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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNITED
STATES<br/>
SECURITIES AND EXCHANGE COMMISSION<br/>
Washington, D.C. 20549<br/></b></span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></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-left: auto; margin-right: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><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; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric>
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>

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

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

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

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

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

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><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; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany">&#9744;</ix:nonNumeric>
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the transition period from <span style="text-decoration:underline">  &#160;&#160;&#160;&#160;&#160;&#160;</span>&#160;to <span style="text-decoration:underline">  &#160;&#160;&#160;&#160;&#160;&#160;</span></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission
file number <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-35991</ix:nonNumeric><br/></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName">AENZA
S.A.A.</ix:nonNumeric>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Exact name of Registrant as specified in its charter)<br/></b></span></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-left: auto; margin-right: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" name="dei:ContactPersonnelName">N/A</ix:nonNumeric><br/>
(Translation of Registrant&#8217;s name into English)<br/>
<br/>
Republic of <ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Peru</ix:nonNumeric><br/>
(Jurisdiction of incorporation or organization)</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">Av.
Petit Thouars 4957</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Miraflores</ix:nonNumeric><br/>
Lima <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">34</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Peru</ix:nonNumeric><br/>
(Address of principal executive offices)</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName">Zoila
Horna Zegarra</ix:nonNumeric>, Corporate Legal Vice President<br/>
Tel. <span style="-sec-ix-hidden: hidden-fact-0"><span style="-sec-ix-hidden: hidden-fact-1">011-51-1-213-6565</span></span><br/>
<ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelEmailAddress">relacion.inversionistas@aenza.com.pe</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">Av. Petit Thouars 4957</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Miraflores</ix:nonNumeric><br/>
Lima <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">34</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Peru</ix:nonNumeric></b></span></p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="white-space: nowrap; width: 32%"><p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of each class</b></span></p></td> <td style="width: 2%">&#160;</td> <td style="width: 32%"><p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Symbol</b></span></p></td> <td style="width: 2%">&#160;</td> <td style="width: 32%"><p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of each exchange on which registered</b></span></p></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Shares, par value s/1.00 per share American Depositary Shares, each representing fifteen Common Shares</b></span></ix:nonNumeric></td> <td>&#160;</td> <td style="font-size: 10pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZ</b></span></ix:nonNumeric></td> <td>&#160;</td> <td style="font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric>*<br/> New York Stock Exchange</b></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
for trading purposes, but only in connection with the registration on the New York Stock Exchange of the American Depositary Shares representing
those common shares.</span></td>
</tr></table><div>

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At December&#160;31, 2022</span></td> <td style="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">1,196,979,979</ix:nonFraction> shares of common stock</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&#160;&#160;&#160;&#160;Yes&#160;&#160;&#9744;&#160;&#160;&#160;&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric>&#160;&#160;&#9746;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;&#160;&#160;&#160;Yes&#160;&#160;&#9744;&#160;&#160;&#160;&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric>&#160;&#160;&#9746;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&#160;&#160;&#160;&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric>&#160;&#160;&#9746;&#160;&#160;&#160;&#160;No&#160;&#160;&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant
was required to submit such files).&#160;&#160;&#160;&#160;<ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric>&#160;&#160;&#9746;&#160;&#160;&#160;&#160;No&#160;&#160;&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 definitions 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):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 24%; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</span></td> <td style="width: 15%; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="width: 17%; font-size: 10pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</span></ix:nonNumeric></td> <td style="width: 14%; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td style="width: 27%; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</span></td> <td style="width: 3%; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr> <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><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="font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</span></td> <td style="font-size: 10pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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<sup>&#8224;
</sup>provided pursuant to Section 13(a) of the Exchange Act. &#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#8224;</sup>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.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">Yes</ix:nonNumeric>&#160;&#160;&#9746;&#160;&#160;&#160;&#160;No&#160;&#160;&#9744;</span></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: justify">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. &#9744;</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: justify">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). &#9744;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 19%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. GAAP&#160;&#160;&#9744;</span></td> <td style="width: 51%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-2">International Financial Reporting Standards</span> as issued</span></td> <td style="width: 3%; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="width: 9%; padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="width: 18%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other&#160;&#160;&#9744;</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by the International Accounting Standards Board</span></td> <td style="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td style="padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding-left: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#160;&#160;&#9744;&#160;&#160;&#160;&#160;Item 18&#160;&#160;&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).&#160;&#160;&#160;&#160;Yes&#160;&#160;&#9744;&#160;&#160;&#160;&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport">No</ix:nonNumeric>&#160;&#160;&#9746;</span></p><div>

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

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

</div><!-- Field: Rule-Page --><div style="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: justify"></p><div>

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

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase">Table
of Contents</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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>&#160;</td>
    <td colspan="3" style="padding-bottom: 1.5pt">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><b>Page</b></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td colspan="3">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="4"><a href="#a_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Part I. INTRODUCTION</span></a></td>
    <td style="vertical-align: bottom; text-align: center">1</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 1.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 2.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFER STATISTICS AND EXPECTED TIMETABLE</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 3.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KEY INFORMATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 5%">&#160;</td>
    <td style="width: 10%">&#160;</td>
    <td style="width: 8%"><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 69%"><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</span></a></td>
    <td style="vertical-align: bottom; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization and Indebtedness</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasons for the Offer and Use of Proceeds</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4.</span></td>
    <td colspan="2"><a href="#r_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION ON THE COMPANY</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#r_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#r_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">History and Development of the Company</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#r_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#r_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Overview</span></a></td>
    <td style="vertical-align: bottom; text-align: center">40</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#r_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#r_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organizational Structure</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#r_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#r_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, Plant and Equipment</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4A.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNRESOLVED STAFF COMMENTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 5.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating Results</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity and Capital Resources</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and Development, Patents and Licenses, Etc.</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trend Information</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safe Harbor</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 6.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors and Senior Management</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">135</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board Practices</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">136</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 7.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">142</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major Shareholders</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">142</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related Party Transactions</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">143</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interests of Experts and Counsel</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">144</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 8.</span></td>
    <td colspan="2"><a href="#a_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL INFORMATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">144</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements and Other Financial Information.</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">144</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><a href="#a_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></a></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><a href="#a_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant Changes.</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">148</span></td></tr>
</table><div>

</div><p style="margin: 0"></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 9.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_030"><span style="font-size: 10pt">THE
    OFFER AND LISTING</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">148</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 10%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 8%"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_031"><span style="font-size: 10pt">A.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 69%"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_031"><span style="font-size: 10pt">Offer
    and Listing Details</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">148</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_032"><span style="font-size: 10pt">B.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_032"><span style="font-size: 10pt">Plan
    of Distribution</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">149</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_033"><span style="font-size: 10pt">C.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_033"><span style="font-size: 10pt">Markets</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">149</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_034"><span style="font-size: 10pt">D.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_034"><span style="font-size: 10pt">Selling
    Shareholders</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">151</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_035"><span style="font-size: 10pt">E.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_035"><span style="font-size: 10pt">Dilution</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">151</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_036"><span style="font-size: 10pt">F.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_036"><span style="font-size: 10pt">Expenses
    of the Issue</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">151</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 10.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_037"><span style="font-size: 10pt">ADDITIONAL
    INFORMATION</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">151</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_038"><span style="font-size: 10pt">A.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_038"><span style="font-size: 10pt">Share
    Capital</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">151</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_039"><span style="font-size: 10pt">B.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_039"><span style="font-size: 10pt">Memorandum
    and Articles of Association</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">151</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_040"><span style="font-size: 10pt">C.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_040"><span style="font-size: 10pt">Material
    Contracts</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_041"><span style="font-size: 10pt">D.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_041"><span style="font-size: 10pt">Exchange
    Controls</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">154</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_042"><span style="font-size: 10pt">E.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_042"><span style="font-size: 10pt">Taxation</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">155</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_043"><span style="font-size: 10pt">F.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_043"><span style="font-size: 10pt">Dividends
    and Paying Agents</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_044"><span style="font-size: 10pt">G.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_044"><span style="font-size: 10pt">Statement
    by Experts</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_045"><span style="font-size: 10pt">H.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_045"><span style="font-size: 10pt">Documents
    on Display</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif"><a href="#a_046"><span style="font-size: 10pt">I.</span></a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_046"><span style="font-size: 10pt">Subsidiary
    Information</span></a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">162</span></td></tr>

<tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 11.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_047">QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">162</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 12.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_048">DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">163</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_049">A.</a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_049">Debt
    Securities</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">163</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_050">B.</a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_050">Warrants
    and Rights</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">163</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_051">C.</a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_051">Other
    Securities</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">163</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_052">D.</a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_052">American
    Depositary Shares</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">163</span></td></tr>
  <tr style="vertical-align: top; ">
    <td colspan="3"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_053">Part II.</a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; text-transform: uppercase"></td>
    <td style="vertical-align: bottom; text-align: center; text-transform: uppercase"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 13.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_054">DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">165</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 14.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_055">MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">165</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 15.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_056">CONTROLS
    AND PROCEDURES</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">166</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 10%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 8%"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_057">A.</a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; width: 69%"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_057">Disclosure
    Controls and Procedures</a></span></td>
    <td style="vertical-align: bottom; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif">166</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_058">B.</a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_058">Management&#8217;s
    Annual Report on Internal Control Over Financial Reporting</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">166</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_059">C.</a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_059">Report
    of the Independent Registered Public Accounting Firm on Internal Control over Financial Reporting</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">167</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_060">D.</a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_060">Remediation
    Plan</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">168</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_061">E.</a></span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_061">Changes
    in Internal Control Over Financial Reporting</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">168</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 16.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_062">[Reserved]</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">168</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 16A.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_063">AUDIT
    COMMITTEE FINANCIAL EXPERT</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">168</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 16B.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_064">CODE
    OF BUSINESS CONDUCT AND ETHICS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">168</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 16C.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_065">PRINCIPAL
    ACCOUNTANT FEES AND SERVICES</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">169</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 16D.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_066">EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">170</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 16E.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_067">PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">170</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 16F.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_068">CHANGE
    IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">170</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 16G.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_069">CORPORATE
    GOVERNANCE</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">170</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 16H.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_070">MINE
    SAFETY DISCLOSURE</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">171</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 16I.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><a href="#b_001"><span style="font-family: Times New Roman, Times, Serif">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">171</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 17.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_071">FINANCIAL
    STATEMENTS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">171</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 18.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_072">FINANCIAL
    STATEMENTS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">171</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">ITEM 19.</span></td>
    <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#a_073">EXHIBITS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">172</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_001"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Part
I. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTRODUCTION</span></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
Definitions</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;our company,&#8221; &#8220;the group&#8221; and &#8220;AENZA&#8221;
in this annual report are to AENZA S.A.A. (formerly, &#8220;Gra&#241;a y Montero S.A.A.&#8221;), a publicly-held corporation (<i>sociedad
an&#243;nima abierta</i>) organized under the laws of the Republic of Peru (&#8220;Peru&#8221;). In this annual report, we refer to
our principal subsidiaries, joint operations, joint ventures and associated companies as follows: (i) in our Infrastructure segment:
Red Vial 5 S.A. as &#8220;Norvial&#8221;; Carretera Andina del Sur S.A. as &#8220;Survial&#8221;; Carretera Sierra Piura S.A.C as &#8220;Canchaque&#8221;;
Tren Urbano de Lima S.A. (formerly, GyM Ferrov&#237;as S.A.) as &#8220;L&#237;nea 1&#8221;; Concesionaria La Chira S.A. as &#8220;La
Chira&#8221;; and UNNA Transporte S.A.C. (formerly Concar S.A.C.) as &#8220;UNNA Transporte&#8221;; (ii) in our Energy segment: UNNA
Energ&#237;a S.A. (formerly GMP S.A.) as &#8220;UNNA Energ&#237;a&#8221;; (iii) in our Real Estate segment: Viva Negocio Inmobiliario
S.A. (formerly Viva GyM S.A.) as &#8220;Viva&#8221; and Inmobiliaria Almonte S.A.C. as &#8220;Almonte&#8221;; and (iv) in our Engineering
and Construction (&#8220;E&amp;C&#8221;) segment: Cumbra Peru S.A. (formerly GyM S.A.) as &#8220;Cumbra&#8221;; Vial y Vives&#8212;DSD
S.A. as &#8220;Vial y Vives&#8212;DSD&#8221;; Cumbra Ingenier&#237;a S.A. (formerly GMI S.A.) as &#8220;Cumbra Ingenier&#237;a&#8221;;
Morelco S.A.S. as &#8220;Morelco&#8221;. For more information on our subsidiaries, joint operations, joint ventures or associated companies,
see Notes 6A, 6B, 6C and 14 to our audited annual consolidated financial statements included in this annual report.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term &#8220;U.S. dollar&#8221; and the symbol &#8220;US$&#8221; refer to the legal currency of the United States; the term &#8220;sol&#8221;
and the symbol &#8220;S/&#8221; refer to the legal currency of Peru; the term &#8220;Chilean peso&#8221; and the symbol &#8220;CLP&#8221;
refer to the legal currency of Chile; and the term &#8220;Colombian peso&#8221; and the symbol &#8220;COP&#8221; refer to the legal currency
of Colombia.</span></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Presentation
of Financial Information</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements included in this annual report have been prepared in soles and in accordance with International Financial
Reporting Standards (&#8220;IFRS&#8221;) issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
manage our business in four segments: (i) Infrastructure; (ii) Energy; (iii) Real Estate and (iv)&#160; E&amp;C. Prior to 2021, our Energy
segment was part of our Infrastructure segment; however, during the fourth quarter of 2021, we changed our segment reporting to separately
report our Energy business as its own segment. The historical segment financial information included in this annual report has been adjusted
accordingly. For information on our results of operations by business segment, see Note 7 to our audited annual consolidated financial
statements included in this annual report. In addition, on December 27, 2021, we sold Adexus S.A. (&#8220;Adexus&#8221;), our technical
services subsidiary. As a result, our financial information included in this annual report has been adjusted accordingly. Our segment
data presents Adexus as a parent company operation not part of any of our four business segments. See Note 35 to our audited annual consolidated
financial statements included in this annual report.</span></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-IFRS
Data</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this annual report, we present adjusted EBITDA and adjusted EBITDA margin, non-GAAP financial measures. A non-GAAP financial measure
is generally defined as one that purports to measure financial performance, financial position or cash flows but excludes or includes
amounts that would not be so adjusted in the most comparable IFRS measure. We present adjusted EBITDA and adjusted EBITDA margin because
we believe they provide readers with a supplemental measure of the financial performance of our core operations that facilitates period-to-period
comparisons on a consistent basis. Our management uses adjusted EBITDA and adjusted EBITDA margin, among other measures, for internal
planning and performance measurement purposes. We believe that adjusted EBITDA and adjusted EBITDA margin are useful in evaluating our
operating performance compared to other companies operating in our sectors because the calculation of adjusted EBITDA generally eliminates
the effect of financing and income tax expenses and the accounting effects of capital spending, which items may vary for different companies
for reasons unrelated to overall operating performance. Adjusted EBITDA should not be construed as an alternative to net 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). Adjusted EBITDA and adjusted EBITDA margin, as calculated by us, may
not be comparable to similarly titled measures reported by other companies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
define adjusted EBITDA as net profit plus: financial (expense) income, net; income tax expense; and depreciation and amortization and
adjusted EBITDA margin as adjusted EBITDA over revenues.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
Translations</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are prepared in soles. For a description of our translation of amounts in currencies other than soles
in our consolidated financial statements, see Note 2.C to our audited annual consolidated financial statements included in this annual
report.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have translated some of the soles amounts contained in this annual report into U.S. dollars and some U.S. dollars amounts contained in
this annual report into soles, for convenience purposes only. Unless otherwise indicated or the context otherwise requires, the rate
used to translate soles amounts to U.S. dollars and U.S. dollars amounts into soles was S/3.82 to US$1.00, which was the average sale
exchange rate for December 31, 2022 reported by the Peruvian Superintendence of Banks, Insurance and Private Pension Fund Administrators
(<i>Superintendencia de Banca, Seguros y AFPs</i>, or &#8220;SBS&#8221;). For conversions of macroeconomic indicators (particularly in
&#8220;Item 5.D. Operating and Financial Review and Prospects&#8212;Trend Information&#8221; in this annual report), average annual exchange
rates for the currencies of each of the countries addressed are used. 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 or other currency amounts represent, or could have been or could be converted
into, U.S. dollars at such rates or at any other rate.</span></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rounding</span></p><div>

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

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

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backlog</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report includes our backlog (indicative of future revenues expected to be realized in relation to signed contracts) for part of
our Infrastructure segment and our E&amp;C, and Real Estate segments. We do not include backlog in this annual report in: (i) our Infrastructure
segment for our Norvial toll road concession because its revenues from the concession are derived from toll fees charged to vehicles
using the highway, and, as a result, such revenues are dependent on vehicular traffic levels; and (ii) our Energy segment because: (a)
our revenues from hydrocarbon extraction services are dependent on the amounts of oil and gas we produce and their market prices, which
fluctuate significantly; (b) our revenues from our gas processing plant are dependent on the amount of gas we process and market prices
for natural gas liquids, which fluctuate significantly; and (c) our revenues from our fuel storage terminal operation partially depend
on the volume of fuel stored and dispatched. When we present backlog on a segment basis, we do not include eliminations that are included
in our consolidated backlog. Backlog is not a measure defined by IFRS, and our methodology for determining backlog may not be comparable
to the methodology used by other companies in determining their backlog. Backlog is not audited. We have revised historical backlog data
included in this annual report to exclude the presentation of entities that are presented as discontinued operations. For our definition
of backlog, see &#8220;Item 4.B. Information on the Company&#8212;Business Overview&#8212;Backlog.&#8221; See also &#8220;Item 3.D. Key
Information&#8212;Risk Factors&#8212;Risks Related to our Company&#8212;Our backlog and our ratio of historical backlog to revenues may
not be reliable indicators of future revenues or profit.&#8221;</span></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reserves
Estimates</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report includes our estimates for proved reserves in Block V, where UNNA Energ&#237;a provides hydrocarbon extraction services
to, and Blocks III and IV, where UNNA Energ&#237;a extracts hydrocarbon under license agreements with, Perupetro S.A. (&#8220;Perupetro&#8221;).
These reserves estimates were prepared internally by our team of engineers and have not been audited or reviewed by any independent external
engineers. For further information on these reserves estimates, see &#8220;Item 3.D. Key Information&#8212;Risks Related to Our Company&#8212;Additional
Risks Related to our Infrastructure Business&#8221; and &#8220;Item 4.B. Information on the Company&#8212;Business Overview&#8212;Infrastructure&#8212;Principal
Infrastructure Lines of Business&#8212;Energy&#8212;Oil and Gas Production.&#8221;</span></p><div>

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

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
Information</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 infrastructure, energy, real estate, and engineering and construction services industries in Peru and elsewhere in Latin America.
We have made these estimates on the basis of our management&#8217;s knowledge and statistics and other information, which we believe
to be the most recently available as of the date of this annual report, from government agencies, industry professional organizations,
industry publications and other sources. While we believe these estimates to be accurate as of the date of this annual report, we have
not independently verified the data from third-party sources and our internal data has not been verified by any independent source. In
this annual report we present gross domestic product (&#8220;GDP&#8221;) both on a nominal and real basis. Real GDP is nominal GDP adjusted
to exclude the effect of inflation. Unless otherwise indicated, references to GDP are to real GDP.</span></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Measurements
and Other Data</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this annual report, we use the following measurements:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;m&#8221;
means one meter, which equals approximately 3.28084 feet;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;m2&#8221;
means one square meter, which equals approximately 10.7630 square feet;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;km&#8221;
means one kilometer, which equals approximately 0.621371 miles;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;hectare&#8221;
means one hectare, which equals approximately 2.47105 acres;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;tonne&#8221;
means one metric ton, which equals approximately 2,204.6 pounds;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;bbl&#8221;
or barrel of oil means one stock tank barrel, which is equivalent to approximately 0.15898 cubic meters;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;boe&#8221;
means one barrel of oil equivalent, which equals approximately 160.2167 cubic meters, determined using the ratio of 5,658 cubic feet
of natural gas to one barrel of oil;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;cf&#8221;
means one cubic foot;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;M,&#8221;
when used before bbl, boe or cf, means one thousand bbl, boe and cf, respectively;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;MM,&#8221;
when used before bbl, boe or cf, means one million bbl, boe and cf, respectively;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;MW&#8221;
means one megawatt, which equals one million watts; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Gwh&#8221;
means one gigawatt hour, which equals one billion watt hours.</span></td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this annual report, we use the term &#8220;accident incidence rate&#8221; with respect to our E&amp;C segment, which is calculated as
the number of injuries multiplied by 200,000 (which reflects 40 hours worked per week in a 50-week year by 100 equivalent full-time workers)
divided by the total number of hours worked by all full-time employees of our E&amp;C segment during the relevant year.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.D.
Key Information&#8212;Risk Factors,&#8221; which may cause our actual results, performance or achievements to differ materially from
the forward-looking statements that we make.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, among others:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
impact on our business reputation from our previous and minimal ongoing association with affiliates of Odebrecht S.A. (&#8220;Odebrecht&#8221;)
in Peru and our alleged participation in what is referred to as the &#8220;construction club&#8221; in Peru;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
potential effects of investigations of our company and certain former directors and senior managers of our company, or any future investigations
regarding corruption or other illegal acts, including our agreement with Peruvian prosecutorial authorities (&#8220;Collaboration and
Benefits Agreement&#8221;), which includes, among other restrictions, significant penalties, admissions of guilt and temporary ban from
entering into new contracts with the Peruvian government;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to fund our working capital and other obligations, through cash flow from operating activities, financing sources or the sale
of assets;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to comply with the covenants in our debt instruments or obtain waivers in the event of non-compliance;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to obtain financing on favorable terms, or at all, including performance bonds and similar financings required in the ordinary
course of our business;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to consummate asset sales or other strategic transactions on favorable terms and on a timely basis, or at all;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">global
macroeconomic conditions, including commodity prices;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic,
political and social conditions in the markets in which we operate, including the political disputes between the executive branch and
congress in Peru, the drafting of a new constitution in Chile, and the recent elections in Colombia;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">major
changes in governmental policies at the national, regional and municipal levels such as in connection with infrastructure concessions,
investments in infrastructure and affordable housing subsidies;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">social
conflicts that disrupt infrastructure projects, particularly in the mining sector;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">interest
rate fluctuation, inflation and devaluation or appreciation of the Peruvian sol, or Chilean peso or Colombian peso, in relation to the
U.S. dollar (or other currencies in which we receive revenue);</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
backlog may not be a reliable indicator of future revenues or profit;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
cyclical nature of some of our business segments;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
level of capital investments and financings available for infrastructure projects of the types that we perform, both in the private and
public sectors;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
in our markets, both from local and international companies;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">volatility
in global prices of oil and gas, particularly as a result of the conflict in Russia and Ukraine;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
in real estate market prices, customer demand, preference and purchasing power and financing availability and terms;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to obtain zoning and other license requirements for our real estate development;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
in tax, environmental, health and safety, or other laws and regulations;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">natural
disasters, severe weather or other events that may adversely impact our business; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
factors identified or discussed under &#8220;Item 3.D. Key Information&#8212;Risk Factors&#8221; of this annual report.</span></td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
forward-looking statements in this annual report represent our expectations and forecasts as of the date of this annual report. These
statements are intended to qualify for the safe harbors from liability provided by Section&#160;27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. 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.</span></p><div>

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

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

</div><!-- Field: Page; Sequence: 8; 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 -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_002"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></p><div>



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

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

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

</div><div><a id="a_003"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</span></p><div>



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

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

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

</div><div><a id="a_004"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 3. KEY INFORMATION</span></p><div>



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

</div><div><a id="a_005"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. [Reserved]</span></p><div>

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

</div><div><a id="a_006"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Capitalization
and Indebtedness</span></p><div>

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

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

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

</div><div><a id="a_007"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Reasons
for the Offer and Use of Proceeds</span></p><div>

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

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

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

</div><div><a id="a_008"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. Risk
Factors</span></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary
of Risk Factors</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes some, but not all, of the principal risks set forth below. Please carefully consider all of the information discussed
in this Item 3.D &#8220;Risk Factors&#8221; in this annual report for a detailed description of these and other risks.</span></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to Key Developments</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outcome of investigations regarding potential corruption or other illegal acts could have a material adverse effect on our business,
financial condition and results of operations.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160; &#160; &#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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were in default under certain of our debt instruments in the past, and we cannot assure you that we will not be in default under our
debt instruments in the future, or that we will be able to obtain additional waivers in the event of any future defaults.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not have sufficient cash or access to funding to meet our extraordinary payment obligations.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be unable to access financing that we need to operate our business on favorable terms or at all.</span></td>
</tr></table><div>



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

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

</div><!-- Field: Page; Sequence: 9; 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 -->5<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to Our Company</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
economic conditions could adversely affect our financial performance.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face significant competition in each of our markets.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Social
conflicts may disrupt infrastructure projects and ongoing operations.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
to comply with, or changes in, laws or regulations could have a material adverse effect on our business and financial performance.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to the risk of increasing environmental legislation and the broader impacts of climate change.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
backlog and our ratio of historical backlog to revenues may not be reliable indicators of future revenues or profit.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debarment
from participating in government bidding processes could have an adverse impact on our business and financial performance.</span></td>
</tr></table><div>



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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
Risks Related to our Infrastructure Business</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
return on our investment in our concessions may not meet estimated returns.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governmental
entities may prematurely terminate our concessions and similar contracts under various circumstances, some of which are beyond our control.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to risks related to the operation and maintenance of our concessions and similar contracts.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be successful in obtaining new concessions.</span></td>
</tr></table><div>



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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
Risks Related to our Energy Business</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
substantial or sustained decline in oil prices would adversely affect our financial performance.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reserves estimates depend on many assumptions that may turn out to be inaccurate and are not subject to review by independent reserve
auditors.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to finance our mandatory capital expenditure requirements in connection with our oil and gas operations.</span></td>
</tr></table><div>



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

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

</div><!-- Field: Page; Sequence: 10; 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 -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
Risks Related to our Engineering and Construction Business</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are vulnerable to the cyclical nature of the end-markets we serve.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decreases
in capital investments by our clients may adversely affect the demand for our services.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business may be adversely affected if we incorrectly estimate the costs of our projects.</span></td>
</tr></table><div>



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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
Risks Related to our Real Estate Business</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to risks associated with the development of real estate.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
estate prices may decline.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business may be adversely affected if we are not able to obtain the necessary licenses and/or authorizations for our developments on
a timely basis.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may experience difficulties in finding desirable land and increases in the price of land may increase our cost of sales and decrease
our earnings.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changing
market conditions may adversely affect our ability to sell home inventories in our land and at expected prices.</span></td>
</tr></table><div>



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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to Peru</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economic,
social and political developments in Peru could adversely affect our business and financial performance.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations
in the value of Peruvian sol could adversely affect financial performance.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflation
could adversely affect our financial performance.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earthquakes,
severe weather and other natural disasters could adversely affect our business and financial performance</span></td>
</tr></table><div>



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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to Chile, Colombia and other Latin American Countries</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face risks related to our operations outside of Peru.</span></td>
</tr></table><div>



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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to our American Depositary Shares (&#8220;ADSs&#8221;)</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have identified
                                                                                                                                                                       material weaknesses in the operational effectiveness of information technology general controls (&#8220;ITGCs&#8221;) related to
                                                                                                                                                                       some of our information technology (&#8220;IT&#8221;) systems and in the design and implementation of process-level control
                                                                                                                                                                       activities related to the recognition of revenue and costs within our E&amp;C segment, and if we cannot maintain effective internal
                                                                                                                                                                       controls or provide reliable financial and other information in the future, investors may lose confidence in the reliability of our
                                                                                                                                                                       consolidated financial statements, which could result in a decrease in the value of our ADSs.</span></td>
</tr></table><div>



