
Loss from exchange difference, net
(1.0
)
(7.1
)
N/A
Total other expenses, net
(92.9
)
(94.1
)
(1.4
%)
Profit before income tax
262.4
224.1
17.1
%
Income tax expense
(85.6
)
(70.9
)
20.7
%
Profit for the year
176.8
153.2
15.4
%
Sales of Goods
The following table sets forth
a breakdown of our sales of goods by segment for 2022 and 2021:
Year ended December 31,
2022
%
2021
%
Cement, concrete, mortar and precast
1,963.8
92.8
1,784.5
92.1
Quicklime
37.9
1.8
39.1
2.0
Construction supplies
114.0
5.4
113.9
5.9
Other
-
-
0.3
-
Total sales of goods
2,115.7
100.0
1,937.8
100.0
Our total sales of goods increased
by 9.2%, or S/177.9 million, to S/2,115.7 million in 2022 from S/1,937.8 million in 2021. This increase was primarily due to the following
factors:
●
a 10.0%, or S/179.3 million, increase in 2022 in sales of cement, concrete, mortar and precast mainly
due to increased prices of cement and concrete.
●
offset by a 3.1%, or S/1.2 million, decrease in quicklime sales, mainly due to decreased sales volume
in 2022.
●
a 0.1%, or S/0.1 million, increase in the sale of construction supplies, mainly remaining in line with
2021.
88
The following table
sets forth the composition of our sales of cement, concrete mortar and precast for 2022 and 2021:
Year ended December 31,
2022
2021
Variation
(in millions of S/)
%
Cement
1,742.7
1,534.9
13.5
Concrete, mortar, and pavement
189.9
213.5
(11.1
)
Precast
31.2
36.1
(13.6
)
Total
1,963.8
1,784.5
10.0
Our total sales of cement, concrete, mortar and
precast increased by 10.0%, or S/179.3 million, to S/1,963.8 million in 2022 from S/1,784.5 million in 2021. This increase was primarily
due to the following factors:
●
cement sales revenue increased 13.5%, or S/207.8 million, in 2022 due to an increase in the average prices
of cement due to both a price increase and a more favorable sales mix, as we started selling more of our higher-priced cements (17.2%),
offset by slightly lower sales volume (3.7%).
●
concrete, mortar and pavement sales revenue decreased 11.1%, or S/23.6 million, in 2022 due to a decrease
in sales volume, as public and private investment slowed down as a result of macroeconomic uncertainty and low confidence levels from
the private sector (32.4%), partially offset by a higher average price (21.3%) as we decided to focus on higher margin products.
●
sales of precast decreased by 13.6%, or S/4.9 million, in 2022 mainly due to a decrease in sales volume
(8.1%) for the public sector, as well as a decrease in the average price of precast products (5.5%), mainly due to sales mix as we sold
higher margin products during 2021.
Cost of Sales
The following table sets forth
a breakdown of our cost of sales by segment for 2022 and 2021:
Year ended December 31,
2022
2021
(in millions of S/)
%
(in millions of S/)
%
Cement, concrete, mortar and precast
(1,316.5
)
90.0
(1,233.7
)
89.5
Quicklime
(35.9
)
2.5
(33.5
)
2.4
Construction supplies
(110.4
)
7.5
(110.4
)
8.0
Other
(0.9
)
0.1
(0.7
)
0.1
Total
(1,463.7
)
100.0
(1,378.3
)
100.0
Our total cost of sales increased
by 6.2%, or S/85.4 million, to S/1,463.7 million for 2022, from S1,378.3 million for 2021, primarily due to the following factors:
●
a 6.7%, or S/82.8 million, increase in the cost of sales of cement, concrete, mortar and precast in 2022, mainly due to increased prices of coal and electricity.
●
a 7.2%, or S/2.4 million, increase in the cost of sales of quicklime in 2022, mainly due to higher costs
of coal;
●
no effect from construction supplies as costs remained flat.
89
The following table sets forth
the composition of our cost of sales of cement, concrete, mortar and precast for 2022 and 2021:
Year ended December 31,
2022
2021
Variation
(in millions of S/)
%
Cement
(1,111.5
)
(1,000.9
)
11.1
Concrete, pavement and mortar
(169.6
)
(196.9
)
(13.9
)
Precast
(35.4
)
(35.9
)
(1.4
)
Total
(1,316.5
)
(1,233.7
)
6.7
Our cost of sales represented 69.2% of our sales
revenue in 2022, compared to 71.1% in 2021. Our total cost of sales of cement, concrete, mortar, and precast increased by 6.7%, or S/82.8
million, in 2022, primarily due to the following factors:
●
cost of sales of cement increased by 11.1%, or S/110.6 million, mainly due to an increase in productions
costs (14.7%) due to the continued use of imported clinker, as well as increased prices of coal and electricity, partially offset by a
decrease in volume sold (3.6%).
●
an decrease in the cost of sales of concrete, pavement and mortar of 13.9%, or S/27.3 million due to a
decrease in sales volume sold (-32.9%), offset by an increase in production costs (19.0%), as raw material and energy prices increased
production costs;
●
a 1.4% decrease in the cost of sales of precast, mainly due to decreased sales volume (8.8%) offset by
an increase in production cost (7.4%) mainly due to lower dilution of fixed costs.
Gross Profit
The following table sets forth
a breakdown of our gross profit and gross profit margin (gross profit as a percentage of net sales) by segment for 2022 and 2021:
Year ended December 31,
2022
2021
Gross profit
Gross profit margin
Gross profit
Gross profit margin
(in millions
of S/)
%
(in millions
of S/)
%
Cement, concrete, mortar and precast
647.3
33.0
550.8
30.9
Quicklime
1.9
5.3
5.6
14.3
Construction supplies
3.6
3.2
3.5
3.1
Other
(0.8
)
N/A
(0.4
)
N/A
Total gross profit
652
30.8
559.5
28.9
Total gross profit of the
cement, concrete, mortar and precast segment increased by 17.5%, or S/96.5 million, to S/ 652 million in 2022, from S/559.5 million in
2021, mainly because of increased sales, despite the use of imported clinker to satisfy the additional demand. Our gross profit margin
for 2022 was 30.8% compared to 28.9% for 2021.
90
The following table sets forth
a breakdown of our gross profit and gross profit margin for the cement, concrete, pavement and mortar and precast segment for 2022 and
2021:
Year ended December 31,
2022
2021
Gross profit
Gross profit margin
Gross profit
Gross profit margin
Gross profit margin variation
(in millions of S/)
%
(in millions of S/)
%
percentage points
Cement
631.2
36.2
534.0
34.8
1.4
Concrete, pavement and mortar
20.3
10.7
16.6
7.8
2.9
precast
(4.2
)
(13.5
)
0.2
0.6
(12.9
)
Total gross profit
647.3
33.0
550.8
30.9
2.1
Gross profit margin for cement, concrete, pavement,
mortar, and precast segment increased by 2.1 percentage points in 2022 compared to 2021. This increase was due mainly to an increase in
cement margin (1.4 percentage points) due to higher prices and some costs savings because of lower use of imported clinker, complemented
by an increase in concrete margin (4.0 percentage points) mainly due to higher prices and the focus on higher margin services, partially
offset by a negative precast margin, mainly due low dilution of costs, especially heavy precast fixed as demand has stalled for lack of
larger projects.
Operating Income (Expenses)
Our operating expenses primarily
reflect administrative and selling and distribution expenses. In 2022, our operating expenses increased by S/45.2 million to S/296.7 million
from S/241.2 million in 2021, mainly due to increased sales.
Administrative Expenses
The following table sets forth
the composition of our administrative expenses for 2022 and 2021:
Year ended December 31,
(in millions of S/)
2022
2021
Personnel expenses
116.7
96.9
Third-part services
7.2
59.9
Board of directors compensation
6.1
6.4
Depreciation and amortization
16.7
16.6
Taxes
5.7
5.6
Other
10.2
10.7
Total
227.6
196.1
Our administrative expenses
increased by 16.1%, or S/31.5 million, to S/227.6 million in 2022 from S/196.1 million in 2021. Personnel expenses increased by S/19.8
million mainly due to increase in salaries, in line with increased inflation, as the bonus that was paid to our unionized employees in
2022, which is negotiated every three years and has a larger impact during the first year.
Administrative expenses related
to the cement, concrete, mortar and precast segment accounted for approximately 98.1% of total administrative expenses for 2022 compared
to approximately 97.5% for 2021. Administrative expenses related to the construction supplies, quicklime and other segments accounted
for approximately 1.2%, 0.5% and 0.2%, respectively, of total administrative expenses for 2022 compared to approximately 1.4%, 0.6% and
0.5% respectively, for 2021.
91
Selling and Distribution Expenses
The following table sets forth
the components of our selling and distribution expenses for 2022 and 2021:
Year ended December 31,
(in millions of S/)
2022
2021
Personnel expenses
42.3
33.9
Advertising and promotion expenses
6.4
5.6
Other
16.5
12.0
Total
65.2
51.5
Our total selling and distribution
expenses increased by 26.6%, or S/13.7 million, to S/ 65.2 million in 2022 from S/51.5 million in 2021, primarily due to an increase in
variable salaries, in line with increased sales.
Selling and distribution expenses
related to the cement, concrete, mortar and precast segment represented approximately 98.1% of total selling and distribution expenses
for 2022, compared to 97.5% for 2021. Selling and distribution expenses related to construction supplies, quicklime, and other segments
represented approximately 1.2%, 0.5% and 0.2% respectively, of total selling and distribution expenses for 2022, compared to 1.4%, 0.6%
and 0.5%, respectively, for 2021.
Other Operating (Expense) Income , Net
Our other operating income,
net decreased S/10.3 million, to a net expense of S/3.9 million in 2022 from  net income of S/6.4 million in 2021, mainly due to rental
of raw material unloading equipment and income from the refund of selective consumption tax in 2021.
Total Other Expenses,
Net
Our total other expenses,
net decreased by S/1.2 million, to S/92.9 million in 2022 from S/94.9 million in 2021.
Income Tax Expense
Our income tax expense increased
by 20.7%, or S/14.7 million, to S/85.6 million for 2022 from S/70.9 million for 2021, mainly due to an increase in profit before income
tax. Our effective tax rate for 2022 was 33.0% and 31.7% in 2021.
Profit for the Year
As a result of the foregoing, our profit for 2022
increased by 15.4%, or S/23.6 million, from S/153.2 million for 2021 to S/176.8 million for 2022, mainly due higher operating profit,
due to an efficient pricing strategy to offset higher costs.
For a comparison of our results of operations for
the year ended December 31, 2021 to the year ended December 31, 2020, please see our 2021 Form 20-F.
Liquidity and Capital Resources
Our main cash requirements
are our operating expenses, capital expenditures relating to the maintenance and expansion of our facilities, the servicing of our debt,
the payment of dividends and payment of taxes. Our primary sources of cash have been cash flow from operating activities, and our issuance
of debt securities and, to a lesser extent, loans and other financings. We believe that these sources of cash will be sufficient to cover
our working capital needs in the ordinary course of our business.
92
Cash Flows
The table below sets forth certain components of our cash flows for
the years ended December 31, 2022 and 2021.
Year ended December 31,
(in millions of S/)
2022
2021
2020
Net cash flows from operating activities
111.8
170.6
331.4
Net cash flows used in investing activities
(176.2
)
(91.8
)
(48.4
)
Net cash flows used in financing activities
(121.5
)
(130.1
)
(43.8
)
Increase (decrease) in cash
(185.9
)
(51.3
)
239.2
Cash Flows from Operating
Activities
Net cash flows from operating
activities decreased by 34.5% or S/58.8 million, to S/111.8 million in 2022 from S/170.6 million in 2021, mainly due to high inventory
purchases and higher interest and tax payments as our results of operations and profits increased.
Net cash flow from operating
activities decreased by 48.5% or S/160.8 million, to S/170.6 million in 2021 from S/331.4 million in 2020, mainly due to inventory purchases,
decreased accounts receivables and higher tax payments as our results of operations increased.
Cash Flows used in Investing Activities
Net cash flows used in investing
activities were S/176.2 million for 2022, as compared to S/91.8 million for 2021, and were primarily related to purchases of property,
plant and equipment for our cement plants.
Net cash flows used in investing
activities were S/91.8 million for 2021, as compared to S/48.4 million for 2020 and were primarily related purchases of property, plant
and equipment for our cement plants
Cash Flows used in Financing Activities
Net cash flows used in financing activities were
S/121.5 million for 2022, as compared to S/130.1 million for 2021 and were primarily due to dividends paid to our shareholders and a higher
payment of bank loans offset by a higher income from banks loans received in 2022.
Net cash flows used in financing activities were
S/130.1 million for 2021, as compared to S/43.8 million for 2020 and were primarily due to an extraordinary dividend paid to our shareholders
and fewer loans received offset by a lower payment of banks loans in 2021.
Indebtedness
As of December 31, 2022, the
Company's total outstanding debt reached S/1,593.2 million (equivalent to US$417.1 million). This debt was primarily composed by
our 4.50% Senior Notes due 2023, the two series of local bonds issued in January 2019 and short-term loans.
As of December 31, 2022, the Company maintained
cross currency swap hedging agreements for US$132 million in order to mitigate foreign exchange risks related to U.S.dollar-denominated
debt. The adjusted debt in soles considering the exchange rate of the cross-currency swap hedging agreements amounts to S/1,509.3 million
(equivalent to US$359.1 million).
On February 8, 2023, we repaid in full the outstanding
US$131,612,000 aggregate principal amount of our 4.50% Senior Notes due 2023 at maturity using proceeds from the Club Deal credit line,
and we also settled the US$132,000,000 in related derivative financial instruments.
(amounts in millions of S/)
As of
December 31, 2022
Interest rate
Maturity Date
Mid-term promisory notes
38.0
8.93
%
December 18, 2023
Mid-term promisory notes
38.0
8.93
%
December 18, 2023
Senior Notes due 2023
502.7
4.50
%
February 8, 2023
Senior Notes due 2029
259.6
6.69
%
February 1, 2029
Senior Notes due 2034
309.5
6.84
%
February 1, 2034
Club deal
222.7
5.82
%
December 1, 2028
Club deal
222.7
5.82
%
December 1, 2028
93
International Bonds
.
In February 2013, we issued US$300,000,000 aggregate principal amount of our 4.50% Senior Notes due 2023 in our inaugural international
bond offering. A portion of the proceeds from this offering were used to prepay amounts outstanding on our secured loan agreement with
BBVA Banco Continental, and the remaining proceeds was used in capital expenditures incurred in connection with the construction and operation
of the new Piura plant and our cement business. The Senior Notes were issued pursuant to Rule 144A under the Securities Act and in compliance
with Regulation S under the Securities Act and listed on the Irish Stock Exchange.
The indenture pursuant to
which the Senior Notes were issued contains certain covenants, including restrictions on our and our restricted subsidiaries' ability
to incur further indebtedness or issue disqualified stock and preferred stock, unless the following conditions are met:
●
the fixed charge coverage ratio for our most recently ended four fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional indebtedness is incurred or such disqualified stock or
such preferred stock is issued, as the case may be, would have been at least 2.5 to 1.0; and
●
the consolidated debt to adjusted EBITDA ratio for our most recently ended four fiscal quarters for which
internal financial statements are available immediately preceding the date on which such additional indebtedness is incurred or such disqualified
stock or such preferred stock is issued, as the case may be, would have been no greater than 3.5 to 1.0, in each case, determined on a
pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional indebtedness had been incurred
or the disqualified stock or the preferred stock had been issued, as the case may be, at the beginning of such four fiscal quarters.
The indenture also
contains restrictions on our ability and that of our restricted subsidiaries to incur liens and to merge, consolidate or transfer all
or substantially all of our assets.
In management's opinion,
we were in compliance with all of applicable covenants under the indenture as of the date of this annual report.
The subsidiaries that guarantee
the Senior Notes are those related to our cement business namely, Cementos Selva S.A.C., Distribuidora Norte Pacasmayo S.R.L., Empresa
de Transmisión Guadalupe S.A.C., Dinoselva Iquitos S.A.C. and Calizas del Norte S.A.C. (liquidated during 2022).
In December 2018, we purchased
US$168,388,000 or approximately 56.13% of the total outstanding Senior Notes by means of a partial cash tender offer using proceeds from
the issuance of debt securities in the local market.
In February 2023, the remaining
balance of the Senior Notes matured and were paid using proceeds from the issuance of the debt securities in the local market described
below.
Local Bonds
. On January
8, 2019, the General Shareholders' Meeting approved the issuance of a local bond program for up to S/1,000 million. On January 31,
2019, we issued two series of local bonds in the aggregate principal amount of S/570 million. One in the aggregate principal amount of
S/260 million bearing interest at a rate of 6.68750% for a term of 10 years, and the other in the aggregate principal amount of S/310
million bearing interest at a rate of 6.84375% for a term of 15 years. The rates and terms obtained benefit our financial costs structure,
with lower cost of capital, an extended maturity and less exposure to currency fluctuations.
Medium-term "Club Deal" Corporate
Loan
. On August 6, 2021, we entered into a S/860,000,000 medium-term corporate loan in a "Club Deal" format with Banco
de Crédito del Perú S.A. and Scotiabank Perú S.A.A. Amounts borrowed under this loan bear interest at a rate of 5.82%.
The loan will allow for the payment of all of the Company's financial obligations through February 2023 and will be disbursed based
on the maturity of each such financial obligation. The first disbursement amounted to S/159,000,000, was made in January 2022 and was
used to pay the short-term loans described under "Short-term loans." The loan includes an availability period of 18 months
from August 6, 2021 and a payment term of seven years from the last disbursement, which was in February 2023. Commencing in February 2023,
the loan will be paid in 22 equal quarterly installments.
Under this loan, the Company must
comply with the following financial covenants:
a.
maintain a debt ratio (Financial Debt / EBITDA) of no more than 3.50 to 1;
b.
maintain a debt service coverage ratio (FCSD / SD) of at least 1.15 to 1; and
c.
maintain a debt service coverage ratio (EBITDA / SD) equal to 1.50 to 1.
In addition, the Company is required to comply
with certain customary restrictive and affirmative covenants. As of December 31, 2022 we were in compliance with all covenants
94
Derivative Financial Instruments.
As of
December 31, 2022, we maintained cross currency swap hedging agreement in aggregate principal amount of US$132 million to hedge against
the foreign exchange risks associated with our U.S. dollar-denominated debt. In February 2023, we canceled the cross currency swaps when
we paid all of the outstanding international bond in U.S. dollars.
Short-term loans.
As of December 31, 2022,
two loans, each in the amount of S/38,000,000, in
soles
with Banco de Crédito del Perú S.A. were obtained for working
capital, have a medium-term maturity and accrue interest at an effective annual rate of 8.93%.
During 2022, the net loss
originated by the exchange difference was approximately S/1,040,000 and, during 2021, the net loss from exchange difference amounted to
S/7,086,000 All these results are presented in the caption "Loss from exchange difference, net" of the consolidated statement
of profit and loss.
Capital Expenditures
See "Item 4—Information
on the Company—A. History and Development of the Company—Capital Expenditures."
B.
Research and Development, Patents and Licenses, Etc.
Since 2016, Pacasmayo embarked
on the path of innovation and digital transformation, a journey that has allowed us to explore new ways of doing things, interact with
environments with a lot of uncertainty, as well as propose a cultural change. After all this time and with much experience gained, we
were ready to rethink a new strategy, seeking to accelerate and extend the adoption of innovation and digital transformation initiatives
in all areas of the company, making it necessary to decentralize their execution.
Pacasmayo has become a company
that provides building solutions not only derived from cement, but that satisfy the needs of any actor in the construction sector. That
is why today Pacasmayo complements its product research capacity with research focused on people. In other words, knowing who the hardware
sellers, self-builders, construction foremen, transporters or construction residents really are, allows us to find new opportunities for
Pacasmayo.
C.
Trend Information
Cement Market
The Peruvian Cement Market
Peru's cement production
is segmented into three principal geographic regions: the northern region, the central region, including Lima's metropolitan area,
and the southern region. The table below sets forth selected data with respect to each region in Peru and the corresponding cement manufacturers.
Market share data is based on metric tons of cement delivered during 2022.
95
Geographic Breakdown
Northern Region (thousands of metric tons)
Plant
2018
2019
2020
2021
2022
% share
Pacasmayo Group
2,364
2,615
2,576
3,625
3,437
23.9
Imports
32
13
38
62
2
-
Total
2,396
2,628
2,614
3,687
3,439
23.9
Central Region (thousands of metric tons)
Plant
2018
2019
2020
2021
2022
% share
UNACEM
5,058
5,316
4,172
5,838
6,297
43.7
Caliza Inca
448
513
382
518
515
3.6
Imports
885
663
493
630
202
1.4
Total
6,391
6,492
5,047
6,986
7,014
48.7
Southern Region (thousands of metric tons)
Plant
2018
2019
2020
2021
2022
% share
Grupo Yura
2,597
2,584
2,019
2,895
3,047
21.1
Imports
65
98
189
181
67
0.5
Total
2,662
2,682
2,208
3,076
3,114
21.6
Others
895
769
732
877
840
5.8
Total Regions
12,344
12,571
10,601
14,626
14,407
100.0
Sources: ASOCEM, INEI, ADUANET, SUNAT.
Although a large part of housing
construction is mainly concentrated in the Lima metropolitan area, located in the central region of Peru, the housing market in the provinces
of Peru, including the northern region, has grown significantly in recent years. Despite this trend, Peru continues to have significant
shortages in housing, estimated by the INEI at 1.9 million homes nationwide. Economic growth, particularly in the mining and agribusiness
sectors, rising employment levels and the implementation of real estate projects, resulted in the creation of higher paying jobs, which
ultimately resulted in the expansion of the housing market. However, the COVID-19 pandemic took a toll on it and, in 2020, poverty levels
increased 9.9 percentage points. Fortunately, poverty levels for 2021, which is the last available data, decreased by 4.2 percentage points,
reaching 25.9%.
Peru continues to have a significant
deficit in infrastructure. In recent years, significant efforts have been made to channel investments into the infrastructure sector through
a series of initiatives that range from the creation of financial instruments (such as the infrastructure investment and trust funds)
to regulatory changes, to promotion of more public private partnerships (for example "taxes for infrastructure" which allows
private companies to use part of their tax payments to directly finance infrastructure works) to allowing for other executors, such as
the government to government agreements that have recently been signed by Peru and other governments to ensure promptly execution without
corruption.
96
Distribution and Logistics
Peru's cement market
is divided into three regions circumscribed primarily by the location of established production facilities. Our facilities are located
in the northern region of Peru, UNACEM is the main producer in the central region, and Yura in the southern region. Cement is mainly sold
in bags of 42.5 kilograms (approximately 94 pounds). However, cement can also be sold in bulk according to customer requirements.
The transportation and storage
of cement requires specialized equipment. A favorable location of the production facilities not only reduces the time required to transport
cement products to distributors and third-party merchants but also diminishes the costs of necessary equipment and resources. The location
of a cement plant relative to its distribution network provides operational efficiencies and advantages that translate into stronger market
share.
Cement can be stored in silos
for up to 12 months if the silo is completely humidity proof. The typical vehicles used for the transport of cement are adapted to maintain
the necessary environment during shipment. The proximity of production plants and storage centers to distribution centers, third-party
vendors and retail outlets, creates a more efficient supply chain and minimizes the time and resources required to transport products
from the production line to the construction site. The streamlined nature of this process ensures that cement products in the northern
region of Peru, for example, reach customers within approximately one week of production. A cement company's success is inherently
linked to the sophistication of its distribution network and its emphasis on quality assurance throughout the supply chain.
Competitive Dynamics
The Peruvian cement market
is comprised basically of three groups and 2 other plants:
●
Cementos Pacasmayo and Cementos Selva, which principally serve
the northern region;
●
UNACEM, which principally serves the central region;
●
Cementos Yura and Cementos Sur, which primarily serve the
southern region;
●
Caliza Cemento Inca, located in Cajamarquilla, Lima which
principally serves the central region as well as other regions throughout the country; and
●
Mixercon, located in the city of Lima, mainly serves this
city, and to a lesser extent some provinces of the country.
Additionally,
there are cement importers that mainly supply the cities of Lima and, to a lesser extent, other provinces of the country.
The level of competitiveness
of cement companies generally depends on their cost structure, which is a function of the cost of energy, fuel, costs of raw materials
and transportation. Cement companies in Peru generally compete within the limits of their distribution market, which is determined principally
by their geographic locations.
97
The following are the main
characteristics of the cement sector in Peru:
●
highly fragmented consumer base;
●
relatively low cost of energy and raw materials;
●
operations and distribution primarily determined by geographic
location; and
●
high correlation to
auto-construcción
and public
and private investments.
D.
Critical Accounting Estimates
Our consolidated financial statements are prepared in conformity with
IFRS, as issued by the IASB. See note 3 to our consolidated financial statements included in this annual report.
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and Senior Management
General
Our business and affairs are
managed by the board of directors in accordance with our by-laws and Peruvian Corporate Law No. 26887 ("Peruvian Corporate Law").
Our by-laws provide for a board of directors of between seven and eleven members. Between three and five alternate directors may be elected
by the shareholders to act on behalf of any director who is absent from meetings or who is unable to exercise his or her duties, when
and for whatever period fixed by the chairman of the board. Alternate directors have the same responsibilities, duties and powers of directors
to the extent they are called to replace them.
Directors are elected at a
shareholders' meeting and hold office for three years. Directors may be elected to multiple terms. Our current board of directors
is composed of seven directors. In the first board meeting held after the annual shareholders' meeting where members of the board
are elected, the board of directors must elect among its members a chairman and a vice chairman.
The board of directors typically
meets in regularly scheduled bi-monthly meetings and when called by the chairman of the board or a person representing the chairman. Resolutions
must be adopted by a majority of the directors present at the meeting and the chairman is entitled to cast the deciding vote in the event
of a tie.
Duties and Liabilities of Directors
Pursuant to Article 177 of
Peruvian Corporate Law, directors are jointly and severally liable to a corporation, shareholders and third parties for any damages caused
by abuse of power, fraud, willful misconduct or gross negligence. In addition, pursuant to Article 3 of Law No. 29720, as of June 26,
2011, directors of companies listed on the Lima Stock Exchange are also strictly liable for any damages caused as a result of any transactions
in which they were involved and which resulted in damages or other losses to the corporation. A director cannot be found liable if the
director expressed disagreement at the time the vote was cast or upon learning of such transaction and if there is a record expressing
such opposition.
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Our by-laws prohibit a director
from voting on matters in which such director has an interest. In addition, Article 180 of the Peruvian Corporate Law requires a director
with a conflicting interest on a specific matter to disclose such interest and abstain from the deliberation and decision-making process
with respect to such matter. A director who violates this requirement is liable for any damages caused to us and may be removed by a majority
of the board of directors upon request of any member of the board or by a majority vote of the shareholders.
Our by-laws stipulate that
Directors' compensation is determined by the Mandatory Annual General Shareholders' Meeting at the time it reviews our annual
audited financial statements. The fixed portion of the Chairman's compensation shall be twice the amount allocated to any other
director. If directors are part of one or more Committees, their compensation may include an additional amount for the work performed
as members of such Committees. The additional compensation of the directors may not exceed the aggregate fixed portion of the compensation
that the directors are entitled to receive. Our by-laws do not restrict Directors from voting upon matters relating to their own compensation.
Our by-laws do not prohibit
our directors from borrowing from us. However, Article 179 of the Peruvian Corporate Law provides that directors of a company may enter
into an agreement with such company only if the related loan agreement relates to operations the company performs in the regular course
of business and in an arms'-length transaction. Further, a company may provide a loan to a director or grant securities in such
director's favor only in connection with operations that the company usually performs with third parties. Agreements, credits, loans
or guarantees that do not meet the requirements set forth above require prior approval from at least two thirds of the members of the
Company's Board of Directors. Directors are jointly liable to the company and the Company's creditors for contracts, credit,
loans or securities executed or granted without complying with Article 179 of the Peruvian Corporate Law.
Neither our by-laws nor Peruvian
Corporate Law contain age limit requirements for the retirement or non-retirement of directors.
Board of Directors
The following sets forth our
directors and their respective positions as December 31, 2022. On March 24, 2023 the Annual Shareholder's meeting was held
and the number of directors remained at seven and new directors were elected for the period 2023-2026. Ms. Ana Sofia Hochschild Correa
and Esteban Chong Leon were elected as new members.
Name
Position
Year
                                            of Birth
Eduardo Hochschild Beeck
Chairman of the Board
1963
José Raimundo Morales Dasso
Vice Chairman of the Board
1946
Ana María Botella Serrano
Director
1953
Juan Francisco Correa Sabogal*
Director
1974
Venkat Krishnamurthy
Director
1971
Humberto Nadal Del Carpio
Director, Chief Executive Officer
1964
Marco Antonio Zaldívar Garcia*
Director
1960
*
At our annual Shareholders meeting on March 24, 2023, new directors were appointed for the 2023-2026
                                                                              period. Marco Antonio Zaldivar and Juan Francisco Correa are no longer directors as from that date.
The following sets forth selected
biographical information for each of the members of our board of directors. The average tenure of board members is 10.96 years. The business
address of each of our current directors is Calle La Colonia 150, Urb. El Vivero, Surco, Lima, Peru.
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Eduardo Hochschild Beeck.
Mr. Hochschild
has been a director since April 1991 and is currently Chairman of the Board. He holds a Bachelor's Degree in Mechanical Engineering
from Tufts University, Boston, United States. Mr. Hochschild is also Chairman of Hochschild Mining plc, Inversiones ASPI S.A. and member
of the Board of Directors of UTEC and Tecsup. Additionally, he is member of the Board of Directors of Aclara, ASOCEM, MAC and IAC.
José Raimundo Morales Dasso.
Mr.
Morales has been a director since March 2008. He currently holds the position of Vice Chairman of the Board of Directors of Credicorp
LTD., Banco de Crédito del Perú S.A., Pacifico EPS and Pacífico Cía. De Seguros y Reaseguros. He was CEO of
BCP from October 1990 to April 2008 and is currently a member of the Board of Directors of Atlantic Security Holding Corporation, and
Fosfatos del Pacífico S.A. Mr. Morales held various positions at Bank of America and Wells Fargo Bank between 1970 and 1980. He
holds a bachelor's degree in Economics and Administration from the Universidad del Pacífico, Lima, Peru, and has a Master's
in Business Administration from the Wharton Graduate School of Finance from the University of Pennsylvania, United States.
Ana María Botella Serrano
. Mrs. Botella
has been a director since July 9, 2020. Previously, she was Alternate Director from September 1, 2019 to July 9, 2020. She has a Law degree
from the Complutense University of Madrid and belongs by opposition to the Superior Body of Civil Administrators of the Spanish State.
As a civil servant, she has worked in the Ministry of the Interior, the Civil Government of La Rioja, the Ministry of Public Works, the
Valladolid Treasury Delegation and the Ministry of the Treasury. In 2003 she was elected Councilor of the Madrid City Council, she has
been Second Deputy Mayor and has participated in the Government Delegations for Employment and Social Services and Environment and Mobility.
In December 2011, she was sworn in as Mayor of the Madrid City Council, a position she held until June 2015. She is currently the Executive
President of the Integra Foundation and Council and Program Director at the Atlantic Government Institute.
Juan
Francisco Correa Sabogal
. Mr. Correa has been a director since February 2018. He has a degree in Business Administration from the
Universidad de Lima and an MBA from The Wharton Business School, University of Pennsylvania. Previously, he served as Managing Director
with Lazard Freres LLC in its offices in the Midwest United States until July 2017, following a career of more than 11 years with this
firm. Mr. Correa was one of the founding members of the firm and was responsible for establishing the business and developing a client
base in the Midwest United States from a variety of industries. Prior to that, Mr. Correa was a Director at Lazard's Power, Energy &
Infrastructure group in New York, covering a variety of sub-sectors. Mr. Correa also assumed responsibilities connected to Lazard's efforts
in Latin America and was a member of the Board of Directors of MBA Lazard (the former Lazard joint venture for Spanish-speaking Latin
America). Prior to joining Lazard, Mr. Correa worked at RWE/Thames Water, Merrill Lynch and Banco de Crédito del Perú S.A.