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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to Key Developments</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geopolitical
conflicts could affect Latin American economies and our businesses</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to geopolitical risks, including Russia&#8217;s military invasion of Ukraine and its possible escalation. This geopolitical
conflict is affecting international energy prices and global inflation, which may affect aggregate demand and economic growth expectations.
Global oil prices reached pre-COVID-19 levels by the end of&#160;2020, increased in 2021 due to supply shocks and the resurgence of demand,
and, more recently, rose sharply in early 2022 due to the conflict between Ukraine and Russia. The effects of this conflict and other
geopolitical situations could adversely affect the economies of the countries in which we operate our businesses, especially with regards
to investments and our ability to refinance our debt.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that oil prices will decrease in the future (although increased oil prices would benefit revenues in our Energy segment).
Substantial increases in the prices of the commodity generally, as a result of geopolitical conflicts or otherwise, result in increases
in our suppliers&#8217; operating costs and, consequently, lead to increases in the prices they charge for their products. See &#8220;Increases
in the prices of energy, raw materials, equipment or wages could increase our operating costs.&#8221;</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reputation has been adversely affected by criminal investigations and administrative proceedings relating to allegations of past corruption</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reputation has been adversely affected by criminal investigations and administrative proceedings relating to allegations of corruption
with respect to events during the period from 2004 to 2016 in connection with the construction and operation of certain infrastructure
projects in Peru in which we participated with Odebrecht. Our reputation has also been adversely affected by investigations and administrative
proceedings arising from our alleged participation in a &#8220;construction club&#8221; that colluded to procure government contracts
during the period from 2002 to&#160;2016. Furthermore, in May 2021, we entered into a Collaboration and Benefits Agreement with Peruvian
prosecutorial authorities, by which we have acknowledged that certain of our former directors and senior managers have used the company
to commit wrongdoing and, as a result, we have agreed to indemnify the Peruvian government for the resulting damages. On September 15,
2022, we signed the final Collaboration and Benefits Agreement (&#8220;Final Collaboration and Benefits Agreement&#8221;). The validity
of the agreement is subject to consent (control of legality) by the Judiciary, and its specific terms and conditions are subject to confidentiality.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reputation is a key factor in our clients&#8217; evaluation of whether to engage our services, key industry players&#8217; willingness
to partner with us, financial institutions&#8217; willingness to provide us credit, and recruiting and retaining talented personnel to
our company. The outcome of these investigations and proceedings, any new charges or news reports containing new allegations against
the company, or other similar developments, could further damage the reputation of the company.</span></p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outcome of investigations regarding potential corruption or other illegal acts could have a material adverse effect on our business,
financial condition and results of operations</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
company and certain of our subsidiaries, and certain of our former directors and senior managers, have been charged in connection with
criminal and civil investigations relating to certain of our projects in connection with our association with Odebrecht and in connection
with our alleged participation in the alleged &#8220;construction club&#8221; during the period from 2004 to 2016.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2018, the Peruvian criminal prosecutor charged our company and our engineering and construction subsidiary, Cumbra, as criminal defendants
in connection with the IIRSA South (tranche II) project concession, and the Peruvian First National Preparatory Investigation Court (<i>Primer
Juzgado de Investigaci&#243;n Preparatoria Nacional</i>) included our company and Cumbra in its criminal investigation. Separately,
in connection with these investigations, in December 2018, the Peruvian First National Preparatory Investigation Court also resolved
to include our company and Cumbra as civilly responsible third parties in the investigations related to the IIRSA South (tranche II)
project concession and Cumbra as a civilly responsible third party in the investigations related to Tranches 1 and 2 of the Lima Metro.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2018, Cumbra was formally included as a civilly responsible third party, along with 11 other construction companies, in the
criminal investigation conducted by a Peruvian public prosecutor with respect to an alleged &#8220;construction club&#8221; that colluded
to receive public contracts. In October 2021, the prosecutor filed a motion to criminally charged Cumbra and another of our subsidiaries,
UNNA Transporte, and other companies in the construction sector in Peru, as well as a former director and former senior managers of our
company, with collusion and other alleged crimes.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
Peruvian prosecutors have included Jos&#233; Gra&#241;a Mir&#243; Quesada, the former Chairman of our company, in an investigation
for the crime of collusion, and Hernando Gra&#241;a Acu&#241;a, a former board member of our company and former chairman of our subsidiary
Cumbra, for the crime of money laundering against the Peruvian government, each in connection with the IIRSA South (tranche II) project
concession, in which we participated with Odebrecht. Gonzalo Ferraro Rey, the former Chief Infrastructure Officer of our company, has
also been included in an investigation for the crime of money laundering in connection with the same project. In addition, Jos&#233;
Gra&#241;a Mir&#243; Quesada and Hernando Gra&#241;a Acu&#241;a, as well as Juan Manuel Lambarri, the former chief executive
officer of our subsidiary Cumbra, have been charged in connection with Tranches 1 and 2 of the Lima Metro. On February 9, 2022, the Peruvian
press reported that Peruvian prosecutorial authorities entered into plea agreements with Jos&#233; Gra&#241;a Mir&#243; Quesada
and Hernando Gra&#241;a Acu&#241;a. On January 3, 2023, the plea agreement with Jos&#233; Gra&#241;a Mir&#243; Quesada received
judicial approval and on January 18, 2023, the plea agreement with Hernando Gra&#241;a Acu&#241;a received judicial approval. These
plea agreements are confidential under Peruvian law and we, therefore, do not know their content, however, they may include information
related to wrongdoing or knowledge of improper behavior while Jos&#233; Gra&#241;a Mir&#243; Quesada and Hernando Gra&#241;a
Acu&#241;a were at the company. We cannot assure you what they will ultimately say to government authorities, or that their statements
will not adversely affect the company&#8217;s reputation.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
internal investigations of the events covered by the criminal investigations described above, the company provided all evidence found
during its internal investigation to Peruvian prosecutorial authorities within the framework of a settlement and cooperation agreement
process, in line with the company&#8217;s commitment to transparency and integrity. On September 15, 2022, we signed a Final Collaboration
and Benefits Agreement (<i>Acuerdo de Colaboraci&#243;n Eficaz y Beneficios</i>) with Peruvian prosecutorial authorities (the &#8220;Final
Agreement on Settlement and Cooperation&#8221;), by which we acknowledged that certain former directors and former senior managers have
used the company to commit wrongdoings and, as a result, we have agreed to indemnify the Peruvian government for the resulting damages.
The validity of the agreement is subject to consent (control of legality) by the Judiciary, and its specific terms and conditions are
subject to confidentiality. Once the agreement is approved, the Prosecutor&#8217;s Office will be obligated pursuant to the terms of
the agreement, to request the complete exemption of the company from the scope of Law 30737 and its implementing regulation approved
by Decreto Supremo No 096-2018-EF with respect to the projects subject to agreement.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Final Collaboration and Benefits Agreement, we have agreed to pay a civil penalty of S/333,326,423.6 and US$40,724,531.00 over 12
years, subject to a statutory interest rate in Peruvian and foreign currency, and to a pledge of collateral valued at S/197.0 million
as of the date of the agreement, pursuant to a trust agreement that includes shares issued by a subsidiary of AENZA, a real estate asset
guarantee and a debt service guaranty account. Among other conditions, the agreement includes a restriction on participating in new public
construction and road maintenance contracts for two years from the approval of the agreement. As of December 31, 2021, we recorded an
estimated provision reflecting the present value of the penalty in accordance with accounting standards, which amounted to S/164.6 million
and US$18.9 million (in total, S/240.1 million, or approximately US$60.1 million). As of December 31, 2022, we recorded an additional
provision of S/11.4 million (approximately US$2.99 million) and recorded the whole amount in nominal value to comply with the provisions
set forth in the Final Collaboration and Benefits Agreement entered into on September 15, 2022. The provision was recorded in AENZA.</span></p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the terms of the Collaboration and Benefits agreement, the civil penalty would cover the total contingency to Peruvian prosecutorial
authorities to which the company is exposed as a result of the investigations of past projects in which the company participated with
Odebrecht (other than the Chavimochic project) and investigations relating to an alleged participation in the &#8220;construction club&#8221;
(excluding the separate administrative proceedings by the Instituto Nacional de Defensa de la Competencia y de la Protecci&#243;n de
la Propiedad Intelectual (&#8220;INDECOPI&#8221;)).</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that the scope of the foregoing proceedings will not be expanded to incorporate other projects in which we have been
involved, that our company will not be included in other investigations or proceedings as a criminal defendant or third party civilly
responsible in Peru or elsewhere, or that other of our former or current directors and senior managers will not be included in the foregoing
proceedings.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we do not comply with applicable laws and regulations designed to combat corruption, we could become subject to fines, penalties or other
regulatory sanctions, and our business could suffer</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are committed to conducting business in a legal and ethical manner in compliance with local and international legal requirements applicable
to our business, and though we have implemented specific policies and procedures to avoid corrupt actions, there is a risk that our employees
or representatives may take actions that violate applicable laws and regulations that generally prohibit the making of improper payments
to government officials for the purpose of obtaining or keeping business, including laws relating to the 1997 OECD Convention on Combating
Bribery of Foreign Public Officials in International Business Transactions or the U.S. Foreign Corrupt Practices Act. Further, while
we have obtained Global STD ISO 37001 anti-bribery certifications for our subsidiaries, if any of our employees or representatives violate
anti-corruption laws, our business, financial condition and results of operation would be adversely affected.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDECOPI
has initiated an administrative proceeding alleging that certain construction companies in Peru, including our subsidiary Cumbra, colluded
to receive public contracts</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 7, 2022, Cumbra and Unna Transporte were notified of Resolution 038-2021/CLC-INDECOPI, by means of which the National Directorate
of Research and Promotion of Free Competition of INDECOPI decided to initiate an administrative sanctioning procedure regarding the alleged
horizontal collusive practice in the modality of concerted sharing of suppliers in the market of hiring workers in the construction sector
at the national level from 2011 to 2017.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 7, 2022, Cumbra and Unna Transporte proposed a cease-and-desist agreement for the early termination of the administrative sanctioning
procedure, where they (i) accepted the alleged conduct, (ii) committed to comply with a free competition rules compliance program from
2022 to 2024; and (iii) committed to paying a compensation amounting to S/2.7 million in two installments (the first one within 60 days
after the notification of the resolution approving the cessation undertaking and the second one within 12 months). By means of Resolution
054-2022/CLC-INDECOPI, dated August 19, 2022, INDECOPI approved the proposed cease-and-desist agreement and concluded the sanctioning
procedure. We cannot predict the outcome of these investigations or proceedings, the timing thereof or how they may impact our business,
financial condition and results of operations. We also cannot predict whether INDECOPI will bring additional investigations or proceedings
in the future.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDECOPI
has initiated an administrative proceeding alleging anti-competitive practices in the labor market in the construction sector</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 7, 2022, Cumbra and UNNA Transporte were notified pursuant to INDECOPI Resolution 038-2021/DLC-INDECOPI dated December 28, 2021,
that the antitrust authority initiated a sanctioning administrative procedure for the alleged execution of a horizontal collusive practice
in the form of concerted distribution of suppliers in the labor market in the construction workers industry nationwide, during the period
from 2011 to 2017.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 7, 2022, Cumbra and UNNA Transporte submitted a proposal for a cease and desist agreement for the early termination of the administrative
sanctioning procedure, in which they (i) acknowledged the alleged conduct, (ii) committed to maintain a compliance program with free
competition rules during 2022, 2023 and 2024, and (iii)&#160;agreed to pay S/2.7 million in two installments (one after 60 days and the
second after 12 months). Pursuant to Resolution No. 054-2022/CLC-INDECOPI dated August 19, 2022, the Commission for the Defense of Free
Competition of INDECOPI approved the proposed cease and desist commitment and concluded the sanctioning procedure. As of December 31,
2022, the company estimated a provision amounting to S/1.4 million (approximately US$0.37 million) recognized as of December 31, 2022
(S/4.8 million as of December 31, 2021) related to this proceeding.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 9, 2023, our subsidiaries Cumbra and Unna Transporte were notified by INDECOPI, with Resolution 052-2023/CLC-INDECOPI, which formally
concludes the administrative sanctioning procedure in first instance for the alleged horizontal collusive practice in the form of concerted
distribution of suppliers in the market for hiring workers in the construction sector.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this regard, by Resolution No. 054-2022/CLC-INDECOPI of August 19, 2022, the Commission for the Defense of Free Competition of INDECOPI
approved the cessation of the proposed commitment. According to the established schedule, the Subsidiaries have paid the first installment
corresponding to 50% of the amount of the compensation in November 2022 and the next installment, for the remaining 50%, will be paid
no later than November 15, 2023; the amount thereof is duly provisioned in the financial statements. Likewise, the Subsidiaries are complying
with their commitment to maintain a compliance program, with supervision of INDECOPI.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict how the outcome of any such proceedings or how they may impact our business, financial condition and results of operations.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were in default under certain of our debt instruments in the past, and we cannot assure you that we will not be in default under our
debt instruments in the future, or that we will be able to obtain additional waivers in the event of any future defaults</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past we have been in default on financial covenants and payment obligations under certain of our debt instruments. These defaults
have been cured as of the date of this annual report either with the obtainment of waivers or through the repayment in full of these
debt instruments. However, we cannot assure you that we will not breach the covenants under our debt instruments in the future and, in
such event, that we would be able to obtain the required waivers from our creditors. Failure to successfully obtain waivers could force
us to precipitate the sale of assets, including on unfavorable terms, to repay these debt instruments. Moreover, if we are not able to
renegotiate the terms of any debt instruments in which we are in default, or repay them promptly, our ability to obtain financings, including
performance guarantees or similar financings required under many of our business contracts, would be impaired, which may have a material
adverse effect on our business, financial condition and results of operations.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not have sufficient cash or access to funding to meet our extraordinary payment obligations</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have significant extraordinary payment obligations. For example, in May 2021, we entered into a Collaboration and Benefits Agreement
with Peruvian prosecutorial authorities, under which we will be required to make payments of S/333,326,423.6 and US$40,724,531.00 over
12 years. On September 15, 2022, we signed the Final Collaboration and Benefits Agreement. The validity of the agreement is subject to
consent (control of legality) by the Judiciary, and its specific terms and conditions are subject to confidentiality.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 17, 2022, we entered into a bridge loan agreement for up to US$120 million and we have used the proceeds to repay certain of our
financial and other obligations. The bridge loan is required to be repaid over a period of 18 months ending in October 2023, and is secured
by a flow trust (first lien), a trust over the shares of Viva Negocio Inmobiliario S.A. (second lien), and a pledge on our shares in
Unna Energ&#237;a (first lien). We are currently evaluating different debt restructuring plans to refinance the bridge loan.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that we will have sufficient cash from operations, any sale of assets, or access to equity or debt financing, in order
to comply with payments regarding our agreements, or that following any such payments, we will have sufficient cash to continue to operate
our business consistent with past practices. In addition, in relation to debt financing, interest rate increases may affect our ability
to refinance at competitive rates and may have an adverse impact on results.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be unable to access financing that we need to operate our business on favorable terms or at all</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to uncertainty relating to the investigations of our company, our creditors and other financial institutions have placed restrictions
in the past on our ability, and the ability of other Peruvian construction companies, to acquire future credit lines, performance bonds
and other financings.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to obtain financings will also depend in part upon prevailing conditions in credit and capital markets, which are beyond our
control. Emerging markets have been affected by changes in U.S. monetary policy, resulting at times in a withdrawal of investments and
increased volatility in the value of their currencies. If interest rates rise significantly in the United States, emerging market economies,
including Peru, could find it more difficult and expensive to borrow capital and refinance existing debt. Higher interest rates globally
or in Peru would in turn impact our costs of funding.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that we will be able to obtain new financings in the future on favorable terms or at all. Additionally, we cannot control
or predict changes in interest rates, including interest rate policies of the Central Reserve Bank of Peru and the U.S. Federal Reserve.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
we may encounter difficulties in obtaining performance bonds or credit support that we require to secure, among other things, bids, advance
payments and performance for our projects.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
inability to procure adequate financing or credit on favorable terms or at all could have a material adverse effect on our business,
financial condition and results of operation.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is uncertainty with regard to the amount, timing and manner in which the payment for the termination of the GSP gas pipeline concession
will be paid</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2015, we acquired a 20% interest in Gasoducto Sur Peruano S.A. (&#8220;GSP&#8221;) and obtained a 29% interest in Consorcio
Constructor Ductos del Sur (&#8220;CCDS&#8221;) through its subsidiary Cumbra Peru.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 22, 2014, GSP signed a concession agreement with the Peruvian Government to build, operate, and maintain a natural gas pipeline
to meet the demand of cities in the south of Peru (the &#8220;GSP Concession Agreement&#8221;). Additionally, GSP signed an engineering,
procurement, and construction agreement with CCDS.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
made an investment of US$242.5 million in GSP and had to assume 20% of the performance bond established in the GSP Concession Agreement
for US$262.5 million and 21.49% of the guarantee for a bridge loan of US$600 million. On January 24, 2017, the Peruvian Ministry of Energy
and Mines (&#8220;MEM&#8221;) announced the early termination of the GSP Concession Agreement under Clause 6.7 thereof, for not having
provided evidence of the financial closing within the contractual term resulting in the immediate enforcement of the performance bond.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
events described in the previous paragraph caused management to recognize an impairment from 2016 to 2019 of its total investment (US$242.5
million), as well as the account receivable resulting from the execution of the counter-guarantees granted by AENZA in favor of the entity
issuing the guarantees: for US$52.5 million corresponding to the performance bond and US$129 million corresponding to the corporate guarantee
on the bridge loan granted to GSP. According to the Concession Contract, the guarantees were paid on behalf of GSP, therefore, AENZA
recognized the right to collect from GSP US$181.5 million, which was recorded in 2016 as accounts receivable from related parties. Likewise,
Cumbra Peru recognized the value of accounts receivable from CCDS as US$73.5 million and lost profits as US$10 million, which correspond
to receivables from GSP. See Note 11 to our audited annual consolidated financial statements included in this annual report for the balance
of the account receivable from GSP.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 11, 2017, the agreement deed for the delivery of the assets of the South Peruvian gas pipeline concession between GSP and MEM
was signed. The assets include the works, equipment, facilities and engineering studies provided for the execution of the project.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
termination of the Concession Contract, and in accordance with the provisions of Clause 20 thereof, the Peruvian State was obligated
to hire an internationally recognized auditing firm to calculate the net book value of the concession assets (&#8220;VCN&#8221;), and
to call up to three auctions on GSP&#8217;s assets. However, to date, the Peruvian State has failed to comply with these contractual
obligations. The amount of the VCN was calculated at US$2,602 million by an independent auditing firm hired by GSP as of December 31,
2016. This figure was subsequently adjusted to US$2,110 million, as a result of variations in the balances related to the works carried
out by the consortium, which in turn is reported in its audited financial statements as of December 31, 2017.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 21, 2018, the company asked the Peruvian Government for direct treatment and requested the payment of the VCN in favor of GSP.
On October 18, 2019, the company filed an arbitration request with the International Centre for Settlement of Investment Disputes (&#8220;CIADI&#8221;).
On December 27, 2019, the company withdrew the arbitration request in compliance with a preliminary collaboration and benefits agreement
signed with the Attorney General&#180;s Office and Ad-hoc Public Prosecutor&#8217;s Office on the same date (see Note 1 to our audited
annual consolidated financial statements included in this annual report). Withdrawing the arbitration request before CIADI does not result
in the loss of collection rights of the company against GSP and does not restrict, limit, or impede GSP from asserting its rights against
the Peruvian Government.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
company and its internal and external legal advisors consider that the payment owed by the Government to GSP for the VCN are not within
the withholding scope under Law 30737 that ensures the immediate payment of civil compensation in favor of the Peruvian State in cases
of corruption and related crimes, since this payment does not include any profit margin and/or does not correspond to the sale of assets
related to the project, but to a reimbursement for the investment made by the concessionaire.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 4, 2017, GSP entered into a bankruptcy proceeding before INDECOPI. GSP has claims recognized by INDECOPI of US$0.4 million
and US$169.3 million, the latter held in trust in favor of GSP&#8217;s creditors. It also has indirectly recognized claims for US$11.8
million. On the other hand, the claim of Cumbra is indirectly recognized in INDECOPI through <i>Consorcio Constructor Ductos del Sur
</i>for an amount of US$88.7 million. As of the date of this report, GSP is in the process of liquidation and AENZA is chairing the Board
of Creditors.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 11, 2023, a liquidation agreement (the &#8220;Liquidation Agreement&#8221;) was approved, which delimits the framework for the
liquidator&#8217;s work. The Liquidation Agreement includes the granting of powers to the liquidator with respect to representation, administrative,
contractual and other relevant powers that allow him to comply with the obligations for which he was appointed, as well as the actions
he is allowed to take in order to recover GSP&#8217;s assets and in accordance with the mechanisms set forth in the General Law of the Insolvency
System.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 13, 2023, and under the powers granted to him by the Liquidation Agreement, the Liquidator requested that the MEM initiate the
direct treatment procedure stipulated in the Concession Contract. For more information regarding the amounts recognized, see Note 11
to our audited annual consolidated financial statements included in this annual report.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, the net value of the accounts receivable from GSP is approximately US$142.4 million (equivalent to S/542.3 million)
compared to US$161.9 million (equivalent to S/643.9 million) as of December 31, 2021, which comprises the recognition in the following
entities of the Corporation: i) AENZA holds US$63.9 million (equivalent to S/243. 2 million), discounted to present value net of impairment
and the effect of the exchange difference, compared to US$81.1 million (equivalent to S/322.6 million) as of December 31, 2021; and ii)
Cumbra holds US$78.6 million (equivalent to S/299.2 million) discounted to present value net of the effect of the exchange difference
compared to US$80.8 million (equivalent to S/321.3 million) as of December 31, 2021.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
company&#8217;s management maintains the recovery estimate at 8 years, applying a discount rate of 5.85%, compared to recovery term of 8 years
with a discount rate of 2.73% as of December 31, 2021. These estimates generated during 2022 a present value effect of approximately
S/72.2 million, compared to S/32.8 million during 2021, which has been recognized in the consolidated statement of income under the caption
&#8220;Financial income and expenses - loss from present value&#8221;, see Note 26.B to our audited annual consolidated financial statements
included in this annual report.</span></p><div>

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Based
on management&#8217;s assessment and in conjunction with the opinion of the internal legal department and external legal counsel, the estimate
of recoverability, impairment allowances and the net recognized value of the account receivable from GSP as of December 31, 2021 and
2022 is reasonable and sufficient as of the reporting date of the Corporation&#8217;s consolidated financial statements, see also Notes 5.A.iv
and 11 to our audited annual consolidated financial statements included in this annual report.</span></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to Our Company</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
economic conditions could adversely affect our financial performance</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
economic conditions, in particular fluctuations in commodity prices and financing costs, may impact our clients&#8217; investment decisions.
Should our clients choose to postpone or suspend new investments or delay or cancel the execution of existing projects as a result of
global economic conditions, demand for our products and services would decline, which may result in a decline in revenues and in under-utilization
of our capacity. Our business may be impacted by adverse economic developments even after economic conditions have improved because of
the lag time between when investments decisions are made and when the projects are executed. Furthermore, financial difficulties suffered
by our clients, joint operation partners, subcontractors or suppliers due to global economic conditions could result in payment delays
or defaults or increase our costs or adversely impact our project execution. Accordingly, a global economic downturn could have a material
adverse effect on our financial performance.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
rates have risen across markets and have impacted our ability to refinance our debt. Economic forecasts expect that the U.S. Federal
Reserve Fund Rate will end above 5.0% by year-end. This could increase our financing costs and limit our ability to obtain financing
in a timely manner and on acceptable terms. In addition, we are experiencing high levels of inflation in each country where we operate.
During the last twelve months, Peru has raised interest rates from 5.0% to 7.75%, Colombia has raised interest rates from 6.0% to 13.25%
and Chile has raised interest rates from&#160;7.0% to 11.25%. Current global economic conditions could adversely affect our financial
performance.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face significant competition in each of our markets</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the markets in which we operate is competitive. We compete on the basis of, among other factors, price, performance, product and service
quality, skill and execution capability, client relations, reputation and brand, and health, safety and environmental record. We face
significant competition from both local and international players. Some of these competitors may have greater resources than us or may
have specialized expertise in certain sectors. In addition, a portion of our business is derived from open bidding processes which can
be highly competitive. Certain of our markets are highly fragmented with a large number of companies competing for market share. Our
competitors may be more inclined to take greater or unusual risks or accept terms and conditions in a contract that we might not deem
acceptable. Moreover, we cannot assure you that we will not face new competition from industry players entering or expanding their operations
in our markets. If we are unable to compete effectively, our ability to continue to grow our business or maintain our market share would
be affected. In addition, because one of the factors on which we generally compete is price, increased competition could impact our operating
margins. Accordingly, our business and financial performance could be adversely affected by competition in our markets.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
major change in government policies could affect our business</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is significantly affected by national, regional and municipal government policies and regulations in the countries where we
operate, including with respect to infrastructure concessions or similar contracts to the private sector, public spending in infrastructure
investment and government housing subsidies, among others. Any adverse change in government policies with respect to these matters could
result in a material adverse effect on our business and financial performance.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Social
conflicts may disrupt infrastructure projects and ongoing operations</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
Peru&#8217;s economic growth over the last decades, high levels of poverty and unemployment and social and political tensions continue
to be pervasive problems in the country. Peru has, from time to time, experienced social and political turmoil, including riots, nationwide
protests, strikes and street demonstrations. In recent years, certain regions experienced strikes and protests related mainly to the
environmental impact of mining activities, which resulted in commercial disruptions. These protests may lead to the suspension of mining
projects, such as occurred at Las Bambas mining project during the second half of 2021. Social conflicts may disrupt, delay or suspend
infrastructure projects in the future, which could have a material adverse effect on our business, financial performance and our concessional
infrastructure.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently
in Peru, high inflation and a political crisis are causing civil unrest and rioting, including strikes and the blockade of main roads,
which has affected business operations in certain regions of the country. On December 7, 2022, Peru&#8217;s former President Pedro Castillo
illegally announced the dissolution of Congress and was arrested. Dina Boluarte, Castillo&#8217;s first vice president, was sworn in
as president the same day to serve until July 2026. After Pedro Castillo&#8217;s vacancy in December 2022, several riots and road blockades
took place, mainly in the southern regions of Peru. In addition, amidst ongoing protests, the new government has made a series of proposals
to Congress to approve early elections, however, Congress has not obtained sufficient votes to accelerate the presidential elections.
Since December 2022, the number of demonstrations and their intensity has decreased significantly. Scarce tumults in Puno are still ongoing.
If this situation continues or intensifies, it could have an adverse effect on our business and financial performance.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in October 2019, Chile suffered from widespread social unrest and vandalism that has had a significant economic and political
impact on the country. As a result, the Chilean congress convened a plebiscite in March 2020, which was rescheduled to October 25, 2020
as a result of the COVID-19 pandemic, in which Chilean congressmen voted to amend the Chilean Constitution. The new Chilean Constitution
was drafted by a political body whose members were elected in May 2021. In September 2022, a plebiscite rejected the new text of the
Chilean Constitution. Nevertheless, the Chilean Congress approved a new process to amend the Constitution to be held during 2023. This
process may result in further social unrest and protest, and could also result in substantial structural changes in Chile that could
adversely impact the private sector, including our operations in the country.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
on June 16, 2022 Colombia elected the left-wing candidate Gustavo Petro as President. In his victory speech, Petro stated that his government
will seek unity and develop a capitalist model. Despite a strong Constitutional Court, an independent central bank, and a strong private
sector, the result of these elections could lead to civil unrest, including a national strike and anti-government protests such as those
experienced during 2021, and cause our Colombian operations to be adversely impacted by changing economic, political and social conditions
in Colombia and by the new government&#8217;s response to such conditions. Developments around major reforms in health, pension, and
labor, as well as the result of the proposal to suspend the granting of new oil exploration contracts will be key factors influencing
the behavior of the economy and financial markets.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
projects may require the prior approval of local indigenous communities</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
legislative branches of Colombia, Chile and Peru have enacted legislation 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>) that establishes prior non-binding consultation procedures (<i>procedimiento de consulta previa</i>) with
respect to indigenous communities.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
these laws the government must carry out non-binding consultation procedures with local indigenous communities, whose rights may be directly
affected by new legislative or administrative measures, including the granting of certain permits or new concessions or similar contracts,
such as for mining, energy and oil and gas projects. Local indigenous communities do not have a veto right; and therefore, upon completion
of this prior consultation procedure, the government retains the discretion to approve or reject the applicable legislative or administrative
measure. However, we cannot assure you that these consultation procedures will not negatively influence a decision by government to grant
us a permit, concession or consent and, therefore, adversely affect new projects and concessions, or cause or incite confrontation if
the government&#8217;s decision is perceived to be adverse to the communities&#8217; opinion. Accordingly, our business and financial
performance may be materially and adversely affected.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
backlog and our ratio of historical backlog to revenues may not be reliable indicators of future revenues or profit</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of our backlog is not necessarily indicative of future revenues or profits related to the performance of the related contracts.
Our backlog amount is subject to revision over time and our ability to realize revenues from our backlog is subject to a number of uncertainties.
Cancellations, scope adjustments or deferrals may occur, from time to time, with respect to contracts reflected in our backlog and could
reduce the amount of our backlog and the revenue and profits that we actually earn. Contracts may also remain in our backlog for an extended
period of time and poor performance could also impact our profit from the contracts in our backlog. In addition, our backlog is expressed
in U.S. dollars based on period-end exchange rates while a significant portion of our contracts are payable in soles or other local currencies.
As a result, any depreciation of local currency would diminish the amount of revenues eventually earned relative to backlog.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
backlog may decline in the future. We cannot assure you that we will be able to obtain sufficient contracts in the future in number and
magnitude in order to increase our backlog. Additionally, the number of new contracts that we obtain can fluctuate significantly from
period to period due to factors that are beyond our control.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
the ratio of our historical backlog to revenues earned in subsequent years is volatile and substantially affected by a number of factors,
some of which are outside our control, including levels of contract scope adjustments and our ability to enter into new contracts (which
are substantially influenced by general macroeconomic conditions), delays and cancellations, foreign exchange rate movements and our
ability to increase the scale of our operations to expand the amount of work we carry out beyond that previously contracted. Accordingly,
historical correlations between backlog and revenues may not recur in future periods.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends on key personnel</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends, to a significant degree, upon the performance of our senior management, Board of Directors and other key personnel.
Members of our management team are not subject to non-competition agreements with us. We cannot assure you that we will be successful
in retaining our current senior management or members of our Board of Directors, nor can we assure you that, in such event, we would
be able to find suitable replacements. In addition, the success of our business depends on our ongoing ability to attract, train and
retain qualified engineers and other personnel. In recent years, the availability in Peru of qualified personnel who have the necessary
expertise and experience has been lower than demand and, therefore, competition for human resources has become intense. We cannot assure
that we will be able to hire and retain the number of qualified personnel required to meet the needs of, or to grow, our business. If
we are unable to attract, train and retain the qualified personnel that we require at reasonable cost, our business and financial performance
could be adversely affected.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends, to a large extent, on our reputation for the quality, reliability, timely delivery and safety of our products and services</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our track record and reputation are key factors in our clients&#8217; evaluation of whether to engage our services and purchase
our products, encouraging key industry players to partner with us, and recruiting and retaining talented personnel to our company. Our
reputation is based, to a large extent, on the quality, reliability, timeliness and safety of our products and services. If our products
do not meet expected standards or we fail to meet our deadlines, our relationship with our clients and partners could suffer, the reputation
of our company could be adversely affected, we may not be invited to new bidding processes and our ability to capture new business could
be severely diminished.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
nature of our business exposes us to potential liability claims and contract disputes</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be subject to a variety of legal or administrative proceedings, liability claims or contract disputes. The government, clients and
other third parties may present claims against us for injury or damage caused, directly or indirectly, by our operations, for example
for alleged failures in our E&amp;C segment, the operation of our infrastructure concessions (such as our toll roads or the Lima Metro),
and real estate developments we sell. Although we have a range of insurance coverage policies and have adopted risk management and risk
avoidance programs designed to reduce potential liabilities, a catastrophic event resulting from the services we have performed or products
we have provided could result in significant professional or product liability, warranty or other claims against us as well as reputational
harm, especially if public safety is impacted. We may in the future be named as a defendant in legal proceedings where our clients or
third parties may make a claim for damages or other remedies with respect to our projects or other matters. Any liability not covered
by our insurance, or in excess of our insurance limits, could result in a significant loss for us, which may affect our financial performance.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to recover on claims against clients for payment</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a client fails to pay our invoices on time or defaults in making its payments to us, we could incur significant losses. We occasionally
bring claims against clients for delayed payments, additional costs that exceed the contract price or for amounts not included in the
original contract price, including change orders. These types of claims can occur due to matters such as owner-caused delays or changes
from the initial project scope, and, occasionally, these claims may be disputed through lengthy proceedings. When these types of events
occur and unresolved claims are pending, we may invest significant working capital in projects to cover cost overruns pending the resolution
of the relevant claims. Moreover, we have recently encountered difficulties collecting on claims, even following successful arbitration
awards, particularly against the government. A failure to promptly recover on these types of claims and change orders could have a material
adverse effect on our financial performance.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are susceptible to operational risks that could affect our business and financial performance</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is subject to numerous industry-specific operational risks, including natural disasters, adverse weather conditions, operator
errors or other accidents, such as spillovers in the energy business, mechanical and technical failures, explosions and other events
and accidents, many of which are beyond our control. Such occurrences could result in injury or loss of life, severe damage to and destruction
of property and equipment, business interruption, pollution and other environmental damage, clean-up responsibilities, regulatory requirements,
investigations and penalties, potential liability claims and contractual disputes. In addition, such occurrences could materially impact
our reputation. Although we maintain comprehensive insurance covering our assets and operations at levels that our management believes
to be adequate, our insurance coverage will not be sufficient in all circumstances or to protect against all hazards. The occurrence
of such an operational risk could have a material adverse effect on our business and financial performance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deterioration
in our safety record could adversely affect our business and financial performance</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to retain existing clients and attract new business is dependent on our ability to safely operate our business. Existing and
potential clients consider the safety record of their services providers to be of high importance in their decision to award service
contracts. Some of our activities, in particular in our E&amp;C segment, can be high risk by their nature. If one or more accidents were
to occur at a site, the affected client may terminate or cancel our contract and may be less likely to continue to use our services.
Although our track record on safety matters is consistent with industry standards, we cannot assure you that we will not experience accidents
in the future, causing our safety record to deteriorate. Accidents may be more likely as we continue to grow, particularly if we are
required to hire less experienced employees due to shortages of skilled labor. Moreover, often times we do not perform these activities
by ourselves and accidents can happen due to errors committed by partners and subcontractors over whom we have no control. Because many
of our clients require us to report our safety metrics to them as part of the bidding process and because a substantial part of our client
base is comprised of major companies with high safety standards, a general deterioration in our safety record could have a material adverse
impact on our business including our ability to bid for new contracts.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
safety incidents or deterioration in our safety record could adversely impact our ability to attract and retain qualified employees.
In addition, we could also be subject to liability for damages as a result of accidents and could incur penalties or fines for violations
of applicable safety laws and regulations.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increases
in the prices of energy, raw materials, equipment or wages could increase our operating costs</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business requires significant purchases of energy, raw materials and components, including, among others, large quantities of fuel, cement
and steel, as well as purchases or leases of equipment. Certain supplies used in our operations are susceptible to significant fluctuations
in prices, over which we may have little control. The prices of some of these supplies are affected to a significant extent by the prices
of commodities, such as oil and iron. Global oil prices decreased in 2018, increased in 2019, declined significantly in 2020 as a result
of the COVID-19 pandemic but reached pre-COVID-19 levels by the end of 2020, increased in 2021 due to supply shocks and the resurgence
of demand, and, more recently, rose sharply in early 2022 due to the conflict between Ukraine and Russia.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that oil prices will decrease in the future (although increased oil prices would benefit revenues in our Energy segment).
Substantial increases in the prices of such commodities generally result in increases in our suppliers&#8217; operating costs and, consequently,
lead to increases in the prices they charge for their products. Moreover, we do not have long-term contracts for the supply of our key
inputs, and, as a result, if prices increase significantly or if we are required to find alternative suppliers, our costs to procure
these inputs may increase significantly. In addition, growing demand for labor, especially when coupled with shortages of qualified employees
in the countries where we operate, may result in significant wage inflation. To the extent that we are unable to pass along to our clients
increases in the prices of our key supplies or increases in the wages that we must pay, our operating margins could be materially adversely
impacted.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to enter into consortia or other strategic alliances, our ability to compete for new business may be adversely affected</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may join with other companies to form joint operations or other strategic alliances to compete for a specific concession or contract,
including with partners that contribute expertise in a specific field. Because a consortium or alliance can often offer stronger combined
qualifications than a company on a stand-alone basis, these arrangements can be important to the success of a particular bid. If we are
unable to enter into consortia or other strategic alliances, our ability to compete for new business may be adversely affected.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consortia and other strategic alliances may be affected by disputes with, or the unsatisfactory performance by, our partners</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we have a thorough partner selection process, consortia and other strategic alliances that we enter into as part of our business, including
arrangements where operating control may be shared with unaffiliated third parties, may involve risks not otherwise present when we operate
independently, including: sharing approval rights over major decisions; responsibility for our partners&#8217; unpaid obligations or
liabilities; ensuring ethical and compliance behavior; our partners&#8217; capacity to contribute with their share of project capital
expenditures and inconsistencies in our and our partners&#8217; economic or business interests or goals. Any disputes between us and
our partners may result in delays, litigation or operational impasses. We may also incur liabilities as a result of action taken by or
against our partners. In addition, if we participate in consortia or other strategic alliances where we are not the controlling party,
we may have limited control over operational, financial and other management decisions and actions and the success of the consortium
or other strategic alliance will depend largely on the performance of our partners. These risks could adversely affect our ability to
transact the business of such consortium or other strategic alliance and could result in the termination of the applicable concession
or contract. Under these circumstances, we may be required to make additional investments and provide additional services to ensure adequate
performance and delivery. These additional obligations could result in reduced profits or, in some cases, increased liabilities or significant
losses for us. In addition, failure by a partner to comply with applicable laws or regulations could negatively impact our business and,
in the case of government contracts, could result in fines, suspension or even debarment from participating in bidding processes. As
a result, our business, reputation and financial performance could be adversely affected by disputes involving our consortia or other
strategic alliances.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are dependent upon third parties to complete many of our contractual obligations</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on third-party suppliers to provide a significant amount of the materials and equipment used in our businesses. A portion of the
work performed under our infrastructure concessions and, to a lesser extent, other contracts is performed by third-party subcontractors.
As a result, the timely completion and quality of our projects may depend on factors beyond our control, including the quality and timeliness
of the delivery of materials supplied for use in the project and the technical skills of subcontractors hired for the project. If we
are unable to find qualified suppliers or hire qualified subcontractors, our ability to meet our contractual obligations could be impaired.
In addition, if the amount we are required to pay for supplies, equipment or subcontractors exceeds what we have estimated, we may suffer
losses under our contract. If a supplier or a subcontractor fails to provide supplies, equipment or services as required under a negotiated
arrangement for any reason, or provides supplies, equipment or services that are not of an acceptable quality, we may be required to
source those supplies, equipment or services on a delayed basis or at a higher price than anticipated, which could impact our financial
performance. In addition, faulty materials or equipment could result in claims against us for failure to meet contractual specifications,
and failure by suppliers or subcontractors to comply with applicable laws and regulations could negatively impact our reputation and
our business and, in the case of government contracts, could result in fines, suspension or even debarment from participating in bidding
processes. These risks may be intensified during economic downturns if these suppliers or subcontractors experience financial difficulties.
As a result, our business and financial performance may be adversely affected by our dependence on third-party providers.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
to comply with, or changes in, laws or regulations could have a material adverse effect on our business and financial performance</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate in highly regulated industries. Our business and financial performance depends on our ability and the ability of our clients,
suppliers, subcontractors and partners to comply on a timely and efficient basis with extensive national, regional and municipal laws
and regulations relating to, among other matters, environmental, health and safety, building and zoning, labor, tax and other matters.
The cost of complying with these laws and regulations can be substantial. In addition, compliance with these laws and regulations can
cause scheduling delays. Although we believe we are in compliance with applicable laws and regulations in all material respects, including
our concessions or similar contractual obligations, we cannot assure you we have been or will be at all times in full compliance. Failure
by us or our clients, suppliers, subcontractors or partners to comply with these laws and regulations, or our concessions or similar
contractual obligations, could result in a range of adverse consequences for our business, including subjecting us to significant fines,
civil liabilities and criminal sanctions, requiring us to comply with costly restorative orders, the shutdown of operations, and revocation
of permits and termination of concessions or similar contracts. In addition, we cannot assure you that future changes to existing laws
and regulations, or stricter interpretation or enforcement of existing laws and regulations, will not impair our ability to comply with
such laws and regulations, increase our compliance costs or impair our ability to perform our obligations with our clients, suppliers,
subcontractors or partners as agreed.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be held liable for environmental damage caused by our operations</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
nature of certain of our operations requires us to assume risks of causing environmental and other damages. We may be held liable for
the environmental damage we cause, including the incidental consequences of human exposure to hazardous substances or other environmental
damage. We may be subject to clean up costs or penalties in the event of certain discharges into the environment and/or environmental
contamination and damage. Our environmental liability insurance may not be sufficient or may not apply to certain types of environmental
damage. Any substantial liability for environmental damage could have a material adverse effect on our financial performance.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to the risk of increasing environmental legislation and the broader impacts of climate change</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
an increasing global focus and public sensitivity to environmental sustainability and environmental regulation becoming more stringent,
our business could be subject to increasing environmental responsibility and liability. For example, the countries in which we operate
are considering implementing, or have implemented, schemes relating to the regulation of carbon emissions. As a result, there is a risk
that the consumer demand for some of the energy sources supplied by our company may gradually reduce in the long term. The nature and
extent of future regulation in the various jurisdictions in which our operations are situated is uncertain but is expected to become
more complex and stringent.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is difficult to assess the impact of any such changes on our company. These schemes may result in increased costs to our operations that
may not be able to be passed onto our customers and may have an adverse impact on prospects for growth of some businesses. To the extent
such regimes (such as carbon emissions schemes or other carbon emissions regulations) become applicable to our operations (and the costs
of such regulations are not able to be fully passed on to consumers), our financial performance may be impacted due to costs applied
to carbon emissions and increased compliance costs.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standards
are set by these laws and regulations regarding certain aspects of environmental quality and reporting, provide for penalties and other
liabilities for the violation of such standards, and establish, in certain circumstances, obligations to remediate and rehabilitate current
and former facilities and locations where our operations are, or were, conducted. These laws and regulations may have a detrimental impact
on the financial performance of our operations through increased compliance costs or otherwise. Any breach of these obligations, or even
incidents relating to the environment that do not amount to a breach, could adversely affect our results of operations and our reputation
and expose us to claims for financial compensation or adverse regulatory consequences.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Climate
change may increase the frequency and severity of severe weather conditions and may change existing weather patterns in ways that are
difficult to anticipate, which could result in more frequent and severe disruptions to our business and the markets in which we operate.
In addition, customers&#8217; requirements for our services may vary with weather conditions, primarily temperature and humidity. To
the extent weather conditions are affected by climate change, customers&#8217; demand for our services could increase or decrease depending
on the duration and magnitude of changing weather conditions, which could adversely affect our business, results of operations and cash
flows.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
changes in temperature and precipitation patterns associated with climate change may increase the energy consumption our infrastructure
or cause service disruption due to extreme temperature waves, floods or extreme weather events. In addition, these changes may cause
increases in the price of electricity due to, for example, reduction in hydraulic generation as a result of recurrent droughts. Further,
as a result of global commitments to tackle climate change, new carbon dioxide taxes may be imposed and could affect, directly or indirectly,
the company, and may have a negative impact on our results of operations.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to achieve our environmental, social and governance goals are subject to risks, many of which are outside of our control, and
our reputation could be harmed if we fail to meet such goals</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
across all industries are facing increasing scrutiny from stakeholders related to environmental, social and governance (&#8220;ESG&#8221;)
matters, including practices and disclosures related to environmental stewardship; social responsibility; diversity, equity and inclusion;
and workplace rights. Our ability to achieve our ESG goals and objectives and to accurately and transparently report our progress presents
numerous operational, financial, legal and other risks. If we are unable to meet our ESG goals or evolving stakeholder expectations and
industry standards, or if we are perceived to have not responded appropriately to the growing concern for ESG issues, our reputation,
and therefore our ability to conduct business in each of the countries we operate, could be negatively impacted.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in recent years, investor advocacy groups and certain institutional investors have placed increasing importance on ESG matters.
If, as a result of their assessment of our ESG practices, certain investors are unsatisfied with our actions or progress, they may reconsider
their investment in our company.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to effectively protect ourselves against financial market risks</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations are exposed to financial market risks, such as risks related to exchange rates, commodity prices and interest rates. Fluctuations
in currency, commodity prices or interest rates could adversely affect our financial performance. We cannot assure you that derivative
financial instruments, if any, will protect us from the adverse effects of financial market risks. While hedging transactions are intended
to reduce market risks, such transactions may expose us to other risks, such as counterparty risk. We may not be able to adequately protect
ourselves against financial market risks and may not ultimately achieve an economic benefit from our hedging strategy.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loss of a key client in some of our lines of business may affect our business and financial performance</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some of our lines of business, such as our Infrastructure segment or our Colombian operations, a substantial amount of the revenue we
receive is concentrated among a limited number of clients, including the Peruvian government. If one or more of these major clients fail
or delay in paying our fees, or if there is a significant reduction or cancellation of business by one or more of these major clients,
our business and financial performance may be adversely affected. If we are not able to capture new clients to replace the loss of business
from existing key clients, our financial performance may be adversely affected.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor
unrest could adversely affect our financial performance</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our manual laborers and a portion of our employees are members of labor unions. Our practice is generally to extend benefits we offer
our unionized employees to non-unionized employees. In our E&amp;C segment, collective bargaining agreements are negotiated at two levels,
on an annual basis between the Peruvian National Federation of Civil Construction and the Peruvian Chamber of Construction, without our
direct involvement, and on a per project basis directly between the unions and us in accordance with such annual agreement.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also have collective agreements with our employees in certain of our business segments, which are also negotiated periodically. Although
we consider that our relationship with unions is currently positive, we cannot assure you that we will not experience work slowdowns,
work stoppages, strikes or other labor disputes in the future, situations that could result in the interruption or delay of our operations.
Such interruptions or delays could have an adverse impact on our business, including on the cost of our projects and our ability to make
timely delivery. Moreover, our operations may also be affected by labor unrest in the workforces of our clients, suppliers, sub-contractors
or partners.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
proceeds from our insurance policies may not be sufficient and we may not be insured against all risks</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain insurance coverage both as a corporate risk management strategy and in order to satisfy the requirements under certain regulations
and contracts. We cannot assure you that proceeds from our insurance policies, however, will be sufficient to cover the damages resulting
from any event covered by such policies. Certain risks are not covered under the terms of our insurance policies, such as interruption
of operations. In such event, we may incur significant expenses to rebuild our facilities, repair or replace our equipment, or cover
other damages. In addition, if any of our third-party insurers fail, abruptly cancel our coverage or otherwise cannot satisfy their insurance
requirements to us, then our overall risk exposure and operational expenses could be increased. Moreover, we may not be able to renew
our insurance policies on favorable terms, or at all. Although in the past we have been generally able to cover our insurance needs,
we cannot assure you that we will be able to secure all necessary insurance in the future.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
increase in import duties and controls, supply shocks, or other restrictions on our obtaining instruments and equipment, may have a material
adverse effect on our financial performance</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future success depends in part on our ability to select and purchase high quality mechanical instruments and equipment at attractive
prices. While we have historically been able to do so, such instruments and equipment may become subject to higher import taxes than
currently apply. We cannot assure you that there will not be further increases in import taxes, changes in laws related to imports or
the imposition of quotas by countries from which we import mechanical instruments and equipment, any of which could have a material adverse
effect on our business. Additionally, particularly with the COVID-19 pandemic, supply shocks, including delays at ports has affected
the cost, timely delivery and availability of certain machinery and spare parts, which may have an adverse effect on our business.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
our and certain of our subsidiaries&#8217; ability to pay our instrument or equipment suppliers from abroad could be affected by possible
failure to obtain, on a timely basis, authorization from the Ministry of Justice pursuant to Law 30737 to make such payments. Law 30737
requires that companies such as our company and certain of our subsidiaries that have been partners of companies that have been, or whose
officers or representatives have been, convicted of, or have admitted to, corruption, money-laundering or similar crimes, submit money
transfers abroad to the Peruvian Ministry of Justice for pre-approval. We cannot assure you that any such approvals will be granted in
a timely manner or at all, and such restrictions may limit our ability to purchase necessary instruments and equipment.</span></p><div>