In addition, Mr. Correa has been a consultant to a large number of international and American companies on issues that are not in the
public domain related to strategies for mergers, acquisitions and corporate finance activities. Mr.Correa is Mr.Eduardo Hochschild's brother-in-law.
Venkat Krishnamurthy.
Mr. Krishnamurthy
has been a director since July 9, 2020. He holds a Bachelor of Science from the Indian Institute of Technology in Kanpur, where he received
the Presidential Gold Medal and a PhD in Computer Science from Stanford University. He is a serial entrepreneur, who has created disruptive
business and technology breakthroughs in Computer Graphics, Enterprise Software, Social Networks, Internet Marketing, IOT, CAD, Laser
Scanning, Manufacturing, Metrology, Orthodontics, EAS/Security and Supply Chain. He is currently co-founder at Alignable, North America's
largest network for small and medium businesses and Gita Krishnamurthy Vidyalaya a free school for under-privileged children in South
India, as well as board member at privately held internet travel business Grand Circle Corporation. He is an Academy Award winner for
Technical Achievement (2001) for pioneering inventions in the area of animation-ready higher order (polynomial) surface reconstruction
from 3-D scanners. Previously, he co-founded Invisalign, Paraform/Metris, now Nikon Metrology, CTO at OATSystems, now Checkpoint's
RFID/IOT division and Instructor at MIT Professional Education on Radical Innovation.
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Humberto Reynaldo Nadal Del Carpio.
Mr.
Nadal joined the Company as Corporate Development Manager in June 2007, and has been a director since March 2008 and Chief Executive Officer
since April 2011. He holds a bachleor's degree in economics from Universidad del Pacífico and has an MBA from Georgetown
University. He is also CEO and Board Member of ASPI, Fosfatos del Pacífico and Fossal S.A.A. Additionally, he is Deputy Chairman
of the Board at Ferreycorp and has been Chairman of the Board of Trustees of the Universidad del Pacifico, and Chairman of the Board of
Directors of Fondo Mi Vivienda. In April 2006, he joined Compañía Minera Ares S.A.C. (subsidiary of Hochschild Mining plc)
as Corporate Development Manager. Mr. Nadal was also Business, Administration and Finance Manager of Instituto Libertad y Democracia and
CEO of Socosani S.A. He has been distinguished among the top three CEOs in the construction industry in Latin America by Institutional
Investor magazine every year from 2014 to 2022.
Marco Antonio Zaldívar.
Mr. Zaldívar
has been a director since March 2017. Certified Public Accountant, graduated from the Universidad de Lima and the Management Development
Program of the PAD of the Universidad de Piura. He has an MBA from the Adolfo Ibáñez School of Management (USA). He was
Chairman of the Board of Directors of the Lima Stock Exchange. Previously, at Ernst & Young, he was Partner of Risk Management and
Regulatory Matters, Senior Partner of the firm's Audit and Business Advisory Division. Also, he has been Vice Dean of the College
of Public Accountants of Lima, President of the Board of Directors and President of the Good Corporate Governance Committee of Procapitales.
He is currently an Independent Director at Compañía de Minas Buenaventura, among other positions, with extensive experience
in Corporate Governance issues.
The new board members for the 2023-2026 period are as follows:
Ana Sofia Hochschild Correa
. Ms. Hochschild
holds a bachelor's degree in Psychology from IE University in Madrid, with a special focus on organizational psychology and knowledge
in digital transformation. AfShe has worked at Sony, Ernst & Young and Voxel School. She is currently Project Manager at XR Ventures,
an investment company in immersive technologies. She has been admitted to Harvard University for a Master's Degree in Education
Leadership, Organizations, and Entrepreneurship, which she will be studying from September 2023. She also carries out volunteering and
fundraising actions to support the development and improvement of living conditions in Peru. She is Eduardo Hochschild Beeck's daughter.
Esteban Chong Leon
. Mr. Chong holds a degree
in Accounting from Universidad del Pacífico and a Master's in Business Administration from the University of Pittsburgh (United
States). He holds a diploma in International Financial Reporting Standards from The Association of Chartered Certified Accountants (United
Kingdom) and in Board of Directors' Corporate Governance from Northwestern University – Kellogg School of Management (United
States). He is the Head Professor at the Universidad del Pacífico, Head of the Accounting Department, and President of the Admissions
Council of such University. He is a retired partner at PricewaterhouseCoopers Peru (PwC) with more than 36 years of professional experience,
20 of them as a partner. He held various positions at PwC including Territory Senior Partner (TSP) for Peru and Bolivia, Head of Assurance
for Peru, partner in charge of Risk Management, Member of the Regional Executive Committee and Representative to the Regional Board (Theater
Oversight Board), where he was Chairman of the Admissions Committee. He is currently board member at Inmobiliaria Los Alerces, KR Comercial
and KR Proyectos. He is also a member of the Audit, Finance and Risk Committee of CGIAR (France) and a member of the Advisory Board of
Videnza Consultores. He was board member at the International Potato Center, where he was Vice Chairman of the Board and Chairman of the
Audit and Risk Committee. He was Second Vice President of the Board of Directors of CONFIEP, Director of Procapitales, Board of Directors
and Executive Committee Member of Amcham Peru and President of the Peruvian Institute of Independent Auditors - IPAI, among other positions.
He is co-author of the books Intermediate Financial Accounting: financial statements and analysis of asset, liability and equity accounts
and Theory and practice of intermediate accounting. He has made the following publications in specialized magazines: Disclosure on structural
capital in companies in the financial sector of Peru listed on the Lima Stock Exchange and Relevance of non-financial information for
managers of companies listed on the Lima Stock Exchange.
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Executive Officers
Our executive officers oversee
our business and are responsible for the execution of the decisions of the board of directors. The following table presents information
concerning the current executive officers of the company and their respective positions:
Name
Position
Year of
Birth
Year of
Appointment
Humberto Nadal Del Carpio
Chief Executive Officer
1964
2008
Manuel Bartolomé Ferreyros Peña
Chief Financial Officer
1966
2008
Jorge Javier Durand Planas
Legal Vice – President/General Counsel
1966
2008
Carlos Julio Pomarino Pezzia
Vice – President of the Cement Business
1962
2009
Diego Arispe Silva
Corporate Social Responsibility Managing Director
1981
2021
Aldo Bertoli Estrella
Commercial Managing Director
1969
2016
Ibrahim Chahuan Riveros
Building Solutions Managing Director
1988
2021
Ely Hayashi Hirahoka
Finance Managing Director
1982
2021
Tito Alberto Inope Mantero
Industrial Operations Managing Director
1972
2015
Julio Oropeza Reyes
Operations Managing Director
1978
2022
Diego Reyes Pazos
Supply Chain Managing Director
1977
2013
Inés Roggero Cilloniz
Innovation and Digital Transformation Managing Director
1981
2022
Hugo Villanueva Castillo
Operations Managing Director
1962
2012
*
After
December 31, 2022 internal changes were made in the Operations Department. As of January 1, 2023, Hugo Villanueva assumed the role of
Climate Change Managing Director and Tito Inope assumed the role of Corporate Excellence Managing Director.
The following sets forth selected
biographical information for each of our executive officers:
Jorge Javier Durand Planas.
Mr. Durand joined
the Hochschild Group in 1994 and has been the General Counsel and Legal Vice President of the Company since 2008. Previously, he was Legal
Vice President of Hochschild Mining plc. He is a lawyer graduated from the Universidad de Lima (Peru) and a Master of Business Administration
from the Universidad del Pacífico (Peru). Among other studies, he participated in the Management Program for Lawyers and in the
Corporate Governance and Performance Program of the Yale School of Management (United States), in the Strategic Negotiations Program of
Harvard Business School (United States) and in the Prince of Wales,Business & Sustainability Program of the University of Cambridge
Institute for Sustainability Leadership (United Kingdom). Currently, Mr. Durand is a member of the Board of Directors of Inversiones ASPI
S.A. and is a member of the Board of Directors of Fosfatos del Pacifico S.A, Fossal S.A.A., UTEC and Tecsup.
Manuel Bartolomé Ferreyros Peña
.
Mr. Ferreyros has been Chief Financial Officer since January 2008. He is a member of the Board of Directors of Fosfatos del Pacífico
S.A. and Fossal S.A.A. Mr. Ferreyros has a bachelor's degree in business administration from the Universidad de Lima, a multinational
MBA from the Adolfo Ibáñez School of Management, Miami and an MBA from the New York College of Insurance. Mr. Ferreyros
has participated in the Senior Management Program of the Central American Institute of Business Administration (INCAE) and in the CEO's
Management Program at the Kellogg School of Management, among others. Before joining the Company, Mr. Ferreyros was CEO at La Positiva
Seguros y Reaseguros. Distinguished among the three best CFOs in the construction industry in Latin America by Institutional Investor
magazine between 2014 and 2021.
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Carlos Julio Pomarino Pezzia
. Mr. Pomarino
has been Vice - President of the Cement Business since July 2017. He has a Bachelor's degree in Economic Engineering from the Universidad
Nacional De Ingenieria and an MBA from the Adolfo Ibáñez Business School and ESAN. In addition, he has participated in the
Senior Management Program (PAD) of the Universidad de Piura and completed the Certification of independent Board members at Centrum Católica.
He was Vice President of the Cement Business from 2012 to 2017, Deputy General Manager from 2009 to 2012, Commercial Manager of the Company
from 2002 to 2009 and General Manager of Distribuidora Norte Pacasmayo S.R.L. from 1998 to 2009. Before joining the Company, Mr. Pomarino
worked as Administration and Finance Manager at Comercializadora de Alimentos S.A. and as Head of Finance at Fabrica de Tejidos San Jacinto
S.A.
Diego Arispe Silva
. Mr. Arispe has been
the Corporate Social Responsibility Managing Director since January 2022 and of Human Resources since 2019. He holds a law degree from
the Pontificia Universidad Católica del Perú and has an MBA from Columbia Business School (United States). He has worked
in the company for more than 15 years, having held various positions in the areas of Human Management, Social Responsibility, and Legal,
and was part of the team in charge of the implementation of our cement plant in Piura, as Project Controller.
Aldo Bertoli Estrella
. Mr. Bertoli has been
the Commercial Managing Director since May 2016. He has a bachelor's degree in Business Administration from the Universidad del
Pacífico and a master's degree in Business Administration from the Universidad de Piura. Before joining our company, Mr.
Bertoli worked for five years as Peru-Ecuador-Bolivia Sales Manager at Pepsico Inc. Previously, he spent 12 years at Procter & Gamble
in various commercial positions, including 4 years in Bolivia as Country Manager.
Ibrahim Chahuan Riveros
. Mr. Chahuan has
been Managing Director of Construction Solutions since January 2022. He has a bachelor's degree in business administration from
Universidad del Pacífico and is currently pursuing an Executive MBA at Northwestern University - Kellogg School of Management.
Mr. Chahuan has worked at the company for 11 years, having held various positions primarily in the marketing area. He participated in
key corporate finance projects for the development of the company, such as the issuance of bonds for USD 300 MM and for nearly 7 years
he has been in charge of promoting and developing the company's building solutions.
Ely Hayashi Hirahoka
.
Ms. Hayashi has been the Finance Managing Director since January 2022. She has a bachelor's degree in business administration from
Universidad del Pacífico and an MBA from IE Business School in Madrid Spain. Ms. Hayashi joined the company in 2006 and has held
various positions in operational and financial areas throughout her more than 17 years with the Company.
Tito Alberto Inope
Mantero
. Mr. Inope has been the Industrial Operations Managing Director since January 2022. He is an Economist from the Universidad
de Lima and has a Master of Business Administration (MBA) degree from the Universidad Peruana de Ciencias Aplicadas (UPC) as well as the
senior management program (PAD). Mr. Inope joined the company in 1996 and has held various management positions throughout his more than
27 years with the Company.
Julio Oropeza Reyes
.  Mr. Oropeza has
been Operations Managing Director since December 2022. He has 20 years of experience in the cement industry, performing in different functions
and locations. Among the areas in which Mr. Oropeza has worked are: laboratory, production, systems implementation (TIS), process optimization,
quality control, technical training, KPI's and cost optimization, training of high-performance teams, environmental and safety management,
and innovation. He has a bachelor's degree in Chemical Engineering from Francisco de Miranda National University in Venezuela, he
has a certification as a Holcim Process Engineer and an MBA in Integrated Management System: Quality, Environment and Safety from the
University of Viña del Mar-Chile.
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Diego Reyes Pazos.
Mr.Reyes has been Managing
Director of Supply Chain, Administration and Risks since July 2013. He has solid experience in supply chain, project development, system/process
design and implementation, and financial analysis. He has a bachelor's degree in business administration from Universidad de Lima
and holds a master's degree in Business Administration by Universidad de Piura. Prior to joining our Company, Mr. Reyes served as
Operations and Finance Manager at Belcorp, Senior Business Process Expert for Latin America at SAB Miller, Project Manager in the Vice-Presidency
of Supply Chain at UCP Backus & Johnston, among others.
Inés Roggero Cilloniz
. Ms. Roggero
has been Innovation and Digital Transformation Managing Director since June 2022. Before joining our company, she was the Corporate Innovation
Manager at Alicorp, where she was in charge of identifying process improvement initiatives, new analog and digital products. In addition,
Ms. Roggero has more than 17 years of experience in mass marketing. During this time, she has won more than 10 marketing awards and has
successfully launched more than 10 new products on the market.
Hugo Pedro Villanueva Castillo
. Mr.
Villanueva has been Operations Managing Director at Cementos Pacasmayo and Cementos Selva since January 2012. Previously, he served as
the Operations Manager at Cementos Selva for more than nine years. He has been working at the Company since 1992 and has held various
positions in the areas of Quality, Production and Operations. He has a bachelor's degree in chemical engineering from the Universidad
Mayor de San Marcos and an MBA from Tecnológico de Monterrey, Mexico. He has participated in the General Management Program of
the PAD of Universidad de Piura and in the Senior Management Program of INCAE in Costa Rica. Additionally, he has completed various industry
specialization programs.
B.
Compensation
As of December 31, 2022, the
total short-term compensation paid to our executive officers amounted to S/26,066,000 (2021: S/22,678,000 and 2020: S/21,859,000) and
the total long-term compensation paid to our executive officers amounted to S/8,272,000 (2021: S/9,763,000 and 2020: S/5,759,000). There
were no post-employment or contract termination benefits or share-payments.
In 2011, we decided to pay
each of our directors a yearly compensation of US$200,000 (US$400,000 in the case of our Chairman). In addition, compensation paid to
certain of our directors for serving on board committees will be, in aggregate per year, not higher than the total amount paid to our
directors for serving on our board of directors. Our 2022 director compensation was approved at our annual shareholders' meeting.
Neither we nor any of our
subsidiaries have entered into any agreement that provides for any benefit or compensation to any director or executive officer after
expiration of his or her term.
Executive Compensation Plan
Our business operates in a
competitive environment where highly trained professionals and executives are in demand. Continued expansion of the Peruvian economy over
the past several years has created new opportunities resulting in additional competition for local talent. As a result, we have in place
compensation plan to retain our key executives and attract new executives with the skills and experience required to achieve our strategic
objectives and create long-term value for our shareholders. We believe that executive compensation should reward individual performance
and the achievement of our strategic objectives.
104
Our executive compensation
plan has been designed to achieve the following primary objectives:
●
recruit, retain and incentivize highly talented and dedicated
executives with the skills and experience required to manage and operate our business and create long-term value for our shareholders;
●
provide our executive officers with compensation opportunities
that are fair, reasonable and competitive in the market;
●
compensate based on our performance and individual performance;
●
promote transparency by using clear and straightforward compensation
metrics; and
●
align the interests of our executive officers with the interests
of our shareholders, both in the short-term and long-term.
Our executive compensation
plan is in addition to workers' profit sharing requirements applicable to all of our employees, including our executive officers,
under Peruvian labor laws.
Our compensation plan has
been designed to compensate our executives through a combination of base salary, a cash bonus incentive and other benefits that we believe
are fair and equitable to us and our shareholders and competitive in the market. We believe that the combination of salary, cash bonus
incentive and other benefits help distinguish us from other companies in the cement industry in Peru and serve as an important retention
tool as we compete for executive talent. We also believe that it will provide an appropriate compensation structure to retain our executives,
reward them for individual performance, and induce them to contribute to the creation of long-term value.
Components of Executive Compensation
The key components of our
executive compensation plan are:
●
base salary;
●
short-term cash bonus incentives; and
●
long-term cash bonus incentives.
We believe that the use of
few and straightforward compensation components promotes the effectiveness and transparency of our executive compensation plan and enables
us to be competitive. No formula or specific weightings or relationships are used to allocate the various components in our executive
compensation plan. Each component has an important role in implementing our executive compensation philosophy and in meeting the executive
compensation objectives described above.
Base Salary
We compensate our executive
officers and other employees with a base salary to compensate them for services rendered on a day-to-day basis during the fiscal year.
Base salaries provide stable compensation to executives, allow us to recruit and retain highly talented and dedicated executives and,
through periodic merit increases, provide a basis upon which executives may be rewarded for individual performance.
105
Short-Term Cash Bonus Incentives
As a key component of our
compensation plan, we currently provide our executive officers the opportunity to earn annual cash bonuses based on the achievement of
our short-term business objectives. As additional cash compensation that is contingent on achieving our business objectives, cash incentives
augment the base salary component while being tied directly to corporate and individual performance objectives.
Long-Term Cash Bonus Incentives
In addition, as a tool to
promote retention of our executive officers, we have implemented a deferred cash incentive program that we believe aligns compensation
with corporate performance, allows us to recruit and retain competent executive talent, and rewards for superior performance measured
over the long-term. Our plan provides for the payment of bonuses in addition to the annual bonuses that are paid to our executive officers.
Our long-term bonus incentive
program features the following key components:
●
available to senior executives who have been employed by our
company at this level for at least four years;
●
at the end of each year, the cash bonus will be accrued in
a "personal virtual account" for the benefit of the relevant executive;
●
at the beginning of the sixth year the relevant executive
will receive the amount accrued during the first four years;
●
additional annual bonuses will be accrued for the following
four years and a final payout will be made at the end of the eighth year from the creation or beginning of the plan; and
●
if the employee decides to voluntarily leave the company before
a scheduled distribution, he will not receive this compensation.
Our plan provides that the
executive must meet the following eligibility criteria:
●
must be no older than 58 years at the time his or her participation
in the incentive program begins;
●
must have at least four years as senior executives with either
our company, or our subsidiaries or affiliates;
●
is a professional who is deemed to have characteristics that
are attractive to the market; and
●
the executive's departure is deemed by the board of
directors or a committee thereof to have an adverse effect on our performance.
C.
Board Practices
For information about the
date of expiration of the current term of office and the period during which each director has served in such office, see "Item
6. Directors, Senior Management and Employees—A. Directors and Senior Management."
Benefits upon Termination of Employment
There are no contracts providing
for benefits to directors upon termination of employment.
Board Committees
We have four board committees
composed by members of our board of directors, which are described below, as of April 17, 2023, when the Board meeting was held and members
of these committees were elected.
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Executive Committee
Our by-laws permit us to delegate
an executive committee composed of three to five members of the board of directors. Mr. Eduardo Hochschild Beeck (chairman), Mr. Raimundo
Morales Dasso and Mr. Humberto Nadal del Carpio are currently members of our executive committee. Our executive committee is mainly
responsible for (i) supervising and supporting our management in executing the resolutions passed by our board of directors, (ii) executing
the strategy approved by our board of directors, (iii) meeting short-term and medium-term goals, as well as designing action plans to
meet such goals in accordance with the long-term strategy and goals approved by our board of directors, (iv) approving agreements or transactions
involving amounts greater than US$3 million but less than US$20 million, (v) monitoring compliance with the annual budget and approving
any significant deviations from approved levels of working capital, (vi) making strategic decisions that do not rise to the level of a
full board approval, and (vii) approving and executing new projects in amounts up to US$20 million.
Our executive committee also
performs the functions of a compensation committee.
Antitrust Best Practices Committee
The antitrust best practices
committee is composed of three members: Mr. Raimundo Morales Dasso, Mr. Humberto Nadal del Carpio and Mr. Eduardo Hochschild
Beeck. The antitrust best practices committee is responsible for informing our employees about our competition best practices and for
monitoring compliance with such practices, including compliance with antitrust regulations.
Audit Committee
Our audit committee is composed
of three directors: Mr. Esteban Chong Leon, who is the chairman of the audit committee, Mr. Venkat Krishnamurthy and Mrs. Ana
María Botella Serrano. All of the members of the audit committee qualify as independent in accordance with the SEC rules applicable
to foreign private issuers Mr. Esteban Chong Leon also qualifies as a financial expert under SEC rules. The audit committee is responsible
for (i) reviewing our financial statements; (ii) evaluating our internal controls and procedures, and identifying deficiencies; (iii)
the appointment, compensation, retention; and (iv) oversight of our external auditors. Additionally, it is responsible for informing our
board of directors regarding any issues that arise with respect to the quality or integrity of our financial statements, our compliance
with legal or regulatory requirements, the performance and independence of the external auditors, or the performance of the internal audit
function; and overseeing measures adopted as a result of any observations made by our shareholders, directors, executive officers, employees
or any third parties with respect to accounting, internal controls and internal and external audit, as well as any complaints regarding
management irregularities, including anonymous and confidential methods for addressing concerns raised by employees.
Corporate Governance Committee
Our corporate governance committee
is composed of three directors. The current members are Mr. Eduardo Hochschild Beeck (chair), Mr. Raimundo Morales Dasso and
Mr. Humberto Nadal del Carpio. The corporate governance committee is responsible for assisting the board on its oversight of director
nomination and committee assignments, as well as the board and CEO successions. Similarly, it is responsible for assisting in the implementation
of the committee and board self-assessment surveys and the review of governance principles.
107
D.
Employees
As of December 31, 2022, we
had a total of 1,713 permanent employees. The following table sets forth a breakdown of our employees by category as of the periods indicated.
As of December 31,
2022
2021
2020
Management
46
39
40
Administrative personnel
1343
1,334
1,295
Plant workers
324
319
322
Total(1)
1,713
1,692
1,657
(1)
Workers from our social venture Acuícola Los Paiches S.A.C. are excluded from these calculations.
As of December 31, 2022, approximately
21.6% of our employees were members of labor unions (
Sindicato Único de Trabajadores de Cementos Pacasmayo S.A.A, Sindicato
de Trabajadores de Distribuidora Norte Pacamasyo S.R.L , Sindicato Único de Trabajadores de la Empresa Distribuidora Norte Pacasmayo
S.R.L.-Dino
) that represents its members in collective bargaining negotiations. Our management and administrative personnel are not
members of a labor union. Labor relations for unionized and non-unionized employees in our production facilities, including compensation
and benefits, are governed by a collective bargaining agreement that is renewed annually. In May 2022, three-year Union Agreements were
signed with our largest union.
Under Peruvian law, it is
illegal to lay off employees without cause or without following certain formal procedures. In addition, employees who are laid off are
entitled to severance payments upon termination of their employment in an amount equal to one and a half month's salary for each
full year of work performed with a maximum payment equal to 12 monthly salaries provided they are indefinite term employees. In case of
fixed term employment relationship the severance payment is equal to 1.5 monthly salaries for each month, until the completion of the
contract, with a maximum of 12 monthly salaries.
Our employees are enrolled
in either the national public pension fund or a privately managed pension fund. In both cases the applicable payment (approximately 13%)
is withheld by the employer from the employees' monthly salary. As of December 31, 2022, approximately 9.1% of our employees were
enrolled with the national public pension fund and 90.1% with a private social pension plan.
2020-2021 was one of the
most challenging periods in Pacasmayo's history. The COVID-19 pandemic created unprecedented impacts in Peru, and on the national economy,
namely a collapsed healthcare system, more than 37,000 dead, strict confinement measures that paralyzed the country's main economic activities
and which caused a contraction in GDP of 11.1% in 2020, as well as the loss of millions of jobs. The economy bounced back in 2021, reaching
a 13.2% GDP growth rate.
2022 has been a year of experimentation:
after returning to the office, we committed ourselves to finding the most appropriate work modality for each of our collaborators. Likewise,
we materialize our intentions to build an inclusive company, providing greater opportunities, through programs, for women to access and
develop their skills as part of the industry.
In order to protect the health
and safety of our collaborators, as well as promoting the spirit of synergy among our teams, as of October 2021 and to date, we migrated
to a hybrid work scheme. To accompany this process, in 2022, under the leadership of our CEO, we relaunched UnNuevoPacasmayo.com, a platform
through which we provide tips to all our employees to balance life and work. Complementarily, we deployed hybrid Bootcamps, three learning
spaces, where we strengthen leadership, collaboration, and well-being with a focus on this new modality. Thus, we seek that, from the
place where we are, we continue to build together the future we dream of.
We believe we have a good
relationship with our employees. In the past, we have not experienced any material strikes, work stoppages or any other significant disruptions.
108
E.
Share Ownership
As of March 31, 2023, persons
who are currently members of our board of directors and our executive officers held as a group 1,426,553 of our common shares and no investment
shares (not including common shares held by Mr. Eduardo Hochschild through ASPI). This amount represented less than 1% of our outstanding
share capital as of March 31, 2023. Mr. Eduardo Hochschild through ASPI indirectly controls 211,985,547 common shares.
Mr. Manuel Ferreyros, Mr. Humberto
Nadal, Mr. Raimundo Morales, Mr. Carlos Pomarino own individually and in the aggregate less than 1% of our common shares.
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
As of March 31, 2023, our
issued and outstanding share capital was composed of 423,868,449 common shares. In addition, as of March 31, 2023, we had 40,278,894 non-voting
investment shares outstanding, 36,040,497 of which were held in treasury.
The following table sets forth
the beneficial ownership of our common shares and non-voting investment shares as of March 31, 2023.
As of March 31, 2023
Common shares
Investment shares
Total
Shareholder
Number of
shares (in
millions)
Percentage
Number of
shares (in
millions)
Percentage
Number of
shares (in
millions)
Percentage
ASPI
(1)
211,985.5
50.0
%
—
—
211,985.5
45.7
%
CPSAA (treasury shares)
—
—
36,040.4
89.5
%
36,040.4
7.7
%
IN—Fondo 3 (AFP Integra)
17,880.8
4.2
%
—
—
17,880.8
3.9
%
RI—Fondo 2 (AFP Prima)
23,336.9
5.5
%
—
—
23,336.9
5.0
%
RI—Fondo 3 (AFP Prima)
18,064.3
4.3
%
—
—
18,064.3
3.9
%
PR—Fondo 3 (PROFUTURO)
19,342.3
4.6
%
—
—
19,342.3
4.2
%
Directors and officers
(2)
1,426.6
0.3
%
—
—
1,426.6
0.3
%
American Depositary Share Program
34,517.4
8.1
%
—
—
34,517.4
7.4
%
Other shareholders
83,290.0
19.7
%
4,238.5
10.5
%
87,528.4
18.9
%
Total
423,868.5
100.0
%
40,278.9
100.0
%
464,147.3
100.0
%
(1)
ASPI is indirectly controlled by Mr. Eduardo Hochschild through Farragut Holdings, Inc. (Cayman Islands).
Mr. Eduardo Hochschild is a member of the board of directors of our company. The shares expressed here include those held through
ASPI.
(2)
See "Item 6. Directors, Senior Management and Employees—Share Ownership" for information
regarding shares of our common stock owned by members of our board of directors and executive officers. The number of common shares held
by directors and executive officers excludes any shares that may be deemed to be beneficially owned by Mr. Eduardo Hochschild through
ASPI.
109
Changes in Ownership
The following sets forth the
composition of ownership from December 31, 2018 to December 31, 2022.
As of December 31,
Shareholder
2022
2021
2020
2019
2018
ASPI
45.7
%
45.7
%
45.7
%
45.7
%
45.7
%
CPSAA (treasury shares)
7.8
%
7.8
%
7.8
%
7.8
%
7.8
%
IN—Fondo 2 (AFP Integra)
—
—
—
4.7
%
RI—Fondo 2 (AFP Prima)
5.0
%
5.2
%
4.6
%
3.9
%
4.4
%
RI—Fondo 3 (AFP Prima)
4.0
%
4.0
%
—
4.1
%
0.2
%
American Depositary Receipt Program
7.3
%
7.4
%
6.8
%
6.7
%
13.0
%
IN—Fondo 3 (AFP Integra)
4.3
%
5.0
%
4.1
%
5.1
%
—
PR—Fondo 3 (AFP Profuturo)
4.2
%
4.4
%
3.7
%
4.0
%
—
Other shareholders
18.4
%
16.1
%
22.7
%
18.5
%
24.2
%
Total
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
On January 19, 2017, our management
approved the buyback of an additional 7,911,845 investment shares, which we currently hold in treasury.
On March 1, 2018, we spun-off a portion of the
net assets (consisting of the assets and liabilities) related to Fosfatos del Pacífico S.A. to Fossal S.A.A., and as a result our
capital stock was reduced by approximately S/107,593,030, from S/531,461,479 to S/423,868,449 for our common shares, and from S/ 50,503,124
to S/40,278,894 for our investment shares.
Differences in Voting Rights
Our major shareholders do
not have different voting rights.
Securities Held in the Host Country
On February 7, 2012, we completed
our initial public offering of 20,000,000 ADSs, each representing five common shares, in the United States. On March 2, 2012, we sold
an additional 2,296,800 ADSs pursuant to an over-allotment option granted to the underwriters in that offering. Our ADSs are listed on
the New York Stock Exchange. As of March 31, 2023, we estimate that there were 6,903,477 ADSs outstanding, which represented 8.1% of our
common shares outstanding as of such date.
Arrangements for Change in Control
We are not aware of any arrangements
that may, when in force, result in a change in control.
B.
Related Party Transactions
Peruvian Law Concerning Related Party Transactions
Under Peruvian law, board
members and executive officers of a publicly held company may not (i) engage in transactions with the company or any related party of
the company, except for transactions entered into in the ordinary course of business and on an arm's length basis, (ii) appropriate
for their own benefit a business opportunity that belongs to the company, or (iii) participate in any transaction or decision that presents
a conflict of interest with the company.
Peruvian law sets forth certain
restrictions and limitations on transactions with certain related parties.
110
For instance, from a tax standpoint,
the value of those transactions must be equal to the fair market value assessed under transfer pricing rules (i.e., the value agreed to
by unrelated parties under the same or similar circumstances). Similarly, companies with securities registered in the Peruvian Public
Registry of Securities (
Registro Público del Mercado de Valores
), such as us, are required to comply with the following
rules:
●
The directors and managers of the company cannot, without
the prior authorization of the board of directors, (i) receive in the form of a loan money or assets of the company; or (ii) use, for
their own benefit or for the benefit of related parties, assets, services or credits of the company.
●
The execution of agreements that involve at least 5% of the
assets of the company with persons or entities related to directors, managers or shareholders that own, directly or indirectly, 10% of
the share capital, requires the prior authorization of the board of directors (with no participation of the director involved in the
transaction, if any).
●
The execution of agreements with a party controlled by the
company's controlling shareholder requires the prior authorization of the board of directors and an evaluation of the terms of
the transaction by an external independent company (audit companies or other to be determined by the Peruvian Securities Commission).
The external independent company
that reviews the transaction should not be related to the parties involved therein, nor to directors, managers or shareholders that own
at least 10% of the share capital of the company.
Related Party Transactions
As a general policy, we do
not enter into transactions with related parties, including our board members and officers, on terms more favorable than what we would
offer third parties. Any related party transaction we have entered into in the past has been in the ordinary course of business and on
an arm's length basis.
As of December 31, 2022, we
had an accounts payable balance with ASPI, our controlling shareholder, in the amount of S/5,000 (US$1,308.9).
The following transactions
have been entered into by us with related parties:
●
We lease a plot of land adjacent to our headquarters to our
affiliate, Compañía Minera Ares S.A.C., a subsidiary of Hochschild Mining plc. We received rental payments of S/1,303,000
in 2020, S/1,230,000 in 2021 and S/1,200,000 in 2022.
●
We provide back office management and administrative services to ASPI, Fossal S.A.A and Fosfatos del Pacifico S.A., for which we received S/834,000 in 2020, S/305,000 in 2021 and S/198,000 in 2022.
●
We receive a reimbursement of security services from our affiliate
Compañía Minera Ares S.A.C., a subsidiary of Hochschild Mining plc. We paid a total of S/1,912,000 in 2020, S/2,836,000
in 2021 and S/2,110,000 in 2022 for these services.