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

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debarment
from participating in government bidding processes could have an adverse impact on our business and financial performance</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the ongoing investigations against our company, UNNA Transporte and Cumbra, will temporarily face debarment from participating
in government bidding processes or entering into new contracts with the Peruvian government for two years after the homologation process.
We cannot assure you that other subsidiaries will not face similar debarment sanctions in the future.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
0.1%, 5.4%, and 7.3% of our E&amp;C revenues for 2020, 2021 and 2022, respectively, came from public-sector contracts in Peru. As of
December 31, 2022, 30.0% of our backlog is comprised of contracts with the public sector. As a result, if we are debarred from participating
in government bidding processes, our business and financial performance could be affected. To extent that economic conditions reduce
private sector investments, being debarred from contracting with the Peruvian or other governments could further impact our company.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to successfully expand outside of Peru</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
of our long-term strategies has been to continue to expand our operations outside of Peru, particularly in Chile, Colombia and Brazil.
We cannot assure you that we will be able to replicate our success in Peru in other countries. Our international expansion is subject
to additional challenges, including: our ability to assimilate cultural differences and practices; our limited familiarity with local
laws, regulators and contractors; our ability to attract and manage foreign personnel; the absence of a local workforce formed in our
corporate values and familiar with our operations; competition in foreign markets, including from industry players with significantly
greater local experience and reputation; and other risks specific to these countries. Moreover, we may not be able to make equity investments
when needed by our foreign operations, due to restrictions imposed by Law 30737 on our ability to transfer funds abroad without pre-approval
of the Peruvian Ministry of Justice.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
countries in Latin America have suffered significant economic, political and social crises in the past, and these events may occur again
in the future. If we are unable to overcome these challenges, we may not be able to successfully expand internationally.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to make successful acquisitions</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, part of our long-term strategy was to evaluate strategic acquisition opportunities to expand our operations and geographic
footprint, especially in Chile, Colombia and Brazil. We may not be able to identify appropriate acquisition opportunities, or, if we
do, we may overpay for these acquisitions or may not otherwise be able to negotiate terms and conditions that are acceptable to us. We
may also face difficulties obtaining financing to pay for acquisitions. Law 30737 currently requires that payments we make abroad be
submitted to the Peruvian Ministry of Justice for pre-approval, and we cannot assure you that any such approvals will be granted in a
timely manner or at all.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may not be able to obtain regulatory approvals, including antitrust approvals, required to consummate acquisitions. Furthermore,
even if we are able to successfully consummate an acquisition, we may encounter challenges in integrating the acquired business effectively
and profitably into our operations. The integration of an acquisition involves a number of factors that may affect our operations, including
diversion of management&#8217;s attention, difficulties in retaining personnel and entry into unfamiliar markets. Acquired businesses
may not achieve the levels of productivity anticipated or otherwise perform as expected. Acquisitions may bring us into businesses we
have not previously conducted and expose us to additional business risks that are different from those we have traditionally experienced,
including new geographic, market, operating and financial risks. Moreover, acquisitions involve special risks, including the potential
assumption of unanticipated liabilities and contingencies. Even if such liabilities are assumed by the sellers, we may have difficulties
enforcing our rights, contractual or otherwise. We cannot assure you that future acquisitions will meet our strategic objectives.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
IT security measures may be breached or compromised and we may sustain system outages</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
breaches, whether intentional or unintentional, may threaten the confidentiality, integrity or availability of our information resources
and may allow unauthorized access to our systems, disrupt our digital operations, corrupt data, or allow persons to misappropriate confidential
data. Any breach of our network security measures could cause interruptions in our services or operations, damage our reputation and
harm our ability to operate our business. This may result in client or supplier dissatisfaction and a loss of business. Our security
measures may be inadequate to prevent security breaches, and we may be required to expend significant capital and other resources to
protect against the threat of security breaches and to alleviate problems caused by breaches as well as by any unplanned unavailability
of our IT systems caused by other reasons, which may adversely affect our business and financial performance.</span></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
Risks Related to our Infrastructure Business</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
return on our investment in our concessions may not meet estimated returns</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
return on any investment in a concession is based on the terms and conditions of the concession, its duration and the amount of capital
invested as well as the amount of revenues collected, debt service costs, payment of penalties and other factors. For example, traffic
volume at toll roads may be affected by a number of factors beyond our control, including security conditions; general economic conditions;
demographic changes; fuel prices; reduction in commercial or industrial activities in the regions served by the roads; changes in laws
regarding toll payments, including related to the effects of the COVID-19 pandemic; and natural disasters. Although some of our concessions
allow for adjustments based on economic conditions, certain concessions provide that adjustment requests be approved only if certain
limited events specified in our concession contracts have occurred. If a request of adjustment is not granted, our financial performance
could be affected. Given these factors and the possibility that governmental authorities could implement policies that affect our contractual
return on investment in a way that we did not anticipate, we cannot assure you that our return on any investment under any concession
will meet our estimates.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governmental
entities may prematurely terminate our concessions and similar contracts under various circumstances, some of which are beyond our control</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to continue operating our concessions and similar public-sector contracts depends on governmental authorities, which may terminate
the concession or contract pursuant to the provisions set forth therein or in accordance with applicable legislation, including the failure
to comply with any contractual terms (including the concessionaire&#8217;s default on debt) or applicable law, including after giving
effect to changes in laws (including any changes related to the effects of the COVID-19 pandemic). Moreover, the relevant governmental
authority may terminate and/or repossess a concession at any time, if, in accordance with applicable law, the governmental authority
determines that it is in the public interest to do so. The relevant governmental authority may also assume the operation of a concession
in certain emergency situations, such as war, public disturbance or threat to national security. In addition, in the case of force majeure,
the relevant governmental authority may require us to implement certain changes to our operations. If the government terminates any of
our concessions, under Peruvian law, it is generally required to compensate us for the amount of our unrecovered investment, unless the
concession is revoked pursuant to applicable law or the terms of the concession which would imply a serious breach of the concession&#8217;s
terms by us. Such compensation process is likely to be time consuming and the amount paid to us may not fully compensate us. We cannot
assure you that we would receive such compensation on a timely basis or in an amount equivalent to the value of our investment in a concession
plus lost profits.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to risks related to the operation and maintenance of our concessions and similar contracts</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operation and maintenance requirements under our concessions could encounter delays or cause us to exceed our budgeted costs for such
projects, which could limit our ability to realize the expected return on these projects, increase our operating or capital expenses
and adversely affect our business and financial performance. In addition, our operations may be adversely affected by interruptions or
failures in the technology and infrastructure systems that we use to support our operations, including toll road collection and traffic
measurement systems. The Lima Metro in particular may be susceptible to outages due to power loss, telecommunications failures and similar
events. The failure of any of our technology systems may cause disruptions in our operations, adversely affecting our profitability.
While we have business continuity plans in place to reduce the adverse impact of information technology system failures on our operations,
we cannot assure you that these plans will be effective. Furthermore, accidents and natural disasters may also disrupt the construction,
operation or maintenance of our projects and concessions, which could adversely affect our business and financial performance.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be successful in obtaining new concessions</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market for infrastructure concessions in the Latin America region is competitive. We compete with Peruvian and foreign companies for
infrastructure concessions, some of whom may have greater financial and other resources or particular expertise pertinent to a specific
concession. Additionally, our public-sector clients may face budget deficits that may prohibit the development of infrastructure concessions,
which could affect our business. We may also not be able to obtain additional concessions if the government decides not to award new
concessions, due to budget constraints or policy changes or because alternative financing mechanisms are used. Recently, the awarding
of concessions and the use of public-private associations in Peru have stalled, due in part to concerns related to the corruption scandal
surrounding Odebrecht and its potential effect on government officials in the country. In addition, we are temporarily unable to bid
for or participate in new public procurement contracts due to the Collaboration and Benefits agreement that we executed with Peruvian
prosecutorial authorities. Our inability to bid for or obtain new concessions may adversely affect our business and financial performance.</span></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
Risks Related to our Energy Business</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
substantial or sustained decline in oil prices would adversely affect our financial performance</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
revenue of our energy business depends upon prevailing prices for oil. Historically, oil prices and markets have been volatile and are
likely to continue to be volatile in the future. Moreover, global oil prices have fluctuated significantly in recent years, with the
average Brent crude prices increasing to US$66.00 per barrel in 2019. The price of oil dropped precipitously due in part to the COVID-19
pandemic as well as to disputes between OPEC members, to US$18.83 as of April 30, 2020. The price of oil recovered slowly during 2020
and early 2021, reaching US$48.93 as of December 31, 2020 and US$72.39 as of December 31, 2021. On March 31, 2022, the price of oil reached
US$104.64 per barrel. As of December 31, 2022, the price of oil was US$77.02 per barrel.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oil
is a commodity and its price is subject to wide fluctuations in response to relatively minor changes in supply and demand for oil, market
uncertainty, and a variety of additional factors beyond our control. Those factors include, among others: global demand and supply; political
developments in producing regions; weather conditions; governmental regulations; international conflicts and acts of terrorism; the price
and availability of alternative sources of energy; and overall local and global economic conditions. Moreover, lower oil prices may not
only decrease our revenues on a per unit basis but may also reduce the amount of oil we can produce economically, if any, and, as such,
may have a negative impact on the reserves of the fields in which we operate. As result, our financial performance could be materially
and adversely affected by declines in oil prices.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reserves estimates depend on many assumptions that may turn out to be inaccurate and are not subject to review by independent reserve
auditors</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
process of estimating oil and gas reserves is complex, although the fields where we produce oil and gas are mature (Block III for approximately
100 years, Block IV for approximately 95 years and Block V for over 50 years). In order to prepare our reserves estimates presented in
this annual report, we must project production rates and timing of development expenditures as well as analyze available geological,
geophysical, production and engineering data, and the extent, quality and reliability of this data can vary. The process also requires
economic assumptions about matters such as oil prices, drilling and operating expenses, capital expenditures, taxes, and availability
of funds. Therefore, estimates of reserves are inherently imprecise. Moreover, our reserve estimates included in this annual report have
been prepared internally by our team of engineers and have not been audited or reviewed by independent engineers. Future real production,
oil and gas prices, revenues, taxes, development expenditures, operating expenses and quantities of recoverable reserves will most likely
vary from the estimates presented in this annual report, and those variances may be material. Any significant variance could materially
affect the estimated reserves of the fields in which we operate.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
license, service and operation contracts with Perupetro and Petroperu have expiration dates</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate and extract oil and natural gas from Blocks III and IV under 30-year license agreements with Perupetro, which expire in April
2045. Additionally, we operate and extract oil and natural gas from Block V under a 30-year hydrocarbon extraction service contract with
Perupetro, which was extended for an additional 10-year term and expires in October 2023. Our operations in Block I expired on December
26, 2021. The concession of Terminales del Peru for the operation of the north and central fuel terminals for PetroPeru have 20-year
terms, providing storage. We cannot assure you that we will maintain these operations after the expiration of the contracts, on similar
terms or at all, or that we will be able to cease the operation of such assets on favorable terms for the company.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to finance our mandatory capital expenditure requirements in connection with our oil and gas operations and storage and
distribution business</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate and extract oil from Blocks III and IV under two license agreements with Perupetro. Pursuant to the license agreements, we have
assumed mandatory investment commitments of 560 wells on both blocks. If we are not able to fulfill our mandatory capital expenditures
under our license agreements, our business and financial performance could be adversely affected. See &#8220;Item 4.B. Information on
the Company&#8212;Business Overview&#8212;Energy.&#8221;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we operate five fuel terminals in the northern and central regions of Peru with mandatory capital expenditure requirements. If we are
not able to fulfill our mandatory capital expenditures under our contracts or if the recognition of investments is delayed, our business
performance could be adversely affected.</span></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
Risks Related to our Real Estate Business</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to risks associated with the development of real estate</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
real estate business is subject to the risks that generally affect the real estate industry, such as availability and prices of suitable
land, environmental and zoning regulations, interruptions in supply and volatility of the prices of construction materials and equipment,
and changes in the demand for real estate. Our real estate business is specifically affected by the following risks: macroeconomic conditions
in Peru that may impact the growth of the real estate sector as a whole, particularly in the residential market, including an increase
in unemployment or a decrease in wage levels; an increase in prevailing interest rates or lack of available credit; changes in government
subsidies for affordable housing; unfavorable real estate market conditions, such as an oversupply of residential units or scarcity of
suitable land in particular areas; the level of customer interest in our new projects or the sales price per unit necessary to sell the
unit may be lower than expected; customer perception of the security, convenience and attractiveness of our projects and the areas in
which they are located; cost overruns, many of which may be beyond our control, that exceed our estimates and affect our profit margins,
including the price of labor, land, insurance, taxes and public charges; the construction and sale of units may not be completed on schedule;
bankruptcy or significant financial difficulties of large industry players, which cause a loss of confidence in the industry; limitations
when contracting with government entities; and restrictions on real estate development imposed by local, regional and national authorities
which may render restrictive laws and regulations. To a lesser extent, the real estate business has also been negatively impacted by
modifications by the government to a program (<i>Bono de Buen Pagador</i>) that encourages social interest housing sales and access to
credit. Any of the above events may have a material adverse effect on our business and financial performance.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
estate prices may decline</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
estate prices in Peru have generally risen over the last decade, supported by a higher demand for housing and an increase in the cost
of construction materials. Although real estate prices are expected to continue to rise in the coming years due to a shortage of housing,
they are not expected to grow at the same rate as in the past, and we cannot assure you that they will rise at all. In particular, real
estate prices in Peru may decline due to political conflict, a rise in interest rates and lack of subsidies from the government. If real
estate prices decline significantly, our business and financial performance could be materially and adversely affected.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business may be adversely affected if we are not able to obtain the necessary licenses and/or authorizations for our developments on
a timely basis</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
estate development requires obtaining certain licenses, authorizations and registrations. In Peru, municipal authorities are responsible
for issuing most of the licenses that are required during the development stage, including zoning, demolition, construction and conformity
(<i>conformidad de obra</i>) licenses, among others. As of December 31, 2022, we have approximately six real estate projects in various
stages of development. For some of these projects, we have not yet initiated administrative proceedings with the appropriate authorities,
or such proceedings are pending approval. A denial or an extended delay in issuing licenses, authorizations or registrations, or an extended
delay by municipal authorities in approving licensing procedures, may render land unsuitable for development, delay the completion of
planned projects, increase our costs or otherwise negatively impact the pricing of projects and adversely affect our business and financial
performance.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current political situation in Peru, and the economic uncertainty that may result, could adversely affect the ability or willingness
of prospective buyers to purchase real estate properties. The scarcity of financing, an increase in interest rates or an increase in
the security required by financial institutions as collateral may adversely affect the ability or willingness of prospective buyers to
purchase our real estate properties. In most cases, the purchasers of our residential or commercial properties finance at least part
of the purchase price with mortgage loans. On the other hand, in 2020, 2021 and 2022, approximately 91%, 92% and 92% respectively, of
our residential units were sold to purchasers who received government subsidies to finance the purchase of homes. An increase in interest
rates, whether as a result of market conditions or government action, may cause a decrease in the demand for our residential and commercial
properties and for land development. An increase in interest rates could also increase our own financing costs, which may, in turn, increase
the sale price of our projects and adversely affect our business and financial performance.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may experience difficulties in finding desirable land and increases in the price of land may increase our cost of sales and decrease
our earnings</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
continued growth of our real estate business depends in large part on our ability to continue to acquire land at a reasonable cost, free
of liens and encumbrances and in locations suitable for development. As more developers enter or expand their operations in the Peruvian
real estate sector, land prices could rise significantly and suitable land could become scarce or overpriced due to increased demand
or decreased supply. A resulting rise in land prices may increase our cost of sales and decrease our earnings. We may not be able to
acquire suitable land at reasonable prices in the future, which may have a negative impact on our financial performance.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changing
market conditions may adversely affect our ability to sell home inventories in our land and at expected prices</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a lag between the time we acquire land and the time that we can bring the developed properties to market. Lag time varies by sector
and on a project-by-project basis. As a result, we face the risk that demand for real estate may decline or that other developments may
occur during this period that affect market conditions, and that we will not be able to dispose of developed properties or undeveloped
land at expected prices or profit margins or within anticipated time frames or at all. Significant expenditures associated with investments
in real estate, such as maintenance costs, architectural fees in high-end projects, construction costs and debt payments, cannot generally
be reduced if changes in market conditions cause a decrease in expected revenues from our properties. Moreover, the market value of home
inventories and undeveloped land can fluctuate significantly because of changing market conditions. As a result of these and other factors
beyond our control, we may be forced to sell properties or land at a loss or for prices that generate lower profit margins than we anticipate.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the Peruvian government has adopted the <i>Nuevo Cr&#233;dito MiVivienda</i> and <i>Techo Propio</i> programs, among others, which
promote access to affordable housing in Peru by providing government subsidies to individuals for the purchase of homes. If these subsidies
are reduced or eliminated, we may not be able to sell our expected home inventories at expected prices and our revenues and backlogs
could be affected.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Determinations
by INDECOPI may adversely affect our ability to enforce binding contracts</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
resolving consumer protection complaints in the real estate sector, INDECOPI has made determinations against real estate developers resulting
in the modification of contractual provisions applicable to purchasers. Some purchasers of real estate properties have taken advantage
of these INDECOPI determinations and filed complaints against developers before INDECOPI and/or made public claims through the media
seeking to obtain compensation for alleged deficiencies in housing construction as well as the modification of the terms of their contracts,
which may have a negative impact on our real estate business. Although we have a small number of such complaints in INDECOPI, an increase
in consumer complaints and consumer protective measures, particularly those resulting in the modification of contractual terms, may affect
our ability to enforce our contracts under their original terms if we are not able to counter such claims, which in turn may have a negative
impact on our real estate business.</span></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Additional
Risks Related to our Engineering and Construction Business</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
are vulnerable to the cyclical nature of the end-markets we serve</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Demand
for our engineering and construction services is dependent on conditions in the end-markets we serve, which include, among others, the
mining, power, oil and gas, transportation, real estate and other infrastructure sectors in Peru, as well as the mining sector in Chile
and the energy sector in Colombia. Consequently, our engineering and construction business is closely linked to the performance and growth
of these sectors, and it is exposed to many of the risks faced by our clients operating in these sectors, over which we have no control.
These industries tend to be cyclical in nature and, as a result, although downturns can impact our entire company, our engineering and
construction business has historically been subject to periods of very high and low demand.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Factors
that can affect these sectors include, among others, macroeconomic conditions, climate conditions, the level of private and public investment,
the availability of credit, changes in laws and regulations, and political and social stability. Mining and oil and gas sectors, in particular,
are also driven by worldwide demand for the underlying commodities, including, among others, silver, gold, copper, oil and gas, which
can be affected by such other factors as global economic conditions and geopolitical affairs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
decline in prices for minerals, oil and gas has had in the past, and could have in the future, a significant impact on our clients&#8217;
exploration and production activities and, as a result, on their demand for our engineering and construction services. Many of these
sectors were adversely affected by the COVID-19 pandemic and governments&#8217; extraordinary measures to limit the spread of the virus.
Adverse developments in the end-markets served by our engineering and construction business could have a material adverse effect on our
financial performance.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Decreases
in capital investments by our clients may adversely affect the demand for our services</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
engineering and construction business is directly affected by changes in private-sector and, to a lesser extent, public-sector investments
for large-scale infrastructure projects. In addition, our engineering and construction business is directly affected by the availability
and cost of financings for these projects. In the markets where we operate, investments and financings for large-scale projects have
historically been influenced by macroeconomic and other factors which are beyond our control, including in the case of public-sector
investment or government spending levels. As a result, we cannot assure you that clients will not choose to limit or not undertake new
projects or delay, suspend or cancel existing projects.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
2020, Peru experienced a decrease in the growth rate of 16.2% in private and public investments compared to an increase of 35.0% in 2021
and 0.9% in 2022. Reductions in anticipated capital investments or available financing for large-scale projects could have a material
adverse effect on our financial performance.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
revenues may fluctuate based on project cycles, which we may not control</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
substantial majority of the revenues from our engineering and construction business is generated from project awards, the timing of which
may be unpredictable and outside of our control, especially considering the highly competitive bidding processes and complex and lengthy
negotiations they involve. These processes can be impacted by a wide variety of outside factors including governmental approvals, financing
contingencies and overall market and economic conditions. Moreover, because a significant portion of our revenues is generated from largescale
projects, our results of operations can fluctuate quarterly or yearly depending on whether and when project awards occur and the commencement
and progress of work under awarded contracts. As a result, we are subject to the risk that revenues may not be derived from awarded projects
as quickly as anticipated.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
business may be adversely affected if we incorrectly estimate the costs of our projects</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
conduct our engineering and construction business under various types of contractual arrangements where costs are estimated in advance.
In some of our contracts (i.e., lump-sum, unit price and EPC), we bear the risk of some or all unanticipated cost overruns, including
those due to inflation or certain unforeseen events. Risks under contracts which could result in cost overruns include: difficulties
in performance of our subcontractors, suppliers, or other third parties; changes in laws and regulations or difficulties in obtaining
permits or other approvals; unanticipated technical problems; unforeseen increases in the cost of inputs, components, equipment, labor,
or the inability to obtain these on a timely basis; delays caused by weather conditions; incorrect assumptions related to productivity
or scheduling estimates; and project modifications that create unanticipated costs or delays. These risks tend to be exacerbated for
longer term contracts since there is increased risk that the circumstances under which we based our original bid could change. In many
of our contracts, we may not be able to obtain compensation for additional work performed or expenses incurred. Our failure to estimate
accurately the resources and time required to complete a project could adversely affect our profitability. Even under our cost-plus contracts,
our inability to complete projects within the estimated budget could affect our relationship with our clients and negatively impact awards
of future contracts. As a result, if we incorrectly estimate the costs of our projects, our business and financial performance could
be adversely affected.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
may be unable to deliver our services in a timely manner</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
success of our engineering and construction business depends on our ability to meet the standards and schedules required by our clients.
Significant delays that prevent us from providing our services on agreed time frames could adversely affect our client relations and
reputation. Delays may occur for a number of reasons, including: the COVID-19 pandemic and government measures to curb the spread of
the virus; our inability to adequately foresee the needs of our clients; delays caused by our joint operation partners, subcontractors
or suppliers; insufficient production capacity; equipment failure; shortage of qualified workers; changes to applicable regulations;
and natural disasters. Failure to finish construction by the contractual completion date set forth in the contract could result in costs
that reduce our projected profit margins, including a requirement to pay daily penalties and damages. If we are unable to meet deadlines,
either due to internal problems or as a result of events over which we have no control, we may lose the trust of our clients and, therefore,
experience a decrease in the demand for our services. In such event, our business and financial performance could be adversely affected.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Equipment
that we need, including spare parts and components required for project development, may become unavailable or difficult to procure,
inhibiting our ability to maintain full availability of existing facilities and also our ability to complete development projects on
scope, schedule and budget</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Equipment
and spare parts may become unavailable or difficult to procure on terms consistent with those that we have budgeted for. For example,
some jurisdictions in which we operate have experienced supply chain challenges resulting from bottlenecks caused by, among other things,
increases in demand and challenges involved with ramping up to meet this demand.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">While
supply chain disruptions that occurred globally in 2021 did not materially impact our business or operations, supply chains could be
further disrupted in the future by factors outside of our control. This could include (1) a reduction in the supply or availability of
the commodities required to produce the parts and components that we need to maintain existing projects and develop new projects from
our development pipeline, (2) lockdowns and workforce disruptions caused by the ongoing COVID-19 pandemic, (3) the potential physical
effects of climate change, such as increased frequency and severity of storms, precipitation, floods and other climatic events and their
impact on transportation networks and manufacturing centers, and (4) economic sanctions or embargoes, including those relating to human
rights concerns in jurisdictions that produce key materials, components or parts.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Any
material delays in procuring equipment or significant cost increases could adversely impact our business and financial condition.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
may not be able to obtain compensation for additional work or expenses incurred as a result of client-requested change orders</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Clients
often determine, after commencement of the project, to change various elements of the project. Some of our contracts may also require
that clients provide us with design or engineering information or with equipment or materials or land rights to be used on the project.
In some cases, the client may provide us with deficient design or engineering information or equipment or materials or may provide the
information or equipment or materials or land rights to us later than required by the project schedule.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
project contracts generally require the client to compensate us for additional work or expenses incurred due to client requested change
orders or failure of the client to provide us with specified design or engineering information or equipment or materials or land. Under
these circumstances, we generally negotiate with the client with respect to the amount of additional time required to make these changes
and the compensation to be paid to us.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are subject to the risk that we are unable to obtain, through negotiation, arbitration, litigation or otherwise, adequate amounts to
compensate us for the additional work or expenses incurred by us due to client-requested change orders or failure by the client to timely
provide required items. A failure to obtain adequate compensation for these matters could require us to record an adjustment to amounts
of revenue and gross profit that were recognized in prior periods. Any such adjustments, if substantial, could have a material adverse
effect on our financial performance.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
may have difficulty obtaining performance bonds that we require in the normal course of our operations</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
our engineering and construction business, it is industry practice for customers to require performance bonds or other forms of credit
support to secure, among other things, bids, advance payments and performance. We cannot assure you that in the future we will not encounter
difficulties in obtaining such performance bonds or credit support. The Peruvian market for these types of credit instruments is small;
moreover, under Peruvian banking regulations, lenders are required to impose limits on the amount of credit they extend to a group of
affiliated companies. Failure to provide performance bonds or credit support on terms required by clients may result in our inability
to compete for or win new projects.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Moreover,
under certain contracts, we may be obligated to maintain performance bonds during the course of litigation, significantly increasing
the costs incurred as a result of a dispute. This also may expose us to the risk that a client may enforce the performance bond without
regard to the merits of its claim which, in turn, may debilitate our negotiating position with the client and consequently impair our
ability to favorably resolve the dispute. The enforcement of a performance bond by any of our clients may affect our ability to obtain
new performance bonds for new projects.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
use of the percentage-of-completion method of accounting for our Engineering and Construction segment could result in a reduction of
previously recorded profits</span></p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Revenue
from (E&amp;C) contracts is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company&#8217;s
performance; the Company&#8217;s performance creates or improves an asset that the customer controls as the asset is created or improved; and
the Company&#8217;s performance does not create an asset with an alternative use to which the Company fulfills its obligations, as there is
a continuing transfer of control of the deliverable to the customer in accordance with the terms of those contracts. For these reasons,
the Corporation accounts for revenue over time by measuring progress toward complete satisfaction of its performance obligations under
each contract.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Company uses the output method to measure the physical percentage of completion based on performance analysis of projects performed by
the Company&#8217;s experts. AENZA believes that this method represents the transfer of control of goods or services to clients on a periodic
basis of project performance which provides an accurate representation of the transfer of services to the client, as it reflects an enforceable
right of payment by the Company for work performed to date.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Company assesses whether changes in rights and obligations in a contract modification are enforceable when one or more of the following
conditions are met: a) the contract, applicable law or other evidence provides a legal basis for the modification; b) the additional
costs were caused by unforeseen circumstances at the date of execution of the contract and not as a result of deficiencies incurred by
the Company&#8217;s performance; c) the costs related to the modification are identifiable and considered reasonable in light of the work performed;
or d) the evidence supporting the modification is objective and verifiable. When one or more of the above conditions are met, the Company
considers the changes in rights and obligations in the contract modification to be enforceable.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
nature of some contracts, such as cost plus fee contracts, unit price contracts or similar contracts give rise to variable consideration
that may include reimbursable costs, incentives and penalties. The Company estimates the change in the transaction price resulting from
variable consideration when the transaction price has not yet been approved by the customer, in accordance with the requirements of IFRS
15. To include variable consideration related to a contract modification in the estimated transaction price, the Company must conclude
that it is &#8220;highly probable&#8221; that a significant revenue reversal will not occur. The Company determines the likelihood of revenue
reversal occurring (and, therefore, whether such price will be recovered) based on an analysis of whether any of the following factors
are present: i) contractual entitlement; ii) past practice with the customer; iii) specific discussions or preliminary negotiations with
the customer; or iv) verbal approval by the customer. If, as a result of such analysis, the Company concludes that it is &#8220;highly
probable&#8221; that there will not be a significant reversal of the amount of revenue recognized, it recognizes the variable consideration
related to the contract modification. When the benefit of the contract cannot be reliably estimated, the associated revenue is recognized
to the extent that the costs incurred are recoverable. Revenue is invoiced upon receipt of customer approval. When it is probable that
total contract costs will exceed the related revenue, the expected loss is recognized immediately.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Company estimates the amount of revenue to be recognized as variable consideration using judgmental judgments and estimates to determine
the most probable value, based on which is expected to best predict the amount of consideration to which the Company will be entitled.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">While
management believes that the estimates made are reasonable and made in accordance with the above methodology, given the uncertainties
associated with these types of contracts and inherent in the nature of some of the industries in which we operate, it is possible for
actual costs to vary from estimates previously made, including due to changes in facts and circumstances, which may result in reductions
or reversals of previously recorded profits.</span></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Risks
Related to Peru</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Economic,
social and political developments in Peru could adversely affect our business and financial performance</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
substantial majority of our operations are conducted in Peru and depend on economic and political developments in the country. As a result,
our business may be materially and adversely affected by economic downturns, currency depreciation, inflation, interest rate fluctuation,
government policies, regulation, taxation, social instability, political unrest, drug trafficking, terrorism and other developments in
or affecting the country, over which we have no control. In the past, Peru has experienced periods of severe economic recession, large
currency devaluation and high inflation. We cannot assure you that Peru will not experience similar adverse economic developments in
the future. In addition, Peru has experienced periods of political instability that has included a succession of regimes with differing
economic policies and programs. Previous governments have imposed controls on prices, exchange rates, local and foreign investments and
international trade, restricted the ability of companies to dismiss employees, expropriated private-sector assets and prohibited the
remittance of profits to foreign investors. We cannot assure you that the Peruvian government will continue to pursue open-market policies
that stimulate economic growth and social stability and that the risk of expropriation of the concessions where we operate will not materialize.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Moreover,
investigations against former or current government officials relating to bribery payments made by Odebrecht have, and may continue to,
result in political uncertainty in Peru. In March 2018, President Pedro Pablo Kuczynski presented his resignation, due to allegations
of corruption for vote-buying in connection with the impeachment proceeding against him, and his first vice president, Mart&#237;n
Vizcarra, was sworn in as acting president. In September 2019, the executive branch, invoking article 134 of the constitution, dissolved
Congress and called for new legislative elections which were held in January 2020. Following these elections, the Peruvian executive
and legislative branches have been at odds over several important economic and social measures, including initiatives to address the
economic and social impact of the COVID-19 pandemic on Peru. In November 2020, Congress impeached and removed from power Mr. Vizcarra
and appointed Manuel Merino as President, who in turn resigned five days after his appointment as was replaced by Francisco Sagasti.
Criminal investigations have been initiated against former presidents Alejandro Toledo, Ollanta Humala, Alan Garc&#237;a, Pedro Pablo
Kuczynski and Mart&#237;n Vizcarra. On April&#160;17, 2019, former President Alan Garc&#237;a committed suicide as prosecutors were
preparing to detain him over matters relating to criminal investigations. Several corruption scandals regarding authorities at municipal,
regional and national government levels are also ongoing, and former government officials have been detained. These corruption investigations
resulted in lower investments in large projects.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Peru&#8217;s
general elections to elect the president and all congressional members for 2021-2026 were held on April 11, 2021. As a result, the candidates
for president, Mr. Jos&#233; Pedro Castillo Terrones and Mrs. Keiko Sofia Fujimori Higuchi obtained the highest number of votes but
no outright majority, giving place to a ballotage presidential run-off that was held on June 6, 2021, with Mr. Castillo resulting elected
as the new President.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
December 7, 2022, Peru&#8217;s former President Pedro Castillo illegally announced the dissolution of Congress, among other measures
such as the intervention of the Prosecutor&#8217;s Office, the Judicial System and the Constitutional Court, and was arrested. Dina Boluarte,
Castillo&#8217;s first vice president, was sworn in as president the same day to serve until July 2026. After Pedro Castillo&#8217;s
vacancy in December 2022, several riots and road blockades took place, mainly in the southern regions of Peru. In addition, amidst ongoing
protests, the new government has made a series of proposals to Congress to approve early elections, however, Congress has not obtained
sufficient votes to accelerate the presidential elections.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
cannot assure you whether the Peruvian government will continue to pursue business-friendly and open-market economic policies that stimulate
economic growth and stability. Moreover, we cannot assure you that measures negatively impacting private investment, such as higher taxation
or exchange controls, will not be implemented.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Uncertainty
derived from the current political situation may cause clients to postpone investment decisions or may disrupt Peruvian markets which,
in turn, could have a significant negative effect on our business. The political instability caused by these events could also affect
macroeconomic conditions in the country, including currency volatility, as well as have a negative effect on our business.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Fluctuations
in the value of Peruvian sol could adversely affect financial performance</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Fluctuations
in the value of the sol relative to the U.S. dollar could adversely affect Peru&#8217;s economy. In addition, fluctuations in the value
of the sol to the U.S. dollar can materially adversely affect our results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
2020, 36.1% and 47.4% of our revenues were denominated in soles and U.S. dollars, respectively, whereas&#160;49.3% and 29.5% of our costs
of sales were denominated in soles and U.S. dollars, respectively. In 2021, 40.0% and 42.6% of our revenues were denominated in soles
and U.S. dollars, respectively, whereas 61.4% and 18.8% of our costs of sales were denominated in soles and U.S. dollars, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
2022, 39.3% and 43.8% of our revenues were denominated in soles and U.S. dollars, respectively, whereas 55.8% and 25.9% of our costs
of sales were denominated in soles and U.S. dollars, respectively. In the past the exchange rate between the sol and the U.S. dollar
has fluctuated significantly. We cannot assure you that the value of sol against other currencies will not fluctuate significantly in
the future, which could adversely affect the Peruvian economy and our business, financial condition, and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, although Peruvian law currently imposes no restrictions on the ability to convert soles to foreign currency, in the past, Peru
imposed exchange controls, including controls affecting the remittance of dividends to foreign investors. We cannot assure you that exchange
controls in Peru will not be implemented in the future. The imposition of exchange controls could have an adverse effect on the economy
and on your ability to receive dividends from us as a holder of ADSs.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Inflation
could adversely affect our financial performance</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
the past, Peru has suffered through periods of hyperinflation, which have materially undermined the Peruvian economy and the government&#8217;s
ability to create conditions that support economic growth. 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.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
a result of reforms initiated in the 1990s, Peruvian inflation decreased significantly from four-digit inflation during the 1980s. The
Peruvian economy experienced annual inflation of 2.0% in 2020, as measured by the Peruvian Consumer Price Index (<i>Indice de Precios
al Consumidor del Peru</i>). Nonetheless, in 2021 the inflation rate rose to 6.4% and 8.5% in 2022, a 30-year peak, due mostly to global
supply chain issues and the recovery of global demand in relation to the COVID-19 pandemic.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
Peru experiences substantial inflation in the future, our costs of sales and administrative expenses could increase which could affect
our operating margins. Inflationary pressures may lead to governmental intervention in the economy, including the introduction of government
policies that may adversely affect the overall performance of the Peruvian economy. For example, in response to increased inflation,
the Peruvian Central Bank, 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.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Changes
in tax laws may increase our tax burden and, as a result, negatively affect our financial performance</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Peruvian Congress and government regularly implement changes to tax laws that may increase our tax burden. These changes may include
modifications in our tax rates and, on occasions, the enactment of temporary taxes that in some cases have become permanent taxes. 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 may result in increases in our overall costs and/or
our overall compliance costs, which could negatively affect our financial performance.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Earthquakes,
severe weather and other natural disasters could adversely affect our business and financial performance</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Peru
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, severally damaging the region south of Lima. Such conditions
may result in physical damage to our properties and equipment, closure of one or more of our project sites and infrastructure concessions,
inadequate work forces in our markets and temporary disruptions in the supply of construction materials. In addition, Peru has also experienced
adverse climate conditions (due to climate change or otherwise) and adverse weather patterns, such as 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
potentially flooding in certain areas of Peru, on the one hand, and simultaneous draughts in the southern Andean region of the country,
on the other hand.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
the beginning of 2023, Peru has experienced intense rainfall and weather conditions resulting in overflow risk, mudslides and floods.
Most recently, on March 15, 2022, heavy rainfall led to floods and landslides in the town of Retamas, La Libertad, which caused the destruction
of many homes and caused several deaths. In addition, the National Service of Meteorology and Hydrology of Peru (<i>Servicio Nacional
de Meteorolog&#237;a e Hidrolog&#237;a del Per&#250;</i>) and the National Study of the El Ni&#241;o Phenomenon (<i>Estudio Nacional
del Fen&#243;meno </i>El Ni&#241;o), maintained a state of alert as it expects El Ni&#241;o conditions to continue until at least
July 2023. Poor weather conditions can have significant adverse effects on our engineering and construction activities as well as on
our operation and maintenance of infrastructure assets business. Any of these factors may materially adversely affect the Peruvian economy
and our business and financial performance.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">A
resurgence of terrorism in Peru could adversely affect the Peruvian economy and, as a result, our business and results of operations</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
the past, Peru experienced severe terrorist activity that reached its peak of violence against the government and private sector in the
late 1980s and early 1990s. In the mid-1990s, terrorist groups suffered significant defeats, including the arrest of leaders, resulting
in considerable limitations in their activities. Despite the suppression of terrorist activity, we cannot assure you that a resurgence
of terrorism in Peru, or other organized criminal activity, including drug trafficking, will not occur, or if there is such a resurgence,
it will not disrupt the economy of Peru and our business.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Peruvian economy could be affected by adverse economic developments in regional or global markets</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Financial
and securities markets in Peru are influenced, to varying degrees, by economic and market conditions in regional or global markets. Although
economic conditions vary from country to country, investors&#8217; perceptions of events occurring in one country may adversely affect
cash flows and securities from issuers in other countries, including Peru. Changes in social, political, regulatory and economic conditions
in large economies or in laws and policies governing foreign trade or affecting global financing conditions could create uncertainty
in the international markets and could have a negative impact on emerging market economies, including the Peruvian economy, which in
turn could have a negative impact on our operations. Since mid-March of 2020, the ongoing COVID-19 pandemic has disrupted economic activity
and caused a global recession. The worsening of current global conditions or a new economic or financial crisis could affect Peru&#8217;s
economy and, consequently, materially adversely affect our business and financial performance.</span></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Risks
Related to Chile, Colombia and other Latin American Countries</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
face risks related to our operations outside of Peru</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Latin
American economic, political and social conditions may adversely affect our business. In 2022, the Latin America region underwent political
and governmental shifts towards anti-capitalist political agendas. In the countries where we operate (Peru, Colombia and Chile), the
changes of government have generated greater uncertainty about their economic and social stability. Our financial performance may be
significantly affected not only by general economic, political and social conditions in Peru but also in other markets where we operate
or intend to operate, including Chile and Colombia. During 2020, 2021 and 2022 approximately 18.2%, 18.9% and 17.8%, respectively, of
our revenues on a consolidated basis derived from operations outside of Peru. The change in the legal framework of the countries where
we operate could adversely affect our business and financial performance. These countries have suffered significant economic, political
and social crises in the past, and these events may occur again in the future. We cannot predict whether changes in current administrations
will result in changes in governmental policy and whether such changes will affect our business. Instability in the region has been caused
by many different factors, including: significant governmental influence over local economies, substantial fluctuations in economic growth,
high levels of inflation, changes in currency values, exchange controls or restrictions on expatriation of earnings, high domestic interest
rates, wage and price controls, changes in governmental economic or tax policies such as including retroactive changes, imposition of
trade barriers such as import duties on information technology equipment, electricity rationing, liquidity of domestic capital and lending
markets, unexpected changes in regulation, expropriations, and high levels of organized crime, terrorism and social conflicts as well
as overall political, social and economic instability. Moreover, macroeconomic conditions in these countries are highly influenced by
global commodity prices, including the price of copper for Chile and the price of oil and gas for Colombia.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, beginning in October 2019, Chile has suffered from widespread social unrest and vandalism that has had a significant economic
and political impact on the country. The protests began over the government&#8217;s announcement of an increase in subway fares in Santiago
and quickly grew into broader unrest over economic inequality, including claims about transportation costs, funding for education, health
care costs and pension amounts, among others. The Chilean government imposed a state of emergency and nighttime curfews in Santiago and
other cities; however, protests and violence continued. The Chilean government took a series of social and economic measures to tackle
the issues at the heart of the unrest and the Chilean congress convened a plebiscite initially to be held in March 2020, which was rescheduled
to October 25, 2020 as a result of the COVID-19 pandemic, to determine whether constitutional amendments should be implemented. By democratic
majority, the Chilean constituents to the plebiscite voted to amend the Chilean Constitution. A new Chilean Constitution was drafted
by a constitutional convention whose members were elected in May 2021 and subsequently rejected by a national plebiscite held in September
2022. Following the plebiscite&#8217;s rejection, the Chilean congress approved a second constitutional process which is expected to
be submitted for ratification in December 2023. The new constitution may contain changes that generate uncertainty and potential instability.
In addition, in December 2021, Mr. Gabriel Boric Font was elected as the new President of Chile and took office in March 2022. We cannot
assure you that the newly-elected Chilean government will continue to pursue business-friendly and open-market economic policies that
stimulate economic growth and stability.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Beginning
in November 2019 and more recently in 2021, Colombia has experienced civic unrest, including a national strike and anti-government protests.
Demonstrators in the country, protesting for several reasons, including opposing certain economic and political reforms proposed by the
administration of President Duque (including those intended to address the negative effects on the Colombian economy caused by the COVID-19
pandemic), public corruption, and the implementation of the peace agreement between Colombia and the guerrilla Fuerzas Armadas Revolucionarias
de Colombia (FARC). In addition, protestors have demanded reforms related to pensions, access to education, environmental protection
and inequality, among others. We cannot predict the policies that will be adopted by the Colombian government and whether those policies
would have a negative impact on the Colombian economy or our business and financial performance. Our Colombian operations could be adversely
impacted by rapidly changing economic, political and social conditions in Colombia and by the Colombian government&#8217;s response to
such conditions. On June 16, 2022 Colombia elected the left-wing candidate Gustavo Petro as President. Gustavo Petro has announced plans
to increase government intervention, reduce oil production and impose higher taxes on oil companies; measures that could adversely affect
the economy and potentially impact our business and financial performance.</span></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Risks
Related to our ADSs</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
have identified material weaknesses in the information technology general controls (&#8220;ITGCs&#8221;) related to our information technology
(&#8220;IT&#8221;) systems and in the design and implement process-level control activities related to the recognition of revenue and
costs within our engineering and construction segment with regards to compliance with IFRS 15 &#8211; Revenue Recognition (IFRS 15) ,
and if we cannot maintain effective internal controls or provide reliable financial and other information in the future, investors may
lose confidence in the reliability of our consolidated financial statements, which could result in a decrease in the value of our ADSs</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Based on the assessment of our
internal control over financial reporting as of December 31, 2022, as required by Section 404 of the U.S. Sarbanes Oxley Act of 2002
(&#8220;SOX&#8221;), management has concluded that, as of such date, our internal control over financial reporting was not effective
at the reasonable assurance level due to control deficiencies that constituted two material weaknesses. The material weakness consisted
of deficiencies in the operational effectiveness of controls over SOX compliance related to i) our ITGCs related to our IT systems; and
ii) the design and implementation of process-level control activities related to the recognition of revenue and costs within our engineering
and construction segment with regards to compliance with IFRS 15 &#8211; Revenue Recognition (IFRS 15).</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
revenue-related control deficiencies resulted in immaterial misstatements to revenue, cost of sales, deferred revenue, work in progress,
accounts receivable and accounts payable that have been corrected in our consolidated financial statements as of and for the years ended
December 31, 2021, and 2020. However, these control deficiencies created a reasonable possibility that a material misstatement to our
annual consolidated financial statements would not be prevented or detected on a timely basis. Therefore, management concluded that the
deficiencies represent material weaknesses in our internal control over financial reporting and our internal control over financial reporting
was not effective as of December 31, 2022. For more information, see &#8220;Item 15. Controls and Procedures.&#8221; A &#8220;material
weakness&#8221; is a deficiency, or combination of deficiencies, in internal controls such that there is a reasonable possibility that
a material misstatement in financial statements will not be prevented or detected in a timely basis.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are in the process of
implementing measures to address these material weaknesses. We may not be able to remediate these identified material weaknesses. Moreover,
we may in the future discover other areas of our internal controls that have material weaknesses or that need improvement, particularly
with respect to businesses that we acquire.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Any
failure to maintain an effective internal control over financial reporting, or implement required new or improved controls, could harm
our operating results or cause us to fail to meet our reporting obligations. If we are unable to conclude that we have effective internal
control over financial reporting, or if our independent registered public accounting firm is unable to provide us with an unqualified
opinion regarding the effectiveness of our internal control over financial reporting, investors could lose confidence in the reliability
of our consolidated financial statements, which could result in a decrease in the value of our ADSs.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
market price of our ADSs may fluctuate significantly, and you could lose all or part of your investment</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">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, quarterly fluctuations, or failure to meet expectations of financial market analysts and investors; the impact
of corruption allegations and investigations; investor perceptions of our prospects or our industries; operating performance of companies
comparable to us and increased competition in our industries; 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.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Substantial
sales of ADSs or common shares could cause the price of our ADSs or common shares to decrease</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Significant
shareholders hold a large number of our common shares. These securities are eligible for sale. The market price of our ADSs could decline
significantly if we or our significant shareholders sell securities in our company or the market perceives that we or our significant
shareholders intend to do so.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
may raise additional capital in the future through the issuance of equity securities, which may result in dilution of the interests of
our shareholders</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
may need to raise additional capital and may opt for obtaining such capital through the public or private placement of common shares,
debt securities or debt securities convertible into our common shares. In such event we may seek to obtain financing through the exclusion
of the preemptive rights of our shareholders, which may dilute the percentage interests of investors in our common shares.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
November 2, 2020, the general shareholders&#8217; meeting of the company approved a financial plan that included (i) the issuance by
the company of convertible bonds in an amount up to US$90 million and (ii) the issuance of corporate bonds in an amount up to US$350
million. On August 13, 2021, AENZA issued bonds convertible into common shares. The total principal amount of the convertible bonds was
US$89.9 million. The bonds mature in February 2024, bear interest at a rate of 8%, and are payable quarterly. Pursuant to the terms and
conditions of the convertible bonds, they may be converted into shares as of the sixth month from the date of issuance. In accordance
with the terms and conditions of the convertible bonds, holders of convertible bonds in a principal amount equivalent to US$11 million
exercised their conversion rights and on February 28, 2022 we issued 37,801,073 new common shares (equivalent to 11,000 convertible bonds).
Additionally, on March 31, 2022, holders of convertible bonds, in a principal amount equivalent to US$79&#160;million exercised their
conversion rights and we issued for an additional 287,261,051 new common shares (equivalent to 78,970 convertible bonds). After these
conversions, the convertible bonds have been fully cancelled.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Holders
of ADSs may be unable to exercise voting rights with respect to our common shares underlying the ADSs at our shareholders&#8217; meetings</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
a holder of ADSs representing common shares being held by the depositary in your name, you 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, in accordance with Peruvian law,
in the official gazette in Peru, a Peruvian newspaper of general circulation and the website of 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, who 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.</span></p><div>

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

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
shareholders&#8217; ability to receive cash dividends may be limited</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
shareholders&#8217; 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,
you may lose some or all of the value of the dividend distribution.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Additionally,
under the terms of the agreement with the Prosecutor&#8217;s Office and with the Attorney General&#8217;s Office, we cannot distribute
dividends until 40% of the civil penalty is paid.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Holders
of ADSs may be unable to exercise preemptive or accretion rights with respect to the common shares underlying their ADSs</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Under
Peruvian corporate law, if we issue new common shares as part of a capital increase, unless otherwise agreed to by holders of 40% of
our subscribed voting common shares and, provided that such capital increase does not favor, directly or indirectly, certain shareholders
to the detriment of others, 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 at the end of a preemptive rights offering, on a pro rata basis,
which is known as accretion rights. You may not be able to exercise the preemptive or accretion rights relating to common shares underlying
your ADSs unless a registration statement under 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, you may receive only the net proceeds from the
sale of your 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.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
are entitled to amend the deposit agreement and to change the rights of ADS holders under the terms of such agreement without the prior
consent of the ADS holders</span></p><div>

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

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Peru
has different corporate disclosure and accounting standards than those you may be familiar with in the United States</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Financial
reporting and securities disclosure requirements in Peru differ in certain significant respects from those required in the United States.
There are also material differences among IFRS, Peruvian GAAP and U.S. GAAP. Accordingly, the information about us available to you will
not be the same as the information available to holders of shares issued by a U.S. company. In addition, the Peruvian Securities Market
Law, which governs open or publicly listed companies, such as us, imposes disclosure requirements that are more limited than those in
the U.S. in certain important respects. Although Peruvian law imposes restrictions on insider trading and price manipulation, applicable
Peruvian laws are different from those in the United States, and the Peruvian securities markets are not as highly regulated and supervised
as the U.S. securities markets.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are a foreign private issuer within the meaning of the New York Stock Exchange (&#8220;NYSE&#8221;) corporate governance standards. Under
NYSE 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 NYSE corporate governance requirements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
example, the NYSE listing standards provide that the Board of Directors of a U.S. listed company must have a majority of independent
directors at the time our 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. The listing standards for the NYSE 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. In addition, NYSE 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.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
NYSE&#8217;s listing standards also require U.S. listed companies to adopt and disclose corporate governance guidelines. In July 2002,
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;Principles of Good Governance for Peruvian Companies.&#8221;
Although we have implemented these measures, we are not legally required to comply with the corporate governance guidelines, only disclose
whether or not we are in compliance.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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</span></p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">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 significant shareholders 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.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Judgments
of Peruvian courts with respect to our common shares will be payable only in soles</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
proceedings are brought in the courts of Peru seeking to enforce our obligations in respect of the common shares, we will not be required
to discharge our obligations in a currency other than soles. Under Peruvian exchange control limitations, an obligation in Peru to pay
amounts denominated in a currency other than soles may be satisfied in Peruvian currency only at the exchange rate, as determined by
the Peruvian Central Bank, in effect on the date the judgment is obtained, and such amounts are then adjusted to reflect exchange rate
variations through the effective payment date. The then prevailing exchange rate may not afford non-Peruvian investors with full compensation
for any claim arising out of or related to our obligations under the ADSs.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If
securities or industry analysts publish unfavorable research about our business or if they cease to follow our business, the price and
trading volume of the ADSs could decline</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
trading market for the ADSs will depend, in part, on the research and reports that securities or industry analysts publish about us or
our business. If one or more of the analysts who covers us downgrades the ADSs or publishes unfavorable research about our business,
the price of the ADSs would likely decline. If one or more of these analysts ceases coverage of our company or fails to publish reports
on us regularly, demand for the ADSs could decrease, which could cause the price and trading volume of the ADSs to decline.</span></p><div>

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

</div><div><a id="r_001"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
4.&#160;INFORMATION ON THE COMPANY</span></p><div>

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

</div><div><a id="r_002"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">A.
History and Development of the Company</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">AENZA,
formerly known as Gra&#241;a y Montero S.A.A., is a leading Peruvian conglomerate with operations in the infrastructure, energy, real
estate and engineering and construction sectors, with a diversified and difficult-to-replicate portfolio of best-in-class assets and
an attractive growth strategy. Our core growth strategy is centered around the expansion of our concession platform, which is the current
concessionaire for the Lima Metro, the largest mass-transit rail system in Peru, operates three toll roads and a wastewater treatment
plant. Also, we have more than 22 years of experience providing services to maintain and operate infrastructure projects, currently operating
and maintaining 1,592.8 km of Peruvian roads and highways.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Moreover,
we are one of the main oil and gas producers and operators in Peru with long-term contracts. Additionally, we operate three producing
oil fields and five multiple fuel storage facilities under long-term government contracts, and we own a gas processing plant. Through
our Energy segment, we accounted for 8% of the oil production, 1.5% of the liquefied petroleum gas (&#8220;LPG&#8221;) production and
19% of the fuel dispatch within Peru during 2022, according to the Ministry of Energy and Mines of Peru (&#8220;MINEM&#8221;).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
we own Cumbra, the largest construction company in Peru in terms of revenues according to Construcci&#243;n Latinoamericana, with more
than 89 years of operations and a long-standing track record for operational excellence. We have completed some of the most complex and
large-scale infrastructure projects in Peru. We believe we are an integral part of Peru&#8217;s ongoing transformation with projects
that contribute to the overall economic development of the country and our expertise, track record, scale and operational capabilities
in Peru position us to take advantage of the country&#8217;s long-term favorable economic conditions and growth opportunities. We are
also a niche leader in the real estate sector, focusing primarily on the affordable housing market.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">With
a permanent presence in Peru, Chile and Colombia, we are strategically located in Latin American countries with among the highest sustained
growth rates in the region. We are well-positioned to capitalize on the significant infrastructure deficit and other business opportunities
in Latin America.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Board of Directors is fully committed with the highest standards of ethics and transparency. The diversity of its members, including
Peruvian, Chilean, Brazilian and Spanish citizens, is a sign of the issuer&#8217;s strategic interest in international growth. Likewise,
our management, led by our CEO Andre Mastrobuono and our corporate vice president Dennis Fernandez, brings experience from across South
America that is highly relevant to the development of our business, including the transformation and turnaround of companies undergoing
restructuring processes. This management team has implemented a new corporate structure organized by processes, focusing on risk management
and synergy generation within the framework of a culture of accountability. We safeguard the health and safety of our workforce and all
the persons participating in our operations and services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
history of the company dates back to 1933, and the company has been listed on the Lima Stock Exchange since 1997 and on the New York
Stock Exchange since 2013:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">The
company traces its origins to its original predecessor, GRAMONVEL, which was founded more than 89 years ago.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">We
expanded our operations internationally in 1943 with our contract to build a Nestle factory in Venezuela.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
1948, we began one of our largest projects since our founding&#8212;the construction of the city of Talara for the International Petroleum
Company, which was completed in 1957.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
1949, GRAMONVEL merged with Morris y Montero to form Gra&#241;a y Montero Contratistas Generales S.A. (now Cumbra, our engineering
and construction subsidiary), expanding its service offerings and increasing its capacity to undertake large-scale infrastructure projects.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
1983, we began a diversification strategy by developing complementary lines of business. In&#160;1984, we founded UNNA Energ&#237;a,
our oil and gas subsidiary. In 1985, we partnered with Sonda S.A. (a Chilean IT services company) to form GMD S.A. (&#8220;GMD&#8221;),
our IT services subsidiary. Beginning in 1987, we founded our real estate development business, which currently operates under Viva,
which was incorporated in 2008.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
1996, we reorganized our subsidiaries and founded Gra&#241;a y Montero S.A.A., which became the principal shareholder of all our subsidiaries.
In 1997, we listed our company on the Lima Stock Exchange.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
1998, our company built Larcomar, a landmark shopping center in Lima that has become a popular tourist destination, which we sold in
2010.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
2003, 2006 and 2007, we were awarded the concessions for the construction, operation and maintenance of the Norvial, Canchaque and Survial
toll roads, respectively.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
2007, we also developed the first large-scale affordable housing project in Lima, consisting of&#160;3,400 apartment units and located
in the district of El Agustino.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
2012, we began operating the Lima Metro.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
July 2013, we listed our company on the NYSE.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
2012 and 2013, we acquired 74.0% and 6.4%, respectively, of Ingenier&#237;a y Construcci&#243;n Vial y Vives S.A. (&#8220;Vial y
Vives&#8221;), an engineering and construction company specializing in the Chilean mining sector. In August 2013, we acquired 86.0% of
DSD Construcciones y Montajes S.A. (&#8220;DSD Construcciones y Montajes&#8221;), a Chilean engineering and construction company specialized
in providing services to the energy, oil and gas, cellulose and mining sectors in Chile and Latin America. In July 2014, our subsidiary
Vial y Vives merged with DSD Construcciones y Montajes to form Vial y Vives-DSD S.A. (&#8220;Vial y Vives-DSD&#8221;), through our subsidiary
GyM Chile SpA, we hold an 86.2% interest in Vial y Vives-DSD. As of the date of this annual report, we hold a 94.5% interest in Vial
y Vives-DSD.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
December 2014, our subsidiary Cumbra acquired 70% of the share capital of Morelco, a Colombian engineering and construction company specialized
in the oil and gas and other energy sectors. As of December 2022, we own 100% of Morelco.</span></td>
</tr></table><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
April 2015, UNNA Energ&#237;a started operations of its hydrocarbon extraction services in Blocks&#160;III and IV for Perupetro, in
the provinces of Talara and Paita in northern Peru.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
2020, Lima Airport Partners awarded our company, as a member of the Inti Punku Consortium, with a contract for the construction of the
second runway of the Jorge Ch&#225;vez International Airport.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
November 2020, the annual shareholders&#8217; meeting of the company approved the change of the company&#8217;s name from Gra&#241;a
y Montero S.A.A. to AENZA S.A.A., and, effective November 12, 2020, our common shares and ADSs became tradeable on the Lima Stock Exchange
and the NYSE, under the ticker symbols &#8220;AENZ&#8221; and &#8220;AENZAC1&#8221;, respectively. We have also re-named certain of our
subsidiaries.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
May 2021, the company entered into a Collaboration and Benefits Agreement (<i>Acuerdo Preparatorio de Colaboraci&#243;n Eficaz y Beneficios)
</i>with Peruvian prosecutorial authorities, setting the amount of S/333.3 million plus US$40.7 million for civil reparations. On September
15, 2022, we signed the Final Collaboration and Benefits Agreement. The validity of the agreement is subject to consent (control of legality)
by the Judiciary, and its specific terms and conditions are subject to confidentiality.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
August 2021, IG4 Capital Infrastructure Investments LP successfully concluded its public tender over the company&#8217;s shares and ADSs,
becoming a significant shareholder of the company. A new, diverse Board of Directors was elected, and a new CEO, with 25 years of experience
in infrastructure and capital-intensive industries, has been appointed. The newly appointed board and CEO are undertaking a turnaround
process of the company.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
August 2021, we issued bonds convertible into common shares (the &#8220;Convertible Bonds&#8221;), raising US$89.9 million in proceeds.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
September 2021, Cumbra, as a member of the Inti Punku consortium, was awarded with a contract for the construction for the expansion
of Lima&#8217;s airport passenger terminal. This is the second mayor project that we have with our client Lima Airport Partners.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
February and March 2022, 100% of the bondholders of our Convertible Bonds exercised their conversion rights. As a result, our capital
stock has increased to S/1,196,979,979 as of December&#160;31, 2022.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
March 2022, we entered into a bridge loan agreement for up to US$120 million.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">AENZA
is a publicly-held corporation (sociedad an&#243;nima abierta) organized under the laws of Peru. Our principal executive office is
located at Avenida Petit Thuars 4957, Miraflores, Lima, Peru, and our main telephone number is +511-213-6565. Our website address is
<span style="text-decoration:underline">www.aenza.com.pe</span>. Information contained on, or accessible through, our website is not incorporated in this annual report, and
you should not consider any such information part of this annual report. The SEC maintains a website (http://www.sec.gov) that contains
reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
information on our organizational structure, see &#8220;Item 4.C. Information on the Company&#8211;Organizational Structure.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
information on our capital expenditures and divestitures, see &#8220;Item 5.B. Operating and Financial Review and Prospects&#8212;Liquidity
and Capital Resources&#8212;Capital Expenditures.&#8221;</span></p><div>

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

</div><div><a id="r_003"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">B.
Business Overview</span></p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have a diversified portfolio of business units that includes a leading infrastructure management and development platform in Peru, one
of the top oil and gas companies in Peru, a leading position in the affordable housing market in Peru and the largest engineering and
construction company in Peru with permanent presence in Colombia and Chile.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
tables below show our backlog, revenues, adjusted EBITDA and loss for the year from 2020 to 2022.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
2022, we generated revenues of S/4,405.1 million (US$1,153.2 million), adjusted EBITDA of S/173.3 million (US$45.4 million), and loss
of the year of S/362.1 million (US$94.8 million).</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Our
Strengths</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
believe our company&#8217;s strengths provide us with significant competitive advantages. Our principal strengths include the following:</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Leading
Presence with a Strong Legacy</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are a leader in the infrastructure sector in Peru, with a diversified and difficult-to-replicate portfolio of best-in-class assets and
an attractive growth strategy. Our concession platform is the concessionaire for the Lima Metro, the largest mass-transit rail system
in Peru, and operates three toll roads and a waste water treatment plant. Also, we have more than 22 years of experience providing services
to maintain and operate infrastructure projects, currently operating and maintaining 1,592.8 km of Peruvian roads and highways.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
the energy side, we are one of the largest oil and gas producers and operators in Peru with long-term contracts. We operate three producing
oil fields and five multiple fuel storage facilities under long-term government contracts, and we own a gas processing plant. Through
our Energy segment, we accounted for 8% of the oil production, 1.5% of the LPG production and 19% of the fuel dispatch within Peru during
2022, according to MINEM.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are also the largest construction company in Peru, with more than 89 years of operations and a long-standing track record for operational
excellence. We have completed some of the most complex and large-scale infrastructure projects in the country, and we believe we are
an integral part of Peru&#8217;s ongoing transformation with projects that contribute to the overall economic development of the country.
We believe our expertise, track record, scale and operational capabilities in Peru position us to take advantage of the country&#8217;s
long-term favorable economic conditions and growth opportunities. We are also a niche leader in the real estate sector, focusing primarily
on the affordable housing market.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Resilient
Cash Flow Generation from High-Quality Asset</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
assets have proven to be consistent, generating positive and stable results over the years. Indeed, Lima Metro&#8217;s revenues do not
depend on demand as our revenues consist of a quarterly fee that we receive from the Ministry of Transport and Communications based on
the kilometers travelled per train and adjusted for inflation. This concession still has 19 years left and generated dividends of US$12.1
million in 2022 and an adjusted EBITDA US$27.8 million in 2022, with limited capital expenditures of US$12.1 million.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Moreover,
under our Norvial concession, we operate and maintain part of the only major highway that connects Lima to the north of Peru. Norvial&#8217;s
revenues have proven to be stable as the toll rate is adjusted in accordance with a contractual formula that considers the sol/U.S. dollar
exchange rate and Peruvian and U.S. inflation. Furthermore, traffic is resilient as the road is highly transited both by heavy vehicles,
primarily for the purpose of transporting goods, and by passenger vehicles. Finally, Norvial charges toll fees in both directions, unlike
other toll roads in Peru.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
energy platform is one of the largest oil and gas producers and operators in Peru with long-term contracts. On the extraction side, we
see limited demand risk given oil deficit in Peru and the fact that for the two most relevant blocks (III and IV) UNNA Energia sells
the oil to Petroperu (Quasi-Government entity &#8211; BB+ by Fitch Rating), a solid off-taker backing expected cash flow. Moreover, our
activities are focused on proved reserves development and production and are conducted in mature oil fields, which have been producing
oil for over 100 years in the case of Block I, over 95 years in the case of Block III, over 95 years in the case of Block IV, and over
50 years in the case of Block V. As such, we believe our activities in these fields bear limited exploration risk.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Well-Positioned
in Strategic Locations</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">With
a presence in Peru, Chile and Colombia, we are strategically located in Latin American countries known for their business-friendly policies,
with relative macroeconomic stability and among the highest sustained growth rates in the region. We are well-positioned to capitalize
upon the significant infrastructure deficit and other business opportunities in Latin America.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Best-in-class
Corporate Governance</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Board of Directors is fully committed to the highest standards of ethics and transparency. The diversity of its members, including Peruvian,
Chilean, Brazilian and Spanish citizens, is a sign of the company&#8217;s strategic interest in international growth. Likewise, our management,
led by our CEO Andre Mastrobuono and our corporate vice president Dennis Fernandez, has implemented a new corporate structure organized
by processes, focusing on risk management and synergy generation within the framework of a culture of accountability. Our board includes
representatives from our largest shareholders, three independent directors and a female member for the first time in our history. In
addition to its plenary sessions, our board is organized into four committees: the Audit and Compliance Committee, the Talent Committee,
the Finance, Risks, and Investments Committee, and the Environmental, Social and Governance Committee. This organization allows for comprehensive
corporate oversight.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Highly
Experienced Management, Talented Engineers and Skilled Workforce</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
management team, led by our CEO Andre Mastrobuono and our corporate vice president Dennis Fernandez, brings experience from across South
America that is highly relevant to the development of our business, including the transformation and turnaround of companies in restructuring
processes. Our CEO has demonstrated experience turning around companies across the region in the infrastructure, oil and gas, real estate
and other industries. He has overseen several companies undergoing transformations and has successfully led their restructuring processes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
management team has implemented a new corporate structure organized by processes, focusing on risk management and synergy generation
within the framework of a culture of accountability. In addition, we motivate our management through performance-based compensation,
which align their interests with those of our shareholders. Through our efforts to attract, train and retain our workforce, we have built
a talented team of employees, including more than 1,500 engineers. We also have access to a network of approximately 43,000 manual laborers
throughout Peru that can supplement our workforce when required by our construction pipeline. Thanks to our extensive and talented team,
we have the capability and scale to undertake large and complex projects in Peru and elsewhere.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
safeguard the health and safety of our collaborators and of all the persons participating in our operations and services. To that end,
we provide safe work conditions, we manage risks in a timely manner, and we promote a culture of prevention, starting from the leadership
and commitment of our senior management. In 2022, we had an accident incidence rate of 0.17%, calculated over 200,000 hours worked.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Significant
Backlog</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
backlog amounted to S/5,327.6 million (US$1,394.7 million) as of December 31, 2022. We believe that our backlog, which as of December
31, 2022 represented approximately 1.2x of our related 2022 revenues, provides visibility as to our potential for growth in the coming
years, although backlog may not always be an accurate indicator of future revenues. See &#8220;Item 3.D. Key Information&#8212;Risk Factors&#8212;Risks
Related to our Company&#8212;Our backlog and our ratio of historical backlog to revenues may not be reliable indicators of future revenues
or profit.&#8221; Moreover, we believe our backlog is strategically targeted to our key end-markets such as mining, infrastructure, power,
energy and real estate. Approximately 52.9% of our backlog across our segments as of December 31, 2022 is comprised of contracts with
the private sector. Furthermore, we continuously evaluate bidding on contracts arising from the significant ongoing private and public
investments in Latin America.</span></p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
overall strategy is to strengthen our business units, with the goal of becoming one of the leading Latin American infrastructure development
platforms. We recognize that Peru, as well as the rest of Latin America, faces a significant infrastructure deficit that limits the overall
growth of the region. We believe that Latin American governments also recognize this deficiency and will seek to invest heavily in this
sector over the next years, a situation we expect will provide important growth opportunities for our company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Considering
the high entry barriers that the infrastructure business entails, the company&#180;s plan is to build on top of its leadership as an
infrastructure company in Peru, expanding its business to nearby countries like Chile, Colombia, and Brazil, through new concessions
and public-private partnerships (&#8220;PPPs&#8221;), while also considering the possibility of inorganic growth through the acquisition
of concessions and PPPs from third parties. To achieve this, we intend to participate in new tenders and acquisitions in Peru and other
countries in the region, including Chile, Colombia and Brazil, with the goal of creating one of the largest regional platforms for the
development of infrastructure projects.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, as part of our strategy for the next years, we will also enhance our other business units. Our Real Estate business will seek
to grow in the affordable housing sector. Our E&amp;C segment will work to consolidate its position in Chile and Colombia and continue
to strengthen its focus in Peru, while we explore options for a strategic partnership. In our Energy business we will continue to deliver
refined hydrocarbons from the terminals that we operate, and we will seek to advance production from Blocks III and IV and our gas plant
in Talara.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
strategy for the next years is to focus on the following initiatives:</span></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; text-align: justify">
<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: justify"><span style="font-family: Times New Roman, Times, Serif">full
and timely compliance with our legal and civil commitments to the Peruvian public prosecutor (<i>fiscal&#237;a</i>) and the Peruvian
attorney general (<i>procuraduria</i>), including payment of civil reparations and/or fines according to the schedule agreed with these
two institutions;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">enhancing
our compliance best practices, including the continued strengthening of a strong compliance structure, policies, procedures and training
in line with the U.S. Foreign Corrupt Practices Act and other applicable anti-corruption and anti-money laundering rules and regulations,
supported by the redesign and implementation of new committee structures;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">strengthening
the company&#8217;s corporate governance structure with best practices, including changes to the organization of our Board of Directors,
which now consist of four committees, that will allow for a comprehensive corporate oversight and demonstrate the company&#8217;s commitment
to the highest corporate governance standards; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">financial
restructuring, including the restructuring of project finance and other long-term debt, the increase of capital of certain subsidiaries
and the issuance of long-term bonds in the local and international capital markets.</span></td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Infrastructure</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are an important toll road concessionaire in Peru, operating three toll roads. Moreover, we are the concessionaire for the Lima Metro,
the largest mass-transit rail system in Peru, and a wastewater treatment plant. Also, we provide services to maintain and operate different
infrastructure projects.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; 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 -->43<!-- 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; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
table below sets forth selected financial information for our Infrastructure business segment. This segment includes Norvial, Survial,
Canchaque, UNNA Transporte, Line 1 of the Lima Metro, La Chira and Via Expresa Sur.</span></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><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">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of and for the year ended December 31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <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: 52%">Revenues</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">(Loss) profit for the year</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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    <td style="text-align: left">&#160;</td><td style="text-align: right">(4.4</td><td style="text-align: left">%)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">14.3</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">adjusted EBITDA</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">99.2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">194.7</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">adjusted EBITDA margin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12.2</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">22.4</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">Backlog (in millions of S/)<sup>(2)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,784.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>Backlog/revenues ratio<sup>(2)</sup></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></tr>
  </table><div>


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

</div><!-- Field: Rule-Page --><div style="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: justify; text-indent: 0.5in"></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"><sup>(1)</sup></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Calculated
based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><sup>(2)</sup></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
more information on our backlog, see &#8220;&#8212;Backlog.&#8221; Does not include our Norvial toll road concession. Backlog is calculated
as of the last day of the applicable year. Revenues are calculated for such year and converted into U.S. dollars based on the exchange
rate published by the SBS on December 31 of the corresponding year. Includes revenues only for businesses included in backlog.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
strategy for our infrastructure segment is to leverage our leadership position as an infrastructure company in Peru and to expand our
business into nearby countries such as Chile, Colombia, and Brazil. We look to grow both organically and inorganically via the acquisition
of existing assets across the region to become a leading concession development platform in the region. Considering the significant infrastructure
deficit in Latin America and the high entry barriers to the infrastructure business, our acquired know-how and the synergy between the
concessions and our in-house operating and maintenance company (including providing construction services to other subsidiaries, negotiating
energy contracts with suppliers, and UNNA Transporte providing services to other concessions) positions us to take advantage of opportunities
and expand our current geographical footprint. The following table shows selected information about our current concessions and long-term
contracts as of December 31, 2022.</span></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><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="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Project</td><td style="padding-bottom: 1.5pt; white-space: nowrap; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Year<br/>
 Granted</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; white-space: nowrap; font-weight: bold">&#160;</td>
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 Operations</p></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; white-space: nowrap; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Toll Roads:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#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: center">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 25%"><span style="font-size: 10pt">Norvial<sup>(1)</sup></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: center">2003</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: center">2003</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: center">2028</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: 8%; text-align: right">67.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in">Survial</td><td>&#160;</td>
    <td style="text-align: center">2007</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: center">2006</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">2010</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: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">2012</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: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#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: center">&#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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><!-- Field: Rule-Page --><div style="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: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
                                            June 2018, the company transferred economic rights over 48.8% of the share capital of Norvial
                                            to Inversiones en Autopistas S.A. by transferring its Class B shares. Our company continues
                                            to hold 67% of voting rights of Norvial and an economic interest of 18.2% of Norvial&#8217;s
                                            share capital. JJC Contratistas Generales S.A. owns 16.80% and Inversiones en Infraestructura
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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: center"></p><div>

</div><!-- Field: Page; Sequence: 48; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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"></p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Principal
Infrastructure Lines of Business</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Toll
Roads</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Peru&#8217;s
economic development is underpinned by a strong government commitment to infrastructure investment, with a particular focus on improving
the country&#8217;s road system through the award of new concessions to the private sector. We believe this commitment offers significant
opportunities to our Infrastructure segment. The following map shows the location of the Norvial road in Peru.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_002.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Infrastructure segment currently has three toll road concessions through our subsidiaries Norvial, Survial and Canchaque. All three toll
roads are currently in operation, and we have the authorizations, permits and licenses necessary to fulfill our obligations under each
concession, including releases of rights of way. All of our toll road concessions have utilized the construction services of our E&amp;C
segment and the roads are currently operated and maintained by our subsidiary UNNA Transporte. The table below sets forth selected financial
information relating to our toll roads.</span></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><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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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">132.4</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">adjusted EBITDA margin</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">46.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">40.7</td><td style="text-align: left">%</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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><!-- Field: Rule-Page --><div style="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 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Calculated
                                            based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.</span></td></tr></table><div>

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

</div><!-- Field: Page; Sequence: 49; 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 -->45<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 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"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
charts below set forth the breakdown of our revenues, profit of the year, and adjusted EBITDA from our toll road concessions for 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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" style="width: 680px"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Norvial</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Under
our Norvial concession, we operate and maintain part of the only major highway that connects Lima to the northwest of Peru. This 183-km
road, known as Red Vial 5, runs from the cities of Anc&#243;n to Pativilca and has three toll stations. The concession was awarded
to Norvial in 2003 for a 25-year term. In June 2018, the company transferred economic rights over 48.8% of the share capital of Norvial
to Inversiones en Autopistas S.A. by transferring its Class B shares. Our company continues to possess 67% of voting rights of Norvial
and an economic interest of 18.2% of Norvial&#8217;s share capital. JJC Contratistas Generales S.A. owns 16.80% and Inversiones en Infraestructura
Peru SAC owns 16.20%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Norvial&#8217;s
revenue derives from the collection of tolls. For the Norvial toll road, the toll rate is set out in the Norvial concession agreement
and adjusted in accordance with a contractual formula that takes into account the sol/U.S. dollar exchange rate and Peruvian and U.S.
inflation. We are required to transfer 5.5% of our monthly toll revenue to the Peruvian Ministry of Transport and Communications and
pay a 1% regulatory fee to the Peruvian Supervisory Agency for Investment in Public Transportation Infrastructure.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
obligations under the concession include expanding the already existing road by, among other things, adding two additional lanes. The
first stage of construction was completed in 2008, and the second stage commenced in the second quarter of 2014 and was completed by
the end of 2019. The capital investment for the second stage was US$88.6 million (S/322.7 million).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Unlike
other toll roads in Peru, Norvial charges toll fees in both directions. Our road is highly transited both by heavy vehicles, primarily
for the purpose of transporting goods, and also by passenger vehicles, which typically use the road to access tourist destinations. In
June 2018, we signed an investment agreement with BCI Peru to monetize future dividends of Norvial. The amount of the transaction was
US$42.3 million, the proceeds of which were applied to the reduction of indebtedness related to GSP. In May 2020, the Peruvian Congress
suspended the payment of tolls on roads during the initial period of COVID-19 quarantine. Although the Peruvian Constitutional Court
struck down the statute effective June 30, 2020, we have yet to collect compensation for tolls which were suspended during that period.
The following table sets forth average daily traffic volume and average toll fees charged for vehicle equivalents in respect to the Norvial
toll road concession for 2020, 2021 and 2022.</span></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><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">
    <td style="text-align: center">&#160;</td><td style="text-align: center; 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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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">24.072</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">31.260</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; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">16.09</td><td style="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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><!-- Field: Rule-Page --><div style="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 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Each
                                            automobile is counted as one equivalent vehicle and commercial vehicles (such as trucks or
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