ASPI and Hochschild Mining
plc are majority-owned and controlled, directly and indirectly, by Mr. Eduardo Hochschild.
For more information about
our related-party transactions please see note 27 to our consolidated financial statements included in this annual report.
111
C.
Interests of Experts and Counsel
Not applicable.
ITEM 8. FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial Information.
See Item 19. — Exhibits.
Legal and Administrative Proceedings
From time to time, we may
become subject to various legal and administrative proceedings that are incidental to the ordinary conduct of our business. We are currently
not party to any material legal or administrative proceedings.
Dividends and Dividend Policy
Our ability to pay dividends
is subject to our results of operations for each year. Holders of our common shares and investment shares are entitled to receive dividends
on a pro rata basis in accordance with their respective number of shares held
Under our dividend policy,
shareholders must take the following factors into consideration prior to declaring dividends: our financial and economic condition, including
committed and budgeted expenses and obligations, and previously approved investments. In addition, our dividend policy states that (a)
our board of directors may declare advanced dividends based on either the net income resulting from financial statements prepared for
such purpose or the cumulative net income corresponding to previous years, provided that shareholders delegated such authority to the
board of directors, and (b) holders of common shares representing no less than 20% of our total share capital may request the distribution
of dividends up to 50% of the net income corresponding to the previous year, net of any legal reserve requirements. Our board of directors
makes a recommendation at the annual shareholders' meeting with respect to the amount and timing of dividend payments, if any, to
be made on our common shares and investment shares.
Under Peruvian law, companies
may distribute up to 100% of their profit (after payment of income tax) subject to a 10% legal reserve until the legal reserve equals
20% of shareholders' equity. According to Article 40 of the Peruvian Corporate Law, in order to distribute dividends, profits must
be determined in accordance with the individual financial statements of the company.
Payment of Dividends
Dividends are paid to holders
of our common shares and investment shares, as of a record date determined by us. In order to allow for the settlement of securities,
under the rules of the Peruvian Securities Commission, investors who purchase shares of a publicly held company three business days prior
to a dividend payment date do not have the right to receive such dividend payment. Dividends on issued and outstanding common shares and
investment shares are distributed pro rata.
Holders of common shares and
investment shares are not entitled to interest on accrued dividends. In addition, under Article 232 of the Peruvian Corporate Law, the
right to collect accrued dividends declared by a publicly held company expires 10 years from the original dividend payment date.
112
Previous Dividend Payments
The following table sets forth
the amounts of cash dividends declared and paid from 2012 through the date hereof for our common shares and our investment shares.
Year ended December 31,
Dividends paid
Per share (in S/)
2022
194,941,884
0.42000
2021
366,676,401
0.79000
2020
106,753,888
0.23000
2019
154,118,465
0.36000
2018
161,396,280
0.37700
2017
149,837,396
0.35000
2016
155,236,000
0.28500
2015
162,950,000
0.28000
2014
116,393,000
0.20000
At the annual shareholders'
meeting held on March 24, 2023, the shareholders of the Company approved the financial statements for fiscal year 2022 including the net
income for such year and delegated to the Board of Directors the authority to decide the distribution of dividends from the retained earnings
account and fiscal year 2023 operating results.
B.
Significant Changes
We are not aware of any changes
bearing upon our financial condition since the date of the financial statements included in this annual report.
ITEM 9. THE OFFER AND LISTING
A.
Offer and Listing Details
Market Price of Our Common Shares and ADSs
Our ADSs
On February 7, 2012, we completed
our initial public offering of 20,000,000 ADSs, each representing five common shares, in the United States. On March 2, 2012, we sold
an additional 2,296,800 ADSs pursuant to an over-allotment option granted to the underwriters in that offering.
Our ADSs are listed on the
New York Stock Exchange under the symbol "CPAC."
B.
Plan of Distribution
Not applicable.
113
C.
Markets
Trading in the Peruvian Securities Market
The Lima Stock Exchange
As of December 31, 2022, there
were 397 companies with securities listed on the Lima Stock Exchange. Established in 1970, the Lima Stock Exchange is Peru's only
securities exchange. On November 19, 2003, the members of the Lima Stock Exchange approved to convert its corporate status to a publicly
held corporation effective as of January 1, 2003. As of December 31, 2022, The Lima Stock Exchange had a share capital of S/162,092,340],
divided into 173,659,481 class "A" shares and 8,432,859 class "B" shares of par value S/1.00 each. Class "A"
shares are entitled to one vote per share while class "B" shares do not have voting rights. As of December 31, 2022, the Lima
Stock Exchange had 295 shareholders. On March 2020, after its annual review, FTSE announced that, since there is only one Peruvian stock
in the FTSE Global All Cap index, it fails the new minimum investable market cap and securities count requirement criterion. As a result,
Peru was reclassified from Secondary Emerging to Frontier market status effective from September 2020.
Trading on the Lima Stock
Exchange is primarily done on an electronic trading system that became operational in August 1995. From the first Monday of November through
the second Sunday of March of each year, trading hours are Monday through Friday (except holidays) as follows: 8:20 a.m.-8:30 a.m. (pre-market
ordering); 8:30 a.m.-2:55 p.m. (trading); 2:55 p.m.-3:00 p.m. (after-market sales); and 3:00 p.m.-3:10 p.m. (after-market trading). At
all other times, trading hours are from Monday to Friday (except holidays) as follows: 9:00 a.m.-9:30 a.m. (pre-market ordering); 9:30
a.m.-3:55 p.m. (trading); 3:55 p.m.-4:00 p.m. (after-market sales); and 4:00 p.m.-4:10 p.m. (after-market trading).
Transactions during the electronic
sessions are executed through brokerage firms and stock brokers on behalf of their clients. Brokers submit orders in the order in which
they are received. The orders must specify the type of security as well as the amount and price of the proposed sale or purchase. In order
to control price volatility, for Peruvian companies there are volatility auctions for variations of +/- 7% during trading session and
+/- 4% during the last half-hour of continuous trading, when a stock reaches the 15% limit there is an auction and a consequent price
formation. For non-Peruvian companies there is no limit because it is the price in the foreign market the main reference.
Regulation of the Peruvian Securities Market
The Securities Market Law
regulates certain securities matters, such as transparency and disclosure, corporate takeovers, capital market instruments and operations,
the securities markets and broker-dealers, and credit-rating agencies. In 1996, the Peruvian Securities Commission, "
Superintendencia
del Mercado de Valores – SMV
" , formerly known as the National Supervisory Commission for Securities and Companies (
Comisión
Nacional Supervisora de Empresas y Valores
, or "CONASEV"), was given additional responsibilities relating to the supervision,
regulation and development of the securities market, while the Lima Stock Exchange was granted the status of a self-regulatory organization.
Additionally, a unified system of guarantees and capital requirements was established for the Lima Stock Exchange.
Pursuant to Law No. 29782,
published in the Peruvian Official Gazette,
El Peruano
, on July 28, 2011, the Peruvian Securities Commission is a governmental
entity reporting to Peru's Ministry of Economy and Finance with functional, administrative, economic, technical and budgetary autonomy.
The Peruvian Securities Commission
is governed by the Superintendent and a five board-members confirmed by the Superintendent (who acts as President of the board) and four
members appointed by the Peruvian Executive Power (one suggested by the Ministry of Economy and Finance, one suggested by the BCRP, one
suggested by the Peruvian Superintendence of Banking, Insurance and Private Pension Funds and one independent member). The Peruvian Securities
Commission has broad regulatory powers, including reviewing, promoting, and making rules regarding the securities market, supervising
its participants, and approving the registration of public offerings of securities.
114
The Peruvian Securities Commission
supervises the securities markets and the dissemination of information to investors. It also (i) governs the operations of the Public
Registry of Securities, (ii) regulates mutual funds, publicly placed investment funds and their respective management companies and broker-dealers,
(iii) monitors compliance with accounting regulations by companies under its supervision as well as the accuracy of financial statements
and (iv) registers and supervises auditors who provide accounting services to those companies registered with the Peruvian Securities
Commission.
Pursuant to the Securities
Market Law, broker-dealers must maintain a guarantee fund. This guarantee fund must be managed by an entity supervised by the Peruvian
Securities Commission. Contributions to the guarantee fund must be made by the 25 broker-dealers that are members of the Lima Stock Exchange
and are based on the volume traded over the exchange. In addition to the guarantee fund managed, each broker-dealer is required to maintain
a guarantee in favor of the Peruvian Securities Commission to guarantee any liability that broker-dealers may have with respect to their
clients. Such guarantees are generally established through letters of credit issued by local banks.
Disclosure Obligations
Issuers of securities registered
with the Peruvian Securities Commission are required to disclose material information relating to the issuer. Pursuant to the Securities
Market Law and relevant regulations enacted thereunder, all material information in connection with the issuer of registered securities
(such as our common shares and investment shares), its activities or securities issued or secured by such issuer which may influence the
liquidity or price of such securities must be disclosed. Accordingly, issuers must file with the Peruvian Securities Commission mainly
two types of information: (a) financial information, including interim unaudited financial statements on a quarterly basis (which are
not required to be subject to limited review), and annual audited consolidated financial statements on an annual basis, and (b) material
information relating to the issuer and its activities that may significantly affect the price, offering or negotiation of the issued securities,
and in general, all the information that may be relevant for investors to be able to make investment decisions.
In order to comply with the
foregoing disclosure obligations, issuers must disclose reaffirmation to the Peruvian Securities Commission and, if the securities are
listed, with the Lima Stock Exchange as soon as practicable but not later than one business day after having become aware of such information.
D.
Selling Shareholders
Not applicable.
E.
Dilution
Not applicable.
F.
Expenses of the Issue
Not applicable.
ITEM 10. ADDITIONAL INFORMATION
A.
Share Capital
Not applicable.
B.
Memorandum and Articles of Association
Set forth below is certain
information relating to our share capital, including brief summaries of the material provisions of our by-laws, Peruvian corporate law
and certain related laws and regulations of Peru, all as in effect as of the date hereof.
115
General
We are a publicly held corporation
under Peruvian Corporate law registered with the Public Registry of Corporations in Lima. We are currently listed on the Lima Stock Exchange.
The second article of our
by-laws provides that our principal corporate purpose is mining and the production and sale of cement, quicklime and other construction
materials in Peru and internationally.
We have common shares and
investment shares.
See "Item 6. Directors,
Senior Management and Employees—A. Directors and Senior Management" for information regarding our Board of Directors.
Common Shares
Common shares represent 100%
of our voting shares. As of March 31, 2023, 423,868,449 of our common shares were outstanding. As of March 31, 2023, there were 34,517
owners of record of our common shares (considering the ADSs listed in the New York Stock Exchange are held by one registered owner). Our
common shares have a par value of S/1.00 per share and have been fully subscribed and are fully paid. Our common shares are registered
in the Securities Public Registry of the Peruvian Securities Commission and are listed on the Lima Stock Exchange.
Investment Shares
As of March 31, 2023, 4,238,397
of our investment shares were outstanding excluding 36,040,497 investment shares that were held in treasury. Investment shares have no
voting rights and are not, under Peruvian law and accounting regulations, characterized as share capital. However, investment shares are
still considered part of a company's equity. As of March 31, 2023, there were 421 owners of record of our investment shares. Our
investment shares have a par value of S/1.00 per share and have been fully subscribed and are fully paid. Our investment shares are registered
in the Securities Public Registry of the Peruvian Securities Commission and are listed on the Lima Stock Exchange.
Shareholders' Liability
Under Peruvian Corporate Law,
holders of our common shares cannot vote on matters with respect to which they have a conflict of interest.
Under Article 133 of the Peruvian
Corporate Law, a shareholder must abstain from voting if such shareholder has a conflict of interest. A resolution approved in disregard
of this provision may be challenged under Article 139 of the Peruvian Corporate Law and any shareholder that participated in the determination
in breach of this provision, if such shareholder's vote was key in attaining the required majority, may be held liable individually,
or jointly with any other shareholder voting in breach of the provision.
Redemption and Rights of Withdrawal
Under Article 200 of the Peruvian
Corporate Law, holders of our common shares have redemption rights if: (i) we change our corporate purpose; (ii) a change occurs
in the place of organization to a foreign country; or (iii) any transformation, merger or significant spin-off occurs with respect to
our company.
Preemptive and Accretion Rights
If we increase our share capital,
holders of our common shares and investment shares have the right to subscribe to new common shares and investment shares, respectively,
on a pro rata basis. Holders of common shares have preemptive rights in order to maintain their share interest in our share capital, unless
the capital increase (i) results from a conversion of debt to common shares; (ii) is approved by shareholders representing at least
40.0% of the subscribed voting shares provided that the capital increase does not favor, directly or indirectly, certain shareholders to
the detriment of others; and (iii) results from a corporate reorganization. Holders of investment shares have preemptive rights to maintain
their proportional ownership in our share capital.
116
Shareholders who are in default
of any payments relating to a capital call may not exercise their preemptive rights.
Preemptive rights are exercised
in two rounds. During the first round, shareholders may subscribe to the new shares on a pro rata basis. During the second round, shareholders
who participated in the first round may subscribe to any remaining shares on a pro rata basis up to the amount of shares such shareholders
subscribed for in the first round. The first round must remain open for at least 15 business days. The second round must remain open for
at least three business days.
Voting Rights and Dividends
Common Shares
Holders of common shares are
entitled to one vote per share, with the exception of the election of the board of directors, where each holder is entitled to one vote
per share per nominee. Each holder's votes may be cast for a single nominee or distributed among the nominees at the holder's
discretion. To that effect, each of our common shares gives the holder the rights to as many votes as there are directors to be elected.
Shareholders may pool votes in favor of one person or distribute them among various persons. Those candidates for the board who receive
the most votes are elected directors. Holders of common shares may attend and vote at shareholders' meetings either in person or
through a proxy.
Holders of common shares have
the right to participate in the distribution of dividends and shareholder equity resulting from liquidation. Our by-laws do not establish
a maximum time limit for the payment of the dividends. However, according to Article 232 of the Peruvian Corporate law, the right to collect
past-due dividends in the case of companies that are publicly held companies, such as ours, expires 10 years after the date on which the
dividend payment was due.
Our share capital may be increased
by a decision of holders of common shares at a shareholders' meeting. Capital reductions may be voluntary or mandatory and must
be approved by holders of common shares at a shareholders' meeting. Capital reductions are mandatory when accumulated losses exceed
50% of the capital and to the extent such accumulated losses are not offset by accumulated earnings and capital increases within the following
fiscal year. Capital increases and reductions must be communicated to the Peruvian Securities Commission, the Lima Stock Exchange and
the SUNAT. Voluntary capital reductions must also be published in the official gazette
El Peruano
and in a widely circulated
newspaper in the city in which we are located.
Investment Shares
Under Peruvian Corporate Law,
investment shares do not represent share capital. Accordingly, our balance sheet reflects the investment shares as a separate account
from our share capital. Holders of investment shares are neither entitled neither to vote nor to participate in shareholders' meetings.
However, investment shares confer upon the holders thereof the right to participate in the dividends distributed according to their par
value, in the same manner as common shares. Investment shares also confer to the holders thereof the preemptive right to (i) maintain
the current proportion of the investment shares in the case of a capital increase through new contributions; (ii) increase the number
of investment shares upon capitalization of retained earnings, revaluation surplus or other reserves that do not represent cash contributions;
(iii) participate in the distribution of assets resulting from a liquidation in the same manner as common shares; and, (iv) redeem the
investment shares in case of a merger and/or change of business activity.
Liquidation Rights
If we are liquidated, our
shareholders have the right to receive net assets resulting from the liquidation, after we comply with our obligation to pay all our creditors
and after discounting any existing dividend liabilities. For this reason, we cannot assure that we will be able to reimburse 100% of the
book value of the common shares and investment shares in case of bankruptcy or liquidation.
Ordinary and Extraordinary Meetings
Pursuant to Peruvian Corporate
Law and our by-laws, the annual shareholders' meeting must be held during the three-month period after the end of each fiscal year.
Additional shareholders' meetings may be held during the year. Because we are a publicly held corporation, we are subject to the
special control of the Peruvian Securities Commission, as provided in Article 253 of the Peruvian Corporate Law. If we do not hold the
annual shareholders' meeting during the three-month period after the end of each fiscal year or any other shareholders' meeting
required by our by-laws, a public notary or a competent judge shall call for such a meeting at the request of at least one shareholder
of the common shares. Such meeting will take place within a reasonable period of time.
117
Other shareholders'
meetings are convened by the board of directors when deemed convenient by our company or when it is requested by the holders of at least
20% of our common shares. If, at the request of holders of 20% of the common shares, the shareholders' meeting is not convened by
the board of directors within 15 business days of the receipt of such request, or the board expressly or implicitly refuses to convene
the shareholders' meeting, a public notary or a competent judge will call pursuant to Law No. 29560 for such meeting at the request
of holders of at least 20% of our common shares. If a public notary or competent judge calls for a shareholders' meeting, the place,
time and hour of the meeting, the agenda and the person who will preside shall be indicated on the meeting notice. If the meeting called
is other than the annual shareholders' meeting or a shareholders' meeting required by the Peruvian Corporate Law or the by-laws,
the agenda will contain those matters requested by the shareholders who requested the meeting.
Holders of investment shares
have no right to request the board to call a shareholders' meeting.
Notices of Meetings
Since we are a publicly held
corporation, notice of shareholders' meetings must be given by publication of a notice. The publication shall occur at least 25
days prior to any shareholders' meeting in the Peruvian Official Gazette,
El Peruano
, and in a widely circulated newspaper
in the city in which we are located. The notice requirement may be waived at the shareholders' meeting by agreement of the holders
of 100% of the outstanding common shares.
Quorum and Voting Requirements
According to Article 25 of
our by-laws and Article 257 of the Peruvian Corporate Law, shareholders' meetings called for the purpose of considering a capital
increase or decrease, the issuance of obligations, a change in the by-laws, the sale in a single act of assets with an accounting value
that exceeds 50% of our share capital, a merger, division, reorganization, transformation or dissolution, are subject to a first, second
and third quorum call, each of the second and third quorum call to occur upon the failure of the preceding one. A quorum for the first
call requires the presence of shareholders holding 50% of our total common shares. For the second call, the presence of shareholders holding
at least 25% of our total common shares is adequate, while for the third call there is no quorum requirement. These decisions require
the approval of the majority of the common shares represented at the shareholders' meeting. Shareholders' meetings convened
to consider all other matters are subject to a first and second quorum call, the second quorum call to occur upon the failure of the first
quorum.
In accordance with Peruvian
Corporate Law, only those holders of common shares whose names are registered in our stock ledger not less than 10 days in advance of
a meeting will be entitled to attend the shareholders' meeting and to exercise their rights.
Limitations on the Rights of Non-residents or Foreign Shareholders
There are no limitations under
our by-laws or Peruvian Corporate Law on the rights of nonresidents or foreign shareholders to own securities or exercise voting rights
with respect to our securities.
Disclosure of Shareholdings and Tender Offer Regulations
Disclosure of Shareholdings
There are no provisions in
our by-laws governing the ownership threshold above which share ownership must be disclosed.
However, according to Article
10 of CONASEV Resolution No. 090-2005-EF-94.10, as amended, we must inform the Peruvian Securities Commission of the members of our economic
group and a list of our holders of common shares owning more than a 4% share interest, as well as any change to such information.
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Tender Offer Regulations
Peruvian security regulations
include mandatory takeover rules applicable to the acquisition of control of a listed company.
Subject to certain conditions,
such regulations generally establish the obligation to make a tender offer when a person or group of persons acquires a relevant interest
in a listed company. According to Peruvian law, a person acquires a relevant interest in a listed company when such person (a) holds or
has the power to exercise directly or indirectly 25%, 50% or 60% of the voting rights in a listed company, or (b) has the power to appoint
or remove the majority of the board members or to amend its by-laws.
In general, the tender offer
must be launched prior to the acquisition of the relevant interest. The tender offer may be launched after the "relevant interest"
is acquired if it is acquired (a) by means of an indirect transaction, (b) as a consequence of a public sale offer, or (c) in no more
than four transactions within a three-year period.
This mandatory procedure has
the effect of alerting other shareholders and the market that an individual or financial group has acquired a significant percentage of
a company's voting shares, and gives other shareholders the opportunity to sell their shares at the price offered by the purchaser.
The purchaser is required to launch a tender offer unless: (a) shareholders representing 100% of the voting rights consent in writing,
(b) voting shares are acquired by a depositary in order to subsequently issue ADSs, or (c) voting shares are acquired pursuant to the
exercise of preemptive rights.
Changes in Capital
Our by-laws do not establish
special conditions to increase or reduce our share capital beyond what is required under Peruvian Corporate Law.
Anti-Takeover Provisions
Our by-laws do not contain
any provision that would have the effect of delaying, deferring or preventing a change of control. However, acquisitions of shares of
our capital stock that involve a change of control may be subject to Peruvian securities and exchange regulations (
Ley de Mercado de
Valores y Reglamento de Oferta Pública de Adquisición y de Compra de Valores por Exclusión
) applicable to tender
offers.
Form and Transfer
Common shares and investment
shares may be either physical share certificates in registered form or book-entry securities in the CAVALI S.A. ICLV book-entry settlement
system, also in registered form.
Furthermore, the Peruvian
Corporate Law forbids publicly held corporations, such as us, from including in their by-laws stipulations limiting the transfer of their
shares or restraining their trading in other ways. In addition, pursuant to our by-laws, we cannot recognize a shareholders' agreement
that contemplates limitations, restrictions or preferential rights on the transfer of shares, even if such an agreement is recorded in
our stock ledger (
matrícula de acciones
) or in CAVALI S.A. ICLV.
119
C.
Material Contracts
On December 31, 2007, we entered
into a contract for the general management and provision of services with ASPI, pursuant to which we provide legal and corporate services
to it. See "Item 7. Major Shareholders and Related Party Transactions—A. Related Party Transactions."
On February 1, 2008, we entered
into a surface rights agreement with Compañía Minera Ares S.A.C., pursuant to which we lease a plot of land adjacent to
our headquarters to our affiliate, Compañía Minera Ares S.A.C., a subsidiary of Hochschild Mining plc. See "Item 7.
Major Shareholders and Related Party Transactions—A. Related Party Transactions."
On June 30, 2008, we entered
into a property lease agreement with ASPI pursuant to which we lease part of our headquarters as office space to ASPI. See "Item
7. Major Shareholders and Related Party Transactions—A. Related Party Transactions."
On June 3, 2010, we entered
into a long-term electricity supply agreement with Electroperú, a government-owned company, which was set to expire in July 2020,
to serve the electricity requirements of our Pacasmayo facility. Electroperú has agreed to provide us with sufficient energy to
operate our Pacasmayo facility (later expanded to include our Piura facility) at pre-determined maximum amounts during the term of the
contract. Payments for electricity are based on a formula that takes into consideration our energy consumption and certain market variables,
such as the U.S. purchase price index, the global price of oil, the local price of natural gas and the import price of bituminous coal.
We entered into an addendum to this agreement, effective February 1, 2016, which extends the term of the agreement until December 31,
2026, reduces the prices for the 2016-2020 period and establishes new prices for the 2020-2026 period. See "Item 4. Information
on the Company—A. History and Development of the Company—Raw Materials and Energy Sources."
On February 8, 2013, we issued
US$300,000,000 aggregate principal amount of our 4.50% Senior Notes due 2023, in our inaugural international bond offering, pursuant to
an indenture. A portion of the proceeds were used to prepay amounts outstanding our secured loan agreement with BBVA Banco Continental,
and the remaining proceeds were used to cover a portion of the capital expenditures in connection with the construction and development
of the new Piura plant and our cement business. We prepaid a portion of the Senior Notes in a cash tender offer in 2018, and we repaid
the remaining amount upon maturity in February 2023. See "Item 5. Operating and Financial Review and Prospects—B. Liquidity
and Capital Resources."
On January 31, 2019, we issued
an aggregate principal amount of S/570,000,000 of debt securities in the local market in two issuances. One in the aggregate principal
amount of S/260 million bearing interest at a rate of 6.68750% for a term of 10 years, and the other in the aggregate principal amount
of S/310 million bearing interest at a rate of 6.84375% for a term of 15 years. The proceeds were used to purchase a portion of our 4.50%
Senior Notes due 2023.
On August 6, 2021, we established
the conditions of a medium-term corporate loan under "Club Deal" modality with Banco de Crédito del Perú S.A.
and Scotiabank Perú S.A.A. The loan amounted to S / 860,000,000 that will allow the payment of all the financial obligations that
the Company maintains with maturity until February 2023 and will be disbursed based on the maturity of each of them.
On November 29, 2021, we entered into a supply
contract with FLSmidth A/S for the supply of the equipment and engineering for a new 2000 tons per day pyro line for our Pacasmayo Plant
for a total amount of €19,254,150.
On February 16, 2022, we entered
into a construction and erection contract with Ingeniería y Construcción Sigdo Koppers Perú S.A.C. for the construction
and erection required for our new 2000 tons per day pyro line for our Pacasmayo Plant for a referential amount of S/ 66,083,227.
120
D.
Exchange Controls
Since August 1990, there have
been no exchange controls in Peru and all foreign exchange transactions are based on free market exchange rates. Prior to August 1990,
the Peruvian foreign exchange market consisted of several alternative exchange rates. Additionally, during the 1990s, the Peruvian currency
experienced a significant number of large devaluations, and Peru has consequently adopted, and operated under, various exchange rate control
practices and exchange rate determination policies, ranging from strict control over exchange rates to market determination of rates.
Current Peruvian regulations on foreign investment allow the foreign holders of equity shares of Peruvian companies to receive and repatriate
100 percent of the cash dividends distributed by such companies. Such investors are allowed to purchase foreign exchange at free market
currency rates through any member of the Peruvian banking system and transfer such foreign currency outside Peru without restriction.
E.
Taxation
The following summary contains
a description of certain Peruvian and United States federal income tax consequences of the acquisition, ownership and disposition of common
shares or ADSs, but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision
to purchase common shares or ADSs. The summary is based upon the tax laws of Peru and regulations thereunder and on the tax laws of the
United States and regulations thereunder as in effect on the date hereof, which are subject to change.
Prospective holders of common
shares or ADSs should consult their own tax advisors as to the tax consequences of the acquisition, ownership and disposition of common
shares or ADSs in their particular circumstances.
Peruvian Tax Considerations
The following are the principal
tax consequences of ownership of common shares or ADSs by non-resident individuals or entities ("Non-Peruvian Holders") as
of the date hereof. Legislative, judicial or administrative changes or interpretations may, however, be forthcoming. Any such changes
or interpretations could affect the tax consequences to holders of common shares or ADSs and could alter or modify the conclusions set
forth herein. This summary is not intended to be a comprehensive description of all the tax consequences of acquisition, ownership and
disposition of common shares or ADSs and does not describe any tax consequences arising under the laws of any taxing jurisdiction other
than Peru or applicable to a resident of Peru or to a person with a permanent establishment in Peru.
For purposes of Peruvian taxation:
●
individuals are residents of Peru, if they are Peruvian nationals
who have established their principal place of residence in Peru or if they are foreign nationals with a permanence in Peru of 183 days
in any 12-month period (the condition of Peruvian resident can only be acquired as of the 1st of January of the year following the fulfillment
of residence conditions); and
●
legal entities are residents of Peru if they are established
or incorporated in Peru.
Peruvian Income Tax
Rate
The Peruvian income tax rate is 29.5% .
121
Cash Dividends and
Other Distributions
Cash dividends paid with respect
to common shares and amounts distributed with respect to ADSs are currently subject to a Peruvian withholding tax, at a rate of 5.0% of
the dividend paid. As a general rule, the distribution of additional common shares representing profits, distribution of shares which
differ from the distribution of earnings or profits, as well as the distribution of preemptive rights with respect to common shares, which
are carried out as part of a pro rata distribution to shareholders, will not be subject to Peruvian tax or withholding taxes.
Capital Gains
Pursuant to Article 6 of the
Peruvian income tax law, individuals and entities resident in Peru are subject to Peruvian income tax on their worldwide income while
Non-Peruvian Holders are subject to Peruvian income tax on Peruvian source income only.
The general rule of the Law
of Income Tax in Peru provides that income derived from the disposal of securities issued by Peruvian entities is considered Peruvian
source income and is therefore subject to income tax. Peruvian income tax law also provides that capital gains resulting from the disposal
of ADSs that represent shares issued by Peruvian entities are considered Peruvian source income and therefore also subject to Peruvian
income tax. Peruvian income tax law also provides that taxable income resulting from the disposal of securities is determined by the difference
between the sale price of the securities at market value and the tax basis.
Notwithstanding the foregoing,
capital gains resulting from the disposal of ADSs or beneficial interest in ADSs that represent shares issued by a Peruvian entity are
not considered Peruvian source income as long as the ADSs issued by the foreign depositary are held in the name of a nominee and such
ADSs are not transferred to a third party as a result of the disposal of the ADSs.
In the event ADSs are exchanged
into common shares and such common shares are disposed of, capital gains resulting therefrom will be subject to an income tax rate of
either 5% or 30%, depending on where the transaction takes place. If the transaction is consummated in Peru, the income tax rate is 5%;
if the transaction is consummated outside of Peru, capital gains are taxed at a rate of 30%. Peruvian income tax law regulations have
stated that transactions are deemed to be consummated in Peru if the common shares are transferred through the Lima Stock Exchange. Any
gain resulting from the conversion of ADSs into common shares or common shares into ADSs will not be subject to taxation in Peru.
Any Non-Peruvian Holder who
acquires common shares will have the following tax basis: (i) for common shares purchased by the transferor, the acquisition price paid
for the shares; (ii) for common shares received by the transferor as a result of a share capital increase because of a capitalization
of net profits, the face or nominal value of such common shares; (iii) for other common shares received free of any payment, the stock
market value of such shares if listed on the Lima Stock Exchange or, if not, the face or nominal value of such common shares and (iv)
for common shares of the same type acquired at different opportunities and at different values, the tax basis will be the weighted average
cost. In cases where common shares are sold by Non-Peruvian Holders outside the Lima Stock Exchange, the tax basis must be certified by
the Peruvian tax administration prior to the time payment is made to the transferor; otherwise it would not be possible to deduct the
tax basis and a 30% Peruvian income tax would apply to the total sale price. Under Peruvian income tax law, tax basis certification is
granted by the tax authorities within 30 days from the date of the application (which application must contain supporting evidence
with respect to the tax basis) is made by the transferor. If the tax authorities do not respond within such 30 day period, the tax basis
presented for approval by the transferor is deemed automatically approved.
122
On December 31, 2010, Law
No. 29645 was enacted and took effect from January 1, 2011. This law states that in transactions relating to Peruvian securities through
the Lima Stock Exchange, CAVALI S.A. ICLV (the Peruvian clearing house) will act as withholding agent to the extent that such transactions
are settled in cash through CAVALI's account (
liquidación en efectivo
). The implementing regulations of Law No. 29645
enacted on July 9, 2011 provide that CAVALI began acting as a withholding agent as from November 1, 2011. As a result, while such regulations
do not apply to securities transferred though the Lima Stock Exchange by a Non-Peruvian Holder, such transferor must still self-assess
and pay its income tax liability directly to Peruvian tax authorities within the first 12 working days following the month in which
Peruvian source income was earned. With respect to transactions of Peruvian securities conducted through the Lima Stock Exchange that
are settled directly without CAVALI's intervention (liquidación directa), Non-Peruvian Holders are required to self-assess
and pay income taxes directly to the Peruvian tax authorities within the first 12 working days following the month in which income from
a Peruvian source was earned. Finally, if the purchaser is resident in Peru and the sale is not performed through the Lima Stock Exchange,
the purchaser will act as withholding agent.
However,
Law No. 30341 regulating an exception to the general rule was enacted on December 12, 2015, and entered into force on January 1, 2016,
and Legislative Decree No. 1262, supplementing Law No. 30341, entered into force on January 1, 2017. This law was in force until December
31, 2019.
However, the validity of Law
30341 was initially extended until December 31, 2022, by Emergency Decree 005-2019. Then, Law No. 31662, published on December 30, 2022,
again extended its validity until December 31, 2023. The exemption from income tax provided for by Law 30341, that promotes liquidity
and integration of the Securities Market, now contains the following rules:
1.
The exemption is applicable to capital gains generated by
individuals and undivided succession or conjugal partnerships that chose to be taxed as such (not applicable to entities).
2.
The exemption applies to up to 100 tax units (
Unidad Impositiva
Tributaria
) of the capital gain generated in each taxable year.
The
exemption regulated by the law applies to income from the sale of shares and other securities representing shares made through a centralized
trading mechanism supervised by the Superintendency of Securities, when the shares do not represent 10% or more of the shares issued by
a given company.
Law
No. 30341 and the amendment by Legislative Decree No. 1262, Emergency Decree 005-2019 and Law 31662 include the following provisions:
●
Securities covered by the exemption:
⮚
American Depositary Receipts (ADRs) representing ADSs and Global Depositary Receipts (GDRs);
⮚
Exchange Trade Fund (ETF) units having underlying shares and / or debt securities as underlying;
⮚
Debt securities;
⮚
Certificates of participation in mutual funds for investment in securities;
⮚
Certificates of participation in Investment Fund in Real Estate Income (FIRBI) and certificates of participation
in Trust for Securitization for Investment in Real Estate Income (FIBRA); and
⮚
Negotiable invoices.
123
●
Requirements that apply to the exemption:
⮚
No transfer of 10% or more of the shares or securities representing shares in a period of twelve (12)
months. In the case of ADRs and GDRs, this requirement will be determined by considering the underlying shares;
⮚
In the case of shares or securities representing shares, the calculation of the percentage shall be determined
based on the total number of shares of capital or account of investment shares at the time of disposal;
⮚
The law indicates those operations to be considered for calculating this percentage, as well as those
that do not;
⮚
The securities must have a stock market presence. To determine if the securities have a stock market presence,
the following shall be taken into account:
●
Within 180 business days prior to the transfer, the number
of days in which the daily-negotiated amount has exceeded the limit established in the regulation shall be determined. This limit cannot
be less than six Tax Units (ITU) and will be established considering the volume of transactions that take place in the centralized negotiation
mechanisms;
●
The number of days determined according to what is indicated
in the previous section will be divided between 180 and multiplied by 100; and
●
The result cannot be less than the limit established by the
regulation. This limit cannot exceed 45%.
⮚
Those responsible for conducting centralized trading mechanisms must disseminate on their web pages the
list of the securities that comply with having a presence in the stock market.
●
Loss of exoneration:
⮚
If, after applying the waiver, the issuer delivers the values of the Securities Registry of the Stock
Exchange, in whole or in part, in an act or progressively, within the 12 months following the sale, the exoneration applied with respect
to the values listed; and
⮚
Those responsible for conducting the centralized trading mechanisms must notify SUNAT, in accordance with
the procedure set forth in the regulations, of the securities whose registrations are canceled within 12 months of the sale.
Other Considerations
No Peruvian estate or gift
taxes are imposed on the gratuitous transfer of ADSs or common shares. No stamp, transfer or similar tax applies to any transfer of ADSs
or common shares, except for commissions payable by seller and buyer to the Lima Stock Exchange (0.15% of value sold), fees payable to
the Peruvian Securities Commission (0.05% of value sold), brokers' fees (about 0.05% to 1% of value sold) and Value Added Tax (at
the rate of 18%) on commissions and fees. Any investor who sells its common shares on the Lima Stock Exchange will incur these fees and
taxes upon purchase and sale of the common shares.
124
United States Federal Income Tax Considerations
The following are the material
United States federal income tax consequences as of the date hereof to a United States Holder (as defined below) of the ownership and
disposition of our common shares and ADSs. This summary deals only with common shares and ADSs held as capital assets (generally, property
held for investment). As used herein, the term "United States Holder" means a beneficial owner of common shares or ADSs that
is for United States federal income tax purposes:
●
an individual who is a citizen or resident of the United States;
●
a corporation (or other entity treated as a corporation for
United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District
of Columbia;
●
an estate the income of which is subject to United States
federal income taxation regardless of its source; or
●
a trust if it (1) is subject to the primary supervision of
a court within the United States and one or more United States persons have the authority to control all substantial decisions of the
trust, or (2) has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.
This summary does not represent
a detailed description of the United States federal income tax consequences applicable to you if you are subject to special treatment
under the United States federal income tax laws, including if you are:
●
a dealer or broker in securities or currencies;
●
a financial institution;
●
a regulated investment company;
●
a real estate investment trust;
●
an insurance company;
●
a tax-exempt organization;
●
a person holding our common shares or ADSs as part of a hedging,
integrated or conversion transaction, a constructive sale or a straddle;
●
a trader in securities that has elected the mark-to-market
method of accounting for your securities;
●
a person liable for alternative minimum tax;
●
a person who owns or is deemed to own 10% or more of our stock
(by vote or value);
●
a partnership or other pass-through entity for United States
federal income tax purposes;
●
a person required to accelerate the recognition of any item
of gross income with respect to our common shares or ADSs as a result of such income being recognized on an applicable financial statement;
or
●
a person whose "functional currency" is not the
U.S. dollar.
The discussion below is based
upon the provisions of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), and regulations, rulings and judicial
decisions thereunder as of the date hereof, and such authorities may be replaced, revoked or modified so as to result in United States
federal income tax consequences different from those discussed below. There is currently no income tax treaty between the United States
and Peru that would provide for United States federal income tax consequences different from those discussed below. In addition, this
summary assumes that the deposit agreement, and all other related agreements, will be performed in accordance with their terms.
125
If a partnership (or other
entity or arrangement treated as a partnership for United States federal income tax purposes) holds our common shares or ADSs, the tax
treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership.
If you are a partnership or a partner of a partnership holding our common shares or ADSs, you should consult your tax advisors.
This summary does not address
the Medicare tax on net investment income, United States federal estate and gift taxes or the effects of any state, local or non-United
States tax laws. If you are considering the acquisition of our common shares or ADSs, you should consult your own tax advisors concerning
the United States federal income tax consequences to you in light of your particular situation as well as any consequences arising under
other United States federal tax laws and the laws of any other taxing jurisdiction.
ADSs
If you hold ADSs, for United
States federal income tax purposes, you generally will be treated as the owner of the underlying common shares that are represented by
such ADSs. Accordingly, deposits or withdrawals of common shares for ADSs will not be subject to United States federal income tax.
Taxation of Dividends
The gross amount of distributions
on the ADSs or common shares (including amounts withheld to reflect Peruvian withholding taxes) will be taxable as dividends, to the extent
paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles.
To the extent that the amount
of any distribution (including amounts withheld to reflect Peruvian withholding taxes) exceeds our current and accumulated earnings and
profits for a taxable year, as determined under United States federal income tax principles, the distribution will first be treated as
a tax-free return of capital, causing a reduction in the adjusted basis of the ADSs or common shares, and the balance in excess of adjusted
basis will be taxed as capital gain recognized on a sale or exchange. However, we do not expect to keep earnings and profits in accordance
with United States federal income tax principles. Therefore, you should expect that a distribution will generally be reported as a dividend.
Such dividends (including withheld taxes) will be includable in your gross income as ordinary income on the day actually or constructively
received by you, in the case of the common shares, or by the depositary, in the case of ADSs. Such dividends will not be eligible for
the dividends received deduction generally allowed to corporations under the Code.
Subject to applicable limitations
(including a minimum holding period requirement), dividends received by non-corporate United States Holders from a qualified foreign corporation
may be treated as "qualified dividend income" that is subject to reduced rates of taxation. A non-United States corporation
is generally treated as a qualified foreign corporation with respect to dividends paid by that corporation on common shares (or ADSs backed
by such shares) that are readily tradable on an established securities market in the United States. United States Treasury Department
guidance indicates that our ADSs, which are listed on the New York Stock Exchange, but not our common shares, are readily tradable on
an established securities market in the United States. Thus, we believe that dividends we pay on our common shares that are represented
by ADSs, but not our common shares that are not so represented, will be eligible for the reduced tax rates. There can be no assurance,
however, that our ADSs will be considered readily tradable on an established securities market in the United States in later years. You
should consult your own tax advisors regarding the application of these rules given your circumstances.
126
The amount of any dividend
paid in
soles
will equal the U.S. dollar value of the
soles
received, calculated by reference to the exchange rate in effect
on the date the dividend is actually or constructively received by you, in the case of the common shares, or by the depositary, in the
case of ADSs, regardless of whether the
soles
are converted into U.S. dollars at that time. If the
soles
received as a dividend
are converted into U.S. dollars on the date they are received, you generally will not be required to recognize foreign currency gain or
loss in respect of the dividend income. If the
soles
received as a dividend are not converted into U.S. dollars on the date of
receipt, you will have a tax basis in the
soles
equal to their U.S. dollar value on the date of receipt. Any gain or loss realized
on a subsequent conversion or other disposition of the
soles
will be treated as United States source ordinary income or loss.
Subject to certain conditions
and limitations (including a minimum holding period requirement), Peruvian withholding taxes on dividends may be treated as foreign taxes
eligible for credit against your United States federal income tax liability. For purposes of calculating the foreign tax credit, dividends
paid on the ADSs or common shares will be treated as foreign source income and will generally constitute passive category income. However,
recently issued Treasury regulations (the "Foreign Tax Credit Regulations") impose additional requirements for foreign taxes
to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. Instead of claiming
a foreign tax credit, you may be able to deduct Peruvian withholding taxes on dividends in computing your taxable income, subject to generally
applicable limitations under United States law (including that a United States Holder is not eligible for a deduction for otherwise creditable
foreign income taxes paid or accrued in a taxable year if such United States Holder claims a foreign tax credit for any foreign income
taxes paid or accrued in the same taxable year). The rules governing the foreign tax credit and deductions for foreign taxes are complex.
You are urged to consult your tax advisors regarding the availability of the foreign tax credit or a deduction under your particular circumstances.
Distributions of ADSs, common
shares or rights to subscribe for ADSs or common shares that are received as part of a pro rata distribution to all of our shareholders
generally will not be subject to United States federal income tax.
Taxation of Capital Gains
For United States federal
income tax purposes, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of ADSs or common shares
in an amount equal to the difference between the amount realized for the ADSs or common shares and your tax basis in the ADSs or common
shares, both as determined in U.S. dollars. Such gain or loss will generally be capital gain or loss. Capital gains of non-corporate United
States Holders derived with respect to capital assets held for more than one year are eligible for reduced rates of taxation. The deductibility
of capital losses is subject to limitations.
If Peruvian income tax is
withheld on the sale or other disposition of our ADSs or common shares, your amount realized will include the gross amount of the proceeds
of that sale or other disposition before deduction of the Peruvian income tax. Any gain or loss recognized by you will generally be treated
as United States source gain or loss. Consequently, in the case of gain from the disposition of ADSs or common shares that is subject
to Peruvian income tax, you may not be able to benefit from a foreign tax credit for that Peruvian income tax (
i.e.
, because the
gain from the disposition would be United States source), unless you can apply the credit (subject to applicable limitations) against
United States federal income tax payable on other income from foreign sources. However, pursuant to the Foreign Tax Credit Regulations,
any such Peruvian income tax would generally not be a foreign income tax eligible for a foreign tax credit (regardless of any other income
that you may have that is from foreign sources). In such case, the non-creditable Peruvian income tax may reduce the amount realized on
the sale or other disposition of the ADSs or common shares. You are urged to consult your tax advisors regarding the tax consequences
if Peruvian income tax is imposed on a disposition of ADSs or common shares.
Passive Foreign Investment Company
We do not believe that we
are, for United States federal income tax purposes, a passive foreign investment company ("PFIC"), and we expect to operate
in such a manner so as not to become a PFIC. If, however, we are or become a PFIC, you could be subject to additional United States federal
income taxes on gain recognized with respect to the ADSs or common shares and on certain distributions, plus an interest charge on certain
taxes treated as having been deferred under the PFIC rules. Non-corporate United States Holders will not be eligible for reduced rates
of taxation on any dividends received from us (as discussed above under "—Taxation of Dividends") if we are a PFIC in
the taxable year in which such dividends are paid or in the preceding taxable year.
127
Information Reporting and Backup Withholding
In general, information reporting
will apply to dividends in respect of our ADSs or common shares and the proceeds from the sale, exchange or other taxable disposition
of our ADSs or common shares that are paid to you within the United States (and in certain cases, outside the United States), unless you
establish that you are an exempt recipient. Backup withholding may apply to such payments if you fail to provide a taxpayer identification
number and a certification that you are not subject to backup withholding or if you fail to report in full dividend and interest income.
Any amounts withheld under
the backup withholding rules will be allowed as a refund or a credit against your United States federal income tax liability provided
the required information is furnished to the Internal Revenue Service in a timely manner.
The above description is
not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition of our ADSs or common
shares. You should consult your own tax advisors concerning the overall tax consequences to you, including the consequences under laws
other than United States federal income tax laws, of an investment in our ADSs or common shares.]
F.
Dividends and Paying Agents
Not applicable.
G.
Statement by Experts
Not applicable.
H.
Documents on Display
We make our filings in electronic
form under the EDGAR filing system of the SEC. Our filings are available through the EDGAR system at www.sec.gov. In addition, our filings
are available to the public over our website www.cementospacasmayo.com.pe. Such filings and other information on our website are not incorporated
by reference in this annual report. You may request a copy of this filing, and any other report, at no cost, by writing to us at the following
address or telephoning us:
Investor Relations Department
Calle La Colonia 150,
Urbanización El Vivero, Surco,
Lima, Peru
Tel.: + (511) 317-6000
E-mail: cbustamante@cpsaa.com.pe
I.
Subsidiary Information
See note 1 to our consolidated
financial statements included in this annual report for a description of our subsidiaries.
128
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For a description of our market
risks, see note 31 to our consolidated financial statements included in this annual report.
ITEM 12. DESCRIPTION OF SECURITIES OTHER
THAN EQUITY SECURITIES
A.
Debt Securities
Not applicable.
B.
Warrants and Rights
Not applicable.
C.
Other Securities
Not applicable.
D.
American Depositary Shares
Fees and expenses
JPMorgan Chase Bank, N.A.,
as depositary, pursuant to our Deposit Agreement, dated as of February 7, 2012, and the amendment dated December 4, 2020 (as so amended
the "Deposit Agreement"), may charge each person to whom ADSs are issued, including, without limitation, issuances against
deposits of common shares, issuances in respect of common share distributions, rights and other distributions, issuances pursuant to a
stock dividend or stock split declared by us or issuances pursuant to a merger, exchange of securities or any other transaction or event
affecting the ADSs or deposited securities, and each person surrendering ADSs for withdrawal of deposited securities or whose ADSs or
American Depositary Receipts representing ADSs ("ADRs") are cancelled or reduced for any other reason, US$5.00 for each 100
ADSs (or any portion thereof) issued, delivered, reduced, cancelled or surrendered, as the case may be. The depositary may sell (by public
or private sale) sufficient securities and property received in respect of a common share distribution, rights and/or other distribution
prior to such deposit to pay such charge.
The following additional charges
shall be incurred by the ADR holders, by any party depositing or withdrawing common shares or by any party surrendering ADSs or to whom
ADSs are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by us or an exchange of
stock regarding the ADRs or the deposited securities or a distribution of ADSs), whichever is applicable:
●
a fee of US$1.50 per ADR or ADRs for transfers of certificated
or direct registration ADRs;
●
a fee of US$0.05 or less per ADS for any cash distribution
made pursuant to the deposit agreement;
●
a fee of US$0.05 or less per ADS per calendar year (or portion
thereof) for services performed by the depositary in administering the ADRs (which fee may be charged on a periodic basis during each
calendar year and shall be assessed against holders of ADRs as of the record date or record dates set by the depositary during each calendar
year and shall be payable in the manner described in the next succeeding provision);
129
●
reimbursement of such fees, charges and expenses as are incurred
by the depositary and/or any of the depositary's agents (including, without limitation, the custodian and expenses incurred on
behalf of holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign
investment) in connection with the servicing of the common shares or other deposited securities, the delivery of deposited securities
or otherwise in connection with the depositary's or its custodian's compliance with applicable law, rule or regulation (which
charge shall be assessed on a proportionate basis against holders as of the record date or dates set by the depositary and shall be payable
at the sole discretion of the depositary by billing such holders or by deducting such charge from one or more cash dividends or other
cash distributions);
●
a fee for the distribution of securities (or the sale of securities
in connection with a distribution), such fee being in an amount equal to US$0.05 per ADS issuance fee for the execution and delivery
of ADSs which would have been charged as a result of the deposit of such securities (treating all such securities as if they were common
shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the depositary to those holders
entitled thereto;
●
stock transfer or other taxes and other governmental charges;
●
cable and facsimile transmission and delivery charges incurred
at your request in connection with the deposit or delivery of common shares;
●
transfer or registration fees for the registration of transfer
of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities; and
●
expenses of the depositary in connection with the conversion
of foreign currency into U.S. dollars.
We will pay all other charges
and expenses of the depositary and any agent of the depositary (except the custodian) pursuant to agreements from time to time between
us and the depositary. The charges described above may be amended from time to time by agreement between us and the depositary.
Our depositary has agreed
to reimburse us for certain expenses we incur that are related to establishment and maintenance of the ADR program, including investor
relations expenses and exchange application and listing fees. The amounts of reimbursements available to us are not based upon the amounts
of fees the depositary collects from investors. The depositary collects its fees for issuance and cancellation of ADSs directly from investors
depositing common shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting on their behalf. The depositary
collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable
property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions, or by
directly billing investors, or by charging the book-entry system accounts of participants acting for them. The depositary will generally
set off the amounts owing from distributions made to holders of ADSs. If, however, no distribution exists and payment owing is not timely
received by the depositary, the depositary may refuse to provide any further services to holders that have not paid those fees and expenses
owing until such fees and expenses have been paid. At the discretion of the depositary, all fees and charges owing under the deposit agreement
are due in advance and/or when declared owing by the depositary.
The Deposit Agreement is incorporated
by reference as Exhibit 2.2 to this annual report, and Amendment No. 1 thereto is incorporated by reference in this annual report
as Exhibit 2.2A, and Amendment No. 2 thereto is incorporated by reference in this annual report as Exhibit 2.2B. We encourage you to review
these documents carefully if you are a holder of ADRs.
130
PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not applicable.
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Not applicable.
ITEM 15. CONTROLS AND PROCEDURES
A.
Disclosure Controls and Procedures
As of the end of the period
covered by this annual report, the Company's management, with the participation of our Chief Executive Officer and Chief Financial
Officer, performed an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined
in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Our disclosure controls and procedures are designed to ensure that information required
to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including
the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosures. Any controls and
procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective.
Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2022, the design
and operation of our disclosure controls and procedures were effective at the reasonable assurance level.
B.
Management's Annual Report on Internal Control Over Financial Reporting
Our management is responsible
for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements
for external purposes in accordance with generally accepted accounting principles.
Because of its inherent limitations,
internal control over financial reporting may not necessarily prevent or detect some misstatements. It can only provide reasonable assurance
regarding financial statement preparation and presentation. Also, projections of any evaluation of effectiveness for future periods are
subject to the risk that controls may become inadequate because of changes in conditions or because the degree of compliance with the
polices or procedures may deteriorate over time.
Management assessed the effectiveness
of its internal control over financial reporting for the year ended December 31, 2022. The assessment was based on criteria established
in the framework "Internal Controls—Integrated Framework" issued by the Committee of Sponsoring Organizations of the
Treadway Commission (2013 Framework) (COSO). Based on this assessment, our management has concluded that as of December 31, 2022, our
internal control over financial reporting was effective.
The effectiveness of internal
control over financial reporting as of December 31, 2022, has been audited by Tanaka, Valdivia & Asociados SCRL, member firm of Ernst
& Young Global Limited, an independent registered public accounting firm, as stated in their attestation report, which is included
under "Item 15—Controls and Procedures —C. Attestation Report of Independent Registered Public Accounting Firm."
131
C.
Attestation Report of the Independent Registered Public Accounting Firm
Report of the Independent Registered
Public Accounting Firm
To the Shareholders and the Board of Directors of
Cementos Pacasmayo S.A.A. and Subsidiaries
Opinion on Internal Control over Financial Reporting
We have audited Cementos Pacasmayo S.A.A. and subsidiaries'
internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control—Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), (the COSO criteria). In our
opinion, Cementos Pacasmayo S.A.A. and subsidiaries (the Company) maintained, in all material respects, effective internal control over
financial reporting as of December 31, 2022, based on the COSO criteria.
We also have audited, in accordance with the standards
of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company
as of December 31, 2022 and 2021, the related consolidated statements of profit or loss, other comprehensive income or loss, changes
in equity and cash flows for each of the three years in the period ended December 31, 2022, and the related notes and our report dated
April 27, 2023, expressed an unqualified opinion thereon.
Basis for Opinion
The Company's management is responsible for maintaining effective
internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included
in the accompanying Management's Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an
opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered
with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal
control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding
of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered
necessary in the circumstances. We believe that our
audit
provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company's internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's
internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the company's assets that could have a material effect on the financial statements.
Because of its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
/s/Tanaka, Valdivia & Asociados Sociedad Civil de Responsabilidad
Limitada
A member
practice of Ernst & Young Global Limited
Lima, Peru
April 27, 2023
132
D.
Changes in Internal Control Over Financial Reporting
There have been no changes
in our internal control over financial reporting identified in connection with the evaluation required under Rules 13a-15 or 15d-15 that
occurred during the period covered by this annual report that has materially affected, or is reasonably likely to materially affect, our
internal control over financial reporting.
ITEM 16. [RESERVED]
ITEM 16A AUDIT COMMITTEE FINANCIAL
EXPERT
Our Board of Directors has
determined that Mr. Esteban Chong Leon, President of the audit committee, is a "financial expert," as such term is defined
in the SEC rules. We have determined that Ms. Ana Maria Botella, Mr. Venkat Krishnamurti and Mr. Esteban Chong Leon are independent
under the standards of the New York Stock Exchange listing rules and Rule 10A-3 under the Exchange Act.
ITEM 16B. CODE OF ETHICS
We have adopted a code of
ethics that applies to our directors, officers and employees. Our code of ethics is available on our website http://www.cementospacasmayo.com.pe.
Information on our website is not incorporated by reference in this annual report.
If we make any substantive
amendment to our code of ethics or if we grant any waivers, including any implicit waiver, from a provision of the code of ethics, we
will disclose the nature of such amendment or waiver by filing a current report on a Form 6-K or in our subsequent annual report on Form
20-F to be filed with the SEC. During the year ended December 31, 2022, no such amendment was made nor did we grant any waiver to any
provision of our code of ethics.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Audit and Non-Audit Fees
The following table presents
the aggregate fees for professional services and other services rendered by our independent auditors, Tanaka, Valdivia y asociados, SCRL,
member firm of Ernst & Young Global Limited, responsible for auditing the annual consolidated financial statements included in the
annual report, during the fiscal years ended December 31, 2022 and 2021.
133
Year Ended December 31,
(in thousands of S/)
2022
2021
Audit fees
1,244
1,208
Advisory services
45
-
Tax fees
497
256
Total fees
1,786
1,464
Audit fees in the above table
are the aggregate fees billed and billable by our independent auditors in connection with the audit of our annual consolidated financial
statements and review of our quarterly financial information.
Tax fees in the above table
are fees billed relating to tax compliance services.
Our audit committee is responsible
for the oversight of the independent auditors and has established pre-approval procedures for the engagement of its independent registered
public accounting firm for audit and non-audit services. Such services can only be contracted if they are approved by the audit committee,
they comply with the restriction provided under applicable rules and they do not jeopardize the independence of our auditors.
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not applicable.
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not applicable.
ITEM 16G. CORPORATE GOVERNANCE
We are a "foreign private
issuer" within the meaning of the New York Stock Exchange corporate governance standards. Under New York Stock Exchange rules, a
foreign private issuer may elect to comply with the practices of its home country and not to comply with certain corporate governance
requirements applicable to U.S. companies with securities listed on the exchange.
We currently follow certain
Peruvian practices concerning corporate governance and intend to continue to do so. There are significant differences in the Peruvian
corporate governance practices as compared to those followed by United States domestic companies under the New York Stock Exchange's
listing standards.
The New York Stock Exchange
listing standards provide that the board of directors of a U.S. listed company must have a majority of independent directors at the time
the company ceases to be a "controlled company." Under Peruvian corporate governance practices, a Peruvian company is not
required to have a majority of independent members on its board of directors.
134
The listing standards for
the New York Stock Exchange also require that U.S. listed companies, at the time they cease to be "controlled companies,"
have a nominating/corporate governance committee and a compensation committee (in addition to an audit committee). Each of these committees
must consist solely of independent directors and must have a written charter that addresses certain matters specified in the listing standards.
Under Peruvian law, a Peruvian company may, but is not required to, form special governance committees, which may be composed partially
or entirely of non-independent directors.
In addition, New York Stock
Exchange rules require the independent non-executive directors of U.S. listed companies to meet on a regular basis without management
being present. There is no similar requirement under Peruvian law.
The New York Stock Exchange's
listing standards also require U.S. listed companies to adopt and disclose corporate governance guidelines. In November 2013, the Peruvian
Securities Commission and a committee comprised of regulatory agencies and associations prepared and published a list of suggested non-mandatory
corporate governance guidelines called the "Good Corporate Governance Code for Peruvian Companies." These principles are disclosed
on the Peruvian Securities Commission web page at http:// http://www.smv.gob.pe/ and the Lima Stock Exchange web page at http://www.bvl.com.pe.
Although we have implemented a number of these measures and are part of the Best Corporate Governance Practices Index of the Lima Stock
Exchange, we are not required to comply with the referred corporate governance guidelines by law or regulation, only to disclose whether
or not we are in compliance.
ITEM 16H. MINE SAFETY DISCLOSURE
Not applicable.
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
135
SECTION 1.02 PART
III
ITEM 17. FINANCIAL STATEMENTS
Not applicable.
ITEM 18. FINANCIAL STATEMENTS
See our consolidated financial
statements beginning at page F-1 of this annual report. Our financial statements have been prepared in accordance with IFRS as issued
by the IASB.
ITEM 19. EXHIBITS
The following documents are filed as part of this
Annual Report on Form 20-F or incorporated by reference herein.
Exhibit Number
Description of Document
1.1
Amended and Restated By-laws of the Registrant, as currently in effect, incorporated by reference to Exhibit 1.1 of the Registrant's Annual Report on Form 20-F filed with the SEC on May 1, 2017 (File No. 001-35401)
2.1
Registrant's Form of American Depositary Receipt, incorporated by reference to Exhibit 4.1 to the Registrant's Registration Statement on Form F-1 filed with the SEC on January 6, 2012 (File No. 333-178922)
2.2
Deposit Agreement dated January 19, 2012 among the Registrant, J.P. Morgan Chase N.A., as depositary, and the holders from time to time of American depositary shares issued thereunder, incorporated by reference to Exhibit 4.2 to the Registrant's Registration Statement on Form F-1 filed with the SEC on January 6, 2012 (File No. 333-178922)
2.2A
Amendment No. 1, dated as of February 21, 2017, to the Deposit Agreement dated as of February 7, 2012, among the Registrant, J.P. Morgan Chase Bank, N.A., as depositary, and all holders from time to time of American depositary receipts issued thereunder, incorporated by reference to the Registrant's Registration Statement on Form F-6 filed with the SEC on February 21, 2017 (File No. 333-216152)
2.2B
Amendment No. 2, dated as of December 4, 2020, to the Deposit Agreement dated as of February 7, 2012, among the Registrant, J.P. Morgan Chase Bank, N.A., as depositary, and all holders from time to time of American depositary receipts issued thereunder, incorporated by reference to the Registrant's Registration Statement on Form F-6 filed with the SEC on December 4, 2020 (File No. 333-216152)
2.3
Indenture, dated as of February 8, 2013, among the Registrant, the Subsidiary Guarantors named therein and Deutsche Bank Trust Company Americas incorporated by reference to Exhibit 2.3 of the Registrant's Annual Report on Form 20-F filed with the SEC on April 30, 2014 (File No. 001-35401)
2.4
Local bond issuance agreement (Contrato Marco de Emisión de Bonos Corporativos correspondiente al Segundo Programa de Bonos Corporativos de Cementos Pacasmayo S.A.A.) dated January 8, 2019, between Scotiabank Perú S.A.A. as administrative agent and Cementos Pacasmayo S.A.A. as issuer (English summary of principal terms), providing for the issuance of up to S/1,000,000,000 in one or more series, and related issuances of series 1 in an aggregate principal amount of S/260,000,000 and series 2 in an aggregate principal amount of S/310 million, incorporated by reference to Exhibit 4.3 of the Registrant's Annual Report on Form 20-F filed with the SEC on April 30, 2019 (File No. 001-35401)
2(d)
Description of securities registered under Section 12(d) of the Exchange Act incorporated by reference to Exhibit 2(d) of the Registrant's Annual Report on Form 20-F filed with the SEC on April 30, 2012 (File No. 001-35401)
4.1
Power Supply Agreement, dated June 3, 2010, between the Registrant and Electroperú S.A., incorporated by reference to Exhibit 4.1 of the Registrant's Annual Report on Form 20-F filed with the SEC on April 30, 2012 (File No. 001-35401)
4.2
Contract of General Management and Provision of Services, dated December 31, 2007, between the Registrant and Inversiones ASPI S.A. (formerly Inversiones Pacasmayo S.A.), incorporated by reference to Exhibit 4.2 of the Registrant's Annual Report on Form 20-F filed with the SEC on April 30, 2012 (File No. 001-35401)
4.3
Property Lease Agreement, dated June 30, 2008, between the Registrant and Inversiones ASPI S.A. (formerly Inversiones Pacasmayo S.A.), incorporated by reference to Exhibit 4.3 of the Registrant's Annual Report on Form 20-F filed with the SEC on April 30, 2012 (File No. 001-35401)
4.4
Surface Rights Agreement, dated February 1, 2008, between the Registrant and Compañía Minera Ares S.A.C., incorporated by reference to Exhibit 4.4 of the Registrant's Annual Report on Form 20-F filed with the SEC on April 30, 2012 (File No. 001-35401)
4.5
Addendum, effective February 1, 2020, to the Power Supply Agreement, dated June 3, 2010, between the Registrant and Electroperú S.A., incorporated by reference to Exhibit 4.5 of the Registrant's Annual Report on Form 20-F filed with the SEC on May 1, 2020 (File No. 001-35401)
4.6
Summary of Principal Terms for Equipment and Engineering supply contract between the Registrant and FL SMIDTTH A/S dated November 29, 2021, incorporated by reference to Exhibit 4.6 of the Registrant's Annual Report on Form 20-F filed with the SEC on April 28, 2022 (File No. 001-35401)
4.7
Summary of Principal Terms for Construction and Assembly Contract between the Registrant and Ingeniería y Construcción Sigdo Koppers Perú S.A.C. dated February 16, 2022, incorporated by reference to Exhibit 4.7 of the Registrant's Annual Report on Form 20-F filed with the SEC on April 28, 2022 (File No. 001-35401)
8.1
List of Subsidiaries
12.1
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1*
Certification pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Chief Executive Officer
13.2*
Certification pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Chief Financial Officer
96.1
Technical Report Summary (TRS), Tembladera Quarry and Pacasmayo Cement Plant 20-F 229.601 (Item 601) incorporated by reference to Exhibit 96.1 of the Registrant's Annual Report on Form 20-F filed with the SEC on April 28, 2022 (File No. 001-35401)
96.2
Technical Report Summary (TRS), Virrilá Quarry and Piura Cement Plant 20-F 229.601 (Item 601) incorporated by reference to Exhibit 96.2 of the Registrant's Annual Report on Form 20-F filed with the SEC on April 28, 2022 (File No. 001-35401)
96.3
Technical Report Summary (TRS), Tioyacu Quarry and Rioja Cement Plant 20-F 229.601 (Item 601) incorporated by reference to Exhibit 96.3 of the Registrant's Annual Report on Form 20-F filed with the SEC on April 28, 2022 (File No. 001-35401)
*
This certification will not be deemed "filed" for purposes of Section 18 of the Exchange Act
(15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference
into any filing under the Securities Act or the Exchange Act, except to the extent that the Registrant specifically incorporates it by
reference.
136
SIGNATURES
The registrant hereby certifies
that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this
annual report on Form 20-F on its behalf.
CEMENTOS PACASMAYO S.A.A.