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

</div><!-- Field: Page; Sequence: 50; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Under
our Survial concession, we operate and maintain a 758 km road from the San Juan de Marcona port to Urcos, Peru, which is connected to
an interoceanic road that runs up to the Peruvian-Brazilian border. The road has five toll stations and three weigh stations. The concession
was awarded to Survial in 2007 for a 25-year term. We own 99.9% of Survial. The following map shows the location of the road in Peru.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: center"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="image_004.jpg"/></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
obligations under the concession include the construction of the road, which was completed in 2010.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
revenue from this concession consists of an annual fee paid to Survial by the Peruvian Ministry of Transport and Communications in consideration
for the operation and maintenance of the road, which fee can vary depending on the amount of maintenance required due to road damages.
In 2020, 2021 and 2022, the fee amounted to US$16.2 million (S/58.6 million), US$8.5 million (S/34.1 million), and US$20.2 million (S/77.0
million), respectively. Our revenue in this concession does not depend on traffic volume.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Additional
revenues of the concession are generated from the execution of additional works, work we perform as a result of catastrophic events and
emergency maintenance. These revenues are billed when approval is received from the grantor and/or the regulator of the work in progress.
In 2020, 2021 and 2022, the additional revenues amounted to US$0.6 million (S/2.1 million), US$0.3 million (S/1.0 million) and US$0.02
million (S/0.1 million), respectively.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Canchaque</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Under
our Canchaque concession, we operate and maintain a 77 km road from the towns of Buenos Aires to Canchaque, in Peru. The road has one
toll station. The concession was awarded to Canchaque in 2006 for a 15-year term, and operations commenced in 2010. We own 99.96% of
Canchaque. Our obligations under the concession include the construction of the road, which was completed in 2009. Our revenue from this
concession consists of an annual fee paid by the Peruvian Ministry of Transport and Communications in consideration for the operation
and maintenance of the road, which fee can vary depending on the amount of road maintenance required due to road wear and tear. In 2020,
2021 and 2022, the fee amounted to US$1.3 million (S/4.9 million), US$1.3 million (S/5.2 million), and US$1.4 million (S/5.2&#160;million),
respectively. Our revenue in this concession does not depend on traffic volume.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; 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 -->47<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Additional
revenues of the concession are generated from the execution of additional works, work we perform as a result of catastrophic events and
emergency maintenance. These revenues are billed when approval is received from the grantor and/or the regulator of the work in progress.
In 2020, 2021 and 2022, the additional revenues amounted to US$0.6 million (S/2.3 million), US$3.6 million (S/14.5 million) and US$0.03
million (S/0.1 million), respectively.</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Mass
Transit</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
2011, we were awarded a 30-year concession for the operation of Line 1 of the Lima Metro, Peru&#8217;s only urban railway system. The
concession was awarded to our subsidiary L&#237;nea 1, in which we hold a 75% ownership interest, with the other 25% being held by
Ferrov&#237;as Participaciones S.A. Our obligations under the contract include: (i) the operation and maintenance of the five trains
provided by the government; (ii) the acquisition of 19 new trains on behalf of the Peruvian government, which will be the legal owner
of such trains; (iii) the operation and maintenance of the 19 new trains (24 trains in the aggregate); and (iv) the design and construction
of the railway maintenance and repair yard, which was built by our E&amp;C segment. The construction of the second stretch of Line 1
was completed in July 2014, and started operations on July 25, 2014.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
entered into the fourth addendum to the Lima Metro concession contract on July 11, 2016, in order to expand the transportation capacity
of Line 1. In accordance with the fourth addendum, the expansion project involves: (i) the purchase of 20 new trains with five-car from
Alstom; (ii) the purchase of 39 new cars from Alstom, to be coupled with the 19 existing Alstom trains and the 20 new Alstom trains,
resulting in a consolidated fleet of 39 Alstom trains with a six-car configuration; and (iii) the expansion and improvement of the existing
infrastructure, including revamping and improvement of five stations, improvements in the electrical systems, a new access route to the
maintenance workshop and new switches on the main track. The construction of the expansion of the infrastructure was carried out by our
E&amp;C segment and completed by the end of 2018, with the additional trains and rail cars delivered by the end of 2019.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
map below shows the route of Line 1.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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_005.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: justify; 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 -->48<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
2022, L&#237;nea 1 spent a total of S/46.3 million (US$12.1 million) in capital expenditures in connection with the Lima Metro.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
revenue from this concession consists of a quarterly fee that we receive from the Ministry of Transport and Communications based on the
kilometers travelled per train and adjusted for inflation, with the fee per kilometer, the number of trains required to be in operation
and the number of kilometers that we are required to travel established by the terms of the concession. Our revenues do not depend on
passenger traffic volume.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, we operated 44 trains (including four backup trains), which we expect to enable us to travel 4,811,779.65 kilometers
per year. The average frequency of the trains is 3 to 10 minutes, depending on the schedule and the price per kilometer traveled is,
for our original 24 trains, S/96.84, and for our 20 newer trains,&#160;S/63.25.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the concession, we must comply with certain requirements in the operation of the trains. According to the concession, at least 95%
of our trains must be running and available for use and not less than 85% of our trains that are available for use must arrive to destination
on scheduled time. The table below shows our monthly average results during 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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_006.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></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_007.jpg"/>&#160;</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Water
Treatment</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
2010, we were awarded a 25-year concession for the construction, operation and maintenance of La Chira wastewater treatment plant in
the south of Lima. The project is aimed at addressing Lima&#8217;s environmental problems caused by sewage discharged directly into the
sea. We hold a 50% share in this concession and our partner Acciona Agua holds the remaining 50%. The plant began operations in June
2016.</span></p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">La
Chira&#8217;s total investment in the concession was S/250 million (US$74.4 million). La Chira is entitled to collect (i) an annual payment
for the investment made in the construction of the project for an amount of S/24.2 million (approximately US$7.1 million), and (ii) and
annual payment for the operation and maintenance of the project for an amount of S/8.5 million in 2022. These fees are paid by Sedapal
S.A., the public utility company responsible for the supervision of the water service in Lima, for a period of 25 years. We funded our
construction costs related to La Chira through the sale of government certificates to financial institutions, and, as a result, will
not receive future cash flows from item (i). See &#8220;Item 5.A. Operating and Financial Review and Prospects&#8212;Operating Results&#8212;Factors
Affecting Our Results of Operations&#8212;Infrastructure.&#8221; A joint operation in which our E&amp;C segment participated in the construction
of the wastewater treatment plant.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Operation
and Maintenance of Infrastructure Assets</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
began providing our operation and maintenance of infrastructure assets services in 1994 when we were awarded the concession for the Arequipa
Matarani highway in southern Peru. With this experience, in 2003, we began providing operation and maintenance services to Norvial. In
2007, the Peruvian government-initiated Proyecto Peru, a program aimed at maintaining roads not under concession to ensure their longevity.
Proyecto Peru allowed us to develop new business opportunities providing maintenance services to more than 4,000 km of public roads in
Peru.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
revenue in the operation and maintenance of infrastructure assets is generated either from fees we charge to Norvial, Survial, Canchaque,
Chinchaypujio and the Line 1 to operate and maintain our concessions or from government payments through maintenance service contracts
we have been awarded. As depicted in the chart below, we operate and maintain 1,592.8 km of Peruvian roads and highways, including our
own highway concessions, in addition to the Line 1.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-align: center"><span style="font-family: Times New Roman, Times, Serif">Operation
and Maintenance of Infrastructure Assets</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-align: center"><span style="font-family: Times New Roman, Times, Serif">Total
1,592.8 KM</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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_008.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: 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 -->50<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 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"><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: center"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
below map illustrates the roads in Peru for which we currently provide operation and maintenance services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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_009.jpg"/></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: bottom">
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 48%"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Project</span></p></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; white-space: nowrap; width: 49%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Km</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">Survial</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">757.64</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">Canchaque</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">76.9</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">Norvial</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">182.52</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">L&#237;nea
    1</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">33.00</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">Atico</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">334.70</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">Chinchaypujio</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">208.08</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
provide the following road operation and maintenance services:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Routine
Maintenance</i></b>. These services aim to preserve roads through ongoing maintenance, including road demarcation, cleaning, drainage,
road fissure treatment which seals cracks in roads to prevent water infiltration, slurry sealing and micro-paving which seals asphalt
to prevent aging and improve resistance to water and surface wear.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Periodic
Maintenance</i></b>. These services entail activities that are performed periodically, intended to prevent the occurrence or exacerbation
of defects, conserve the structural integrity of roads and correct major defects.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Emergency
maintenance</i></b>. This maintenance work is performed whenever the need arises such as when natural disasters damage road surfaces.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
also administer toll stations and weighing stations, offer road patrolling services, operate assistance call centers and provide emergency
medical services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; 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: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
operation and maintenance services we provide to the Lima Metro aim to preserve the mass transit system through ongoing maintenance,
including cleaning of the trains and stations and providing train operators, among other services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">With
respect to operation and maintenance contracts with the Peruvian government, we obtain new contracts through public bidding. With respect
to contracts with our Infrastructure segment, we participate in direct negotiation. Contract length typically ranges from three to five
years.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Competition</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
ability to grow through successful bids for new infrastructure concessions or other long-term contracts could be affected as a result
of competition. We view our competition as including both Peruvian and international infrastructure concession operators including joint
operations with partners with specialized expertise in the relevant sector. Competition varies on a case-by-case basis, depending on
the main purpose of the concession.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Energy</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
operate three producing oil fields and five multiple fuel storage facilities under long-term government contracts, and we own a gas processing
plant.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
table below sets forth selected financial information for our Energy segment.</span></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><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">&#160;</td><td style="text-align: center; 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 style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Revenues</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; ">
    <td style="text-align: left">Net profit margin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10.7</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10.1</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10.1</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">adjusted EBITDA</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">109.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">173.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">184.2</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">adjusted EBITDA margin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">29.6</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">32.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">29.1</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">29.1</td><td style="text-align: left">%</td></tr>
  </table><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><!-- Field: Rule-Page --><div style="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"></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"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Calculated
                                            based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
strategy is to develop the oil reserves of Block III and IV, to consolidate our storage business, and to look for new opportunities in
the natural gas business. Through our Energy segment, we have participated with 8% of the oil production, 1.5% of the liquefied petroleum
gas (LPG) production and 19% of the fuel dispatch within Peru during 2022, according to the Ministry of Energy and Mines of Peru (MINEM).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table shows selected information for our Energy business as of December 31, 2022.</span></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><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; text-indent: -0.125in; padding-left: 0.125in; white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid">Project</td><td style="padding-bottom: 1.5pt; white-space: nowrap; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Year<br/> Granted</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; white-space: nowrap; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Initiated<br/>
 Operations</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; white-space: nowrap; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Energy:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#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: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 20%; text-align: left">Block V</td><td style="width: 1%">&#160;</td>
    <td style="width: 7%; text-align: center">1993</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 7%; text-align: center">1993</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 7%; text-align: center">2023</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 30%; text-align: center">Avg. daily production of 105 bbl (2022)</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: center">&#160;</td><td style="width: 9%; text-align: center"><span style="font-size: 10pt">Operating</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Block III</td><td>&#160;</td>
    <td style="text-align: center">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">2045</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Avg. daily production of 627 bbl (2022)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100.0</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="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Block IV</td><td>&#160;</td>
    <td style="text-align: center">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">2015</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">2045</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Avg. daily production of 2,331 bbl (2022)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-size: 10pt">Operating</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">2006</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">2006</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">N/A</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Avg. daily processing capacity of 31.68&#160;MMcf</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-size: 10pt">Operating</span></td><td style="text-align: left">&#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">North and Central Fuel Terminals</td><td>&#160;</td>
    <td style="text-align: center">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">2014</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">2034</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Aggregate storage capacity&#160;&#160;of 2,695&#160;Mbbl</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-size: 10pt">Operating</span></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: justify; 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: justify; 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 -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
currently operate three energy businesses within our Energy segment:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Exploration
                                            and Production: We have been operating and extracting oil from four onshore fields (Block
                                            I, Block III, Block IV and Block V) located in the provinces of Talara and Paita in northern
                                            Peru. We had two hydrocarbon extraction service contracts with Perupetro, the Peruvian entity
                                            responsible for the administration and supervision of all exploration and production contracts
                                            in Peru, under which we have been operating two oil producing fields, Block I which expired
                                            on December 26, 2021 and Block V that will expire in October 2023. In addition, we have two
                                            long-term license contracts with Perupetro, a state-owned oil and gas company, for two other
                                            blocks, Block III and IV, which started operations in April 2015 and oil production from
                                            these blocks is sold to Petroperu. During 2022, the oil production of our four blocks was
                                            approximately 3,063 bbl per day on average.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Natural
                                            Gas: We own and operate a natural gas processing plant located in northern Peru, which processes
                                            and fractions natural gas, sells the liquids and delivers dry gas to a gas-fired power generation
                                            company under a long-term processing and fractionation agreement.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(iii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Transport
                                            and Distribution: We are a 50% partner in Terminales del Peru, a consortium which has a contract
                                            with Petroperu to operate and maintain five fuel storage terminals until 2034.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, we are a 50% partner in Oil Tanking Andina Services S.A.C. (&#8220;OTAS&#8221;). This subsidiary operates a fuel terminal named
Terminal Marino Pisco Camisea under a contract subscribed with Pluspetrol to operate an export terminal for gasoline, diesel, propane
and butane. Additionally, through OTAS, we are also a 25% partner in Log&#237;stica Qu&#237;micos del Sur S.A. (&#8220;LQS&#8221;),
which operates the Terminal de Qu&#237;micos de Matarani and which dispatched 57,508 tonnes of sodium hydrosulfide for international
mining companies in 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
pie charts below set forth the breakdown of our revenues, net income before minority interest and adjusted EBITDA from our Energy segment
for&#160;2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_010.jpg" style="height: 114px; width: 631px"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Oil
and Gas Production</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have been operating and extracting oil from four mature fields (Blocks I, III, IV and V) located in the provinces of Talara and Paita
in northern Peru. Two of these fields, Blocks I and V, have been operated under service contracts under which we provide hydrocarbon
extraction services to Perupetro. Hydrocarbons extracted from these two blocks belong to Perupetro, which in turn pays us, once a month,
a variable fee per barrel of extracted hydrocarbons. This extraction fee is based on a basket of international crude prices and the level
of production. The service contract of Block I expired on December 26, 2021 and the Block V contract will expire on October 2023. The
other two fields, Blocks III and IV, are operated under long-term license contracts with Perupetro. The hydrocarbons extracted are owned
by our subsidiary UNNA Energ&#237;a, who sells the oil to Petroperu based on the average prices of three international crude oil prices:
Fortis, Suez Blend and Oman Blend crudes. UNNA Energ&#237;a pays royalties, to Perupetro, calculated in accordance with a contractual
formula that accounts for price, volume, income and expenses of each block. Our activities are focused on proved reserves development
and production and are conducted in mature oil fields, which have been producing oil for over 100 years in the case of Block I, over
95 years in the case of Block&#160;III, over 95 years in the case of Block IV, and over 50 years in the case of Block V. We believe our
activities in these fields bear limited exploration risk.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; 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 -->53<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table shows selected information about our fields.</span></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><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; white-space: nowrap; text-align: left; font-weight: bold">Property</td><td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Basin</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">UNNA<br/>
 Energ&#237;a&#8217;s<br/>
 Ownership</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Expiration</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Developed<br/>
 Acres</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Undeveloped<br/>
 Acres</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 41%; text-align: left">Block I (terminated)</td><td style="text-align: right; width: 1%; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; width: 1%; text-align: right">&#160;</td><td style="vertical-align: top; width: 9%; text-align: center">Talara</td><td style="vertical-align: top; width: 1%; text-align: right">&#160;</td><td style="text-align: right; width: 1%; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; width: 1%; text-align: right">&#160;</td><td style="vertical-align: top; width: 9%; text-align: right">100</td><td style="vertical-align: top; width: 1%; text-align: right">%</td><td style="text-align: right; width: 1%; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; width: 9%; text-align: center">December&#160;2021</td><td style="vertical-align: top; width: 1%; text-align: right">&#160;</td><td style="text-align: right; width: 1%; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; width: 1%; text-align: right">&#160;</td><td style="vertical-align: top; width: 9%; text-align: right">25,154</td><td style="vertical-align: top; width: 1%; text-align: right">&#160;</td><td style="text-align: right; width: 1%; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; width: 1%; text-align: right">&#160;</td><td style="vertical-align: top; width: 9%; text-align: right">4,110</td><td style="vertical-align: top; width: 1%; text-align: right">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Block III</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">Talara</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: center">2045</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,475</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39,254</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">Block IV</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">Talara</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: center">2045</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,240</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47,776</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Block V</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">Talara</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: center">2023</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,880</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20,502</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: justify; 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 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Block
I:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
operated and extracted oil and natural gas from Block I under a 30-year hydrocarbon extraction service contract with Perupetro, which
was extended for an additional 10-year term and expired on December 26, 2021. Average daily production during 2021 was 537 barrels of
crude oil. We operated 205 wells using various oil extraction systems and operated a network of production batteries and pipelines to
collect, measure and deliver oil in a control point close to the Talara refinery. The field is located in the province of Talara, department
of Piura, in northern Peru, approximately five miles from the Talara refinery, the second largest refinery in the country. Block I is
the oldest oil producing field in Peru and has been producing oil since around 1890. Perupetro has signed an agreement with Petroperu
which has taken over the operation of this field.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Block
III:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
operate and extract oil and natural gas from Block III under a 30-year license agreement with Perupetro, which expires in April 2045.
Average daily production during 2022 was 627 barrels of crude oil. We operate 172 wells using various oil extraction systems and operate
a network of production batteries and pipelines to collect, measure and deliver oil in a control point close to the Talara refinery,
which purchases the oil according to a contract based on an average price of three international crude oil prices: Fortis Blend, Suez
Blend and Oman crudes, as adjusted by certain factors. The field is located between the provinces of Talara and Paita, department of
Piura, in northern Peru, approximately 43 miles from the Talara refinery. Our principal capital expenditure commitment under this agreement
consists of (i) the Exploitation Phase (years 2-11): Drill 23 development wells per year (230 wells); and (ii) Exploitation Phase 2 (years
12-26): Drill at least 10% of the locations of proved undeveloped reserves identified in the reserves report submitted yearly to Ministry
of Energy and Mines. In 2022, we started the first drilling campaign (out of ten campaigns) and completed nineteen of the twenty-three
wells with a capital expenditure of US$18.6 million. The estimated average capital expenditure per well is US$1 million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Block
IV:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
operate and extract oil and natural gas from Block IV under a 30-year license agreement with Perupetro, which expires in April 2045.
Average daily production during 2022 was 2,331 barrels of crude oil. We operate 359 wells using various oil extraction systems and operate
a network of production batteries and two pipelines to collect, measure and deliver oil in a control point close to the Talara refinery,
which purchases the oil according to a contract based on an average price of three international crude oil prices: Fortis Blend, Suez
Blend and Oman crudes, adjusted for costs related to hydrocarbon transportation. The field is located in the province of Talara, department
of Piura, in northern Peru, approximately 21 miles from the Talara refinery. Our principal capital expenditure commitment under this
agreement consists of (i) the Exploitation Phase (years 2-11): Drill 33 development wells per year (330 wells); and (ii) Exploitation
Phase 2 (years 12-26): Drill at least 10% of the locations of proved undeveloped reserves identified in the reserves report submitted
yearly to the Ministry of Energy and Mines. As of December 31, 2022 we have drilled 181 development wells and two exploratory wells at
a cost of US$113.4 million. The estimated average capital expenditure per well is US$0.643 million. On February 28, 2022, we started
the fifth drilling campaign. On October 12, 2022, we started the sixth drilling campaign and so far have completed 16 wells (out of 33
wells per year).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 0pt 0.5in; text-align: justify"></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 -->54<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 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: justify"><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 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Block
V:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
operate and extract oil and natural gas from Block V under a 30-year hydrocarbon extraction service contract with Perupetro, which was
extended for an additional 10-year term and expires in October 2023. Average daily production during 2022 in this field was 105 barrels
of crude oil. We operate 46 wells in this field using various oil extraction systems. The Block V field is located in the province of
<i>Los &#211;rganos</i>, department of Piura, Peru, close to the border with Ecuador. Block V has been producing oil since the 1950s.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
map below shows the geographic location of our oil producing blocks in northern Peru.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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_011.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
Block V, we are entitled to a variable fee paid by Perupetro, which is based on the level of production of each field and a price formula
that is based on an average price of three international crude oil prices: Fortis blend, Suez blend and Oman crudes, and a discount over
this price of approximately of 72% per barrel. For Block III and Block IV, we pay royalties to Perupetro based on an average price of
three international crude oil prices, Fortis blend, Suez blend and Oman crudes, as well as the production and the incomes and expenses
of each block. The royalties paid to Perupetro were US$10.08 per barrel during 2020, US$24.00 per barrel during 2021, and US$45.05 per
barrel during 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
2020, 2021 and 2022, we received an average revenue (for all blocks) of US$41.22, US$68.73, and US$93.24 respectively, per barrel of
extracted oil, which was equivalent to approximately 91.29%, 91.2%, and 92.14% respectively, of average Brent crude oil prices in the
same years. We are not committed to provide a fixed volume of oil or natural gas under our four contracts.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
produce natural gas as a byproduct of the production of crude oil (an average of 5.5 MMcf per day during&#160;2022). In Block IV, a certain
volume of natural gas extracted is used as fuel and the excess is sent to our Pari&#241;as plant to be processed and commercialized
as liquid and dry gas. In June 2022, we started our contract with Lima Gas to compress and sell compressed natural gas (CNG) (average
of 0.89 MMcf per day). In Block V, we reinject the natural gas produced back into the wells. In Block III, we use part of the produced
gas as fuel to operate well equipment (pumping units) and we are looking for a market to sell the excess. In this regard, we have signed
an agreement with Gasnorp to start delivering natural gas in 2023. Our revenues for the sale of natural gas (liquid and dry gas) were
US$4.6 million in 2022 in our Exploration &amp; Production unit.</span></p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Estimated
Proved Reserves:</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth estimated proved crude oil and natural gas reserves in Blocks III, IV and V as of December 31, 2022. We have
only included estimates of proved and have not included any estimates of probable and possible reserves.</span></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 style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Crude Oil<br/>
 (Mbbl)</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 (MMcf)</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Crude Oil<br/>
 Equivalents<br/>
 (MBoe)</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="text-decoration:underline">Block III:</span></td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Proved developed producing</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">2,383.8</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">829.7</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">Proved developed non&#8212;producing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">513.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">140.2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">537.0</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">Proved undeveloped</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,451.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">638.3</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">12,349.2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,608.2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,617.2</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">&#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">Proved developed producing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,616.1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,462.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,193.2</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">Proved developed non&#8212;producing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">679.3</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">912.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">831.4</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Proved undeveloped</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,324.3</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,017.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,327.2</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Total proved reserves</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13,619.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">22,392.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17,351.8</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-decoration: underline; text-align: left">Block V:</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">Proved developed producing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30.6</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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30.6</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Proved developed non&#8212;producing</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">-</td><td style="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="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Proved undeveloped</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="padding-left: 0.125in; font-weight: bold; text-align: left">Total proved reserves</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33.5</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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33.5</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-decoration: underline">Total:</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">9,030.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,292.2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,745.9</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">Proved developed non&#8212;producing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,195.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,052.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,371.3</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">15,776.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,655.7</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-left: 0.125in; text-align: left"><b>Total proved reserves</b></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,002.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,000.6</td><td style="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; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Proved
reserves are those quantities of oil and natural gas which, by analysis of geosciences and engineering data, can be estimated with reasonable
certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating
methods and government regulations. The term &#8220;reasonable certainty&#8221; implies a high degree of confidence that the quantities
of oil and/or natural gas actually recovered will equal or exceed the estimate. To achieve reasonable certainty, we employed methodologies
that have been demonstrated to yield results with consistency and repeatability. The methodologies and economic data used in the estimation
of the proved reserves in the fields include, but are not limited to, well logs, geologic maps and available down hole and production
data, seismic data, and well test data.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Reserve
amounts were based on the 12-month unweighted arithmetic average of the first-day-of-the-month Brent crude price for each month in the
period January through December 2021, which, pursuant to our contractual agreements, resulted in average oil and gas prices of US$100.25
per barrel and US$6.40 MMcf, respectively, that for the purpose of reserve amount estimation were assumed to remain constant.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Proved
undeveloped reserves in the fields as of December 31, 2022 were 17,885.3 Mboe, consisting of&#160;15,776.0 MBbl of crude oil and 2,109.3
Mboe (12,655.7 MMcf) of natural gas. We estimate that during 2022, proved undeveloped reserves decreased by 5,322.3 Mboe of crude oil,
mainly as a result of a decrease of natural gas considering the volume of natural gas available pursuant to the agreement between UNNA
Energia and Gasnorp contracted from August 2022 to August 2025.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
2022, approximately 5,500 Mboe of proved undeveloped reserves were converted into proved developed reserves, consisting of 1,977MBbl
of crude oil and 494 Mboe (2,965 MMcf) of natural gas due to due to drilling campaigns in Block III and Block IV.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Capital
expenditures made during 2022, for both drilling activities and workovers, to convert undeveloped reserves to proved developed reserves,
amounted to approximately US$46.1 million (S/176.1 million).</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
principal changes in proved undeveloped reserves during 2022 were:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
Block IV, proved undeveloped crude oil reserves decreased 794 Mbbl during 2022, as a result of revisions to the power dispatch curves
used in our drilling operations.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">In
Block III, proved undeveloped crude oil reserves decreased 81 Mbbl during 2022 as a result of revisions to the power dispatch curves
used in our drilling operations.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
changes in proved developed and undeveloped reserves from December 31, 2021 to December 31, 2022, see supplementary data (unaudited)
annexed to our audited annual consolidated financial statements included in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Qualifications
of Technical Persons and Internal Controls Over Reserves Estimation Process:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
reserves estimates shown in this annual report have been prepared internally by our engineers in accordance with the definitions and
guidelines of the SEC. Our reserves are estimated at the property level and compiled by our engineering staff. Our engineering staff
interacts with our internal staff of operations engineers and geoscience professionals and with accounting employees to obtain the necessary
data for the reserves estimation process. Our reservoir engineers and geoscience professionals have worked to ensure the integrity, accuracy
and timeliness of the data, methods and assumptions used in the preparation of the reserves estimates. Mr. Javier Portuguez is our Reservoir
Engineer. The reserves estimate report was submitted to our Committee of Reserves, which is formed by Mr. Ivan Miranda (Exploration and
Production Technical Manager), Mr. Jose Pisconte Lomas (Chief of Geology), and Mr. Manuel Gomez (Chief of Reservoir Engineering). Mr.
Portuguez holds a Petroleum Engineering degree from Universidad Nacional de Ingenier&#237;a in Lima, Peru and has 29 years of experience,
developed as a production and reservoir engineer at Mercantile and Interoil Peru. Mr. Gomez holds a Petroleum Engineering degree from
Universidad Nacional de Ingenier&#237;a in Lima, Peru and has 15 years of experience, most of it as drilling, completion, stimulation,
and reservoir engineer. Mr. Pisconte Lomas, holds a Geologist Engineering degree and a Regional Geology Master&#8217;s degree from Universidad
Nacional Mayor de San Marcos and has 30 years of experience in the oil industry. Mr. Miranda holds a degree in Petroleum Engineering
from Universidad Nacional de Ingenier&#237;a in Lima and a Petroleum Engineering Master&#8217;s degree from Texas A&amp;M University
of Texas&#8212;USA, and has 38 years of experience in the oil industry developed at PetroPeru, Unipetro ABC, and UNNA Energ&#237;a.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Production,
Revenues, Prices and Costs:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth information regarding our production, revenues, prices and production costs for 2020, 2021, and 2022.</span></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><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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)">
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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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  <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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><!-- Field: Rule-Page --><div style="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: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Hydrocarbons
                                            extracted from Blocks I and V belong to Perupetro, which in turns pays us a per barrel fee
                                            for extracted hydrocarbons. Hydrocarbons extracted from Blocks III and IV belong to UNNA
                                            Energ&#237;a, which in turn pays a royalty to Perupetro for the amount of extracted hydrocarbons.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Crude
                                            oil sales volume differs from total production volume due to operational circumstances such
                                            as the inventory of product stored in our field batteries at the end of each monthly measurement.
                                            &#8220;Average sales prices&#8221; refers to the fees received in consideration for our extraction
                                            services, which do not equal the sales prices of crude oil. Average sales prices have been
                                            calculated using a basket price formula according to the service and license contracts of
                                            each block. Those pricing formulation is at a discount to global oil prices for Blocks I
                                            and V, and for Blocks III and IV we pay royalties on the oil extracted. Per unit costs have
                                            been calculated using sales volumes.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"></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 -->57<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><span style="font-family: Times New Roman, Times, Serif">Acreage,
Productive and Development Wells, Drilling:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth certain information regarding the total developed and undeveloped acreage as of December 31, 2022.</span></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><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; font-weight: bold"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Formation</b><sup>(1)</sup></p></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Developed Acreage</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Block III</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 76%; text-align: left">Salina Mogoll&#243;n</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">3,983</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in">Redondo</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">105</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,035</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: left">Total Block III</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,475</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39,254</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">Block IV</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="padding-left: 0.125in">Pari&#241;as</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,155</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,402</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">Palegreda</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,421</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,665</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; padding-bottom: 1.5pt">Mogoll&#243;n</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">1,505</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-align: left">Total Block IV</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,240</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47,776</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0in; text-align: left">Block V</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="padding-left: 0.125in">Verdun</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">530</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">650</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in">Ostrea</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">175</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">115</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">Mogoll&#243;n</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,350</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">120</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0in; text-align: left; padding-bottom: 1.5pt">Total Block V</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">1,880</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="padding-bottom: 4pt">Total</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">19,595</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">107,532</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><!-- Field: Rule-Page --><div style="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 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            the areas of the main reservoirs quantified by blocks, which are multi-reservoirs at different
                                            depth levels and overlap with each other.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: justify; text-indent: 0.5in">As of December 31, 2022, we
had a total of 576 producing wells. Our wells are oil wells, many of which also produce natural gas. We do not have interests in wells
that only produce natural gas. The following table shows the number of development and exploratory wells drilled during 2020, 2021, and
2022 in Blocks III, IV and V.</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><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">
    <td>&#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: left">Development Wells</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 64%">Productive</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">18</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">15</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="padding-left: 0.125in; padding-bottom: 1.5pt">Dry</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">&#8212;</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">-</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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-weight: bold; padding-bottom: 4pt">Total</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">18</td><td style="padding-bottom: 4pt; text-align: left">&#160;</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">69</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Exploratory Wells</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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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1</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; ">
    <td style="padding-left: 0.125in; padding-bottom: 1.5pt">Dry</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">&#8212;</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">-</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">-</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="padding-left: 0.125in; font-weight: bold; padding-bottom: 4pt">Total</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">0</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">1</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">-</td><td style="padding-bottom: 4pt; text-align: left">&#160;</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: justify; text-indent: 0.5in">During 2020, 2021, and 2022
we invested US$12.26 million (S/44.44 million), US$8.5 million (S/33.9&#160;million), and US$45.7 million (S/174.6 million) respectively,
in drilling activities. During 2022, we drilled a total of 49 wells in Block IV (one well was classified as not productive) and 19 wells
in Block III (so far all productive wells). Under the terms of our agreements with Perupetro, at the time the contract terminates, we
are required to close non-producing wells that we have drilled. As of December 31, 2022, we estimated that we will be required to close&#160;99
wells in Block I through the end of 2026, and 17 wells in Block V through the end 2025, and 38 wells in Block III and&#160;48 wells in
Block IV by April 2045. We have created a provision in our financial statements for the costs relating to those well closings. See Note
5.A (iii) to our audited annual 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: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Gas Processing Plant</i></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: justify; text-indent: 0.5in">We own a gas processing plant
located 7 km north of the city of Talara in Piura, Peru. We currently have a delivery and gas processing and fractioning contract with
<i>Enel Generaci&#243;n Piura </i>(formerly known as EEPSA), according to which <i>Enel Generaci&#243;n Piura</i> delivers wet natural
gas that it purchases from onshore and offshore gas operators in the area. We then process and fraction the gas into two products: (i)
dry natural gas, which can be used as fuel in <i>Enel Generaci&#243;n Piura&#8217;s</i> gas-fired turbine; and (ii) natural gas liquids,
which are sold in the Peruvian market. Under the terms of the agreement, we are responsible for all operating costs of the gas processing
plant but are also entitled to keep revenues from the sale of the natural gas liquids to third parties after payment of a variable royalty,
based on the volume of gas processed, to <i>Enel Generaci&#243;n Piura.</i> Our current gas processing and fractionation contract with
<i>Enel Generaci&#243;n Piura</i> expires in 2023.</p><div>

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</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: justify; text-indent: 0.5in">Our gas processing plant has
the capacity to process up to 44 MMcf per day. We processed 28.40 MMcf per day during 2020, 30.41 MMcf per day during 2021, and 31.7 MMcf
per day during 2022. Approximately 85.8 % of the volume processed by our gas processing plant depends on the gas volumes provided by <i>Enel
Generaci&#243;n Piura</i> for processing and use on its gas-fired turbines. These volumes vary per month and depend upon the power dispatch
curve of <i>Enel Generaci&#243;n Piura</i> among Peruvian power generation plants. In rainy months (December to April) where hydroelectric
power generation in Peru is typically higher, gas volumes demanded by <i>Enel Generaci&#243;n Piura</i> are lower than in dryer months
(May to November) in which activity of thermal generators tends to be higher. During 2022 approximately 8.7% of the volume processed by
our gas processing plant depends on the volumes of gas extracted by UNNA Energ&#237;a in Block IV, approximately 5.5% depends on the
volumes of gas provided by SAVIA and 2.4% on the gas provided by CNPC which we process and commercialize as liquid natural gas.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fuel Storage Terminals</i></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: justify; text-indent: 0.5in">We are a 50% partner in Consorcio
Terminales with a Peruvian affiliate of Oiltanking GmbH, one of the world&#8217;s largest operators of independent terminals for bulk
liquid storage. Consorcio Terminales was first awarded a concession for the operation of the South Fuel Terminals in 1997 and in 1998
of the North Fuel Terminals. The operation of the North Terminals ended on 2014 and the South Fuel Terminals were reverted to Petroperu
in November&#160;2019.</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: justify; text-indent: 0.5in">In June 2014, Terminales del
Peru, a new consortium that included our subsidiary UNNA Energ&#237;a and Oiltanking Peru, was awarded a concession for the operation
of the North and Central Fuel Terminals for PetroPeru. The contracts have 20-year terms and consist of the operation of four terminals
in the north and one terminal in the center of the country, providing storage and dispatching bulk liquid fuel. The contractual commitment
of the committed investments were completed in 2021 investing roughly US$32 million (S/122.2 million) and achieving&#160;100% completion
on both projects. Regarding the additional investment (reimbursables), at the end of&#160;2022, we reached a cumulative investment of
US$107 million (S/408.7 million) out of the contractual commitment of US$186 million (S/710.5 million).</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: justify; text-indent: 0.5in">Our open-access terminals
offer our customers dependable and critical handling and storage services for refined petroleum liquid products, maintaining high quality,
safety and environmental standards. We provide storage, handling and loading and uploading services for a broad range of refined petroleum
liquid products, including gasoline, aircraft fuel, diesel, LPG and heavy fuel oil. We deliver the liquids into two types of transportation
systems, railroad cars and cistern trucks. Because of the strategic location of our assets, our deep-water access, inland terminals and
our aggregate storage capacity of 2.69 MMbbl in the North and Central Terminals, we believe that we are well-positioned to cover the needs
of our clients, the two principal refineries in Peru. The map below shows the location of each of our fuel storage terminals in Peru.</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_012.jpg"/></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: justify; text-indent: 0.5in">Under the contracts, Terminales
del Peru receives revenues paid in connection with monthly reserved volume in tanks for refined crude products (storage fee) and for volumes
loaded and delivered into railroad cars or cistern trucks to each terminal (throughput fee). The storage fee per barrel, is based upon
reserved volumes whether they are received or not. The throughput fee is paid based on effective barrels delivered per month. During 2020,
2021, and&#160;2022, Terminales del Peru generated revenues of US$45.2 million (S/163.8 million), US$48.3 million (S/193.1&#160;million),
and US$51.9 million (S/198.2 million) (we are entitled to 50% of the joint operation revenues), respectively. Under the contract, Terminales
del Peru are responsible for paying the fuel terminals operating and maintenance costs and also paying a royalty fee to Petroperu based
on effective barrels delivered each month.</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: justify; text-indent: 0.5in">At the current stage of the
contracts, any capital expenditure approved by Petroperu that we invest in the fuel storage terminals can be recouped from any present
and future royalties we owe to Petroperu.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other Terminal Operations</i></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: justify; text-indent: 0.5in">We are a 50% partner in Oiltanking
Andina Services S.A.C. (&#8220;OTAS&#8221;). This subsidiary operates a fuel terminal named &#8220;Terminal Marino Pisco Camisea&#8221;
under a contract subscribed with Pluspetrol to operate an export terminal for gasoline, diesel, propane and butane. In 2022, this terminal
dispatched 23.7 million barrels and received&#160;5.4 million barrels of natural gas liquids (LPG, Nafta, MDBS, B-100, ULSD, B5 S50 y
Diesel 2). This contract term has been extended until November 30, 2027.</p><div>