By:
/s/ Humberto Nadal Del Carpio
Humberto Nadal Del Carpio
Chief Executive Officer
By:
/s/ Manuel Bartolome Ferreyros Peña
Manuel Bartomolome Ferreyros Peña
Chief Financial Officer
Date: April 27, 2023
137
Cementos Pacasmayo S.A.A. and Subsidiaries
Consolidated financial statements as of December 31, 2022
and 2021 and
for the years ended December 31, 2022, 2021 and 2020, together with
the Report of Independent Registered Accounting Firm
Cementos Pacasmayo S.A.A. and Subsidiaries
Consolidated financial statements as of December 31, 2022 and 2021
and for the years ended December 31, 2022, 2021 and 2020, together with the Report of Independent Registered Accounting Firm
Contents
Report of Independent Registered Accounting Firm (PCAOB ID:
1315
)
F-2
Consolidated financial statements
Consolidated statement of financial position
F-4
Consolidated statement of profit or loss
F-5
Consolidated statement of other comprehensive income (loss)
F-6
Consolidated statement of changes in equity
F-7
Consolidated statement of cash flows
F-8
Notes to the consolidated financial statements
F-9
F-
1
Report of Independent Registered Public Accounting
Firm
To the Board of Directors and Shareholders of
Cementos Pacasmayo S.A.A. and subsidiaries
Opinion on the Financial Statements
We have audited the accompanying consolidated statements of financial
position of Cementos Pacasmayo S.A.A. and subsidiaries (the Company) as of December 31, 2022 and 2021, and the related consolidated statements
of profit or loss, other comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended
December 31, 2022, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion,
the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as
of December 31, 2022 and 2021, and the consolidated results of its operations and its cash flows for each of the three years in the period
ended December 31, 2022, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting
Standards Board.
We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States) (PCAOB) the Company's internal control over financial reporting as of December
31, 2022, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (2013 framework) and our report dated April 27, 2023 expressed an unqualified opinion thereon.
Basis for Opinion
These consolidated financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based
on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements
are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material
misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for
our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from
the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee
and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially
challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on
the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a
separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
F-
2
Receivables related to uncertain tax position
Description of the Matter
As disclosed in Note 7(c) to the consolidated financial statements,
    the Company has identified certain income tax-related contingencies associated to the mining royalties of years 2008 and 2009. Peruvian
    taxation authorities have challenged the tax treatment applied by the Company during 2008 and 2009 under the royalty law for metallic
    and non-metallic mining activity in Peru. As of December 31, 2022, the Company has recognized an income tax receivable for an amount of
    S/28,922,000, resulting from payments made to the taxation authorities as part of the tax claim process in Peru but for which the Company
    is disputing the validity of the taxation authorities' assessment. The Company has recorded and disclosed the tax receivable, as
    management has concluded that the amounts paid to date are recoverable under IFRS based upon the technical merits of the income tax positions
    of royalty law for metallic and non-metallic mining activity.
Uncertainty in a tax position may arise where there is an uncertainty
    as to the meaning of the tax law, or the applicability of the tax law (General Mining Law) to a particular transaction, or both. The Company
    uses significant judgment to determine whether, based on the technical merits, a tax position is more likely than not to be sustained
    and in the determination of the recoverable amount of the mining royalties paid under protest.
Auditing the estimation of the outcome and measurement of the uncertain
    tax positions and the related recoverability of income tax receivables for the payments made under protest, before the uncertain tax treatment
    is resolved, requires a high degree of auditor judgment and significant audit effort due to its complexity and the judgment used by the
    Company in the assessment based on interpretations of the income tax legislation and legal rulings in Peru of royalty law for metallic
    and non-metallic mining activity.
How We Addressed the Matter in Our Audit
We obtained an understanding, evaluated the design and tested the operating
    effectiveness of controls over the Company's accounting process for income taxes, including uncertain tax positions and tax contingencies.
    For example, we tested the controls over management's review of the technical merits of tax positions, disputed tax assessments
    and the determination and recognition of the income tax receivable of the payments made under protest.
Our audit procedures included, among others, evaluating the assumptions
    used by the Company to develop its uncertain tax positions based on relevant Peruvian income tax laws (General Mining Law), including
    the inspection of the Company's internal and external counsel analysis of these matters.
In addition, we involved our tax subject matter professionals to assess
    the technical merits of the Company's tax position and to evaluate the application of relevant tax law and accounting guidance in
    assessing the recognition and recoverability of the related income tax receivables.
Furthermore, we evaluated the disclosure of this matter in Note 7(c)
    to the consolidated financial statements.
/s/
Tanaka, Valdivia & Asociados Sociedad Civil de Responsabilidad Limitada
A member practice of
Ernst & Young Global Limited
We have served as the Company's auditor since 2002.
Lima, Peru
.
April 27, 2023
F-
3
Cementos Pacasmayo S.A.A. and Subsidiaries
Consolidated statement of financial position
As of December 31, 2022 and 2021
Note
2022
2021
S/(000)
S/(000)
Assets
Current assets
Cash and cash equivalents
6
81,773
273,402
Other financial instruments
31
86,893
-
Trade and other receivables, net
7
101,491
102,718
Income tax prepayments
8,268
9,288
Inventories
8
884,969
605,182
Prepayments
25,059
18,800
Total current assets
1,188,453
1,009,390
Non-current assets
Trade and other receivables, net
7
43,543
41,206
Financial investments designated at fair value through other comprehensive income
9
274
476
Other financial instruments
31
-
106,601
Property, plant and equipment, net
10
2,007,838
1,974,931
Intangible assets, net
11
56,861
50,494
Goodwill
12
4,459
4,459
Deferred income tax assets
17
9,005
9,446
Right of use assets
13
3,639
4,668
Other assets
89
101
Total non-current assets
2,125,708
2,192,382
Total assets
3,314,161
3,201,772
Liabilities and equity
Current liabilities
Trade and other payables
14
284,554
227,554
Financial obligations
16
618,907
450,964
Lease liabilities
13
2,005
1,856
Income tax payable
16,340
17,517
Provisions
15
31,333
24,269
Total current liabilities
953,139
722,160
Non-current liabilities
Financial obligations
16
974,264
1,094,391
Lease liabilities
13
2,350
3,973
Provisions
15
47,638
36,639
Deferred income tax liabilities
17
141,635
148,804
Total non-current liabilities
1,165,887
1,283,807
Total liabilities
2,119,026
2,005,967
Equity
18
Capital stock
423,868
423,868
Investment shares
40,279
40,279
Investment shares held in treasury
(
121,258
)
(
121,258
)
Additional paid-in capital
432,779
432,779
Legal reserve
168,636
168,636
Other accumulated comprehensive loss
(
17,787
)
(
20,094
)
Retained earnings
268,618
271,595
Total equity
1,195,135
1,195,805
Total liabilities and equity
3,314,161
3,201,772
The accompanying notes are an integral part of these consolidated financial
statements.
F-
4
Cementos Pacasmayo S.A.A. and Subsidiaries
Consolidated statement of profit or loss
For the years ended December 31, 2022, 2021 and
2020
Note
2022
2021
2020
S/(000)
S/(000)
S/(000)
Sales of goods
19
2,115,746
1,937,767
1,296,334
Cost of sales
20
(
1,463,715
)
(
1,378,336
)
(
921,048
)
Gross profit
652,031
559,431
375,286
Operating income (expenses)
Administrative expenses
21
(
227,577
)
(
196,069
)
(
163,369
)
Selling and distribution expenses
22
(
65,237
)
(
51,520
)
(
40,153
)
Other operating (expense) income, net
24
(
3,899
)
6,408
4,346
Total operating expenses, net
(
296,713
)
(
241,181
)
(
199,176
)
Operating profit
355,318
318,250
176,110
Other income (expenses)
Finance income
25
3,306
2,891
2,976
Finance costs
26
(
95,105
)
(
88,965
)
(
88,694
)
Net (loss) gain on derivative financial instruments recognized at fair value through profit or loss
(
59
)
589
5,337
Net loss on settlement of derivative financial instruments recognized at fair value through profit or loss
16
-
(
1,569
)
-
Loss from exchange difference, net
5
(
1,040
)
(
7,086
)
(
9,831
)
Total other expenses, net
(
92,898
)
(
94,140
)
(
90,212
)
Profit before income tax
262,420
224,110
85,898
Income tax expense
17
(
85,592
)
(
70,940
)
(
28,004
)
Profit for the year
176,828
153,170
57,894
Earnings per share
Basic and diluted earnings per share attributable to equity holders of common shares and investment in shares of Cementos Pacasmayo S.A.A. (S/ per share)
28
0.41
0.36
0.14
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
Cementos Pacasmayo S.A.A. and Subsidiaries
Consolidated statement of other comprehensive income (loss)
For the years ended December 31, 2022, 2021 and
2020
Note
2022
2021
2020
S/(000)
S/(000)
S/(000)
Profit for the year
176,828
153,170
57,894
Other comprehensive income (loss)
Other comprehensive income (loss) that will not be reclassified to profit or loss in subsequent years:
Change in fair value of financial instruments designated at fair value through other comprehensive income (loss)
9(a)
(
565
)
(
1,995
)
(
17,532
)
Deferred income tax
17
167
589
5,172
Other comprehensive income (loss)to be reclassified to profit or loss in subsequent years:
Net gain (net loss) on cash flows hedges
31(a)
3,838
20,836
(
1,652
)
Deferred income tax
17
(
1,133
)
(
6,146
)
487
Other comprehensive income (loss)for the year, net of income tax
2,307
13,284
(
13,525
)
Total other comprehensive income for the year, net of income tax
179,135
166,454
44,369
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
Cementos Pacasmayo S.A.A. and Subsidiaries
Consolidated statement of changes in equity
For the years ended December 31, 2022, 2021 and
2020
Capital
stock
Investment
shares
Treasury
shares
Additional
paid-in
capital
Legal
reserve
Unrealized loss
on financial
instruments
designated at
fair value
Unrealized gain
(loss) on
cash flow
hedge
Retained
earnings
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Balance as of January 1, 2020
423,868
40,279
(
121,258
)
432,779
168,636
(
2,103
)
(
17,750
)
497,200
1,421,651
Profit for the year
-
-
-
-
-
-
-
57,894
57,894
Other comprehensive loss
-
-
-
-
-
(
12,360
)
(
1,165
)
-
(
13,525
)
Total comprehensive income
-
-
-
-
-
(
12,360
)
(
1,165
)
57,894
44,369
Dividends, note 18(g)
-
-
-
-
-
-
-
(
98,465
)
(
98,465
)
Balance as of December 31, 2020
423,868
40,279
(
121,258
)
432,779
168,636
(
14,463
)
(
18,915
)
456,629
1,367,555
Profit for the year
-
-
-
-
-
-
-
153,170
153,170
Other comprehensive income (loss)
-
-
-
-
-
(
1,406
)
14,690
-
13,284
Total comprehensive income
-
-
-
-
-
(
1,406
)
14,690
153,170
166,454
Dividends, note 18(g)
-
-
-
-
-
-
-
(
338,204
)
(
338,204
)
Balance as of December 31, 2021
423,868
40,279
(
121,258
)
432,779
168,636
(
15,869
)
(
4,225
)
271,595
1,195,805
Profit for the year
-
-
-
-
-
-
-
176,828
176,828
Other comprehensive income (loss)
-
-
-
-
-
(
398
)
2,705
-
2,307
Total comprehensive income
-
-
-
-
-
(
398
)
2,705
176,828
179,135
Dividends, note 18(g)
-
-
-
-
-
-
-
(
179,805
)
(
179,805
)
Balance as of December 31, 2022
423,868
40,279
(
121,258
)
432,779
168,636
(
16,267
)
(
1,520
)
268,618
1,195,135
The
accompanying notes are an integral part of these consolidated financial statements.
F-
7
Cementos Pacasmayo S.A.A. and Subsidiaries
Consolidated statement of cash flows
For the years ended December 31, 2022, 2021 and
2020
Note
2022
2021
2020
S/(000)
S/(000)
S/(000)
Operating activities
Profit before income tax
262,420
224,110
85,898
Non-cash adjustments to reconcile profit before income tax to net cash flows from operating activities
Depreciation and amortization
10, 11 and 13
138,539
135,567
139,167
Finance costs
26
95,105
88,965
88,694
Long-term incentive plan
23
8,272
9,763
5,759
Exchange difference related to monetary transactions
3,804
(
9,114
)
6,978
Provision for inventory obsolescence
1,977
3,348
2,451
Allowance for expected credit losses
7(d)
1,972
563
1,582
Net loss (gain) on derivative financial instruments recognized at fair value through profit or loss
31(a)
59
(
589
)
(
5,337
)
Accumulated net loss due to settlement of derivative financial instruments at fair value through profit or loss
31(a)
-
1,569
-
Finance income
25
(
3,306
)
(
2,891
)
(
2,976
)
Net gain on disposal of property, plant and equipment and intangible assets
24
(
591
)
(
1,775
)
(
2,591
)
Other operating, net
10,413
3,761
2,202
Working capital adjustments
(Increase) decrease in trade and other receivables
(
3,695
)
(
47,713
)
38,005
(Increase) decrease in inventories
(
282,554
)
(
151,530
)
54,140
(Increase) decrease in prepayments
(
10,099
)
(
12,956
)
4,761
Increase in trade and other payables
60,571
48,834
3,346
282,887
289,912
422,079
Interest received
3,668
4,484
1,838
Interest paid
(
80,573
)
(
68,433
)
(
68,444
)
Income tax paid
(
94,163
)
(
55,401
)
(
24,108
)
Net cash flows from operating activities
111,819
170,562
331,365
Investing activities
Purchase of property, plant and equipment
10(a)
(
162,785
)
(
85,594
)
(
47,325
)
Purchase of intangible assets
11(a)
(
15,712
)
(
8,953
)
(
5,224
)
Purchase of investments available for sale
9(a)
(
363
)
(
1,779
)
-
Loans granted
(
141
)
(
174
)
(
4,203
)
Loan to related party
27
-
(
17,121
)
-
Cash flow proceeds from sale of property, plant and equipment
2,664
4,152
4,634
Proceeds from loans
149
524
3,697
Collection of loans from related parties
27
-
17,121
-
Opening of term deposits with original maturity greater than 90 days
-
-
(
208,990
)
Redemption of term deposits with original maturity greater than 90 days
-
-
208,990
Net cash flows used in investing activities
(
176,188
)
(
91,824
)
(
48,421
)
Financing activities
Payment of bank loans
30
(
448,984
)
-
(
674,463
)
Dividends paid
30
(
179,820
)
(
336,821
)
(
143,623
)
Payment for hedging instrument
30
(
15,390
)
(
15,214
)
(
15,685
)
Lease payments
13
(
2,511
)
(
2,419
)
(
1,669
)
Bank loans received
30
525,000
220,000
791,270
Dividends returned
30
229
481
321
Cash flow from settlement of derivative financial instruments
-
3,879
-
Payment of bank overdraft
-
-
(
70,921
)
Proceeds from bank overdraft
-
-
70,921
Net cash flows used in financing activities
(
121,476
)
(
130,094
)
(
43,849
)
Net (decrease) increase in cash and cash equivalents
(
185,845
)
(
51,356
)
239,095
Net foreign exchange difference
(
5,784
)
15,846
1,551
Cash and cash equivalents as of January 1
6
273,402
308,912
68,266
Cash and cash equivalents as of December 31
6
81,773
273,402
308,912
Transactions with no effect on cash flows:
Unrealized exchange difference related to monetary transactions
3,804
(
9,114
)
6,978
Outstanding accounts payable related to acquisition of property, plant and equipment
10(e)
14,560
7,615
4,830
Addition of right-of-use assets and lease liabilities
13
613
217
7,504
Additions of quarry rehabilitation costs
15
2,745
-
7,775
The
accompanying notes are an integral part of these consolidated financial statements.
F-
8
Cementos Pacasmayo S.A.A. and Subsidiaries
Notes to the consolidated financial statements
As of December 31, 2022, 2021 and 2020
1.
Corporate information
Cementos Pacasmayo S.A.A. (hereinafter "the Company")
was incorporated in 1957 and, under the Peruvian General Corporation Law, is an open stock corporation, its shares are listed in the Lima
and New York Stock Exchange.
The Company is a subsidiary of Inversiones ASPI S.A., which holds
50.01
percent of the Company's common
shares as of December 31, 2022, 2021 and 2020. The Company's registered address is Calle La Colonia No.150, Urbanización
El Vivero, Santiago de Surco, Lima, Peru. All the subsidiaries are domiciled and operate in Peru.
The Company's main activity is the production and marketing
of cement, precast, concrete and quicklime in La Libertad region of the northern of Peru.
The issuance of the consolidated
financial statements of the Company and its subsidiaries (hereinafter "the Group") for the year ended December 31, 2022 were
approved by the General Shareholders' Meeting on March 24, 2023. The consolidated financial statements as of December 31, 2021 and
for the year then that date were approved by the General Shareholders' Meeting on March 29, 2022.
For the years ended December 31,
2022, 2021 and 2020, the consolidated financial statements comprise the financial statements of the Company and its subsidiaries: Cementos
Selva S.A.C. and subsidiaries, Distribuidora Norte Pacasmayo S.R.L., Empresa de Transmisión Guadalupe S.A.C., Salmueras Sudamericanas
S.A., Calizas del Norte S.A.C. (liquidated during 2022), Soluciones Takay S.A.C. and 150Krea Inc. To these dates, the Company maintains
a
100
percent interest in all its subsidiaries.
The main activities of the subsidiaries incorporated in the
consolidated financial statements are described as follows:
-
Cementos Selva S.A.C. is engaged in production and marketing of cement and other construction materials in the northeast region of
Peru. Also, it holds
100
percent of the shares in Dinoselva Iquitos S.A.C. (a cement and construction materials distributor in the north
of Peru, which also produces and sells precast, cement bricks and ready-mix concrete) and in Acuícola Los Paiches S.A.C. (a fish
farm entity).
-
Distribuidora Norte Pacasmayo S.R.L. is mainly engaged in selling cement produced by the Company. Additionally, it produces and sells
precast, cement bricks and ready-mix concrete.
-
Empresa de Transmisión Guadalupe S.A.C. is mainly engaged in providing electric energy transmission services to the Company.
-
Salmueras Sudamericanas S.A.("Salmueras") In December 2017, the Company decided not to continue with the activities related
to this project of Salmueras.
F-
9
Notes to the consolidated financial statements (continued)
-
Calizas del Norte S.A.C. On May 31, 2016, the Company decided to liquidate the subsidiary Calizas del Norte S.A.C. Thjs liquidation
was completed during 2022.
-
Soluciones Takay S.A.C., entity constituted on March 29, 2019 whose corporate purpose is to provide advisory services and information,
promotion, acquisition and intermediation services for the management and development of real estate projects by natural and/or legal
persons.
-
150Krea Inc., entity constituted on June 3, 2021 whose corporate purpose is the lease of intangible assets.
1.1
COVID 19 -
COVID
-
19,
an infectious disease caused by a new virus, was declared a world
-
wide
pandemic by the World Health Organization ("WHO") on March 11, 2020.The measures to slow the spread of COVID
-
19
have had a significant impact on the global economy.
On March 15, 2020, the Peruvian government declared a nationwide
state of emergency, effectively shutting down all business considered non-essential (with exception of food production and commercialization,
pharmaceuticals and health). As a result, since that date, the Company shut-down its three production plants until the Peruvian government
allowed it to restart production and commercial activities on May 20, 2020.
During the halt period, the Company was unable to generate
revenues; however, it largely returned to the operating levels prior to the shut-down as of the month of August 2020. The Group has prepared
the consolidated financial statements for the financial years ended December 31, 2022, 2021 and 2020 on a going concern basis, which assumes
continuity of current business activities and the realization of assets and settlement of liabilities in the ordinary course of business.
Through Supreme Decree No. 130-2022-PCM published on October
27, 2022, the Government formalized the end of the state of national emergency that was declared in 2020.
2.
Significant accounting policies
2.1
Basis of preparation –
The consolidated financial statements of
the Group have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting
Standards Board (IASB).
The consolidated financial statements have
been prepared on a historical cost basis, except for financial instruments designated at fair value through other comprehensive income
(OCI) and derivative financial instruments that have been measured at fair value. The carrying values of recognized assets and liabilities
that are designated as hedged items in fair value hedges that would otherwise be carried at amortized cost are adjusted to record changes
in fair value attributable to the risks that are being hedged in effective hedge relationships. The consolidated financial statements
are presented in Soles and all values are rounded to the nearest thousand (S/000), except when otherwise indicated.
The consolidated financial statements provide
comparative information in respect of the previous period or periods. There are certain standards and amendments applied for the first
time by the Group during 2022 that did not require the restatement of previous financial statements, as explained in note 2.3.19.
F-
10
Notes to the consolidated financial statements (continued)
2.2
Basis of consolidation -
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2022 and
2021 and for the years ended December 31, 2022, 2021 and 2020. Control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically,
the Group controls an investee if and only if it has: (i) power over the investee (i.e. existing rights that give it the current ability
to direct the relevant activities of the investee), (ii) exposure, or rights, to variable returns from its involvement with the investee,
and (iii) the ability to use its power over the investee to affect its returns.
The Group reassesses whether or not it controls
an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation
of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets,
liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements
from the date the Group gains control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of OCI
are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling
interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting
policies into line with the Group´s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash
flows relating to transactions between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary,
without a loss of control, is accounted for as an equity transaction.
2.3
Summary of significant accounting policies -
2.3.1
Cash and cash equivalents -
Cash and cash equivalents presented in the
statement of financial position and statement of cash flows comprise cash at banks and on hand and short-term deposits with an original
maturity of three months or less.
2.3.2
Financial instruments-initial recognition and subsequent measurement –
A financial instrument is any contract that
gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
(i)
Financial assets -
Initial recognition and measurement -
Financial assets are classified at initial
recognition as measured at amortized cost, fair value through OCI or fair value through profit or loss.
The Group's financial assets include cash and cash equivalents,
commercial and other receivables, available-for-sale financial investments and derivative financial instruments.
F-
11
Notes to the consolidated
financial statements (continued)
Subsequent measurement -
For purposes of subsequent measurement, financial
assets are classified into the following categories:
-
Financial assets at amortized cost (debt instruments).
-
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments).
-
Financial assets designated at fair value through OCI without recycling of cumulative gains and losses upon derecognition (equity
instruments).
-
Financial assets at fair value through profit or loss.
The classification depends on the business
model of the Company and the contractual terms of the cash flows.
Financial assets at amortized cost (debt
instruments) -
The Group measures financial assets at amortized
cost if both of the following conditions are met:
-
The financial asset is held within a business model with the objective to collect contractual cash flows and not sale or trade it,
and,
-
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding
Financial assets at amortized cost are subsequently
measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when
the asset is derecognized, modified or impaired.
Financial assets are not reclassified after
their initial recognition, except if the Group changes its business model for its management.
As of December 31, 2022 and 2021 the Group
held trade and other receivables in this category.
Financial assets at fair value through OCI
(debt instruments)
–
The Group measures debt instruments at fair
value through OCI if both of the following conditions are met:
-
The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling,
and
-
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding
The Group does not have debt instruments
classified in this category.
F-
12
Notes to the consolidated financial statements (continued)
Financial assets at fair value through OCI
(equity instruments) -
Upon initial recognition, the Group can elect
to irrevocably classify its equity investments as equity instruments designated at fair value through OCI when they meet the definition
of equity and are not held for trading. The classification is determined on an instrument-by-instrument basis.
Gains and losses on these financial assets
are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment
has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which
case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.
As of December 31, 2022 and 2021 the Group
elected to classify irrevocably its non-listed equity investments under this category, see note 9.
Financial assets at fair value through profit
or loss -
Financial assets at fair value through profit
or loss include financial assets held for trading assets, assets from derivative financial instruments at fair value through profit or
loss, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required
to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing
in the near term. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured
at fair value through profit or loss, irrespective of the business model.
Financial assets at fair value through profit
or loss are carried in the statement of financial position at fair value and net changes in such fair value are presented as Financial
Costs (net negative changes in fair value) or Financial Income (net positive changes in fair value) in the consolidated statement of profit
or loss.
As of December 31,2022 and 2021, the Group
held derivative financial instruments classified at fair value through profit or loss classified in this category.
Derecognition -
A financial asset (or, where applicable,
a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group's
consolidated statement of financial position) when:
(i)
The rights to receive cash flows from the asset have expired,
or
(ii)
The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows
in full without material delay to a third party under a 'pass-through' arrangement
;
and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
F-
13
Notes to the consolidated financial statements (continued)
When the Group has transferred its rights
to receive cash flows from an asset or has entered a pass-through arrangement, it evaluates if, and to what extent, it has retained the
risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor
transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continuing involvement.
In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a
basis that reflects the rights and obligations that the Group has retained.
Continuing involvement that takes the form
of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount
of consideration that the Group could be required to repay.
(ii)
Impairment of financial assets -
The Group recognizes an allowance for expected
credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between
the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at
an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral
held or other credit enhancements that are integral to the contractual terms.
ECLs are recognized in two stages. For credit
exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there
has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over
the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets,
the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The Group considers a financial asset in
default when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be
in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in
full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable
expectation of recovering the contractual cash flows.
(iii)
Financial liabilities -
Initial recognition and measurement -
Financial liabilities are classified at initial
recognition as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated
as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognized
initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Group's financial liabilities include
trade and other payables, interest-bearing loans and borrowings.
F-
14
Notes to the consolidated
financial statements (continued)
Subsequent measurement -
The subsequent measurement of financial liabilities
depends on their classification, as described below:
Financial liabilities at fair value through
profit or loss -
Financial liabilities at fair value through
profit or loss include financial liabilities held for trading, derivative financial instruments at fair value through profit or loss and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held
for trading if they are incurred for the purpose of repurchasing in the near term; gains or losses on liabilities held for trading are
recognized in the statement of profit or loss. This category also includes derivative financial instruments entered by the Group that
are not designated as hedging instruments in hedge relationships as defined by IFRS 9 – Financial Instruments.
Financial liabilities designated upon initial
recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9
are satisfied.
For the years ended December 31, 2022 and
2021, the Group does not have instruments classified in this category.
Loans and borrowings -
After their initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated
statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process.
Amortized cost is calculated by considering
any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance
costs in the consolidated statement of profit or loss.
As of December 31, 2022 and 2021, the Group
includes trade and other payables and financial liabilities in this category, for more information refer to notes 14 and 16.
Derecognition -
A financial liability is derecognized when
the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another
from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange
or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amount is recognized in the consolidated statement of profit or loss.
(iv)
Offsetting of financial instruments -
Financial assets and liabilities are offset
and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to
offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.
F-
15
Notes to the consolidated
financial statements (continued)
(v)
Derivative financial instruments and hedge accounting –
Initial recognition and subsequent measurement:
The Group uses derivative financial instruments,
cross currency swaps, to hedge its foreign currency exchange rate risk. These derivative financial instruments are initially recognized
at their fair values on the date on which the derivative contract is entered into and subsequently are remeasured at their fair value.
Derivatives are accounted for as financial assets when their fair value is positive and as financial liabilities when their fair value
is negative.
For the purpose of hedge accounting, hedges
are classified as:
-
Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm
commitment.
-
Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment.
-
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship,
the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
The documentation includes identification
of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess the effectiveness
of changes in the hedging instrument's fair value in offsetting the exposure to changes in the hedged item's fair value or
cash flows attributable to the hedged risk. Such hedges expect to be highly effective in achieving offsetting changes in fair value or
cash flows and are assessed on an ongoing basis to determine that they have been highly effective throughout the financial reporting periods
for which they were designated.
A hedging relationship qualifies for
hedge accounting if it meets all the following effectiveness requirements:
-
There is 'an economic relationship between the hedged item and the hedging instrument.
-
The effect of credit risk does not dominate the value changes that result from that economic relationship.
-
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group hedges
and the quantity of the hedging instrument that the Group uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying
criteria for hedge accounting are recorded as cash flow hedges, see note 31(a).
F-
16
Notes to the consolidated
financial statements (continued)
Cash flow hedges
Any gains or losses arising from changes
in the fair value of derivatives is taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized
in OCI and later reclassified to profit or loss when the hedged item affects profit or loss.
For any other cash flow hedges, the amount
accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged
cash flows affect profit or loss.
In the case that the cash flow hedge is discontinued,
the amount accumulated in OCI must remain in OCI if the hedged cash flows are still expected to occur. Otherwise, the amount will be immediately
reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the hedged cash flows are recognized, any
amount that remains in OCI must be recorded considering the nature of the underlying transaction.
(vi)
Fair value measurement -
The Group measures financial instruments
such as derivatives, and equity investments, at fair value at each period end.
Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair
value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
-
In the principal market for the asset or liability, or
-
In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market
must be accessible by the Group.
The fair value of an asset or a liability
is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants
act in their economic best interest.
A fair value measurement of a non-financial
asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or
by selling it to another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that
are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant
observable inputs and minimizing the use of unobservable inputs.
F-
17
Notes to the consolidated
financial statements (continued)
All assets and liabilities for which fair
value is measured or disclosed in the financial statements are categorized within the fair value accounting hierarchy, described as follows,
based on the lowest level input that is significant to the fair value measurement as a whole:
-
Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
-
Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly
or indirectly observable
-
Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
For assets and liabilities that are recognized
in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in
the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole)
at the end of each reporting period.
The Group's management determines the policies
and procedures for recurring and non-recurring fair value measurements.
At each reporting date, the Financial Management
analyzes the changes in the values of the assets and liabilities that must be measured or determined on a recurring and non-recurring
basis according to the Group's accounting policies. For this analysis, Management contrasts the main variables used in the latest assessments
made with updated information available from valuations included in contracts and other relevant documents.
Management also compares the changes in the
fair value of each asset and liability with the relevant external sources to determine whether the change is reasonable.
For purposes of disclosure of fair value,
the Group has determined classes of assets and liabilities based on the inherent nature, characteristics and risks of each asset and liability,
and the level of the fair value accounting hierarchy as explained above, see note 31(b).
2.3.3
Foreign currencies -
The functional and presentation currency
for the consolidated financial statements of the Group is soles, which is also the functional currency for its subsidiaries.
Transactions and balances
Transactions in foreign currencies are initially
recorded at their respective functional currency spot rates at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated
in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement
or translation of monetary items are recognized in profit or loss.
Non-monetary items that are measured in terms
of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.
F-
18
Notes to the consolidated
financial statements (continued)
2.3.4
Inventories -
Inventories are valued at the lower of cost
or net realizable value. Costs incurred in bringing each product to its present location and conditions are accounted for as follows:
Raw materials and supplies
-
Cost is determined using the weighted average method.
Finished goods and work in progress
-
Cost of direct materials and supplies, services provided by third parties, direct labor and a proportion of manufacturing overheads
is based on normal operating capacity, excluding borrowing costs and exchange currency differences.
Inventory in transit
-
Cost.
Net realizable value is the estimated selling
price in the ordinary course of business, less estimated cost of completion and the estimated costs of inventory necessary to make the
sale.
2.3.5
Borrowing costs -
Borrowing costs directly attributable to
the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended
use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period in which
they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
Where the funds used to finance a project
form part of general borrowings, the amount capitalized is calculated using a weighted average of interest rates applicable to relevant
general borrowings of the Group during the period. All other borrowing costs are recognized in the consolidated statement of profit or
loss in the period in which they are incurred.
2.3.6
Leases -
The Group assesses at contract inception
whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for
a period of time in exchange for consideration.
Group as a lessee:
The Group applies a single recognition and
measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use assets representing the right to use the underlying assets.
i)
Right-of-use assets
The Group recognizes right-of-use assets
at the commencement date of the lease (the date the underlying asset is available for use). Right-of-use assets are measured at cost,
less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement
date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term
or the estimated useful lives of the assets, unless the ownership of the leased asset transfers to the Group at the end of the lease term
or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The leased
assets correspond to motorized vehicles whose useful life is
5
years.
F-
19
Notes to the consolidated
financial statements (continued)
The right-of-use assets are subject to impairment assessment.