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</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: justify; text-indent: 0.5in">Additionally, through OTAS,
we are also a 25% partner in LQS, which operates the &#8220;Terminal de Qu&#237;micos de Matarani&#8221;, which dispatched 57,508 tonnes
of sodium hydrosulfide for international mining companies in 2022. During 2020, 2021, and 2022, these activities generated revenues in
the aggregate of approximately US$6.7 million (S/23.3&#160;million), US$6.8 million (S/26.4 million), and US$7.9 million (S/30.2 million),
respectively.</p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Real Estate</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: justify; text-indent: 0.5in">Our Real Estate segment is
one of the largest apartment building developers in Peru, in terms of number of units sold and value of sales in 2022, and is focused
on the development and sale of affordable housing and housing as well as other real estate projects. Since commencing our operations in
1987, we have developed approximately&#160;1,444,650 m2 of affordable housing (approximately 23,331 units); approximately 402,198 m2 of
housing (approximately 2016 units); approximately 170,416 m2 of office space (approximately 903 offices); and approximately 43,000 m2
of shopping centers (three shopping centers and strip malls). Moreover, we are currently building approximately 63,344 m2 of affordable
housing (approximately 1,120 units). Our Real Estate segment also owns land parcels in Lima, comprising approximately 9 hectares as of
December 31, 2022, and we have sold undeveloped land in the past and intend to continue such sales in the future.</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: justify; text-indent: 0.5in">The table below sets forth
selected financial information for our Real Estate business segment.</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><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-left: 0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#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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    <td style="text-align: left">&#160;</td><td style="text-align: right">13.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">82.9</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)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(13.6</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12.2</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(51.8</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net profit margin </td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">22.6</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">22.6</td><td style="text-align: left">%</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">adjusted EBITDA </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">32.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">36.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">137.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">adjusted EBITDA margin (%) </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17.8</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37.5</td><td style="text-align: left">%</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">Backlog (in millions of S/)<sup>(3)</sup> </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">218.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">179.8</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">167.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Backlog/revenues ratio<sup>(3)</sup> </td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.89</td><td style="text-align: left">x</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.46</td><td style="text-align: left">x</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>
  </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>

</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"></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">(1)</td><td style="text-align: justify">In 2020, 2021 and 2022 we recognized S/7.3 million, S/7.2 million, and S/146.3 million (US$38.3 million)
respectively, in revenues from land sales.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in">(2)</td><td style="text-align: justify">Calculated based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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">(3)</td><td style="text-align: justify">For more information on our backlog, see &#8220;&#8212;Backlog.&#8221; Backlog is calculated as of the
last day of the applicable period. Revenues are calculated for such period and converted into U.S. dollars based on the exchange rate
published by the SBS at such period.</td></tr></table><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: justify; text-indent: 0.5in">We undertake a significant
amount of the activities in our Real Estate segment with partners; through financing and commercial arrangements we use to purchase land
and to develop real estate projects. See &#8220;&#8212;Financing.&#8221; See also &#8220;Item 5.A. Operating and Financial Review and
Prospects&#8212;Operating Results&#8212;Results of Operations&#8212;General&#8212;Real Estate.&#8221; As a result, a significant amount
of our net profit in the Real Estate segment is attributable to the non-controlling interest of our partners.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Principal Real Estate Activities</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: justify; text-indent: 0.5in">Our real estate developments
include the following products:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">affordable housing;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">housing; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">commercial real estate.</td>
</tr></table><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: justify; 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We began developing affordable
housing projects in 2001, following the Peruvian government&#8217;s efforts to address the country&#8217;s housing deficit, particularly
for low-income families. We launched the first major affordable housing project in Peru in 2007, Parque Agustino, in Lima&#8217;s El Agustino
neighborhood. Since 2001, we have completed 18 affordable housing projects. As of December 31, 2022, we are in the process of developing
three affordable housing projects, including construction, presales and procuring required authorizations and permits. These projects
consist of expansions of projects previously completed by us. Affordable housing consists of apartments, usually ranging between 50 and
72 m2 in size, that are purchased using government-sponsored support programs. The Peruvian government has adopted the <i>Nuevo Cr&#233;dito
MiVivienda</i> and <i>Techo Propio</i> programs, among others, which promote access to affordable housing in Peru by providing government
subsidies to individuals for the purchase of homes. In order for a unit to qualify for the <i>Nuevo Cr&#233;dito MiVivienda</i> program,
its selling price must range between&#160;S/65,200 and S/464,200. In order for a unit to qualify for the <i>Techo Propio</i> new housing
purchase program, its selling price must be less than S/68,000 for a single family home or less than S/120,300 for a multi-family dwelling.</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: justify; text-indent: 0.5in">In order to be eligible for
an affordable housing subsidy under the <i>Nuevo Cr&#233;dito MiVivienda</i> program, a purchaser must not own any other home or have
benefitted from a housing subsidy program in the past, among other requirements. A purchaser must also provide a down payment between
10% and 20% of the total purchase amount. Housing subsidies under this program fluctuate between S/10,800 and S/25,700 which incentivize
purchasers with fixed interest rates so long as they pay their mortgage loan payments on a timely basis. In addition, a Green Bond subsidy
of S/5,400 is added when projects are sustainable, such as in the case of our affordable housing projects in Viva. In order to be eligible
for an affordable housing subsidy under the <i>Techo Propio</i> program, a purchaser must have a monthly income that does not exceed approximately
S/ 3,715 and must not have received any other government-sponsored housing benefit in the past, among other requirements. A Techo Propio
purchaser must also show proven savings equal to at least 3.5% of the total purchase amount. Housing subsidies under this program is S/43,312.
Purchasers of subsidized housing under both programs are also not required to pay a value-added tax normally applicable to residential
purchases.</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: justify; text-indent: 0.5in">We develop substantially all
of our affordable housing projects on land purchased from the private sector. To the extent these projects meet the requirements of a
particular government subsidy program, purchasers can purchase units with government subsidies. Some of our affordable housing projects,
however, such as Los Parques de Comas, are developed through government bidding processes. Government subsidy programs like <i>Nuevo Cr&#233;dito
MiVivienda</i> and <i>Techo Propio</i> have driven the demand for affordable housing in Peru, which has in turn increased our sales of
affordable housing units.</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: justify; text-indent: 0.5in">Our housing developments consist
of residential buildings comprised of apartments with a mid- to high-price range that do not qualify for government subsidies. Since 1987,
we have developed 38 housing developments. As of December 31, 2022, we are developing four affordable housing projects, which are in the
construction stage. Our housing units typically range between 67.58 m2 and 125 m2 in size.</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: justify; text-indent: 0.5in">Substantially all of our affordable
housing and housing development projects are located in Lima. We have also purchased land to develop four affordable housing projects
in Piura. We intend to develop affordable housing projects in other cities outside of Lima.</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: justify; 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
number of units sold and not yet delivered, and number of units delivered, as well as the value of units sold and our sales revenue for
the periods indicated.</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><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)">
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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)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Affordable Housing </td><td>&#160;</td>
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    <td style="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 1.5pt">Housing </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; text-align: left">Total m2 Delivered: </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>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Affordable Housing </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">57,330</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">78,311</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 4pt">Total </td><td style="padding-bottom: 4pt">&#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; 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">29,959</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)">
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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"><b>&#160;</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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 0pt 0.5in; text-align: justify; 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: 0.5in">(1)</td><td style="text-align: justify">We typically pre-sell our affordable housing and housing units before construction begins and continue
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</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: justify; text-indent: 0.5in">We develop and sell office
and commercial buildings, such as shopping centers. On certain occasions, we have operated our commercial real estate and later sold it,
such as Larcomar, a landmark shopping center which we built in 1998 and sold in 2010. We have also developed commercial real estate buildings
in connection with our affordable housing and housing projects, such as the Parque Agustino shopping center. Since 1987, we have developed
16 office buildings, three shopping centers and one medical center.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Land Bank</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: justify; text-indent: 0.5in">We typically purchase land
to develop real estate projects with the intention to begin construction within a&#160;12- to 18-month period after the purchase of the
land. We may also, from time to time, purchase land for subsequent resale. As of December 31, 2022, we owned approximately 80.6 hectares,
of which 99% is located in Lima and 1% outside of Lima. We continually evaluate opportunities to purchase new land for our real estate
development projects.</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: justify; text-indent: 0.5in">We have a 50.45% interest
in Almonte, which owns approximately 71.4 hectares of undeveloped land in Lur&#237;n, located 30 km south of Lima, as of December 31,
2022. On May 31, 2018, Almonte signed a purchase agreement with PRINSUR for the sale of 420.9 hectares of land by Almonte to PRINSUR for
an aggregate amount of US$92.7&#160;million, the final installment of which was paid in February 2020 upon the satisfaction of certain
conditions precedent.</p><div>

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

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

</div><!-- Field: Page; Sequence: 66; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financing</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: justify; text-indent: 0.5in">We generally fund land purchases
for our housing and commercial real estate projects through cash from our operations. For our affordable housing projects, we generally
partner with real estate investment funds and insurance companies that provide between 60% and 70% of the total capital required to purchase
the land and cover certain pre-construction costs in exchange for equity in the project. Once we acquire land for a particular real estate
development project, we obtain working capital through a credit line from a financial institution, which we utilize to finance additional
project needs as they arise. We also obtain financing through pre-construction sales for our affordable housing and housing projects and,
to a lesser extent, our commercial real estate projects. Our affordable housing and housing projects generally require less outside financing
because they are generally financed with pre-construction sales.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales and Marketing</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: justify; text-indent: 0.5in">We typically pre-sell our
affordable housing and housing units prior to and during construction and use the related proceeds to finance the construction of the
units. Our commercial and sales processes differ depending on the type of development and market segment of the development. We primarily
sell our real estate development projects through an internal sales force that is assigned to particular projects and, to a lesser extent,
external brokers on a non-exclusive, commission-fee basis. Our marketing efforts consist of newspaper advertisements, radio and television
commercials, billboards and promotional offers for referrals. We also advertise our real estate projects on our website and social media.</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: justify; text-indent: 0.5in">We believe our brand is associated
with product quality, professional operations and reliable post-sale customer service. We provide customer service call centers through
which residents can report complaints or defects. Engineers respond with site visits, and repairs are made as long as the property continues
to be covered by the applicable warranty or guarantee.</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: justify; text-indent: 0.5in">For our affordable housing
projects, we provide post-sale customer service through our Ayni program, which aims to preserve the long-term value of our affordable
housing developments by promoting a cooperative community life. Through this program, we distribute manuals that teach best practices
for living in communities, offer leadership workshops, budget workshops, promote small business development, facilitate conflict resolution
and provide other services. These services are provided for a six- to eight-month period following project delivery. In 2012, we initiated
the Ayni contest for residents of our affordable housing projects with the aim of stimulating the sustainability of their community. Participants
present an enhancement project for their community, such as a recreation center, and a jury selects the best project, which we fund and
construct.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Competition</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: justify; text-indent: 0.5in">The Peruvian real estate development
industry is highly competitive. The market is fragmented and no single company has a significant share of the national market. The principal
competitors for our Real Estate segment are <i>Paz Centenario Inmobiliaria, Corporaci&#243;n L&#237;der Peru S.A., Urbana Peru, Los
Portales, Imagina Grupo Inmobiliario, ENACORP, Besco S.A.,</i> and <i>DH Mont</i>, among others. In the coming years, we expect more competition
from domestic and foreign real estate development companies who recognize the growth potential in the Peruvian residential market. The
main factors that drive competition are product design and amenities, price, location and post-sale service offerings.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Engineering and Construction</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: justify; text-indent: 0.5in">Our E&amp;C segment has a
more than 89-year track record, undertaking a broad range of activities such as: engineering; civil works; electromechanics activities
and building construction. We provide E&amp;C services to a diverse range of end-markets, mainly focused on mining, industrial, oil and
gas, infrastructure and real estate, among others. The following chart sets forth our 2022 revenues by end-market.</p><div>

</div><p style="font: bold 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: 67; 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>
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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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2022 E&amp;C Revenues by End-Market</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"/></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: justify; text-indent: 0.5in">Our E&amp;C segment mainly
undertakes private-sector projects, particularly those with a high degree of complexity, which enable us to develop innovative and tailor-made
solutions for our clients. We provide our clients with a comprehensive service offering by leveraging our various areas of expertise and
engaging in virtually all aspects of project execution, thereby capturing a larger share of investment projects.</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: justify; text-indent: 0.5in">In 1999, we adopted the &#8220;lean
construction&#8221; philosophy as a pillar in our design and construction projects. &#8220;Lean construction&#8221; aims to create value
for customers by better understanding and considering clients&#8217; needs to improve project design, functionality and cost optimization.
&#8220;Lean construction&#8221; also provides techniques and tools that significantly reduce construction waste by improving planning
reliability, process design, coordination and collaboration.</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: justify; text-indent: 0.5in">Although we primarily undertake
engineering and construction projects in Peru, our clients often ask to undertake engineering and construction of large and complex projects
in other countries, such as Mexico, the Dominican Republic, Bolivia, Guyana, Panama and Chile. As a result, we have developed extensive
experience executing projects throughout Latin America. To further capitalize on our capabilities and expertise, we have expanded our
activities into other key markets, such as Chile and Colombia, which have been benefitting from high levels of investment and are aligned
with our areas of strategic focus. In 2022, approximately US$223.1 million (S/852.4 million) of our E&amp;C revenues were derived from
international projects outside of Peru.</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: justify; text-indent: 0.5in">The acquisition of two companies,
Vial y Vives and DSD, which were later merged, has solidified our presence in Chile. While we have been undertaking projects in Chile
since 1995, such as the construction of the transmission line and crusher of the Caserones mine for SCM Minera Lumina Copper, we believe
we will continue benefiting from the established and long-lasting presence in the country of both Vial y Vives and DSD Construcciones
y Montajes. Moreover, through the acquisition of Morelco in December 2014, an engineering and construction company focused on the oil
and gas and other energy sectors, we established a presence in the Colombian market.</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: justify; text-indent: 0.5in">Given the prevalence of mining
operations in our main markets, we have significant expertise with respect to specialized engineering and construction services for the
mining sector. As a result, we believe we are one of the leading mining construction companies in Latin America and leverage this expertise
within our main markets and in the undertaking of complex projects across the region.</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: justify; 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
selected financial information for our E&amp;C business segment.</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><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)">
    <td style="text-align: left">Backlog (in millions of S/)<sup>(2)</sup> </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,966.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,374.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,660.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">958.3</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Backlog/revenues ratio<sup>(2)</sup> </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.4</td><td style="text-align: left">x</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.2</td><td style="text-align: left">x</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.4</td><td style="text-align: left">x</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>
  </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: justify; 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 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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">(1)</td><td style="text-align: justify">Calculated based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in">(2)</td><td style="text-align: justify">For more information on our backlog, see &#8220;&#8212;Backlog.&#8221; Backlog is calculated as of the
last day of the applicable year. Revenues are calculated for such year and converted into U.S. dollars based on the exchange rate published
by the SBS on December 31 of the corresponding year.</td></tr></table><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Principal Engineering and Construction
Activities</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-weight: normal">The following
charts sets forth our 2022 revenues by E&amp;C activity.</span></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_014.jpg"/></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Civil Works</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: justify; text-indent: 0.5in">Our civil works activities
focus on infrastructure projects, including airport terminals and runways, earthworks, the construction of roads, highways, transportation
facilities (e.g., mass transit systems such as the Lima Metro), dams, hydroelectric plants, water supply and sewage projects, excavation,
structural concrete construction and tunneling. Our civil construction projects are generally large and complex, requiring the use of
large construction equipment and sophisticated managerial and engineering techniques.</p><div>

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

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

</div><!-- Field: Page; Sequence: 69; 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 -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Electromechanics</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: justify; text-indent: 0.5in">Our electromechanics activities
include the construction and assembly of concentrator plants, pipelines, transmission lines, oil and gas pipelines networks, and electric
substations, predominantly for energy projects and industrial plants.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Engineering Services</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: justify; text-indent: 0.5in">Our engineering activities
consist of a broad range of services relating to engineering, supervision, geometrics and environmental consultancy, including pre-investment
studies, pre-feasibility studies, process design, project development, supervision of executive designs and construction management, including
construction site reviews.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Building Construction</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: justify; text-indent: 0.5in">Through our building construction
activities, we respond to Peruvian real estate demand for the construction of hotels, affordable housing projects, residential buildings,
office buildings, shopping centers, and industrial plants.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Other Services</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: justify; text-indent: 0.5in">Other services we provide
include procurement services, maintenance of plants and industrial facilities and rental of construction equipment.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Major Projects</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: justify; text-indent: 0.5in">The company plays an active
role in the infrastructure sector in Peru, as well as other countries in Latin America, including the construction of roads, hotels, hospitals,
shopping centers, housing developments, concentrator plants, hydroelectric power plants, thermal power plants and transmission lines as
well as water supply and sewage projects, irrigation projects and dam building, among others. Throughout our history, we have participated,
on our own or through minority or majority interests in joint operations, in a diverse range of landmark projects, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2010, the Melchorita liquefaction plant for Peru liquified
natural gas, Camisea project;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2010, the Gran Teatro Nacional, the most modern theater
in Peru;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2011, the Pueblo Viejo Mine concentrator plant for Barrick
Gold Corp. in the Dominican Republic;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2011, the first stretch of Line 1 of the Lima Metro for
the Peruvian Ministry of Transport and Communications;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2012, for project manager Bechtel, the Antapaccay copper
concentrator developed by Xstrata Copper, the world&#8217;s fourth largest copper producer;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2013, expansion of the plant for Cementos Lima, the largest
cement producer in Peru;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2014, the second stretch of Line 1 of the Lima Metro for
the Peruvian Ministry of Transport and Communications;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2014, construction of the Nueva Fuerabamba city, an integral
real estate development project for the population surrounding the Las Bambas mining project;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2015, construction of a copper concentrator plant for the
Las Bambas mining project, managed by Bechtel and developed by Xstrata Copper;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2015, expansion of the process plant for the Cerro Verde
mine, one of the biggest concentrator plants in Latin America;</td>
</tr></table><div>

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

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

</div><!-- Field: Page; Sequence: 70; 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>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2015, engineering, procurement and construction of Guyana
Goldfields&#8217; Aurora gold project in Guyana, with the scope of works including a 1.75 Mt/a processing plant, power station and integration
management;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2015, design, engineering, procurement and construction
of a new stock pile and 10,000 conveyor belts for the Escondida Mine, managed by Bechtel;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2016, engineering, procurement and construction of the
510 MW Cerro del &#193;guila S.A. hydroelectric plant for IC Power, which represents approximately 10% of Peru&#8217;s installed generation
capacity;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2016, engineering, procurement and construction of La Chira,
a waste water treatment plant for the city of Lima for which we also have the concession through a joint operation with Acciona Agua;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2016, engineering, procurement and construction of a concentrator
plant for the La Inmaculada silver and gold project, developed by Hochschild Mining, with a daily processing capacity of 3,500 tonnes;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2018, construction and rehabilitation of an expressway
known as Line Amarilla for Vinci;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2018, construction and design of the Talbot project, a
luxury business complex consisting of offices and a hotel with state-of-the-art technology in Lima;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2018, execution of civil works and assembly of structures
for the wet area of the Toquepala mine in Southern Peru;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2019, execution of civil works in the Quellaveco mine for
AngloAmerican in Peru;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2019, civil works for a modernization project in the Aceros
Arequipa plant for Aceros Arequipa Corporation in Peru;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2019, structural reinforcement project in Plaza del Sol
office building in Lima;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2019, construction and rehabilitation of the Norvial highway;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2019, ball mill stator replacement in Antamina, located
in Ancash, Peru;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2019, construction of a new water recirculation system
and implementation of the north branch for the transfer of tailings in Antofagasta, Chile;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2020, construction of a hospital for INEN (<i>Intituto
Nacional de Enfermedades Neopl&#225;sicas</i>) in Lima, Peru;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2020, crushing and transportation of material in Minera
Spence in Chile;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2021, construction of the Iberostar Hotel in Miraflores;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2021, construction of a luxury Ibis Hotel in San Isidro
with 9 floors and 2 basements;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2021, execution of electromechanical, civil works and complete
&#8220;punch list&#8221; activities in the construction of the Mina Justa mine for Marcobre;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2021, the solution for condensate recovery and power generation
system at the Chichimene station in Colombia;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2022, construction of tunnels to transport thick mineral
and mineral waste in Quellaveco Mine, Moquegua in Peru;</td>
</tr></table><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2022, engineering, procurement and construction of a 271
km long, high pressure gas distribution network in Piura, Peru.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2022, installation of the new recovered water pumping system
in Ancash, Peru.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2022, replacement of Ball Mill Stators for Antamina in
Ancash, Peru.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2022, electromechanical civil assembly of the water treatment
plant, cooling towers, turbogenerators and evaporators for the MAPA project for Celulosa Arauco Constitution in Chile, and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in 2022, construction of an overpass for the integrity of
hydrocarbon transport systems in Colombia.</td>
</tr></table><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: justify; text-indent: 0.5in">We currently have a diversified
portfolio of ongoing projects, whether through our subsidiaries or through majority or minority interests in joint operations, in a wide
range of sectors in Peru and the other countries in which we operate, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">execution of complementary works for the auxiliary units of
the Talara refinery for Cobra Peru (three contracts), which is scheduled to be completed in May 2023;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">electromechanical works and construction of the Concentrator
plant for Quellaveco Mine in Moquegua, Peru, which was completed in February 2023;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">earthworks and asphalt for the new Jorge Chavez Airport runway,
auxiliary roads, aircraft parking area and electromechanical support facilities for landing in Callao, Peru, which was completed in March
2023;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">construction of mine tailings facilities and filter for Southern
Peru Copper in Quebrada Honda, which is scheduled to be completed in May 2023;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">construction of maintenance hangar for Southern Peru Copper
in Toquepala Mine, which is scheduled to be completed in April 2023;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">pebble grinding and crushing construction of the Quebrada
Blanca 2 concentrator for Minera Teck Quebrada Blanca in Chile, which is scheduled to be completed in August 2023;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">design, procurement, and construction of the electric reinforcement
of La Guajira: Lines Riohacha-Maicao 110kv and Riohacha-Cuestecitas 110 kv in La Guajira, Colombia, which is scheduled to be completed
in December 2024, and operation and maintenance which is scheduled to be completed in October 2030;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">maintenance and civil works for ENAP, which is scheduled to
be completed in July 2023;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">engineering, procurement, construction, commissioning and
start-up of a material handling system for the transport of rubble for Spence Mine Ruble Reprocessing project in Chile, which is scheduled
to be completed in 2025;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">design, engineering, supply and construction of the new terminal
of Jorge Chavez Lima Airport, which is scheduled to be completed in 2025;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">construction of a Coarse Particle Flotation Plant for Quellaveco
Mine, which is scheduled to be completed in August 2023;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">earthworks for the construction of platforms and the water
dam for the gold project for Buenaventura in San Gabriel mine, which is scheduled to be completed in July 2024;</td>
</tr></table><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">integral solution for the treatment for the facilities of
the CPF Santa Monica and its auxiliary services, which is scheduled to be completed in October 2024;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">maintenance works and adjustments to ensure the integrity
of storage tanks for the hydrocarbon transportation infrastructure, to comply with the ODC tank maintenance plan at the Vasconia and
Cove&#241;as plants in Colombia, which is scheduled to be completed November 2024;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">works to update the fire systems of the stations that are
part of the hydrocarbon transportation infrastructure in Colombia, which is scheduled to be completed July 2023;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">integral solution for a steam and energy generation system
for the closure of the combined cycle in Termosuria, of Ecopetrol, which is scheduled to be completed in August 2024;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">maintenance works and adjustments to ensure the integrity
of storage tank for the hydrocarbon transport infrastructure in Colombia, which is scheduled to be completed November 2024;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">civil, mechanical, piping, electrical and instrumentation
works for plants and stations that are part of the hydrocarbon transportation infrastructure in Colombia, which is scheduled to be completed
September 2024; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">technical management, construction, engineering and project
management services for Goldfield mine in Cajamarca, which is scheduled to be completed in 2023.</td>
</tr></table><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clients</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: justify; text-indent: 0.5in">We believe we have developed
long-term relationships with many clients as a result of our performance over the years and are focused on the successful and on-time
execution of complex projects. Our extensive experience of operational excellence has allowed us to gain deep market knowledge and expertise,
which help us better serve our clients. Key E&amp;C clients include renowned domestic and multinational mining, power, oil and gas, transportation
and infrastructure development companies, such as <i>AngloAmerican, Southern Peru, Cobra Peru, Marcobre, Antamina, Buenaventura, Lima
Airport Partners (LAP), Corporaci&#243;n Aceros Arequipa, Compa&#241;&#237;a Minera TECK Quebrada Blanca S.A., Minera Spence S.A.,
ENAP Refiner&#237;as, Minera Escondida LTDA, Celulosa Arauco, Ecopetrol </i>and <i>Cenit</i>, among others.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Project Selection and Bidding</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: justify; text-indent: 0.5in">We win new engineering and
construction contracts through private and public bidding processes or direct negotiation, from a variety of sources, including potential
client requests, proposals from existing or former clients, opportunities sought by our commercial team and from requests by the Peruvian
government. Approximately 99.9%, 94.6% and 92.7%, of our 2020, 2021 and 2022 revenues in our E&amp;C segment, respectively, came from
private-sector contracts. The Peruvian government and its agencies typically award construction contracts through a public bidding process
conducted in accordance with the Peruvian State Contracting Law (<i>Ley de Contrataciones del Estado</i>). In the private sector, in addition
to obtaining new projects, another important source of revenue involves increases in the scope of work to be performed in connection with
already existing projects. These arrangements are typically negotiated directly with the client, often during the work we are already
performing for that client.</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: justify; text-indent: 0.5in">We have a designated team
that oversees the management of project proposals and a commercial team that reviews and evaluates potential projects to estimate costs.
We also have a business development committee, which makes decisions about whether to apply for projects. In considering whether to bid
for a potential project, we principally consider the following factors: competition and the probability of being awarded the project;
project size; the client; our experience undertaking similar projects; and the availability of resources, including human resources. As
part of the project selection process, our commercial team performs a detailed cost analysis utilizing sophisticated software we developed
to assist in determining whether the project is viable and cost-effective. If we choose to pursue a project, a budget leader is assigned
to prepare the offer that is eventually presented to our potential client.</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: justify; 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite the budgeting risks
generally associated with engineering and construction contracts, our management believes that our experience generally allows us to estimate
our project costs accurately. Our project management teams also periodically review project budgets for inconsistencies between budgeted
and actual costs in order to recover for cost variations through contract renegotiation. Budgeting risks are also mitigated through advance
payments. Considering that we receive advance payments for most of our E&amp;C contracts, our E&amp;C projects typically do not require
significant working capital investment. Our E&amp;C segment secures financing primarily to purchase machinery and equipment for our construction
services.</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: justify; text-indent: 0.5in">We are required, in the majority
of our construction contracts, to provide a performance bond to guarantee project performance and completion, which remain in effect for
the contract&#8217;s duration. We are also required to provide performance bonds to secure any advance payments provided to us by our
clients. These bonds are periodically reduced during the project&#8217;s execution in accordance with project advancement. After the expiration
of the contract term, we are typically required to provide an additional performance bond that remains valid for one or two years to guarantee
the quality of works executed.</p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contracts</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: justify; text-indent: 0.5in">We principally enter into
four types of engineering and construction contracts:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b><i>Cost-plus fee contracts</i></b>. The contract price
is based upon actual costs incurred for time and materials plus a fee, which may be a percentage of the costs incurred or a pre-determined
fee. Sometimes, cost-plus fee contracts include a target price, and a contractual arrangement that determines our responsibility in the
event the total cost of the project exceeds the target price or the benefit we receive if the total contract price results in cost savings.
Cost-plus fee contracts tend to involve the least budgeting risk for us.</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; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b><i>Unit price contracts</i></b>. The contract price is
based upon a price per unit (i.e., variable quantities of work priced at defined unit rates). Each line item of the project budget, such
as cubic meter of earth excavated or cubic meter of concrete poured, has a defined price, but the quantities of the units may vary. Our
bid price reflects our estimate of the costs that we expect to incur for each work unit. These contracts typically include an &#8220;escalation&#8221;
clause which is essentially an adjustment mechanism to account for Peruvian inflation.</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; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b><i>Lump-sum contracts</i></b>. The contract price is fixed.
Our bid is meant to cover all costs and include a profit. The principal risk in these types of contracts are errors in calculating our
costs, including those of raw materials; miscalculation of the number of units or workers needed to complete the project; unanticipated
technical complexities; or other unexpected events or circumstances that may increase our costs.</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; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b><i>Engineering, procurement and construction (EPC) contracts</i></b>.
EPC contracts, known as &#8220;single source&#8221; or &#8220;turn-key&#8221; contracts, are also lump-sum contracts. Pursuant to EPC
contracts, we provide a broad range of basic and detailed engineering services, including preparation of the technical project specifications,
detailed drawings and construction specifications; technical studies; and identification of lists of materials and equipment necessary
for the project. These contracts, which we utilize predominantly for our mining contracts, require a high-level of expertise and generally
involve the most budgetary risks for us.</td>
</tr></table><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: justify; text-indent: 0.5in">For further information, see
&#8220;Item 5.A. Operating and Financial Review and Prospects&#8212;Operating Results&#8212;Results of Operations.&#8221;</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Raw Materials</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: justify; text-indent: 0.5in">The main inputs our E&amp;C
segment used are, among others, fuel and hydrocarbons derivatives, cement and steel. These and the other products may be subject to the
availability of raw materials, such as oil and iron, and commodity pricing fluctuations, which we monitor on a regular basis. Normally,
our aim is to enter into master supply agreements for periods between six months and one year. Although we obtain most of our inputs needs
in Peru, we believe we have access to numerous global supply sources. The availability of these inputs, however, may vary significantly
from year to year due to various factors including client demand, producer capacity, market conditions, transport costs and specific material
shortages, and we may incur additional costs in obtaining them.</p><div>