Refer to accounting policies in note 2.3.12.
ii)
Lease liabilities
At the commencement date of the lease, the
Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend
on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable lease payments that do not depend on
an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease
payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease
is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest
and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification,
a change in the lease term, a change in the assessment of an option to purchase the underlying asset, a change in the amounts expected
to be paid under residual value guarantee or changes to future payments resulting from a change in an index or rate used to determine
such lease payments
The Group's lease liabilities are included
in "lease liabilities" in the consolidated statement of financial position.
iii)
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition
exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases
of office equipment that are considered to be low value.
Group as a lessor:
Leases in which the Group does not transfer
substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income is accounted for on
a straight-line basis over the lease terms and is included in other income in the statement of profit or loss due to its operating nature.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and
recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they
are earned.
2.3.7
Property, plant and equipment -
Property, plant and equipment is stated at
cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Such cost includes the cost of replacing component
parts of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met
(see note 2.3.5). The capitalized value of a finance lease is also included within property, plant and equipment. When significant parts
of plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful
lives and depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is
recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair
and maintenance costs are recognized in profit or loss as incurred.
The present value of the expected cost for
the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision
are met. Refer to significant accounting judgments, estimates and assumptions (note 3) and quarry rehabilitation cost provisions (note
15).
F-
20
Notes to the consolidated
financial statements (continued)
Depreciation of assets is determined using
the straight-line method over the estimated useful lives of such assets as follows:
Years
Buildings and other construction:
Administrative facilities
Between 20 and 51
Main production structures
Between 20 and 56
Minor production structures
Between 20 and 35
Machinery and equipment:
Mills and horizontal furnaces
Between 24 and 45
Vertical furnaces, crushers and grinders
Between 23 and 36
Electricity facilities and other minors
Between 10 and 35
Furniture and fixtures
10
Transportation units:
Heavy units
Between 5 and 15
Light units
Between 5 and 10
Computer equipment
Between 3 and 10
Tools
Between 5 and 10
The asset's residual value, useful
lives and methods of depreciation are reviewed at each reporting period and adjusted prospectively if appropriate.
An item of property, plant and equipment
and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its
use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the consolidated statement of profit or loss when the asset is derecognized.
2.3.8
Mining concessions -
Mining concessions correspond to the exploration
rights in areas of interest acquired. Mining concessions are stated at cost, net of accumulated amortization and/or accumulated impairment
losses, if any, and are presented within the "Property, plant and equipment" caption of consolidated statement of financial
position. Those mining concessions are amortized following the straight-line method. In the event the Group abandons the concession, the
costs associated (see note 10(b)) are written-off in the consolidated statement of profit or loss.
For the years ended December 31, 2022, 2021
and 2020, mining concessions of the Group correspond to areas that contain raw material necessary for cement production.
2.3.9
Quarry development costs and stripping costs -
Quarry development costs -
Quarry development costs incurred are stated
at cost and are the next step in development of quarries after the exploration and evaluation stage. Quarry development costs are, upon
commencement of the production phase, presented net of accumulated amortization and/or accumulated impairment losses, if any, and are
presented within the property, plant and equipment caption. The amortization is calculated using the straight-line method based on the
useful life of the quarry to which it relates. Expenditures that significantly increase the economic life of the quarry under exploitation
are capitalized.
F-
21
Notes to the consolidated financial statements (continued)
Stripping costs -
Stripping costs incurred in the development
of a mine before production commences are capitalized as part of mine development costs and subsequently amortized over the life of the
mine on a units-of-production basis, using the proved reserves.
Stripping costs incurred subsequently
during the production phase of its operation are recorded as part of cost of production.
2.3.10
Intangible assets
Intangible assets acquired separately
are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the
date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated
impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure
is reflected in profit or loss in the period in which the expenditure is incurred.
The useful lives of intangible assets
are assessed as either finite or indefinite.
Intangible assets with finite lives are
amortized over the economic useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.
The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end
of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied
in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates.
The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss in the expense category
that is consistent with the function of the intangible assets.
The Group's intangible assets with
finite useful lives are amortized over an average term of
ten years
.
Intangible assets with indefinite useful
lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment
of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful
life from indefinite to finite is made on a prospective basis. As of December 31, 2022 and 2021, the Company maintains as intangible assets
with an indefinite useful life of a brand it acquired in 2018.
Any gain or loss arising upon derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the
statement of profit or loss.
F-
22
Notes to the consolidated financial statements (continued)
Exploration and evaluation assets -
Exploration and evaluation activity involve
the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified
resource. Exploration and evaluation activity include:
-
Researching and analyzing historical exploration data.
-
Gathering exploration data through geophysical studies.
-
Exploratory drilling and sampling.
-
Determining and examining the volume and grade of the resource.
-
Surveying transportation and infrastructure requirements.
-
Conducting market and finance studies.
License costs paid in connection with
a right to explore in an existing exploration area, are capitalized and amortized over the term of the license.
Once the legal right to explore has been
acquired, exploration and evaluation costs are charged to the consolidated statement of profit or loss, unless management concludes that
a future economic benefit is more likely than not to be realized, in which case such costs are capitalized, see note 11(b). These costs
include directly attributable employee remuneration, materials and fuel used, surveying costs, drilling costs and payments made to contractors.
In evaluating if costs meet the criteria
to be capitalized, several different sources of information are used, including the nature of the assets, extension of the explored area
and results of sampling, among others. The information that is used to determine the probability of future benefits depends on the extent
of exploration and evaluation that has been performed.
Exploration and evaluation costs are
capitalized when the exploration and evaluation activity is within an area of interest for which it is expected that the costs will be
recouped by future exploitation and active and significant operations in relation to the area are continuing or planned for the future.
The main estimates and assumptions the
Group uses to determine whether it is likely that future exploitation will result in future economic benefits include: expected operational
costs, committed capital expenditures, expected mineral prices and mineral resources found. For this purpose, the future economic benefit
of the project can reasonably be regarded as assured when mine-site exploration is being conducted to confirm resources, mine-site exploration
is being conducted to convert resources to reserves or when the Group is conducting a feasibility study, based on supporting geological
information.
As the capitalized exploration and evaluation
costs asset is not available for use, it is not amortized. These exploration costs are transferred to mine development assets once the
work completed to date supports the future development of the property and such development receives appropriate approvals. In this phase,
the exploration costs are amortized in accordance with the estimated useful life of the mining property from the time the commercial exploitation
of the reserves begins. All capitalized exploration and evaluation costs are monitored for indications of impairment. Where a potential
impairment indicator is identified, an assessment is performed for each area of interest in conjunction with the group of operating assets
(representing a cash generating unit) to which the exploration is attributed.
F-
23
Notes to the consolidated financial statements (continued)
Exploration areas in which resources
have been discovered but require major capital expenditure before production can begin, are continually evaluated to ensure that commercial
quantities of resources exist or to ensure that additional exploration work is under way or planned. To the extent that a capitalized
expenditure is no longer expected to be recovered it is charged to the consolidated statement of profit or loss. The Group assesses at
each reporting date whether there is an indication that exploration and evaluation assets may be impaired, see note 11(c). The following
facts and circumstances are considered in this assessment:
(i)
the period for which the entity has the right to explore in the specific area has expired during the period or will expire in the
near future, and is not expected to be renewed.
(ii)
substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor
planned.
(iii)
exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities
of mineral resources and the entity has decided to discontinue such activities in the specific area.
(iv)
sufficient data exists to indicate that, although development in the specific area is likely to proceed, the carrying amount of the
exploration and evaluation asset is unlikely to be recovered in full through successful development or by sale.
2.3.11
Ore reserve and resource estimates -
Ore reserves are estimates of the amount
of ore that can be economically and legally extracted from the Group's mining properties and concessions. The Group estimates its
ore reserves and mineral resources, based on information compiled by appropriately qualified persons relating to the geological data on
the size, depth and shape of the ore body, and requires complex geological judgments to interpret the data. The estimation of recoverable
reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production
costs along with geological assumptions and judgments made in estimating the size and grade of the ore body. Changes in the reserve or
resource estimates may impact upon the carrying value of exploration and evaluation assets, provision for quarry rehabilitation and depreciation
and amortization charges.
2.3.12
Impairment of non-financial assets –
The Group assesses, at each reporting
date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an
asset is required (goodwill and Intangible assets with indefinite useful lives), the Group estimates the asset's recoverable amount.
An asset's recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value less costs of disposal
and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent
of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset
is considered impaired and is written down to its recoverable amount.
F-
24
Notes to the consolidated financial statements (continued)
In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions
are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated
by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.
The Group supports its impairment calculation
by using detailed budgets and forecast calculations, which are prepared separately for each of the Group´s CGUs to which the individual
assets are allocated.
Impairment losses related to continuing
operations, including impairment on inventories, are recognized in the consolidated statement of profit or loss in expense categories
consistent with the function of the impaired asset.
In addition, an assessment is made at each reporting date
to determine whether there is any indication that previously recognized impairment losses may no longer exist or have decreased. If such
an indication exists, the Group estimates the asset's or CGU's recoverable amount. A previously recognized impairment loss
is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last impairment
loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed
the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior
years. Such reversal is recognized in the consolidated statement of profit or loss.
Exploration and evaluation assets are tested for impairment
annually as of December 31, either individually or at the cash-generating unit level, as appropriate, and when circumstances indicate
that the carrying value may be impaired.
2.3.13
Provisions -
General -
Provisions are recognized when the Group has a present
obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects
some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset
but only when the reimbursement is virtually certain. The expense relating to any provision is presented in profit or loss net of any
reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects
where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of
time is recognized as finance cost in the consolidated statement of profit or loss.
Quarry rehabilitation provision -
The Group records the present value of estimated costs
of legal and constructive obligations required to restore operating locations in the period in which the obligation is incurred. Quarry
rehabilitation costs are provided at the present value of expected costs to settle the obligation using estimated cash flows and are recognized
as part of the cost of that particular asset. The cash flows are discounted at a current risk-free rate. The unwinding of the discount
is expensed as incurred and recognized in the consolidated statement of profit or loss as a finance cost. The estimated future costs of
quarry rehabilitation are reviewed annually and adjusted as appropriate. Changes in the estimated future costs or in the discount rate
applied are added to or deducted from the cost of the asset.
F-
25
Notes to the consolidated financial statements (continued)
Environmental expenditures and liabilities -
Environmental expenditures that relate to current or future
revenues are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and do
not contribute to current or future earnings are expensed.
Liabilities for environmental costs are recognized when
a clean-up is probable, and the associated costs can be reliably estimated. Generally, the timing of recognition of these provisions coincides
with the commitment to a formal plan of action or, if earlier, on divestment or on closure of inactive sites.
The amount recognized is the best estimate of the expenditure
required. Where the liability will not be settled for a number of years, the amount recognized is the present value of the estimated future
expenditure.
2.3.14
Employees benefits -
The Group has short-term obligations
for employee benefits including salaries, severance contributions, legal bonuses, performance bonuses and profit sharing. These obligations
are recorded monthly on an accrual basis.
Additionally, the Group has a long-term
incentive plan for key management. This benefit is settled in cash, measured on the salary of each officer and upon fulfilling certain
conditions such as years of experience within the Group and permanency. The Group recognizes the long-term obligation at its present value
at the end of the reporting period using the projected credit unit method. To calculate the present value of these long-term obligations
the Group uses a government bond discount rate at the date of the consolidated financial statements. This liability is annually reviewed
on the date of the consolidated financial statements, and the accrual updates and the effect of changes in discount rates are recognized
in the consolidated statement of profit or loss, until the liability is extinguished.
2.3.15
Revenue recognition -
The group is dedicated to the production
and trading of cement, precast, concrete and quicklime, as well as trade of construction supplies. These goods are sold in contracts with
customers. The Group has concluded that it is principal in its sales agreements because it controls the goods or services before transferring
to the customer.
Revenue is measured at the fair value
of the consideration received or receivable, considering contractually defined terms of payment and excluding taxes or duties.
F-
26
Notes to the consolidated financial statements (continued)
The following specific recognition criteria
must also be met before revenue is recognized:
Sales of goods -
Revenue from sale of goods is recognized
at the point in time when control of the asset is transferred to the customer, generally on delivery of the goods.
The Group considers whether there are
other terms in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated.
In determining the transaction price for the sale of goods, the Group considers the effects of variable consideration, the existence of
significant financing components, noncash consideration, and consideration payable to the customer (if any).
Rendering of services -
In the business segments cement, concrete, mortar, precast
and construction supplies, the Group provides transportation services. These services are sold together with the sale of the goods to
the customer.
Transportation services are satisfied
when the transport service is concluded, which coincides with the moment of delivery of the goods to the customers.
Operating lease income -
Income from operating lease of land and
office is recognized on a monthly accrual basis during the term of the lease.
Interest income -
For all financial instruments measured
at amortized cost and interest-bearing financial assets, interest income is recorded using the effective interest rate (EIR). EIR is the
rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter
period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in finance income
in the consolidated statement of profit or loss.
F-
27
Notes to the consolidated financial statements (continued)
2.3.16
Taxes -
Current income tax -
Current income tax assets and liabilities
are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the
amount are those that are enacted or substantively enacted, at the reporting date in Peru, where the Group operates and generates taxable
income.
Deferred tax -
Deferred tax is determined based on temporary differences
between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognized
for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries,
associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it
is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognized for
all deductible temporary differences, the carry forward of unused tax credits and unused tax losses. Deferred tax assets are recognized
to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry
forward of unused tax credits and unused tax losses can be utilized, except in respect of deductible temporary differences associated
with investments in subsidiaries, where deferred assets are recognized only to the extent that it is probable that the temporary differences
will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.
The carrying amount of deferred tax assets
is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available
to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date
and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are
measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax
rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax related to items recognized
outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction
either in OCI or directly in equity.
Deferred tax assets and deferred tax
liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and
the deferred taxes relate to the same taxable entity and the same taxation authority.
F-
28
Notes to the consolidated financial statements (continued)
Mining royalties -
Mining royalties are accounted when they
have the characteristics of an income tax. This is considered to be the case when they are imposed under government authority and the
amount payable is based on taxable net income, rather than based on quantity produced or as a percentage of revenue, after adjustment
for temporary differences. For such arrangements, current and deferred tax is provided on the same basis as described above for income
tax. Obligations arising from royalty arrangements that do not satisfy these criteria are recognized as current provisions and included
in results of the year.
2.3.17
Treasury shares-
Own equity instruments which are reacquired
(treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in the consolidated statement of profit
or loss on the purchase, sale, issue or cancellation of the Group's own equity instruments.
2.3.18
Business combinations and goodwill -
A business consists of inputs
and processes applied to those inputs that have the ability to contribute to the creation of outputs. Business combinations are accounted
for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured
at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group
elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree's
identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses of the consolidated
statement of profit or loss.
When the Group acquires a business, it
assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual
terms, economic circumstances and pertinent conditions as at the acquisition date.
Any contingent consideration to be transferred
by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured
and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial
instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognized in
the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured
at fair value at each reporting date with changes in fair value recognized in profit or loss.
Goodwill
Goodwill is the excess of the aggregate
of the consideration transferred on the business acquired over the fair value of the assets acquired.
Goodwill is initially measured at cost
(being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous
interest held over the net identifiable assets acquired and liabilities assumed). If the reassessment still results in an excess of the
fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss.
F-
29
Notes to the consolidated financial statements (continued)
After initial recognition, goodwill is
measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination
is, from the acquisition date, allocated to each of the Group's cash-generating units that are expected to benefit from the combination,
irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
The Group performs impairment tests of
goodwill annually. The impairment of goodwill is determined estimating the recoverable amount of the cash generating units related to
it. When the recoverable amount of the cash generating units is lower than the carrying value, an impairment is recognized. Impairment
related to goodwill cannot be reversed in future periods.
2.3.19
New amended standards and interpretations –
The Group applied for the first-time certain standards
and amendments, which are effective for annual periods beginning on or after January 1, 2022. The Group has not early adopted any other
standard, interpretation or amendment that has been issued but is not yet effective.
Onerous Contracts – Costs of
Fulfilling a Contract - Amendments to IAS 37
An onerous contract is a contract under which the unavoidable
costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendments specify
that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract
to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General
and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty
under the contract. These amendments had no impact on the consolidated financial statements of the Group as there were no onerous contracts
during the period.
Reference to the Conceptual Framework – Amendments
to IFRS 3 –
The amendments replace a reference to a previous version
of the IASB's Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its
requirements. The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential
'day 2' gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC
21, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the
Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also add a new paragraph
to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. These amendments had no impact on
the consolidated financial statements of the Group as there were no contingent assets or liabilities within the scope of these amendments
that arose during the period.
Property, Plant and Equipment: Proceeds before Intended
Use – Amendments to IAS 16 –
The amendment prohibits entities from deducting from the
cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location
and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds
from selling such items, and the costs of producing those items, in profit or loss. These amendments had no impact on the consolidated
financial statements of the Group as there were no sales of such items produced by property, plant and equipment made available for use
on or after the beginning of the earliest period presented.
F-
30
Notes to the consolidated financial statements (continued)
IFRS 9 Financial Instruments – Fees in the '
10
per cent' test for derecognition of financial liabilities –
The amendment clarifies the fees that an entity includes
when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial
liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either
the borrower or lender on the other's behalf. These amendments had no impact on the consolidated financial statements of the Group
as there were no modifications of the Group's financial instruments during the period.
3.
Significant accounting judgments, estimates and assumptions
The
preparation of the Group's consolidated financial statements requires management to make judgments, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions
and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in
future periods.
The
key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below.
The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing
circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the
control of the Group. Such changes are reflected in the assumptions when they occur. The most significant estimate considered by the Company's
Management in relation to the consolidated financial statements refers to the evaluation of the impairment of long-lived assets, see notes
2.3.12, 10 and 11.
4.
Standards issued but not yet effective
The
standards and interpretations relevant to the Group that are issued, but not yet effective, up to the date of issuance of the financial
statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective:
Amendments
to IAS 1: Classification of Liabilities as Current or Non-current
In
January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current
or non-current. The amendments clarify:
-
What is meant by a right to defer settlement
-
That a right to defer must exist at the end of the reporting period
-
That classification is unaffected by the likelihood that an entity will exercise its deferral right
-
That only if an embedded derivative in a convertible liability is itself an equity instrument would
the terms of a liability not impact its classification.
The
amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Group
is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation.
Definition
of Accounting Estimates - Amendments to IAS 8
In
February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of 'accounting estimates'. The amendments
clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also,
they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual
reporting periods beginning on or after January 1, 2023 and apply to changes in accounting policies and changes in accounting estimates
that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. The amendments are
not expected to have a material impact on the Group.
F-
31
Notes
to the consolidated financial statements (continued)
Disclosure
of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2
In
February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance
and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide
accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant'
accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities
apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual
periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide
non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these
amendments is not necessary. The Group is currently assessing the impact of the amendments to determine the impact they will have on the
Group's accounting policy disclosures.
Deferred
Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12 In May 2021, the Board issued
amendments to IAS 12, which narrow the scope of the initial recognition exception under IAS 12, so that it no longer applies to
transactions that give rise to equal taxable and deductible temporary differences.
The
amendments should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition,
at the beginning of the earliest comparative period presented, a deferred tax asset (provided that sufficient taxable profit is available)
and a deferred tax liability should also be recognized for all deductible and taxable temporary differences associated with leases and
decommissioning obligations. The Group is currently assessing the impact of the amendments.
5.
Transactions in foreign currency
Transactions in foreign currency take place at the open-market
exchange rates published by the Superintendence of Banks, Insurance and Pension Funds Administration.
As of December 31, 2022 the exchange
rates for transactions in United States dollars, published by this institution, were S/3.808 for purchase and S/3.820 for sale (S/3.975
for purchase and S/3.998 for sale as of December 31, 2021).
As of December 31, 2022 and 2021, the Group had the following
assets and liabilities in United States dollars:
2022
2021
US$(000)
US$(000)
Assets
Cash and cash equivalents
4,426
51,343
Trade and other receivables
3,262
4,946
Advances to suppliers for work in progress
18,899
10,175
26,587
66,464
Liabilities
Trade and other payables
(
18,399
)
(
10,356
)
Interest-bearing loans and borrowings
(
131,612
)
(
149,612
)
(
150,011
)
(
159,968
)
Cross currency swap position
132,000
132,000
Net monetary position
8,576
38,496
F-
32
Notes to the consolidated financial statements (continued)
As of December 31, 2022 and 2021, the Group has cash currency
hedging agreements for its bonds (denominated in US dollars), see note 16. Of the US$
132,000,000
shown in the swap position as of December
31, 2022 and 2021, respectively, there are underlying liabilities in the amount of US$
131,612,000
and the difference of US$
388,000
is
maintained as derivative financial instruments at fair value through profit or loss.
During 2022, the net loss
originated by the exchange difference was approximately S/
1,040,000
(the net loss from exchange difference amounted to S/
7,086,000
and S/
9,831,000
during 2021 and 2020, respectively). All these results are presented in the caption "Loss from exchange
difference, net" in the consolidated statement of profit or loss.
6.
Cash and cash equivalents
(a)
This caption was made up as follows:
2022
2021
S/(000)
S/(000)
Cash on hand
161
273
Cash at banks (b)
39,112
225,629
Short-term deposits (c)
42,500
47,500
81,773
273,402
(b)
Cash at banks is denominated in local and foreign currency and U.S. dollars, is deposited in local and foreign bank are freely available.
The demand deposits interest yield is based on daily bank deposit rates.
(c)
The short-term deposits held in domestic banks were freely available and earned interest at the respective short-term market rates
and original maturity less than three months.
F-
33
Notes
to the consolidated financial statements (continued)
7.
Trade and other receivables
(a)
This caption was made up as follows:
Current
Non-current
2022
2021
2022
2021
S/(000)
S/(000)
S/(000)
S/(000)
Trade receivables (b)
78,519
91,072
-
-
Other accounts receivable
7,790
5,940
-
-
Accounts receivable from Parent company and affiliates, note 27
1,858
1,314
-
-
Interest receivable
1,163
636
-
Loans to employees
676
610
-
-
Funds restricted to tax payments
244
1,314
-
-
Other receivables from sale of fixed assets
215
937
-
Loans granted
-
1,066
-
83
Allowance for expected credit losses (d) and (e)
(
7,433
)
(
5,539
)
-
-
Financial assets classified as receivables (e)
83,032
97,350
-
83
Value-added tax credit
18,459
5,368
1,874
2,673
Payment under protest for mining royalties 2008 – 2009 (c)
-
-
28,922
28,922
Other accounts receivable
-
-
12,747
9,320
Tax refund receivable
-
-
9,034
9,242
Allowance for expected credit losses (d)
-
-
(
9,034
)
(
9,034
)
Non-financial assets classified as receivables
18,459
5,368
43,543
41,123
101,491
102,718
43,543
41,206
(b)
Trade account receivables have current maturity (30 to 90 days) and those overdue bear interest.
(c)
On March 22, 2021, the Company received Tax Court Resolution N° 00905-4-21 that declares the calculation of Mining Royalty should
be based on gross sale of the final product (cement) for the years 2008 and 2009. This is an opposite position to what is established
by the Constitutional Court in the STC Exp. N° 1043-2013-PA/TC that declares founded the writ of protection presented by the Company
and its right to calculate the Mining Royalty exclusively based on the value of the mining component, without considering in any way the
value of the final products derived from industrial and manufacturing processes. Company has made, under protest, payments
of the debts arbitrarily placed in collection. These payments as of December 31, 2022 and 2021 amount to S/
28,922,000
. To date, the Company
has initiated the corresponding legal actions to recover said payments and in the opinion of Management and its external legal advisors,
it has a high probability of obtaining a favorable result.
F-
34
Notes to the consolidated financial statements (continued)
(d)
The movement of the allowance for expected credit losses is as follows:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Opening balance
14,573
14,358
12,781
Additions, note 22
1,972
563
1,582
Recoveries
(
78
)
(
348
)
(
5
)
Ending balance
16,467
14,573
14,358
As of December 31, 2022, the additions
include S/
1,972,000
related to the provision for expected credit losses for trade receivables (S/
563,000
as of December 31, 2021), which
are presented in the caption "selling and distribution expenses" on the consolidated statement of profit and loss, see note
22.
(e)
The aging analysis of trade and other accounts receivable as of December 31, 2022 and 2021, is as follows:
As of December
    31, 2022
Past due but not impaired
Total
Neither past
due nor impaired
< 30
days
30-60
days
61-90
days
91-120
days
> 120
days
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Expected credit loss rate
8.2
%
0.1
%
1.5
%
3.5
%
2.1
%
-
59.4
%
Carrying amount 2022
90,465
63,676
8,538
3,807
2,573
-
11,871
Expected credit loss
7,433
64
124
135
55
-
7,055
As of December
    31, 2021
Past due but not impaired
Total
Neither past
due nor impaired
< 30
days
30-60
days
61-90
days
91-120
days
> 120
days
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Expected credit loss rate
5.4
%
0.0
%
0.9
%
1.7
%
3.7
%
-
76.5
%
Carrying amount 2021
102,972
65,314
21,233
6,112
3,672
-
6,641
Expected credit loss
5,539
28
190
105
136
-
5,080
F-
35
Notes to the consolidated financial statements (continued)
8.
Inventories
(a)
This caption is made up as follows:
2022
2021
S/(000)
S/(000)
Goods and finished products
18,903
24,720
Work in progress
186,281
134,358
Raw materials
397,096
243,139
Packages and packing
5,245
7,262
Fuel
3,642
3,498
Spare parts and supplies
260,742
183,056
Inventory in transit
13,060
9,149
884,969
605,182
(b)
As of December 31, 2022 and 2021, the amount of the provision for inventory obsolescence amounts to S/
24,905,000
and S/
23,052,000
, respectively.
9.
Financial investment designated at fair value through OCI
(a)
Movement in financial investment designated at fair value through OCI is as follow:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Beginning balance
476
692
18,224
Contribution of investment shares
363
1,779
-
Fair value change recorded in OCI
(
565
)
(
1,995
)
(
17,532
)
Ending balance
274
476
692
(b)
As of December 31, 2022 and 2021, corresponds to
837,881
and
2,481,397
investment shares of Fossal S.A.A. These shares represent
8.52
%
and
8.40
% of equity of Fossal S.A.A., respectively.
The main asset held by Fossal S.A.A. corresponded
to its investment in the company Fosfatos del Pacífico S.A., a pre-operational company that has a diatomite extraction concession
and is dedicated to the Fosfatos Project (a project for the exploitation and sale of phosphate rock). The Board of Directors of the company
Fosfatos del Pacífico S.A. held on December 30, 2020, considering the longer time it will take for the renewal of the Environmental
Impact Study (EIA) of the project and that the current international prices of phosphate rock are lower than the sales prices originally
estimated at the beginning of the project, agreed to make the accounting provision due to the total devaluation of the assets related
to the Phosphate Project.
The Company has recognized a charge in
OCI for S/
565,000
related to updating the fair value of the financial investment maintained in Fossal S.A.A. during 2022 (S/
1,995,000
and S/
17,532,000
during 2021 and 2020, respectively).
F-
36
Notes to the consolidated financial statements (continued)
10.
Property, plant and equipment
(a)
The composition and movement in property, plant and equipment for
two years
ended December 31, 2022 is presented below:
Mining
    concessions (b)
Mine
    development costs (b)
Land
Buildings
    and other construction
Machinery,
    equipment and related spare parts
Furniture
    and accessories
Transportation
    units
Computer
    equipment and tools
Quarry
    rehabilitation costs
Capitalized
    interest (f)
Work
    in progress (d) and units
in transit
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Cost
As
    of January 1, 2021
75,893
53,975
252,190
690,542
1,694,145
33,123
113,109
52,645
9,290
64,904
37,731
3,077,547
Additions
21
3,435
4,254
(
98
)
16,160
191
7,523
3,731
(
260
)
103
53,120
88,180
Disposals
-
-
-
(
7
)
(
33,176
)
(
22,786
)
(
10,583
)
(
23,105
)
-
-
(
136
)
(
89,793
)
Transfers,
    note 11
-
592
108
2,648
20,526
178
3,302
1,157
-
-
(
28,575
)
(
64
)
As
    of December 31, 2021
75,914
58,002
256,552
693,085
1,697,655
10,706
113,351
34,428
9,030
65,007
62,140
3,075,870
Additions
-
7,311
868
-
13,085
318
658
2,849
2,745
3,158
143,540
174,532
Sales
    and/or retirement
-
-
(
2,285
)
-
(
4,978
)
(
14
)
(
2,654
)
(
228
)
-
-
(
398
)
(
10,557
)
Disposals
-
-
-
(
1,600
)
(
17,075
)
(
28
)
(
4,460
)
(
481
)
-
-
-
(23,644
)
Transfers,
    note 11
-
529
-
3,069
22,853
98
442
4,736
-
-
(
32,461
)
(
734
)
As
    of December 31, 2022
75,914
65,842
255,135
694,554
1,711,540
11,080
107,337
41,304
11,775
68,165
172,821
3,215,467
Accumulated
    depreciation
As
    of January 1, 2021
12,256
10,267
139,857
644,190
30,049
80,632
42,348
1,616
7,499
-
968,714
Additions
72
217
-
18,605
93,581
589
7,350
3,198
766
1,522
-
125,900
Disposals
-
-
-
(
7
)
(
32,317
)
(
22,767
)
(
9,819
)
(
23,090
)
-
-
-
(
88,000
)
As
    of December 31, 2021
12,328
10,484
-
158,455
705,454
7,871
78,163
22,456
2,382
9,021
-
1,006,614
Additions
72
387
-
18,818
95,486
575
7,398
3,595
140
1,521
-
127,992
Sales
    and/or retirement
-
-
-
-
(
3,990
)
(
12
)
(
2,269
)
(
194
)
-
-
-
(
6,465
)
Disposals
-
-
-
(
795
)
(
13,425
)
(
26
)
(
4,278
)
(
428
)
-
-
-
(
18,952
)
Transfers,
    note 11
-
(
3
)
-
-
-
-
-
-
-
-
-
(
3
)
As
    of December 31, 2022
12,400
10,868
-
176,478
783,525
8,408
79,014
25,429
2,522
10,542
-
1,109,186
Impairment
    (b)
As
    of December 31, 2021
42,859
24,048
-
13,578
12,424
201
26
454
-
-
735
94,325
As
    of December 31, 2022
42,859
24,048
3,624
13,579
12,918
200
26
454
-
-
735
98,443
Net
    book value
As
    of December 31, 2021
20,727
23,470
256,552
521,052
979,777
2,634
35,162
11,518
6,648
55,986
61,405
1,974,931
As
    of December 31, 2022
20,655
30,926
251,511
504,497
915,097
2,472
28,297
15,421
9,253
57,623
172,086
2,007,838
F-
37
Notes to the consolidated financial statements (continued)
(b)
Mining concessions mainly include net acquisition costs of S/
15,488,000
related to coal concessions acquired through a purchase option
executed from 2011 to 2013. The caption also includes some concessions acquired by the Group for exploration activities related to the
cement business.
In previous years management recognized
a full impairment related to the total net book value of a closed zinc mining unit which included concession costs, development costs
and related facilities and equipment. From this impairment estimate, S/
42,859,000
corresponds to concession costs. According to management´s
expectation the recovery amount of this zinc mining unit is zero.
(c)
The Group has assessed the recoverable amount of its remaining long-term assets and did not find indicators of an impairment for these
assets as of December 31, 2022 and 2021.
(d)
Work in progress included in property, plant and equipment as of December 31, 2022 and 2021 is mainly related to complementary facilities
of the cement plants.
(e)
As of December 31, 2022, the Group maintains accounts payable related to the acquisition of property, plant and equipment for S/
14,560,000
(S/
7,615,000
as of December 31, 2021), see note 14.
(f)
During 2022 and 2021, the Group capitalized borrowing costs by S/
2,739,000
and S/
103,000
mainly related with the Clinker Line Optimization
project - Kiln 4 located in Pacasmayo. The rate used to determine the amount of borrowings costs eligible for capitalization was approximately
5.30
percent as of December 31, 2022, which is the effective rate of the borrowing the Group has as of such date. The amount of borrowing
costs eligible for capitalization is determined by applying the capitalization rate to the capital expenditures incurred on qualifying
assets.
F-
38
Notes to the consolidated financial statements (continued)
11.
Intangibles assets, net
(a)
The composition and movement of this caption as of the date of the consolidated statement of financial position is presented below:
IT
applications
Finite life
intangible
Indefinite life intangible
Exploration cost and mining evaluation (b)
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Cost
As of January 1, 2021
34,271
24,543
1,975
49,530
110,319
Additions
7,152
-
-
1,739
8,891
Disposals
-
-
-
(
54
)
(
54
)
Transfers, note 10
-
-
-
64
64
As of December 31, 2021
41,423
24,543
1,975
51,279
119,220
Additions
14,564
-
-
417
14,981
Disposals
(
27
)
-
-
(
27
)
Transfers and reclassifications, note 10
107
-
-
627
734
As of December 31, 2022
56,067
24,543
1,975
52,323
134,908
Accumulated amortization
As of January 1, 2021
13,344
5,710
71
8,085
27,210
Additions
4,681
2,455
-
965
8,101
Disposals
-
-
-
(
54
)
(
54
)
As of December 31, 2021
18,025
8,165
71
8,996
35,257
Additions
5,833
2,454
-
575
8,862
Transfers and reclassifications, note 10
-
-
-
3
3
As of December 31, 2022
23,858
10,619
71
9,574
44,122
Impairment (b)
As of December 31, 2021
-
-
-
33,469
33,469
As of December 31, 2022
456
-
-
33,469
33,925
Net Carrying Value
As of December 31, 2021
23,398
16,378
1,904
8,814
50,494
As of December 31, 2022
31,753
13,924
1,904
9,280
56,861
(b)
As of December 31, 2022 and 2021, the exploration cost and mining evaluation include mainly capital expenditures related to the coal
project and to other minor projects related to the cement business.
(c)
As of December 31, 2022 and 2021, the Group evaluated the conditions of use of the projects related to the exploration and mining
evaluation costs and its other intangibles, not finding any indicators of impairment in said assets.
F-
39
Notes to the consolidated financial statements (continued)
12.
Goodwill
As of December 31, 2022 and 2021, the
S/
4,459,000
of goodwill relates to the acquisition of assets made by the subsidiary Distribuidora Norte Pacasmayo S.R.L.
The Group has assessed the recoverable
amount of goodwill held and has determined that there is no impairment at December 31, 2022 and 2021.
13.
Leases
The
Group maintains lease contracts with third parties, mainly a contract for the lease of trucks for a term of
5
years. The annual incremental
interest rate used for the initial recognition of the right-of-use asset and the lease liability ranges between
5.2
and
6.2
percent.
The
Group also leases certain minor equipment for less than 12 months, the Group has decided to apply the recognition exemption for short
term leases (less than 12 months) and for leases of low value assets. The expense for this type of lease amounted to S/
1,527,000
for the
twelve-month period ended December 31, 2022 (2021: S/
1,419,000
) and was recognized in the "Administrative Expenses" caption
of the interim condensed consolidated statement of profit or loss.
The movement of the right-of-use assets recognized
by the Group is shown below:
Transportation units
Other
Total
S/(000)
S/(000)
S/(000)
Cost -
Balance as of January 1, 2021
7,504
38
7,542
Additions
217
-
217
Sales and/or retirement
-
(
3
)
(
3
)
Balance as of December 31, 2021
7,721
35
7,756
Additions
306
307
613
Balance as of December 31, 2022
8,027
342
8,369
Accumulated depreciation -
Balance as of January 1, 2021
1,501
35
1,536
Additions
1,552
-
1,552
Balance as of December 31, 2021
3,053
35
3,088
Additions
1,616
26
1,642
Balance as of December 31, 2022
4,669
61
4,730
Net book value
As of December 31, 2021
4,668
-
4,668
As of December 31, 2022
3,358
281
3,639
F-
40
Notes to the consolidated financial statements (continued)
The
movement of the lease liabilities recognized by the Group is shown below:
2022
2021
S/(000)
S/(000)
Balance as of January 1
5,829
6,633
Additions
613
217
Financial interest expenses, note 26
317
383
Lease payments
(
2,511
)
(
2,419
)
Other
107
1,015
Balance as of December 31
4,355
5,829
Maturity
Current portion
2,005
1,856
Non-current portion
2,350
3,973
Balance as of December 31
4,355
5,829
The
future cash disbursements in relation to lease liabilities have been disclosed in note 30.
14.
Trade and other payables
(a)
This caption is made up as follows:
2022
2021
S/(000)
S/(000)
Trade payables (b)
159,096
111,336
Interest payable (d)
26,611
29,871
Remuneration payable
19,735
20,835
Advances from customers
14,702
14,668
Accounts payable related to the acquisition of property, plant and equipment, note 10(e)
14,560
7,615
Taxes and contributions
11,347
8,638
Dividends payable, note 18(g)
9,764
9,550
Hedge finance cost payable
5,978
6,213
Board of Directors' fees
5,191
5,615
Guarantee deposits
4,127
4,645
Account payable to the principal and affiliates, note 27
2,686
143
Other accounts payable
10,757
8,425
284,554
227,554
(b)
Trade accounts payable result from the purchases of material, services and supplies for the Group's operations, and mainly correspond
to invoices payable to domestic suppliers. Trade payables are non-interest bearing and are normally settled on 60 to 120 days term.
F-
41
Notes to the consolidated financial statements (continued)
(c)
Other payables are non-interest bearing and have an average term of 3 months.
(d)
Interest payable is normally settled semiannually throughout the financial year.
15.
Provisions
(a)
This caption is made up as follows:
Workers'
profit-sharing (b)
Long-term incentive plan (c)
Quarry
Rehabilitation provision (d)
Provision of legal contingencies
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
At January 1, 2021
9,380
12,090
10,161
3,090
34,721
Additions (b), note 23
25,165
9,763
-
-
34,928
Exchange difference
-
-
1,060
-
1,060
Unwinding of discounts, note 26
-
660
75
-
735
Change in estimate
-
-
(
260
)
-
(
260
)
Payments and advances
(
10,276
)
-
-
-
(
10,276
)
At December 31, 2021
24,269
22,513
11,036
3,090
60,908
Current portion
24,269
-
-
-
24,269
Non-current portion
-
22,513
11,036
3,090
36,639
24,269
22,513
11,036
3,090
60,908
At January 1, 2022
24,269
22,513
11,036
3,090
60,908
Additions (b), note 23
32,161
8,272
-
1,368
41,801
Exchange difference
-
-
(
495
)
-
(
495
)
Unwinding of discounts, note 26
-
1,200
91
-
1,291
Change in estimate
-
-
2,745
-
2,745
Payments and advances
(
25,097
)
-
-
(
2,182
)
(
27,279
)
At December 31, 2022
31,333
31,985
13,377
2,276
78,971
Current portion
31,333
-
-
-
31,333
Non-current portion
-
31,985
13,377
2,276
47,638
31,333
31,985
13,377
2,276
78,971
F-
42
Notes to the consolidated financial statements (continued)
(b)
Workers' profit sharing -
In accordance with Peruvian legislation,
the Group is obliged to pay its employees profit sharing of between
8
% and
10
% of annual taxable income. Distributions to employees under
the plan are based
50
% on the number of days that each employee worked during the preceding year and
50
% on proportionate annual salary
levels.
The workers' profit sharing is recognized
in the following line items:
2022
2021
S/(000)
S/(000)
Cost of sales, note 23
15,165
13,887
Administrative expenses, note 23
12,520
8,935
Selling and distribution expenses, note 23
3,287
2,227
Investment
1,189
116
32,161
25,165
(c)
Long-term incentive plan -
In 2011, the Group implemented a compensation
plan for its key management. This long-term benefit is payable in cash, based on the salary of each officer and depends on the years of
service of each officer in the Group. According to the latest plan update, the executive would receive the equivalent of an annual salary
for each year of service beginning to accrue from 2019. This benefit accrues and accumulates for each officer and is payable in two installments:
the first payment will be made on the sixth year after the creation of this bonus plan, and the last payment at the end of the ninth year
from the creation of the plan. If the executive decides to voluntarily leave the Group before a scheduled distribution, they will not
receive this compensation. The Group used the Projected Unit Credit Method to determine the present value of this deferred obligation
and the related current deferred cost, considering the expected increases in salary base and the corresponding current government bond
discount rate (risk-free rate).
(d)
Quarry Rehabilitation provision -
As of December 31, 2022 and 2021, it
corresponds to the provision for the future costs of rehabilitating the quarries exploited in Company's operations. The
provision has been created based on studies made by internal specialists. Management believes that the assumptions used, based on
the current economic environment, are a reasonable basis upon which to estimate the future liability. These estimates are reviewed
regularly to consider any material change to the assumptions. However, actual quarry rehabilitation costs will ultimately depend
upon future market prices for the necessary decommissioning works required to reflect future economic conditions.
Future cash flows have been estimated
based on financial budgets approved by Management. The range of the risk-free discount rate in dollars used in the calculation of the
provision as of December 31, 2022 was from
0.54
to
4.14
and the risk-free discount rate in dollars used in the calculation of the provision
as of December 31, 2021 was from
0.12
to
1.94
Management expects to incur a significant
part of this obligation in the medium and long-term. The Group estimates that this liability is sufficient according to the current environmental
protection laws approved by the Ministry of Energy and Mines.
F-
43
Notes to the consolidated financial statements (continued)
16.
Financial obligations
(a)
This caption is made up as follows:
Currency
Nominal interest rate
Maturity
2022
2021
%
S/(000)
S/(000)
Short -term promissory notes (b)
Banco de Crédito del Perú
S/
8.93
%
December 18,2023
38,000
-
Banco de Crédito del Perú
S/
8.93
%
December 18,2023
38,000
-
Banco de Crédito del Perú
US$
1.80
%
July 8,2022
-
71,964
Banco de Crédito del Perú
S/
2.62
%
January 10, 2022
-
79,500
Banco de Crédito del Perú
S/
2.62
%
January 10, 2022
-
79,500
Banco de Crédito del Perú
S/
1.55
%
December 23, 2022
-
110,000
Banco de Crédito del Perú
S/
1.55
%
December 23, 2022
-
110,000
Total  current
76,000
450,964
Senior Notes (c)
Principal, net of issuance costs
US$
4.50
%
February 8, 2023
502,699
525,420
Principal, net of issuance costs
S/
6.69
%
February 1, 2029
259,625
259,563
Principal, net of issuance costs
S/
6.84
%
February 1, 2034
309,457
309,408
1,071,781
1,094,391
Short and long-term Corporate Loan under "Club deal" (d)
Banco de Crédito del Perú
S/
5.82
%
December 1,2028
222,695
-
Scotiabank
S/
5.82
%
December 1,2028
222,695
-
445,390
-
Total non-current
1,593,171
1,545,355
Maturity
Current
618,907
450,964
Non-current
974,264
1,094,391
1,593,171
1,545,355
F-
44
Notes to the consolidated financial statements (continued)
(b)
Short-term promissory notes -
As of December 31, 2021, the Company maintained two loans of
S/
79,500,000
each with maturity in January 2022 and with an annual effective interest rate of
2.62
percent. Also, as of December 31, 2021,
the Company maintained a loan of US$
18,000,000
with maturity in July 2022 and at an effective annual interest rate of
1.80
percent. On
July 1, 2021, the Company acquired two medium-term notes with Banco de Crédito del Peru S.A. for S/
110,000,000
each, with a maturity
date of
December 23, 2022
and an effective annual interest rate of
1.55
percent. These loans have been paid with the corporate loan mentioned
in section (d).
(c)
Senior Notes-
(c.1)
Senior Notes in US dollars
The General Shareholder's Meeting
held on January 7, 2013, approved that the Company complete a financing transaction. In connection with this, the Board of Directors'
Meeting held on January 24, 2013, agreed to issue Senior Notes through a private offering under Rule 144A and Regulation S of the U.S.
Securities Act of 1933. Also it was agreed to list these securities on the Ireland Stock Exchange. Consequently, on February 1, 2013,
the Company issued Senior Notes with a face value of US$
300,000,000
, with a nominal annual interest rate of
4.50
%, and maturity in 2023,
obtaining total net proceeds of US$
293,646,000
(S/
762,067,000
). The Company used part of the net proceeds from the offering to prepay
certain of its existing debt and the difference was used to fund capital expenditures in connection with its cement business. The Senior
Notes are guaranteed by the following subsidiaries of the Company: Cementos Selva S.A.C., Distribuidora Norte Pacasmayo S.R.L., Empresa
de Transmisión Guadalupe S.A.C., Dinoselva Iquitos S.A.C and Calizas del Norte S.A.C. (liquidated during 2022).
The Board of Directors' Meeting
held on November 26, 2018, approved the repurchase of a portion of the Senior Notes denominated in US dollars. As a result,
the Company
acquired Senior Notes totaling US$168,388,000. Consequently, the Senior Notes balance in US dollars was US$131,612,000, in periods as
of December 31, 2022 and 2021. To finance this acquisition, the Company issued medium-term promissory notes from Banco de Crédito
del Perú (bridge loans) for a total of S/580,769,000, which were canceled with the issuance of the Senior Notes denominated in
Soles in January 2019, as explained below.
On the other hand, as a consequence
of the purchase of the Senior Notes denominated in US dollars, the Company's Management considers that it was not necessary to continue
with all the derivative financial instruments that were previously used to hedge those liabilities. For this reason, during December 2018,
the Company settled US$150,000,000 of a total of US$300,000,000 nominal amount of derivatives then outstanding. In 2021, the Company settled
derivative financial instruments of negotiation recognized at fair value through profit or loss for US$18,000,000. The loss obtained from
this settlement amounted to approximately S/1,569,000, which was presented in cumulative net loss on settlement of derivative financial
instruments caption from the consolidated statement of profit and loss for the year ended December 31, 2021, see note 31(a).
As of December 31, 2022 and 2021,
the Company has hedged certain derivative contracts as cash flow hedges contracts to reduce the foreign currency risk of the outstanding
corporate bonds, which are denominated in US dollars for the amount of US$
132,000,000
, see note 31(a).
F-
45
Notes to the consolidated financial statements (continued)
(c.2)
Senior Notes in Soles
The
General Shareholders' Meeting held on January 8, 2019, approved the issuance of Senior Notes denominated in Soles in the local market
up to the maximum amount of S/1,000,000,000 through the Second Corporate Bonds Program of Pacasmayo, whose purpose was to settle the mid-term
loans described in the previous paragraph. On January 31, 2019, senior notes were issued for: i) S/260,000,000 at a rate of 6.688 percent
per year and maturity of 10 years and; ii) S/310,000,000 at a rate of 6.844 percent per year and maturity of 15 years.
The Senior Notes in soles issued in 2019 are guaranteed
by the following Company's subsidiaries: Cementos Selva S.A.C., Distribuidora Norte Pacasmayo S.R.L., Empresa de Transmisión
Guadalupe S.A.C. and Dinoselva Iquitos S.A.C.
(c.3)
Financial covenants
The financial covenants related to the Senior Notes denominated US
dollars and soles state that if the Company and its guarantor subsidiaries issue debt or equity instruments, merges with another company
or dispose or rents significant assets, the Senior Notes will trigger the following financial covenants, calculated based on the Company
and Guarantee Subsidiaries annual consolidated financial statements:
-
A fixed charge covenant ratio of at least 2.5 to 1.
-
A consolidated debt-to-EBITDA ratio of no greater than 3.5 to 1.
As of December 31, 2022, the Company
was in compliance with these covenants.
For the years ended December 31, 2022, 2021 and 2020, senior
notes generated interest that has been recognized in the consolidated statement of profit or loss for S/
60,225,000
, S/
63,333,000
and S/
60,857,000
,
respectively, see note 26.
(d)
Medium-term Corporate Loan under "Club Deal" modality:
On August 6, 2021,
the Company established the conditions
of a medium-term corporate loan under "Club Deal" modality with Banco de Crédito del Perú S.A. and Scotiabank
Perú S.A.A. The loan amounts to S/860,000,000 that will allow the payment of all the financial obligations that the Company maintains
with a maturity until February 2023 and will be disbursed based on the maturity of each of these obligations. The disbursements amounted
to S/449,000,000 and were made during 2022 and were used to pay the loans mentioned in section (b). The loan conditions include
a grace / availability period of 18 months from August 6 and a payment term of 7 years from the last disbursement, which is estimated
for the Company estimates will occur in February 2023. Since that date, the loan will be paid in 22 equal quarterly installments and has
an annual interest rate of 5.82 percent.
F-
46
Notes to the consolidated financial statements (continued)
As part of the loan conditions,
the Company has assumed the following obligations:
I.
Comply with the following financial covenants:
a.
Debt Ratio (Financial Debt / EBITDA) <= 3.50x
b.
Debt Service Coverage Ratio (FCSD / SD)> = 1.15x
c.
Debt Service Coverage Ratio (EBITDA / SD) = 1.50x
These financial safeguards will be calculated and verified
at the end of each calendar quarter, considering the information of the consolidated financial statements of the Company for the last
12 months, prepared in accordance with IFRS.
II.
It maintains the following main obligations to do:
a.
Subordinate any obligation the Company had or may have to this loan.
b.
Maintain the loan with a status equal to other senior financing of the Company.
c.
Keep assets in good condition and properly insured.
d.
Maintain all licenses, authorizations, concessions, permits, titles and rights required by government authorities.
III.
It maintains the following obligations not to do:
a.
Pay dividends, reduce capital stock or make any other distribution to its shareholders if such events would result in the Company´s
lack of compliance with the obligations assumed.
b.
That the Company and its subsidiaries participate in processes of liquidation, transformation, corporate reorganization, acquisition
of companies, merger or spin-off.
c.
Transfer, sell, alienate, donate or give in usufruct, lease, give in fiduciary domain, encumber their assets, income flows and / or
collection rights.
d.
Grant financing, personal or real guarantees in favor of third parties.
As of December 31, 2022, the Company was in compliance
with the ratios and other obligations of the loan.
F-
47
Notes to the consolidated financial statements (continued)
17.
Deferred income tax assets and liabilities
The
following is the composition of the caption according to the items that originated it:
As of January 1,
2021
Effect on profit or loss
Effect on OCI
As of December 31,
2021
Effect on profit or loss
Additions quarry
rehabilitation
provision
Effect on OCI
As of December 31,
2022
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Movement of deferred income tax assets:
Deferred income tax assets
Provision for vacations
1,570
335
-
1,905
196
-
-
2,101
Allowance for expected credit losses for trade receivables
1,457
76
-
1,533
555
-
-
2,088
Provision of discounts and bonuses to customers
2,457
(
230
)
-
2,227
(
448
)
-
-
1,779
Lease liabilities
892
(
87
)
14
819
(
119
)
-
-
700
Effect of tax-loss carry forward
9,270
(
7,559
)
-
1,711
(
1,018
)
-
-
693
Legal claim contingency
461
-
-
461
-
-
-
461
Estimate for devaluation of spare parts and supplies
431
1
-
432
3
-
-
435
Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes
227
73
-
300
89
-
-
389
Effect of differences between book and tax bases of inventories
55
-
-
55
-
-
-
55
Allowance for expected credit losses for other receivables
974
-
-
974
(
974
)
-
-
-
Other
63
555
(
14
)
604
290
-
-
894
17,857
(
6,836
)
-
11,021
(
1,426
)
-
-
9,595
Deferred income tax liabilities
Right of use assets
(
809
)
178
(
17
)
(
648
)
88
-
-
(
560
)
Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes
(
1,430
)
486
-
(
944
)
897
-
-
(
47
)
Other
-
-
17
17
-
-
-
17
(
2,239
)
664
-
(
1,575
)
985
-
-
(
590
)
Total deferred income tax assets
15,618
(
6,172
)
-
9,446
(
441
)
-
-
9,005
Movement of deferred income tax liabilities:
Deferred income tax assets
Impairment on brine project assets Salmueras
17,563
255
-
17,818
212
-
-
18,030
Long-term incentive plan
3,566
3,075
-
6,641
2,794
-
-
9,435
Impairment of mining assets
6,916
(
212
)
-
6,704
951
-
-
7,655
Financial instruments designated at fair value through OCI
6,051
-
589
6,640
-
-
167
6,807
Provision for spare parts and supplies obsolescence
5,381
327
-
5,708
216
-
-
5,924
Provision for vacations
3,258
423
-
3,681
203
-
-
3,884
Quarry rehabilitation provision
2,781
(
55
)
-
2,726
27
810
-
3,563
Allowance for expected credit losses for trade receivables
101
534
-
635
18
-
-
653
Legal claim contingency
1,065
(
135
)
-
930
(
502
)
-
-
428
Lease liabilities
450
-
-
450
(
240
)
-
-
210
Other
275
53
-
328
-
-
-
328
47,407
4,265
589
52,261
3,679
810
167
56,917
Deferred income tax liabilities
Effect of differences between book and tax bases of fixed assets and in the depreciation rates
(
192,544
)
2,366
-
(
190,178
)
3,752
(
810
)
-
(
187,236
)
Net gain on cash flow hedge
(
2,952
)
1,684
(
6,146
)
(
7,414
)
36
-
(
1,133
)
(
8,511
)
Effect of costs of issuance of senior notes
(
770
)
(
1,915
)
-
(
2,685
)
314
-
-
(
2,371
)
Right of use assets
(
963
)
217
-
(
746
)
354
-
-
(
392
)
Other
(
42
)
-
-
(
42
)
-
-
-
(
42
)
(
197,271
)
2,352
(
6,146
)
(
201,065
)
4,456
(
810
)
(
1,133
)
(
198,552
)
Total deferred income tax liabilities, net
(
149,864
)
6,617
(
5,557
)
(
148,804
)
8,135
-
(
966
)
(
141,635
)
445
(
5,557
)
7,694
(
966
)
F-
48
Notes to the consolidated financial statements (continued)
The Group offsets tax assets and liabilities if and only
if it has a legally enforceable right to set off current tax assets and current tax liabilities, and the tax assets and deferred tax liabilities
relate to income taxes levied by the same tax authority. The legal right is defined for each individual determination of the income tax
of the Company and its Subsidiaries.
A reconciliation between tax expense and the product of
the accounting profit multiplied by Peruvian tax rate for the years ended December 31, 2022, 2021 and 2020 are as follows:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Profit before income tax
262,420
224,110
85,898
Income tax expense calculated at the statutory income tax rate of 29.5%
(
77,414
)
(
66,112
)
(
25,340
)
Permanent differences
Non-deductible expenses, net
(
7,415
)
(
4,070
)
(
1,596
)
Effect of tax-loss carry forward not recognized
(
763
)
(
758
)
(
1,068
)
Income tax expense the effective income tax rate of 33% in 2022 (2021: 32% and 2020: 33%)
(
85,592
)
(
70,940
)
(
28,004
)
The components of the deferred income tax related to the
items recognized in the OCI during the years ended December 31, 2022, 2021 and 2020, are as follow:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Consolidated statement of profit or loss
Current
(
93,286
)
(
71,385
)
(
25,779
)
Deferred
7,694
445
(
2,225
)
(
85,592
)
(
70,940
)
(
28,004
)
The income tax recorded directly to OCI represents a loss
of S/
966,000
during 2022, a loss of S/
5,557,000
during 2021 and a gain of S/
5,659,000
during 2020.
The composition of the deferred income tax related to the
items recognized in OCI is as follow:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Tax effect on unrealized gain on available-for-sale financial asset
167
589
5,172
Tax effect on unrealized gain (loss) on hedging derivative financial asset
(
1,133
)
(
6,146
)
487
Total deferred income tax in OCI
(
966
)
(
5,557
)
5,659
F-
49
Notes to the consolidated financial statements (continued)
As of December 31, 2022, 2021 and 2020, the Group had not
recognized a deferred tax liability for taxes that would be payable on the unremitted earnings of the Group's subsidiaries. The
Group has determined that the timing differences will be reversed by means of dividends to be received in the future that, according to
the current tax rules in effect in Peru, are not subject to income tax.
As of December 31, 2022, certain subsidiaries of the Group
had tax loss carryforwards of S/
25,424,000
(2021: S/
24,085,000
). These tax loss carryforwards do not expire, are related to subsidiaries
that have a history of losses for some time and cannot be used to offset future taxable profits of other Group subsidiaries. No deferred
tax assets have been recognized in relation to these tax loss carryforwards, since there are no possibilities of tax planning opportunities
or other evidence of recovery in the near future.
For information purposes, the temporary difference associated
with investments in subsidiaries, would generate an aggregate deferred tax liability amounting to S/
104,842,000
(2020: S/
83,079,000
),
which should not be recognized in the consolidated financial statements as it is not expected to reverse in the foreseeable future and
the Company is in control of such reversal.
18.
Equity
(a)
Capital stock -
As of December 31, 2022 and 2021, share
capital was represented by
423,868,449
authorized common shares subscribed and fully paid, with a nominal value of one Soles per share.
As of December 31, 2022, the total outstanding common shares are as follow;
34,060,726
are listed on the New York Stock Exchange and
389,807,723
listed on the Lima Stock Exchange. As of December 31, 2021 from the total outstanding common shares;
34,252,841
are listed on the New
York Stock Exchange and
389,615,608
were listed on the Lima Stock Exchange.
(b)
Investment shares -
Investment shares do not have voting rights
or participate in shareholder's meetings or the appointment of directors. Investment shares confer upon the holders thereof the
right to participate in dividends distributed according to their nominal value, in the same manner as common shares. Investment shares
also confer the holders thereof the right to:
(i)
maintain the current proportion of the investment shares in the case of capital increase by new contributions;
(ii)
increase the number of investment shares upon capitalization of retained earnings, revaluation surplus or other reserves that do not
represent cash contributions;
(iii)
participate in the distribution of the assets resulting from liquidation of the Company in the same manner as common shares; and,
(iv)
redeem the investment shares in case of a merger and/or change of business activity of the Company.
As of December 31, 2022 and 2021, the Company had
40,278,894
investment shares subscribed and fully paid, with a nominal value of
one
Sol per share.
F-
50
Notes to the consolidated financial statements (continued)
(c)
Treasury shares -
As of December 31, 2022 and 2021, the
Company maintained
36,040,497
investment shares held in treasury amounting to S/
121,258,000
.
(d)
Additional paid-in capital -
As of December 31, 2022 and 2021, the
additional capital amounted to S/
432,779,000
and arises mainly as a result of the excess of total proceeds obtained versus par value in
the issuance of
111,484,000
common shares and
928,000
investment shares corresponding to a public offering of American Depositary Shares
(ADS) registered with the New York Stock Exchange and Lima Stock Exchange.
(e)
Legal reserve -
Provisions of the General Corporation
Law require that a minimum of
10
per cent of the distributable earnings for each period, after deducting the income tax, be transferred
to a legal reserve until such is equal to
20
per cent of the capital. This legal reserve can offset losses or can be capitalized, and
in both cases, there is the obligation to replenish it.
(f)
Other accumulated comprehensive results -
This reserve records fair value changes on available-for-sale financial assets and the unrealized results of cash flow hedges.
(g)
Distributions made and proposed –
2022
2021
2020
Approval date by Board of Directors
October 10, 2022
April 29, 2021
November 16, 2020
Declared dividends per share to be paid in cash S/
0.42000
0.79000
0.23000
Declared dividends S/(000):
179,805
338,204
98,465
As of December 31, 2022 and 2021, dividends
payable amounted to S/
9,764,000
, and S/
9,550,000
, respectively, see note 14.
F-
51
Notes to the consolidated financial statements (continued)
19.
Sales of goods
This caption is made up as follows:
For the year ended of December 31, 2022
Cement
Concrete and mortar
Precast
Quicklime
Construction supplies
Other
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Segments
Sale of cement, concrete, mortar and precast
1,742,704
189,945
31,177
-
-
-
1,963,826
Sale of construction supplies
-
-
-
-
114,024
-
114,024
Sale of quicklime
-
-
-
37,858
-
-
37,858
Sale of other
-
-
-
-
-
38
38
1,742,704
189,945
31,177
37,858
114,024
38
2,115,746
Moment of the revenue recognition
Goods transferred at a point in time
1,742,704
189,945
31,177
37,858
114,024
38
2,115,746
For the year ended of December 31, 2021
Cement
Concrete and mortar
Precast
Quicklime
Construction supplies
Other
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Segments
Sale of cement, concrete, mortar and precast
1,534,867
213,565
36,055
-
-
-
1,784,487
Sale of construction supplies
-
-
-
-
113,905
-
113,905
Sale of quicklime
-
-
-
39,141
-
-
39,141
Sale of other
-
-
-
-
-
234
234
1,534,867
213,565
36,055
39,141
113,905
234
1,937,767
Moment of the revenue recognition
Goods transferred at a point in time
1,534,867
213,565
36,055
39,141
113,905
234
1,937,767
For the year ended of December 31, 2020
Cement
Concrete and mortar
Precast
Quicklime
Construction supplies
Other
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Segments
Sale of cement, concrete, mortar and precast
1,023,907
126,135
35,144
-
-
-
1,185,186
Sale of construction supplies
-
-
-
-
78,192
-
78,192
Sale of quicklime
-
-
-
32,473
-
-
32,473
Sale of other
-
-
-
-
-
483
483
1,023,907
126,135
35,144
32,473
78,192
483
1,296,334
Moment of the revenue recognition
Goods transferred at a point in time
1,023,907
126,135
35,144
32,473
78,192
483
1,296,334
For all segments, performance obligations are met
at the time of delivery of the goods and the terms of payment are usually between 30 and 90 days from the date of dispatch.
F-
52
Notes to the consolidated financial statements (continued)
20.
Cost of sales
This caption is made up as follows:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Beginning balance of goods and finished products
25,304
12,877
22,133
Beginning balance of work in progress
135,008
114,246
166,999
Consumption of miscellaneous supplies
622,579
566,781
295,688
Maintenance and third-party services
277,250
242,412
147,282
Shipping costs
201,849
196,064
113,054
Depreciation and amortization
121,871
118,998
122,541
Personnel expenses, note 23(b)
125,683
113,513
89,805
Costs of packaging
81,023
71,580
45,032
Other manufacturing expenses
80,122
102,177
45,637
Ending balance of goods and finished products
(
20,037
)
(
25,304
)
(
12,877
)
Ending balance of work in progress
(
186,937
)
(
135,008
)
(
114,246
)
1,463,715
1,378,336
921,048
21.
Administrative expenses
This caption is made up as follows:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Personnel expenses, note 23(b)
116,748
96,891
76,291
Third-party services
72,172
59,896
48,713
Depreciation and amortization
16,667
16,569
16,626
Donations
8,494
9,067
9,188
Board of Directors compensation
6,112
6,397
5,992
Taxes
5,669
5,563
5,262
Consumption of supplies
1,715
1,686
1,297
227,577
196,069
163,369
F-
53
Notes to the consolidated financial statements (continued)
22.
Selling and distribution expenses
This caption is made up as follows:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Personnel expenses, note 23(b)
42,300
33,867
26,283
Third-party services
11,106
9,733
7,326
Advertising and promotion
6,417
5,637
3,285
Allowance for expected credit losses, note 7(d)
1,972
563
1,582
Other
3,442
1,720
1,677
65,237
51,520
40,153
23.
Employee benefits expenses
(a)
Employee benefits expenses are made up as follow:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Wages and salaries
165,530
138,675
115,630
Social contributions
32,966
28,842
26,085
Workers 'profit sharing, note 15(b)
30,972
25,049
9,513
Legal bonuses
20,556
19,620
17,413
Vacations
18,481
18,032
16,301
Long-term incentive plan, note 15
8,272
9,763
5,759
Cessation payments
4,511
2,203
858
Training
2,307
1,408
476
Other
1,136
679
344
284,731
244,271
192,379
(b)
Employee benefits expenses are allocated as follows:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Cost of sales, note 20
125,683
113,513
89,805
Administrative expenses, note 21
116,748
96,891
76,291
Selling and distribution expenses, note 22
42,300
33,867
26,283
284,731
244,271
192,379
F-
54
Notes to the consolidated financial statements (continued)
24.
Other operating income (expense), net
This caption is made up as follows:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Rentals to third parties
1,694
2,328
649
Income from land rental and office lease, note 27
1,508
1,639
1,859
Net gain (loss) on disposal of property, plant and equipment and intangible assets
591
1,775
2,591
Recovery of expenses
204
491
1,166
Income from management and administrative services provided to related parties, note 27
198
305
834
Expenses to counteract the COVID-19 effect
-
-
(
2,642
)
Other, net
(
8,094
)
(
130
)
(
111
)
(
3,899
)
6,408
4,346
25.
Finance income
This caption is made up as follows:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Interest on term deposits
1,884
834
2,243
Interest on accounts receivable
1,090
898
204
Tax interest
-
1,015
-
Other finance income
332
144
529
3,306
2,891
2,976
26.
Finance costs
This caption is made up as follows:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Interest on senior notes, note 16 (c)
60,225
63,333
60,857
Finance cost on cross currency swaps
15,155
15,046
16,144
Interest on promissory notes
14,920
7,326
8,298
Expenses for the purchase and amortization of issuance costs of senior notes
1,027
815
816
Interest on lease liabilities, note 13
317
383
409
Counterparty credit risk in cross currency swaps
62
848
542
Interest for bank overdraft
-
-
802
Commission for prepayment of loans
-
-
325
Other
2,108
479
74
Total interest expense
93,814
88,230
88,267
Unwinding of discount of provisions, note 15
1,291
735
427
Total finance costs
95,105
88,965
88,694
F-
55
Notes to the consolidated financial statements (continued)
27.
Related parties
Transactions with related entities -
During 2022, 2021 and 2020, the Company carried out the
following transactions with its parent company Inversiones ASPI S.A. and its other related parties:
2022
2021
2020
S/(000)
S/(000)
S/(000)
Income
Parent
Inversiones ASPI S.A. (ASPI)
Income from office lease
16
20
17
Fees for management and administrative services
100
98
88
Other related parties
Compañía Minera Ares S.A.C. (Ares)
Income from land lease, note 29
1,200
1,230
1,303
Income from office lease
244
332
478
Fossal S.A.A.  (Fossal)
Income from office lease
16
18
19
Fees for management and administrative services
52
52
48
Fosfatos del Pacífico S.A. (Fospac)
Income from office lease
16
19
24
Fees for management and administrative services
46
155
698
Asociación Sumac Tarpuy
Income from office lease
16
20
18
Expense
Other related parties
Security services provided by Compañía Minera Ares S.A.C.
(
2,110
)
(
2,836
)
(
1,912
)
Loans
Other related parties
Loans to Fossal S.A.A.
-
(
14,252
)
-
Loans to Fosfatos del Pacífico S.A.
-
(
2,869
)
-
Loan collection from Fossal S.A.A.
-
14,252
-
Loan collection from Fosfatos del Pacífico S.A.
-
2,869
-
F-
56
Notes to the consolidated financial statements (continued)
As a result of these transactions, the
Company had the following rights and obligations as of December 31, 2022 and 2021:
2022
2021
Accounts
receivable
Accounts
payable
Accounts
receivable
Accounts
payable
S/(000)
S/(000)
S/(000)
S/(000)
Parent
Inversiones ASPI S.A.
-
5
-
105
-
5
-
105
Other related parties
Fosfatos del Pacífico S.A.
1,123
461
1,039
37
Compañía Minera Ares S.A.C.
564
2,220
199
-
Fossal S.A.A.
75
-
12
-
Other
96
-
64
1
1,858
2,681
1,314
38
1,858
2,686
1,314
143
Terms and conditions of transactions
with related parties -
Outstanding balances with related parties
at the year-end are unsecured and interest free and settlement occurs in cash. For the years ended December 31, 2022, 2021 and 2020, the
Group has not recorded an allowance for expected credit losses relating to amounts owed by related parties. This assessment is undertaken
each financial year through examining the financial position of the related party and the market in which the related party operates.
Compensation of key management personnel
of the Group –
The compensation paid to key management
personnel includes expenses for profit-sharing, compensation and other concepts for members of the Board of Directors and the key management.
For the year ended December 31, 2022, the total short-term compensation amounted to S/
26,066,000
(2021: S/
22,678,000
and 2020: S/
21,859,000
)
and the total long-term compensation amounted to S/
8,272,000
(2021: S/
9,763,000
and 2020: S/
5,759,000
), and there were no post-employment
or contract termination benefits or share-payments.
F-
57
Notes to the consolidated financial statements (continued)
28.
Earnings per share
Basic and diluted earnings per share amounts are calculated
by dividing the profit for the year by the weighted average number of common shares and investment shares outstanding during the year.
The calculation of basic and diluted earnings per share
is shown below:
2022
2021
2020
Numerator
Profit for the year (S/000)
176,828
153,170
57,894
Denominator
Weighted average number of common and investment shares (thousands of shares)
428,107
428,107
428,107
Basic and diluted earnings per share (S/)
0.41
0.36
0.14
The Group has no dilutive potential ordinary shares as
of December 31, 2022, 2021 and 2020.
There have been no other transactions involving common
shares or investment shares between the reporting date and the date of the authorization of these consolidated financial statements.
29.
Commitments and contingencies
Operating lease commitments – Group as lessor
As
of December 31, 2022 and 2021, the Group, as lessor, has a land lease with Compañía Minera Ares S.A.C. a related party of
Inversiones ASPI S.A. This lease is renewable annually, and provided an annual rent expense for the years ended December 31, 2022, 2021
and 2020 of S/
1,200,000
, S/
1,230,000
and S/
1,303,000
, respectively; see note 27.
Consortium contract –
On
December 19, 2022, Distribuidora Norte Pacasmayo S.R.L., subsidiary of the Group, has subscribed a collaboration contract with Flujo Libre
S.A.C., with the purpose to participate together in the project "Mejoramiento del Sistema de Pistas y Cerco Perimétrico del
Aeropuerto de Piura". The mentioned contract is valid for a maximum of 2 years and 11 months.
On
this matter, the Company has communicated to the tax authority the subscription of the collaboration contract which will not take independent
accounting and Distribuidora Norte Pacasmayo S.R.L. will be the contracting party that will act as operator of the contract.
Capital commitments
As
of December 31, 2022 and 2021, the Group had no significant capital commitments.
F-
58
Notes to the consolidated financial statements (continued)
Usufruct Concessions
In
December 2013, the Company signed an agreement with a third party, related to the use of the Virrilá concession, to carry out other
non-metallic mining activities related to cement production. This agreement has a term of
30
years, with fixed annual payments of US$
600,000
for the first three years and variable payments for the rest of the contract. The related expense for the years ended December 31, 2022,
2021 and 2020 amounted to S/
9,445,000
, S/
7,280,000
and S/
5,918,000
respectively, and was recognized as part of cost of inventory production.
As part of this agreement, the Company is required to pay an equivalent amount of S/4.5 for each metric ton of calcareous extracted that
is indexed by inflation after the first year of exploitation; the annual royalty may not be less than the equivalent to 850,000 metric
tons after the beginning of the fourth year of production.
The Company signed an
agreement with two third parties in October 2007, related to usufruct of the Bayovar 4 concession for an indefinite period to
extract coquina and other minerals.
As consequence, the Group made payments amounting to US$250,000 for each third party
for the first five years and variable payments for the rest of the contract. The related expense as of December 31, 2022 and 2021
amounted to S/1,582,000 and S/1,687,000, respectively, and were recognized as part of the cost of inventory production. As part of
this agreement, the Company is required to pay an equivalent amount of US$5.1 to each third party for every metric ton of calcareous
extracted, with the minimum production level for the calculation of 20,000 metric tons every six months following the beginning of
the sixth year of production.
Mining royalty
According
with the Royalty Mining Law in force since October 1, 2011, the royalty for the exploitation of metallic and nonmetallic resources is
payable on a quarterly basis in an amount equal to the greater of: (i) an amount determined in accordance with a statutory scale of rates
based on operating profit margin that is applied to the quarterly operating profit, adjusted by certain items, and (ii) 1% of net sales,
in each case during the applicable quarter.
These amounts are estimated based on the unconsolidated financial statements of Cementos Pacasmayo
S.A.A. and the subsidiaries affected by this mining royalty, prepared in accordance with IFRS. Mining royalty payments will be deductible
for income tax purposes in the fiscal year in which such payments are made.
Mining royalty expense paid to the Peruvian Government for
2022, 2021 and 2020 amounted to S/
1,193,000
, S/
990,000
and S/
555,000
respectively, and is recognized as part of the cost of inventory
production.
Tax situation
The Company is subject to Peruvian tax
law. As of December 31, 2022, 2021 and 2020, the income tax rate is
29.5
percent of the taxable profit after deducting employee participation,
which is calculated at a rate of
8
to
10
percent of the taxable income.
For purposes of determining income tax,
transfer pricing for transactions with related companies and companies resident in territories with low or no taxation, must be supported
with documentation including information on the valuation methods used and the criteria considered for determination. Based on the operations
of the Group, Management and its legal advisors believe that as a result of the application of these standards will not result in significant
contingencies for the Group as of December 31, 2022 and 2021.
The tax authority has the power to review
and, if applicable, adjust the income tax calculated by each company in the four years subsequent after the year of filing the tax return.
F-
59
Notes to the consolidated financial statements (continued)
The statements of income tax and value
added tax corresponding to the years indicated in the attached table are subject to review by the tax authorities:
Years open to review by Tax Authority
Income tax
Value-added
    tax
Entity
Cementos Pacasmayo S.A.A.
2018 - 2022
Dec. 2018 - 2022
Cementos Selva S.A.C.
2018 - 2022
Dec. 2018 - 2022
Distribuidora Norte Pacasmayo S.R.L.
2018 - 2022
Dec. 2018 - 2022
Empresa de Transmisión Guadalupe S.A.C.
2018 - 2022
Dec. 2018 - 2022
Salmueras Sudamericanas S.A.
2018 - 2022
Dec. 2018 - 2022
Calizas del Norte S.A.C. (liquidated during 2022)
2018 - 2022
Dec. 2018 - 2022
Soluciones Takay S.A.C.
2019 - 2022
May to Dec.2019 - 2022
Due to possible interpretations that
the tax authority may give to legislation in effect, it is not possible to determine whether or not any of the tax audits will result
in increased liabilities for the Group. For that reason, tax or surcharge that could arise from future tax audits would be applied to
the income of the period in which it is determined. However, in management's opinion and that of its legal advisors, any possible
additional payment of taxes would not have a material effect on the consolidated financial statements as of December 31, 2022.
Environmental matters
The
Group's exploration and exploitation activities are subject to environmental protection standards.
Environmental remediation -
Law No. 28271 regulates environmental
liabilities in mining activities. This Law has the objectives of ruling the identification of mining activity's environmental liabilities
and financing the remediation of the affected areas. According to this law, environmental liabilities refer to the impact caused to the
environment by abandoned or inactive mining operations.
In compliance with the above-mentioned
laws, the Group presented environmental impact studies (EIS), declaration of environmental studies (DES) and Environmental Adaptation
and Management Programs (EAMP) for its mining concessions.
F-
60
Notes to the consolidated financial statements (continued)
The Peruvian authorities approved
the EIS and EAMP presented by the Group for its mining concessions and exploration projects. A detail of plans and related expenses approved
is presented as follows:
Project unit
Resource
Resolution
Number
Year of
approval
Program
approved
Operating year expense
2022
2021
2020
S/(000)
S/(000)
S/(000)
Rioja
Limestone
RD186-2014-PRODUCE/DVMYPE-I/DIGGAM
2014
EIA
810
713
315
Tembladera
Limestone
RD304-18-PRODUCE/DVMYPE-I/DIGAAMI
2018
PAMA
299
298
237
1,109
1,011
552
As of December 31, 2022 and 2021,
the Group had no liabilities related to environmental remediation expenses because all were paid before the end of the year.
Quarry rehabilitation provision
-
The Law No. 28090 regulates the
obligations and procedures that must be met by the holders of mining activities for the preparation, filing and implementation of Quarry
Closure Plans, as well as the establishment of the corresponding environmental guarantees to secure fulfillment of the investments that
this includes, subject to the principles of protection, preservation and recovery of the environment. In connection with this obligation,
as of December 31, 2022 and 2021, the Group maintains a provision for the closing of the quarries exploited by its operations amounting
to S/
13,377,000
and S/
11,036,000
, respectively. The Group believes that this liability is adequate to meet the current environmental protection
laws approved by the Ministry of Energy and Mines, refer to note 15.
Legal claim contingency
The Group has received claims from third parties in relation
with its operations which in aggregate represent S/
3,447,000
. From this total amount, S/
2,847,000
corresponded to labor claims from
former employees, S/
596,000
is related to the tax assessments received from the tax administration corresponding to the 2009 tax period,
which was reviewed by the tax authority during 2012 and S/
4,000
correspond to contentious administrative claims.
The
Group has been advised by its legal counsel that it is only possible, but not probable, that these actions will succeed.
F-
61
Notes to the consolidated financial statements (continued)
30.
Financial risk management, objectives and policies
The Group's main financial liabilities comprise loans
and borrowings, trade payables and other payables. The main purpose of these financial liabilities is to finance the Group's operations.
The Group´s main financial assets include cash and short-term deposits and trade and other receivables that derive directly from
its operations. The Group also holds derivative financial instruments designated at fair value through OCI, derivative financial instruments
designated as cash flow hedges and derivative financial instruments at fair value through profit or loss.
The Group is exposed to market risk, credit risk and liquidity
risk. The Group's senior management oversees the management of these risks. The Group's senior management is supported by
Financial Management that advises on financial risks and the appropriate financial risk governance framework for the Group. The financial
management provides assurance to the Group's senior management that the Group's financial risk-taking activities are governed
by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group´s
policies and risk objectives.
Management reviews and implements policies for managing
each of these risks, which are summarized below.
Market risk -
Market risk is the risk that the fair value or future cash
flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest
rate risk, foreign currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by
market risk include deposits, financial obligations, financial instruments designated at fair value through OCI and derivative financial
instruments designated at fair value through profit or loss.
The sensitivity analyses shown in the following sections
relate to the Group's consolidated position as of December 31, 2022 and 2021. The sensitivity analyses have been prepared on the
basis that the amount of net debts and the proportion of financial instruments in foreign currencies are all constant and on the basis
of the hedge designations in place as of December 31, 2022 and 2021.
Interest rate risk -
Interest rate risk is the risk that the fair value or future
cash flows of a financial instrument will fluctuate because of changes in market interest rates.
F-
62
Notes to the consolidated financial statements (continued)
As of December 31, 2022 and 2021, all of the Group's
borrowings were at a fixed rate of interest; consequently, the management evaluated that it is not relevant to do an interest rate sensitivity
analysis.
Foreign currency risk -
Foreign currency risk is the risk that the fair value or
future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group's exposure to
the risk of changes in foreign exchange relates primarily to the Group's operating activities (when revenue or expense is denominated
in a different currency from the Group's functional currency).
The Group hedges its exposure to fluctuations on the translation
into soles of its Senior Notes which are denominated in US dollars, by using cross currency swap contracts, see note 31(a).
Foreign currency sensitivity
The following table demonstrates the sensitivity to a reasonably
possible change in the US dollar exchange rate, with all other variables held constant. The impact on the Group's profit before
income tax is due to changes in the fair value of monetary assets and liabilities.
2022
Change in
US$ rate
Effect on
consolidated profit
before tax
U.S. Dollar
%
S/(000)
+
5
1,638
+
10
3,276
-
5
(
1,638
)
-
10
(
3,276
)
2021
Change in
US$ rate
Effect on
consolidated profit
before tax
U.S. Dollar
%
S/(000)
+
5
7,695
+
10
15,391
-
5
(
7,695
)
-
10
(
15,391
)
Equity price risk -
The Group's listed equity securities measured at
level three of the fair value hierarchy are susceptible to market price risk arising from uncertainties about future values of the investment
securities, see note 31.
F-
63
Notes to the consolidated financial statements (continued)
Credit risk -
Credit risk is the risk that counterparty will not meet
its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to a credit risk
from its operating activities (primarily for trade receivables) and from its financing activities, including deposits with banks and financial
institutions, foreign exchange transactions and other financial instruments.
Trade receivables
Customer credit risk is managed by each business unit subject
to the Group's established policy, procedures and control relating to customer credit risk management. Credit quality of the customer
is assessed, and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly
monitored and any shipments to major customers are generally covered by letters of credit. As of December 31, 2022 and 2021, the Group
had
4
and
7
customers, that owed the Group more than S/3,000,000 each accounting for approximately
23
% and
46
% of all trade receivables
outstanding, respectively. There were
27
and
22
customers with balances greater than S/700,000 and less than S/3,000,000, which accounted
for approximately
55
% and
34
% of the total trade receivables, respectively. The evaluation for allowance for expected credit losses is
updated at the date of the consolidated financial statements and individually for the main customers. This calculation is based on actual
historical data incurred.
The maximum exposure to credit risk at the reporting date
is the carrying value of each class of financial assets disclosed in note 7. The Group does not hold collateral as security.
Cash deposits and hedging derivative financial instruments
or at fair value through profit or loss-
Credit risk from balances with banks and financial institutions
is managed by the Group's treasury department in accordance with the Group's policy. Investments of surplus funds are made
only with approved counterparties of first level. The limits are set to minimize the concentration of risks and therefore mitigate financial
loss through potential counterparty's failure to make payments. As of December 31, 2022 and 2021, the Group's maximum exposure
to credit risk for the components of carrying amounts as showed in note 6. The Group's maximum exposure relating to financial derivative
instruments is noted in the liquidity table below.
Liquidity risk -
The Group monitors its risk of shortage of funds using
a recurring liquidity planning tool.
The Group's objective is to maintain a balance between
continuity of funding and flexibility through the use of bank loans and long term debentures. Access to sources of funding is sufficiently
available and debt maturing within 12 months can be rolled over under the same conditions with existing lenders, if is necessary.
As of December 31, 2022 and 2021 no portion of Senior Notes denominated
in soles will mature in less than one year. In 2021, to cover the obligations of Senior Notes denominated in US dollars maturing in February
2023, the Company established the obligations of the new "Club Deal" financing to begin disbursements in 2022, see note 16(d).
F-
64
Notes to the consolidated financial statements (continued)
The table below summarizes the maturity profile of the
Group's financial liabilities based on contractual undiscounted payments:
Less than 3 months
3 to 12 months
1 to 5 years
More than 5 years
Total
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
As of December 31, 2022
Financial obligations
414,290
116,818
326,544
651,638
1,509,290
Interest
36,222
45,282
213,427
119,201
414,132
Derivative financial instruments
7,473
-
-
-
7,473
Trade and other payables
231,698
41,510
-
-
273,208
Lease liabilities
502
1,503
2,350
-
4,355
As of December 31, 2021
Financial obligations
159,000
291,964
414,290
570,000
1,435,254
Interest
31,255
35,147
166,252
154,851
387,505
Derivative financial instruments
7,821
7,821
7,821
-
23,463
Trade and other payables
175,975
42,941
-
-
218,916
Lease liabilities
465
1,391
3,973
5,829
The financial derivative instruments disclosed in
the table below are the gross undiscounted cash flows. However, those amounts may be settled gross or net. The following table shows the
corresponding reconciliation to those amounts to their carrying amounts:
Less than 3 months
3 to 12 months
1 to 5 years
Total
S/(000)
S/(000)
S/(000)
S/(000)
As of December 31, 2022
Inflows
88,968
-
-
88,968
Outflows
(
1,627
)
-
-
(
1,627
)
Net
87,341
-
-
87,341
Discounted at the applicable interbank rates
86,893
-
-
86,893
As of December 31, 2021
Inflows
-
-
125,537
125,537
Outflows
(
1,703
)
(
7,908
)
(
7,992
)
(
17,603
)
Net
(
1,703
)
(
7,908
)
117,545
107,934
Discounted at the applicable interbank rates
(
1,695
)
(
7,716
)
116,012
106,601
F-
65
Notes to the consolidated financial statements (continued)
Changes in liabilities arising from financing activities:
Balance as of January 1,
Distribution of dividends
Finance cost on cross currency swaps
Cash
inflow
Cash
outflow
Movement of foreign currency
Amortization of costs of issuance of senior notes
Balance as of
December 31
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
2022
Hedge finance cost payable
6,213
-
15,155
-
(
15,390
)
-
-
5,978
Dividends payable
9,550
179,805
-
229
(
179,820
)
-
-
9,764
Interest-bearing loans
1,545,355
-
-
525,000
(
448,984
)
(
25,407
)
(
2,793
)
1,593,171
2021
Hedge finance cost payable
6,381
-
15,046
-
(
15,214
)
-
-
6,213
Dividends payable
7,686
338,204
-
481
(
336,821
)
-
-
9,550
Interest-bearing loans
1,268,584
-
-
220,000
-
55,955
816
1,545,355
Capital management -
For the purpose of the Group's
capital management, capital includes capital stock, investment shares, additional paid-in capital and all other equity reserves attributable
to the equity holders of the Company. The primary objective of the Group's capital management is to maximize the shareholders'
value.
In order to achieve this overall objective,
the Group's capital management, among other things, aims to ensure that it meets financial covenants attached to the interest-bearing
loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the creditors
to immediately call the senior notes. There have been no breaches in the financial covenants of Senior Notes in any of the years presented.
The Group manages its capital structure
and adjusts it in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital
structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.
No changes were made in the objectives,
policies or processes for managing capital during the years ended December 31, 2022 and 2021.
F-
66
Notes to the consolidated financial statements (continued)
31.
Fair value of financial assets and liabilities
Financial assets -
Except for derivative financial instruments and financial
instruments designated at fair value through OCI, all financial assets which included trade and other receivables are classified in the
category of loans and receivables, which are non-derivative financial assets carried at amortized cost, held to maturity, and generate
a fixed or variable interest income for the Group. The carrying value may be affected by changes in the credit risk of the counterparties.
Financial liabilities -
All financial liabilities of the Group including trade
and other payables financial obligations are classified as loans and borrowings and are carried at amortized cost.
(a)
Derivative financial instruments -
Hedging derivatives -
Foreign currency risk -
As of December 31, 2022 and 2021, the
Company maintains cross currency swaps agreements for a notional amount of US$
132,000,000
, with maturity in 2023 and an average rate of
2.97
%. Of this total, US$
131,612,000
has been designated as hedging instruments for Senior notes that are denominated in U.S. dollars,
with the intention of hedging the foreign exchange risk.
The cash flow hedge of the expected future payments was assessed
to be highly effective and resulted in an unrealized gain of S/
3,838,000
for 2022 (unrealized gain of S/
20,836,000
during 2021). The amounts
retained in OCI of 2022 are expected to be recognized in the consolidated statement of profit or loss in 2023, the year of its maturity.
F-
67
Notes to the consolidated financial statements (continued)
Assets (liabilities) from financial instruments
at fair value through profit or loss -
As of December 31, 2022 and 2021 the Company
held cross currency swaps that do not have an underlying relationship amounts to US$
388,000
. The effect on profit or loss of the change
in their fair value was a loss of S/
59,000
and a gain of S/
589,000
as of December 31, 2022 and 2021, respectively. In January 2021, derivative
financial instruments at fair value through profit or loss were settled in the amount of US$
18,000,000
, the result was a net loss amounting
to S/
1,569,000
presented in "Accumulated net loss on settlement of derivative financial instruments at fair value through profit
or loss" caption in the consolidated statement of profit or loss.
(b)
Fair values and fair value accounting hierarchy -
Set out below is a comparison of the carrying amounts and
fair values of financial instruments as of December 31, 2022 and 2021, as well as the fair value accounting hierarchy. The dates of valuations
at fair value were as of December 31, 2022 and 2021, respectively.
Carrying amount
Fair value
Fair value hierarchy
2022
2021
2022
2021
2022/2021
S/(000)
S/(000)
S/(000)
S/(000)
Financial assets
Cash and cash equivalents
81,773
273,402
81,773
273,402
Level 1
Trade and other receivables
145,034
143,924
145,034
143,924
Level 2
Other financial instruments
86,893
106,601
86,893
106,601
Level 2
Financial investments designated at fair value through other comprehensive income
274
476
274
476
Level 3
Total financial assets
313,974
524,403
313,974
524,403
Financial liabilities
Trade and other payables
284,554
227,554
284,554
227,554
Level 2
Senior notes
1,071,781
1,094,391
996,156
1,119,035
Level 1
Promissory notes
521,390
450,964
459,117
447,558
Level 2
Total financial liabilities
1,877,725
1,772,909
1,739,827
1,794,147
All financial instruments for which fair value is recognized
or disclosed are categorized within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement
as a whole. The fair value hierarchies are those described in note 2.3.2 (vi).
F-
68
Notes to the consolidated financial statements (continued)
For assets and liabilities that are recognized at fair value
on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy. As of December 31, 2022 and
2021, there were no transfers between the fair value hierarchies.
Management assessed that cash and cash equivalents; trade
and other receivables and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these
instruments.
The following methods and assumptions were used to estimate
the fair values:
-
The fair value of cross currency swaps is measured by using valuation techniques where inputs are based on market data and present
value calculations. The models incorporate various inputs, including the credit quality of counterparties, foreign exchange, forward rates
and interest rate curves.
A credit valuation adjustment (CVA) is applied to the "Over-The-Counter"
derivative exposures to consider the counterparty's risk of default when measuring the fair value of the derivative. CVA is the
mark-to market cost of protection required to hedge credit risk from counterparties in this type of derivatives portfolio. CVA is calculated
by multiplying the probability of default (PD), the loss given default (LGD) and the expected exposure (EE) at the time of default.
A debit valuation adjustment (DVA) is applied to incorporate
the Group's own credit risk in the fair value of derivatives (that is the risk that the Group might default on its contractual obligations),
using the same methodology as for CVA.
-
The fair value of the quoted senior notes is based on the current quotations value at the reporting date as they trade on the exchange.
-
The fair value of the fixed rate promissory note it is calculated using the results of cash flow discounted at the average indebtedness
rates effective as of the reporting date.
-
The fair value of financial instruments at fair value with changes in OCI has been determined through the percentage of the Company's
shareholding in the equity of Fossal S.A.
F-
69
Notes to the consolidated financial statements (continued)
32.
Segment information
For management purposes, the Group is organized into
business units based on their products and activities and have three reportable segments as follows:
-
Production and marketing of cement, concrete, mortar and precast in the northern region of Peru.
-
Sale of construction supplies (steel rebar and building materials) in the northern region of Peru.
-
Production and marketing of quicklime in the northern region of Peru.
No operating segments have been aggregated to form
the above reportable operating segments.
Management monitors the profit before income tax
of each business unit separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance
is evaluated based on profit before income tax and is measured consistently with profit before income tax in the consolidated statement
of profit and loss.
Transfer prices between operating segments are on
an arm's length basis in a manner similar to transactions with third parties.
2022
2021
2020
Cement, concrete, mortar and precast
Construction supplies
Quicklime
Other (*)
Total consolidated
Cement, concrete, mortar and precast
Construction supplies
Quicklime
Other (*)
Total consolidated
Cement, concrete, mortar and precast
Construction supplies
Quicklime
Other (*)
Total consolidated
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Revenues from external customers
1,963,826
114,024
37,858
38
2,115,746
1,784,487
113,905
39,141
234
1,937,767
1,185,186
78,192
32,473
483
1,296,334
Gross profit
647,285
3,670
1,954
(
878
)
652,031
550,816
3,501
5,651
(
537
)
559,431
367,456
3,014
5,012
(
196
)
375,286
Administrative expenses
(
223,162
)
(
2,741
)
(
1,238
)
(
436
)
(
227,577
)
(
191,132
)
(
2,675
)
(
1,099
)
(
1,163
)
(
196,069
)
(
157,491
)
(
2,862
)
(
1,493
)
(
1,523
)
(
163,369
)
Selling and distribution expenses
(
63,971
)
(
786
)
(
355
)
(
125
)
(
65,237
)
(
50,223
)
(
703
)
(
289
)
(
305
)
(
51,520
)
(
38,708
)
(
703
)
(
367
)
(
375
)
(
40,153
)
Other operating (expense) income, net
(
2,964
)
8
-
(
943
)
(
3,899
)
6,358
47
-
3
6,408
4,204
154
-
(
12
)
4,346
Finance income
3,252
20
-
34
3,306
2,874
17
-
-
2,891
2,951
26
-
(
1
)
2,976
Finance cost
(
95,102
)
(
3
)
-
-
(
95,105
)
(
88,961
)
(
3
)
-
(
1
)
(
88,965
)
(
88,569
)
(
130
)
-
5
(
88,694
)
Net (loss) gain on (settlement of) derivative financial instruments recognized at fair value through profit or loss
(
59
)
-
-
-
(
59
)
(
980
)
-
-
-
(
980
)
5,337
-
-
-
5,337
Loss from exchange difference, net
(
1,030
)
5
(
6
)
(
9
)
(
1,040
)
(
6,987
)
(
30
)
(
85
)
16
(
7,086
)
(
9,352
)
(
404
)
(
88
)
13
(
9,831
)
Profit before income tax
264,249
173
355
(
2,357
)
262,420
221,765
154
4,178
(
1,987
)
224,110
85,828
(
905
)
3,064
(
2,089
)
85,898
Income tax expense
(
86,189
)
(
56
)
(
116
)
769
(
85,592
)
(
70,198
)
(
49
)
(
1,322
)
629
(
70,940
)
(
27,981
)
295
(
999
)
681
(
28,004
)
Profit for the year
178,060
117
239
(
1,588
)
176,828
151,567
105
2,856
(
1,358
)
153,170
57,847
(
610
)
2,065
(
1,408
)
57,894
(*)
The "other" segment includes activities that do not meet the threshold for disclosure under IFRS 8.13 and represent non-material
operations of the Group (including brine projects).
F-
70
Notes to the consolidated financial statements (continued)
2022
2021
2020
Cement, concrete, mortar and precast
Construction supplies
Quicklime
Other
Consolidated
Cement, concrete, mortar and precast
Construction supplies
Quicklime
Other
Consolidated
Cement, concrete, mortar and precast
Construction supplies
Quicklime
Other
Consolidated
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
S/(000)
Segment assets
3,086,104
38,353
70,327
32,210
3,226,994
2,940,888
42,578
79,383
31,846
3,094,695
2,806,803
51,225
83,621
31,696
2,973,345
Other assets (*)
86,630
-
-
537
87,167
106,280
-
-
797
107,077
37,068
-
-
5,871
42,939
Total assets
3,172,734
38,353
70,327
32,747
3,314,161
3,047,168
42,578
79,383
32,643
3,201,772
2,843,871
51,225
83,621
37,567
3,016,284
Operating liabilities
2,041,923
76,780
-
323
2,119,026
1,930,140
75,633
-
194
2,005,967
1,590,105
58,517
-
107
1,648,729
Capital expenditure (**)
190,126
-
-
-
190,126
97,288
-
-
-
97,288
63,960
-
-
-
63,960
Depreciation and amortization
(
133,276
)
(
1,545
)
(
3,519
)
(
199
)
(
138,539
)
(
128,522
)
(
1,102
)
(
5,199
)
(
744
)
(
135,567
)
(
131,877
)
(
767
)
(
5,741
)
(
782
)
(
139,167
)
Provision of inventory net realizable value and obsolescence
(
2,027
)
-
-
-
(
2,027
)
(
3,374
)
-
-
-
(
3,374
)
(
3,635
)
-
-
-
(
3,635
)
(*)
As of December 31, 2022, corresponds to the financial investment designated at fair value through OCI for S/
274,000
and fair value
of derivative financial instruments ("cross currency swap") for S/
86,893,000
. As of December 31, 2021, corresponds to the
financial investment designated at fair value through OCI for approximately S/
476,000
and the fair value of derivative financial instruments
("cross currency swap") for S/
106,601,000
. The fair value of derivative financial instruments of hedging is allocated to the
segment of cement, and the financial investment designated at fair value through OCI and fair value of derivative financial instrument
at fair value through profit or loss are not assigned to any segment.
(**)
Capital expenditure consists of S/
190,126,000
and S/
97,288,000
during the years ended as of December 31, 2022 and 2021, respectively,
and are related to additions of property, plant and equipment, intangible and other minor non-current assets.
Geographic information
As of December 31, 2022 and 2021, all non-current assets
are located in Peru and all revenues are from clients located in the north region of the country.
33.
Subsequent events
On January 4, 2023, Cementos Pacasmayo S.A.A. acquired
all the shares of the company Corporación Materiales Piura S.A.C. for which paid an approximate value of US$
9,000,000
.
On February 8, 2023, Cementos Pacasmayo S.A.A. made the
payment of the Senior Notes in dollars for US$
131,612,000
using the Club Deal credit line and consequently the derivative financial instruments
for US$
132,000,000
were settled.
F-71