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</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: justify; text-indent: 0.5in">We purchase and lease the
equipment we require for our E&amp;C business from several local and international suppliers, currently with no significant concentration
with any particular suppliers. While we do not have difficulty obtaining required equipment, we may face difficulties finding skilled
personnel able to operate certain equipment and machinery.</p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Competition</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: justify; text-indent: 0.5in">We generally compete with
some of the largest contractors in Peru and in the countries we operate. Because the E&amp;C sector is highly competitive, the markets
served by our business generally require substantial resources and experienced, highly-skilled technical personnel. Main competitors of
our E&amp;C segment include local companies such as Besalco S.A., Cosapi S.A., San Mart&#237;n Contratistas Generales, JJC Contratistas
Generales S.A., and international companies such as Techint S.A.C., SSK Montajes e Instalaciones S.A.C., Skanska del Peru S.A., Mota-Engil
Peru S.A., Salfacorp S.A., OHL, Echeverria Izquiedo, Sigdo Koppers, Acciona, Grupo FCC, Sacyr, Ismocol, Termotecnica, Masa, Thiess and
Redpath, among others. For certain projects, due to the size of the project, expertise required and other factors, we may choose to partner
with our competitors, including the aforementioned companies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Competition within the E&amp;C segment is driven
by performance, skill and project execution capabilities for completing complex projects in safe, timely and cost-efficient manner.</p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Backlog</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: justify; text-indent: 0.5in">We define our backlog as the
U.S. dollar equivalent value of revenue we expect to realize in the future as a result of performing work under multi-period contracts
that we have entered into. Backlog is not a measure defined by IFRS, and our methodology for determining backlog may not be comparable
to the methodology used by other companies in determining their backlog. For contracts denominated in soles or other local currencies,
amounts have been converted into U.S. dollars based on the exchange rate published by the SBS, in the case of Peru, or other relevant
authority, in the case of other jurisdictions, on December 31 of the corresponding year.</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: justify; text-indent: 0.5in">We do not include backlog
in this annual report for: (i) in our Infrastructure segment, our Norvial toll road concession, because its revenues from the concession
are derived from toll fees charged to vehicles using the highway, and, as a result, such revenues are dependent on vehicular traffic levels;
and (ii) our Energy segment because: (a) its revenues from hydrocarbon extraction services are dependent on the amounts of oil and gas
we produce and their market prices, which fluctuate significantly; (b) our revenues from our gas processing plant are dependent on the
amount of gas we process and market prices for natural gas liquids, which fluctuate significantly; and (c) our revenues from our fuel
storage terminal operation partially depend on the volume of fuel dispatched.</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: justify; text-indent: 0.5in">When we present backlog on
a segment basis, we do not include eliminations that are included in our consolidated backlog. For a description of how we calculate our
backlog, see our segment backlog presented below. We have revised prior backlog data included in this annual report to exclude the presentation
of entities that are presented as discontinued operations.</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: center"></p><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: justify; text-indent: 0.5in">Our consolidated backlog as
of December 31, 2022 was S/5,328 million (US$1,395 million). We expect to recognize as revenues 59.5% of our backlog by December 31, 2023,
31.7% by December 31, 2024 and 8.8% thereafter. The following table sets forth our consolidated backlog from December 31, 2020 to December
31, 2022.</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_015.jpg"/></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: justify; text-indent: 0.5in">Our backlog in 2022 was higher
than our backlog in 2021, mainly due to the increase in the backlog of the Engineering and Construction business. We cannot assure you
that we will be able to continue obtaining sufficient contracts in the future in number and magnitude to grow our backlog. Additionally,
the number and amounts of new contracts signed can fluctuate significantly from period to period.</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: justify; text-indent: 0.5in">The table below sets forth
our ending backlog for 2020, 2021 and 2022 accounting for opening backlog for each year, annual contract bookings and annual revenues
recognized.</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>&#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></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center">(in millions of S/)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Opening backlog (end of prior year)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">5,066.3</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">4,997.4</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">4,665.0</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Contract bookings during the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,304.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,032.3</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,454.8</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">Revenues recognized during the year</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">(2,840.9</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">(3,147.3</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">(3,792.1</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Ending backlog (end of current year)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,529.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,882.3</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,327.6</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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</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: justify; text-indent: 0.5in">The charts below set forth
our consolidated backlog breakdown by end-market, geography and client sector as of December 31, 2022.</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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 51%; padding-right: 5.75pt; padding-left: 5.75pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Backlog by End-Market</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><img alt="" src="image_016.jpg"/></b></p></td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><img alt="" src="image_017.jpg"/></b></p></td></tr>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Backlog by Client Type</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_018.jpg"/></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Infrastructure Backlog</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: justify; text-indent: 0.5in">In reflecting an Infrastructure
contract in our backlog, we assume that each party will satisfy all of its respective obligations under the contract. For our Infrastructure
backlog, we only include contracted revenues expected to be paid during the next three years following the backlog calculation date. Infrastructure
backlog in this annual report does not include our Norvial toll road concession.</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: justify; text-indent: 0.5in">Our Infrastructure segment
backlog does not include intersegment eliminations. We calculate our Infrastructure backlog as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Mass transit: for the Lima Metro, our Infrastructure backlog
assumes that for 2023, 2024 and 2025, we will operate 44 trains at full operation, which in the aggregate will travel 4.8 million kilometers
per year;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Toll roads: for our Survial and Canchaque concessions, we
assume our contractually agreed upon annual fee, adjusted for inflation. For our 2023, 2024 and 2025 backlog, we utilize the same adjustment
amount that was utilized for our 2016 fee, which has already been negotiated; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Water treatment: for La Chira, for 2023, 2024 and 2025, backlog
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Operation and maintenance of infrastructure assets: for UNNA
Transporte, for 2023, 2024 and 2025, backlog is calculated based on contracts signed.</td>
</tr></table><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: justify; 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Infrastructure backlog
as of December 31, 2022 was US$525.9 million. We expect to recognize as revenues 36.4% of our backlog by December 31, 2023 and 63.6% of
our backlog thereafter.</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: justify; text-indent: 0.5in">The following pie chart sets
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Backlog by Line of Business</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"/></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: justify; text-indent: 0.5in">The table below sets forth
our ending Infrastructure backlog for 2020, 2021 and 2022, accounting for opening backlog for each year, annual contract bookings and
annual revenues recognized.</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>

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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">&#160;</p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Real Estate Backlog</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: justify; text-indent: 0.5in">Our Real Estate segment backlog
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</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: justify; text-indent: 0.5in">Our Real Estate segment backlog
as of December 31, 2022 was US$44.0 million. We expect to recognize as revenues 88.9% of our backlog by December 31, 2023, and 11.1% thereafter.
However, the ongoing political uncertainty and the increase in interest rates, which has significantly increased economic uncertainty,
may continue to impact our ability to perform our Real Estate backlog in the short term. As conditions are unpredictable and rapidly changing,
it is difficult to foresee the full extent of the impact on our backlog in the short term.</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: justify; 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following chart sets forth
our Real Estate backlog breakdown by type of real estate activity as of December 31, 2022:</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_020.jpg"/></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: justify; text-indent: 0.5in">The table below sets forth
our ending Real Estate backlog for 2020, 2021 and 2022, respectively, accounting for opening backlog for each year, annual contract bookings
and annual revenues recognized.</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><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; background-color: rgb(204,238,255)">
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  </table><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E&amp;C Backlog</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: justify; text-indent: 0.5in">To include an engineering
and construction contract in our backlog, we assume that each party will satisfy all its respective obligations under the contract. We
also make assumptions, in agreement with the client, regarding the total expected contract price in the case of unit price and cost-plus
fee contracts and the amount of the contract that will be completed in each year. We adjust our backlog periodically to account for developments
related to each project. For projects related to joint operations or equity investments, we only include our percentage ownership of the
joint operation&#8217;s or equity investment&#8217;s backlog. Our E&amp;C segment backlog does not include intersegment eliminations.</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: justify; text-indent: 0.5in">Our E&amp;C backlog as of
December 31, 2022 was US$958.3 million. We expect to recognize as revenues 67.3% of such backlog by December 31, 2023 and 32.7% of such
backlog thereafter.</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: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 79; 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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
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</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: justify; text-indent: 0.5in">The following pie charts set
forth our E&amp;C backlog breakdown by end-market, geography, client sector and contract type as of December 31, 2022.</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><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: center; width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Backlog by End-Market</b>&#160;</p>
    <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;<br/></span></p></td>
    <td style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Backlog
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  <tr style="vertical-align: top">
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="image_021.jpg"/></span></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="image_022.jpg"/></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><b><br/></b></p>
                                                                              <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                                              <p style="margin-top: 0; margin-bottom: 0"><b>Backlog by Client Type<br/> <br/> </b></p></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><b><br/></b></p>
                                                                              <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                                              <p style="margin-top: 0; margin-bottom: 0"><b>Backlog by Client Contract</b></p></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><img alt="" src="image_023.jpg"/></td>
    <td style="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Sans-Serif; font-size: 9pt; color: Red"><b><img alt="" src="image_024.jpg"/></b></span></td></tr>
  </table><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: justify; text-indent: 0.5in">The table below sets forth
our ending E&amp;C backlog for 2020, 2021 and 2022, accounting for opening backlog for each year, annual contract bookings, cancellations
during the year and annual revenues recognized.</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><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="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></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center">(in millions of S/)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Opening backlog (end of prior year) </td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">3,298.2</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">3,273.0</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">3,223.8</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Contract bookings during the year </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,759.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,449.1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,132.2</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">Revenues recognized during the year </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,090.9</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,348.1</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,695.5</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Ending backlog (end of current year) </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,966.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,374.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,660.6</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warranties</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: justify; text-indent: 0.5in">For certain of our contracts,
we are required to provide performance bonds to ensure compliance with contractual obligations such as construction works, operation and
maintenance of infrastructure assets, among others. The amount of the performance bond varies on a case-by-case basis, depending on the
value of the project. Performance bonds are usually renewed annually until the contractual obligation which they intend to guarantee is
fully satisfied.</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: justify; text-indent: 0.5in">As part of our real estate
sales contracts, we provide a six-month warranty for latent defects, which covers hidden flaws not discoverable through inspection. The
warranty extends to a five-year term if the defects are caused by: (i) the use of materials below the requisite quality standards; (ii)
poor execution; or (iii) faulty land. We also provide a ten-year warranty for structural defects, and assume the terms and conditions
of our finishes suppliers&#8217; warranties.</p><div>

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

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

</div><!-- Field: Page; Sequence: 80; 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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Quality Assurance</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: justify; text-indent: 0.5in">In 2022, our operations were
certified according to the following international standards:</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"></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: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">ISO
    37001</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">ISO
    9001 (QUALITY)</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">ISO
    14001 (ENVIRONMENTAL)</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">OHSAS
    / ISO 45001 (SECURITY AND&#160;SAFETY)</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">OTHER</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 33%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Infrastructure</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center; width: 21%"><span style="font-family: Times New Roman, Times, Serif">Linea 1</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">x</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">Canchaque</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">Survial</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">Norvial</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">UNNA Transporte</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Energy</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Engineering
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">Cumbra Ingenier&#237;a</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">Cumbra</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">Morelco</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">VyV&#160;-&#160;DSD</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">Ecolog&#237;a y Tecnolog&#237;a Ambiental</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">AENZA</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">AENZA S.A.A.</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">x</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Infrastructure:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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">&#9679;</td><td style="text-align: justify">L&#237;nea 1: ISO 9001 for the operation and conservation of railway infrastructure and rolling material
of the Transport electrical System - Line 1.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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">&#9679;</td><td style="text-align: justify">L&#237;nea 1, Canchaque, Survival, Norvial and UNNA Transporte: ISO 37001</td></tr></table><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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">&#9679;</td><td style="text-align: justify">UNNA Energ&#237;a: ISO 9001, ISO 14001 and ISO 45001: certified for oil production operations in Blocks
III, IV y V; gas processing in gas plant in Talara; Reception, storage and dispatch of products derived from hydrocarbons in Terminals
Eten, Salaverry, Chimbote, Supe y Callao; and support processes.</td></tr></table><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Engineering and Construction:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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">&#9679;</td><td style="text-align: justify">Cumbra Ingenier&#237;a: ISO 14001, ISO 9001, ISO37001 and ISO 45001.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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">&#9679;</td><td style="text-align: justify">Cumbra: ISO 9001 in project management control processes; ISO 14001, ISO 45001 in engineering, procurement
and construction of electromechanical projects, civil works and buildings, and ISO&#160;37001.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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">&#9679;</td><td style="text-align: justify">Morelco: ISO 14001, ISO 9001, ISO37001, ISO 45001, ASME S, ASME U, and The National Board of Boiler &amp;
Pressure Vessel Inspectors.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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">&#9679;</td><td style="text-align: justify">Vial y Vives&#8212;DSD: ISO 14001, ISO 9001, ISO 37001, ISO45001, and PEC Excelencia.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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">&#9679;</td><td style="text-align: justify">Ecologia y Tecnolog&#237;a Ambiental: ISO 14001, ISO 9001, ISO37001 and ISO 45001.</td></tr></table><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; 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: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AENZA S.A.A.: ISO 37001</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Environmental, Social and Governance</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: justify; text-indent: 0.5in">We have a renewed focus on
Environmental, Social and Governance (&#8220;ESG&#8221;) factor management. The new Board of Directors has created an ESG committee, led
by Gema Esteban, member of our Board of Directors and IG4&#8217;s Capital Global Head of ESG.</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: justify; text-indent: 0.5in">We are focused on achieving
long-term sustainable growth for our shareholders while maintaining the trust of all our stakeholders: customers, suppliers, shareholders
and society as a whole. We want to conduct business in a manner that is not only economically viable, but also beneficial to greater society
while also being environmentally responsible.</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: justify; text-indent: 0.5in">This renewed focus on ESG
factors will lead us to be an inclusive employer, committed to the highest standards of ethics and corporate governance, promoting human
rights, protecting the safety and wellbeing of our employees, and developing sustainable infrastructure that preserves our planet.</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: justify; text-indent: 0.5in">We were included in the 2022
and 2023 S&amp;P/BVL Peru General ESG Index, an index designed to reflect the performance of companies that are listed on the S&amp;P/BVL
Peru General and who meet environmental, social and corporate good governance criteria (as defined by S&amp;P in its Corporate Sustainability
Assessment).</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: justify; text-indent: 0.5in">In addition, in 2022, we managed
to increase our score in the S&amp;P Corporate Sustainability Assessment by 60% compared to the previous year, achieving a score of 37
points compared to the 23 points achieved in the prior year.</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: justify; text-indent: 0.5in">We also continue to make progress
in a number of areas:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We continue to make progress on our commitment to respect
the environment. With the efficient use of our resources, we generate the conditions that allow for the preservation of the environment,
supported by actions, policies, high standards and compliance with regulatory norms. We are guided by three management objectives: (i)
to reduce the environmental impact of our operations, (ii) to promote a responsible culture regarding the use of resources, and (iii)
to design solutions that optimize the environmental performance of our clients and society.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We have solid technical and environmental standards based
on international standards and ISO 14001 environmental certification. Using these standards and information, we have continued to generate
favorable conditions for the preservation of the environment across our businesses.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Our management system allows us to identify risks related
to environmental issues, and policies, processes and controls have been developed to mitigate and manage these risks adequately.</td>
</tr></table><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: justify; text-indent: 0.5in">The focus of our social investment
projects includes education and capacity building to foster job creation and the promotion of responsible citizen behavior, particularly
among our users, suppliers and neighboring communities. The following are key programs we instituted for the benefit of society:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Metro Culture: We conduct workshops that transform trains
and train stations into centers of social and cultural education to promote respect and tolerance. In 2022, we collaborated with urban
art areas (of over 1,800 m<sup>2</sup>) using themes related to Peruvian pride to recover space. We incorporated approximately 4,124
people in face-to-face health campaigns and more than 50,000 people participated in our discussions related to health care via virtual
platforms.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Road Safety Education: This program promotes our culture of
safety and accident prevention by training communities that surround the roads and highways we operate or maintain. In 2022, we provided
three training courses with the total participation of 2,450 students. Also, in an alliance with the Ministry of Transportation and Communications,
we trained more than 50 teachers from over 23 schools from the area of influence of Line 1 of the Lima Metro.</td>
</tr></table><div>

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

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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Social and Economic Women Empowerment: In 2022, through the
<i>&#8220;Aprende a Emprender&#8221;</i> Program, we worked with more than 400 women from communities in the area of influence of Line
1 of the Lima Metro, Norvial and Survival to help them become entrepreneurs and achieve social and economic empowerment. We trained them
in different topics such as sales, finance, entrepreneurship, leadership and soft skills, among others.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Ayni: This social support program aims to improve the quality
of life in urban areas by promoting respectful coexistence among new owners of our real estate projects. The initiative trains neighbors
in several legal and managerial matters in addition to conflict management and leadership. In 2022, the program trained approximately
3,243 people.</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; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Labor Capabilities: This is a recruitment program where we
share construction knowledge and train community members in building techniques, risk prevention and leadership skills to increase the
employability of members of the local communities, generate jobs, reduce project risks, develop more efficient recruiting processes and
strengthen the trust with the local communities. In 2022, we trained approximately 413 participants, 72% of whom joined the group.</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; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Trainee Program: This program is designed to attract and train
young talents in construction projects. In 2022, we recruited 11 trainees from a total of 3,700 participants.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Young Professionals Program: This program is designed to attract
and train young talents in engineering projects. In 2022, we had two of these programs and we recruited a total of 20 young professionals
from a total of 7,500 participants.</td>
</tr></table><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulatory Matters</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: justify; text-indent: 0.5in">Set forth below is a description
of the regulatory framework applicable to our company. We believe we are in compliance, in all material respects, with applicable laws
and regulations in all of our business segments.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Measures regarding COVID-19</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-style: normal; font-weight: normal">In
October 2022, the Peruvian government declared an end to the state of emergency (</span><span style="font-weight: normal">estado de emergencia<span style="font-style: normal">)
regarding the COVID-19 pandemic and established a number of rules under Supreme Decree No. 130184-20202-PCM (as amended). The engineering
and construction, infrastructure (including the construction, operation and maintenance of infrastructure facilities), energy and real
estate (including the construction and sale of properties) industries are operating in Peru, although subject to certain restrictions.</span></span></p><div>

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

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

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Infrastructure and Public Services through
Public Private Partnership Contracts</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: justify; text-indent: 0.5in">The Peruvian state has implemented
a regulatory framework (Legislative Decree No. 1543, Legislative Decree No. 1362 and its regulations, approved by Supreme Decree No. 240-2018)
that sets forth procedures and mechanisms for enhancing private investment for the development of public infrastructure, public services,
any ancillary services, applied research projects and/or technological innovation, through Public-Private Partnerships (PPP) and Projects
with State Assets.</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: justify; text-indent: 0.5in">The main aspects of this legal
framework are the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; 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: 0.75in"></td><td style="width: 0.25in">1.</td><td style="text-align: justify">The Ministry of Economy and Finance (<i>Ministerio de Econom&#237;a y Finanzas</i>) is the governing
authority of the National System for the Promotion of Private Investment (SNPIP), composed by ministries and public agencies of the national
government, the Agency for the Promotion of Private Investment&#8212;<i>ProInversi&#243;n</i>, and regional and local governments.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.5in">&#160;</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: 0.75in"></td><td style="width: 0.25in">2.</td><td style="text-align: justify">Investors participating in Public Private Partnerships are entitled to receive from the Peruvian state:
(a) in the case of self-financed projects, tolls or fees to be collected from final consumers; (b) in the case of co-financed projects,
payments from the government entity awarding the project; and (c) any other financing structure agreed between the parties.</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: 0.75in"></td><td style="width: 0.25in">3.</td><td style="text-align: justify">The management of Public Private Partnership contracts by the three levels of government (central or national,
regional and local) is regulated by this legal framework.</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: 0.75in"></td><td style="width: 0.25in">4.</td><td style="text-align: justify">For projects in regulated sectors, the monitoring of Public Private Partnership contracts is subject to
the provisions of the Law No. 27-332, Framework Law for Regulators on Private Investment in Public Services. According to this law, OSIPTEL,
OSITRAN, SUNASS and OSINERGMIN should primarily safeguard the compliance of service levels agreed in Public Private Partnership contracts.
For this purpose, Public Private Partnership contracts must establish the necessary arrangements to ensure timely and efficient supervision
during the performance of the contract. In addition, governmental entities are required to ensure timely participation of regulatory agencies
when the authority of any such regulatory agencies is an issue in an arbitration conducted with a private investor.</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: 0.75in"></td><td style="width: 0.25in">5.</td><td style="text-align: justify">Favorable opinions for the Public Private Partnership Agreements from the General Comptroller Office of
Peru are required. The General Comptroller will issue a report on any aspects that may jeopardize the financial capacity of the Peruvian
state, according to Law No.&#160;27-785, Organic Law of the National Control System and the General Comptroller of Peru.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; 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: 0.75in"></td><td style="width: 0.25in">6.</td><td style="text-align: justify">Investors interested in participating as bidders in private investment processes must review the list
of restrictions and prohibitions established in the Public Procurement Law. Whether an investor is barred from participating shall be
determined through administrative channels, and such restriction may apply to any expected strategic partners or to companies who have
exercised direct control over the investor.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; 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: 0.75in"></td><td style="width: 0.25in">7.</td><td style="text-align: justify">The development of projects related to assets owned by the Peruvian state (Legislative Decree No. 674,
Law Promoting Private Investment in State Enterprises and its regulations enacted by Supreme Decree No. 070-92-PCM) can be carried out
by private sector initiatives, without committing any public resources or transferring any risks to public entities, unless expressly
required by law.</td></tr></table><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: justify; text-indent: 0.5in">Each of our subsidiaries Norvial,
Survial, Canchaque and Line 1 has entered into a concession agreement with the Peruvian Ministry of Transportation and Communications.
La Chira has entered into concession agreements with the Ministry of Housing, Construction &amp; Sanitation and Sedapal S.A. These agreements
were entered into in accordance with the provisions in force at the time of their execution.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Infrastructure Construction and Safety</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: justify; text-indent: 0.5in">Infrastructure concessionaires
must assure that the construction companies they hire to construct infrastructure projects comply with rules that apply to construction
projects. In addition, companies engaged in road construction must comply with the guidelines issued by the Road and Railways General
Directorate of the Peruvian Ministry of Transportation and Communications and with the National Road Infrastructure Management Regulation
regarding road construction, maintenance and safety. These regulations establish procedures for authorizing road construction and approving
work contracts, among others.</p><div>

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

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

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Environmental Regulations</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: justify; text-indent: 0.5in">Peruvian environmental laws
and regulations have become increasingly stringent over the last decade. All industries and projects are subject to Peruvian laws and
regulations concerning water, air and noise pollution, and the discharge of hazardous substances. The main legislation governing environmental
matters is Law No. 28-611, General Environmental Law; Law No. 27,446, the Law of the National System of the Environmental Impact Evaluation
(the &#8220;SEIA&#8221;); the regulations of the SEIA Law, approved by Supreme Decree No. 019-2009-MINAM; and several environmental regulations
that have been issued under the General Environmental Law, SEIA and other laws by the government with the collaboration of the Peruvian
Ministry of the Environment.</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: justify; text-indent: 0.5in">Since the enactment of the
General Environmental Law on October 15, 2005, several technical environmental regulations have been issued and this environmental regulatory
framework is generally revised and updated regularly. Some regulations apply generally to Peruvian industries and some technical regulations
are issued for specific industries.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The main environmental rules applicable to infrastructure
projects include those described above in &#8220;&#8212;Engineering and Construction&#8212;Environmental Regulation.&#8221;</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Terms of our Concessions</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: justify; text-indent: 0.5in">Our concessions are subject
to certain terms and conditions established in each concession agreement. During the term of the concessions, we are responsible for the
construction and maintenance of the infrastructure necessary for their operation. The concession agreements establish minimum capital
stock requirements for our concessionaire subsidiaries as follows: US$15 million (S/50 million), US$8 million (S/27 million), US$0.8&#160;million
(S/2.7 million), S/46 million and S/100 million for Norvial, Survial, Canchaque, La Chira and the Lima Metro, respectively.</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: justify; text-indent: 0.5in">The concession agreements
establish grounds for termination including mutual agreement of the parties thereto, force majeure, the breach of certain contractual
obligations and unilateral early termination by the government. Additionally, in the case of La Chira and the Lima Metro, the agreement
can be terminated unilaterally by the grantor, with the payment of compensation. On the expiration date, all of the assets that are essential
for the operation of the concession are considered the state&#8217;s property and no compensation is paid to the concessionaire.</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: justify; text-indent: 0.5in">In the event that changes
in legislation or regulations that are exclusively related to the financial conditions of the earnings and/or costs associated with the
investment, operation or conservation of the infrastructure, affect the economic terms of the contract by 10% or more, the concession
agreements set forth economic terms adjustment mechanisms aimed at restoring the economic and financial equilibrium. See &#8220;&#8212;Infrastructure&#8212;Principal
Infrastructure Lines of Business.&#8221;</p><div>

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

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

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exploration and Production</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: justify; text-indent: 0.5in">UNNA Energ&#237;a is engaged
in two major activities relating to the exploration and production of oil and gas: exploration and production of oil fields; and providing
services to the oil industry.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exploration and Production of Oil Fields</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: justify; text-indent: 0.5in">Peru&#8217;s hydrocarbon legislation
regarding oil and gas exploration and production activities includes, among others, by law No. 26221 or the Hydrocarbons law whose amended
and restated text was approved by Supreme Decree No. 42-2005-EM and the regulations governing the qualification of petroleum companies;
the exploration and production of hydrocarbons; the transportation of hydrocarbons; and safety requirements in such activities.</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: justify; text-indent: 0.5in">The foregoing regulations
define the roles of Peruvian government agencies that regulate the oil and gas industry; provide the framework for the promotion and development
of hydrocarbon activities based on the principles of private-sector competition and access to all economic activities; and set the safety
and security standards as well as the legal proceedings for carrying out operations.</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: justify; text-indent: 0.5in">The Peruvian Constitution
establishes that the government is the sole owner of hydrocarbons found underground within its national territory. Perupetro is the government
entity authorized to negotiate and enter into agreements for the exploration and/or production of hydrocarbons.</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: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
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</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: justify; text-indent: 0.5in">The Peruvian Ministry of Energy
and Mines is responsible for devising energy and mining policies; supervising activities in the energy and mining sectors; and promoting
investments in those sectors. Within the Peruvian Ministry of Energy and Mines, the General Director of Hydrocarbons (&#8220;DGH&#8221;)
is responsible for regulating the development of petroleum, oil and gas industry and the General Director of Environmental Affairs related
to Hydrocarbons is responsible for reviewing and approving regulations related to environmental risks associated with the abovementioned
activities of this field.</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: justify; text-indent: 0.5in">OEFA is a public regulatory
agency ascribed to the Peruvian Ministry of the Environment and is responsible for evaluating and ensuring compliance with applicable
environmental rules covering hydrocarbon activities, as well as for imposing fines and other administrative penalties when a breach of
an environmental regulation occurs.</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: justify; text-indent: 0.5in">OSINERGMIN is a regulatory
entity affiliated to the Presidency of the Council of Ministers&#8217; (<i>Presidencia del Consejo de Ministros</i>) office and is responsible
for ensuring compliance with safety and security standards in the energy and mining industries, as well as imposing fines and other administrative
penalties.</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: justify; text-indent: 0.5in">UNNA Energ&#237;a is subject
to the supervision, authority and regulations enacted by the foregoing agencies.</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: justify; text-indent: 0.5in">Regarding hydrocarbon exploration
and production activities, companies are required to enter into either a licensing or a services agreement with Perupetro; nevertheless,
other contractual arrangements are permitted with prior approval from the Peruvian Ministry of Energy and Mines. The foregoing agreements
are governed by private law and must be approved by the Peruvian Ministry of Energy and Mines and the Peruvian Ministry of Economy and
Finance.</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: justify; text-indent: 0.5in">Under licensing agreements,
licensees are entitled to explore and produce hydrocarbons in an area set forth by the agreement, are granted ownership over the extracted
hydrocarbons and may trade the hydrocarbons with no limitations on sales prices, except in the event of a national emergency. As consideration
for the grant of rights under the licensing agreement, the licensee pays royalties to the government.</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: justify; text-indent: 0.5in">Services agreements grant
contractors the right to perform hydrocarbon exploration and production activities in a determined area and receive compensation according
to the production of hydrocarbons. The contractor is technically and financially responsible for the operations, but Perupetro maintains
ownership over the hydrocarbons extracted. UNNA Energia is party to services agreements with respect to Blocks V, and to licensing agreements
with respect to Blocks III and IV. Each block has an independent contract with Perupetro. As for Block&#160;I, the term of the corresponding
service agreement concluded on December 26<sup>th</sup>, 2021.</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: justify; text-indent: 0.5in">Services and licensing agreements
are intended for the development, production and eventually transportation of hydrocarbons, as well as for certain storage activities.
Services and licensing agreements commonly include a minimum performance schedule guaranteed by performance bonds and the obligation to
establish corporate guarantees to secure the contractor&#8217;s compliance with the terms of such agreements.</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: justify; text-indent: 0.5in">Additionally, a company must
be qualified by Perupetro prior to entering into hydrocarbon exploration and production agreements. In order to qualify, a company must
meet the standards under the Qualification of Petroleum Companies Rules approved by Supreme Decree No. 029-2021-EM, that require companies
to demonstrate that they have the technical, legal and financial capacity to comply with all the obligations they will assume under the
agreement with Perupetro. Such capacities are measured according to the characteristics of the area to be explored or produced, the expected
investment required for the project, and the strict fulfillment of the rules regarding prior consultation (if applicable), citizen participation
and environmental issues related to the operation&#8217;s performance. Upon a positive evaluation, the company is issued a qualification
certificate from Perupetro that allows it to initiate the negotiations of the agreement. Notwithstanding the foregoing, the company remains
responsible for obtaining all other licenses, permits and approvals required by applicable regulation.</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: justify; text-indent: 0.5in">Under the current regulation,
30 years is the maximum term of services and licensing agreements for the production of crude oil. On the other hand, the production of
natural gas and condensates-related services or licensing agreements have a maximum term of 40 years. AENZA currently acts as UNNA Energ&#237;a&#8217;s
guarantor in all of the Block III, Block V and Block VI contracts.</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: justify; 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">UNNA Energ&#237;a must comply
with Supreme Decree No. 043-2007-EM regarding the safety of both company staff, facilities and equipment for its activities. OSINERGMIN
is the authority responsible for the supervision and enforcement of the foregoing rules.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Services to the Petroleum Industry</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: justify; text-indent: 0.5in">Peruvian regulation provides
that all companies that enter into a service agreement with any company that holds a licensing or services agreement must be registered
as a subcontractor in the Hydrocarbons Public Registry in case they render any of the following services: (i) geological studies, geophysical
studies, petroleum engineering related to drilling operations, production and well services; or (ii) construction of oil pipelines, gas
pipelines, refineries and their maintenance, and specialized transportation by land, air, sea or river. The registration of a company
as a subcontractor in the Hydrocarbons Public Registry is subject to the prior authorization of the DGH.</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: justify; text-indent: 0.5in">On June 1, 2004, UNNA Energ&#237;a
was included as a subcontractor for the petroleum industry in the Hydrocarbons Registry of Lima&#8217;s Public Registry of Legal Entities;
such registry remains in force as of the date of this annual report.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Environmental Regulations</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: justify; text-indent: 0.5in">The Peruvian Ministry of Energy
and Mines is responsible for enacting environmental regulations for the oil and gas sector. The petroleum, oil and gas environmental protection
regulation, approved by Supreme Decree No.&#160;039-2014-EM, sets out the legal framework and specific rules applicable to the exploration,
production, refinement, processing, transportation, commercialization, storage and distribution of hydrocarbons, with the aim of preventing,
controlling and remedying the negative environmental impacts arising from the foregoing activities.</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: justify; text-indent: 0.5in">The Peruvian Ministry of the
Environment establishes general environmental rules applicable to economic activity in general, in contrast to the specific rules enacted
by the Peruvian Ministry of Energy and Mines regarding the oil and gas sector. Environmental laws and regulations are enforced by the
National Environmental Enforcement Agency, OEFA (<i>Organismo de Evaluaci&#243;n y Fiscalizaci&#243;n Ambiental</i>) which was created
in 2008. Sanctions range from warnings and fines to suspension of activities and the imposition of the obligation to adopt specific tasks
to mitigate environmental damages, among others. In this regard, a breach of the obligations contemplated in the Environmental Impact
Assessments in the hydrocarbons sector may originate fines up to 30,000 Tax Units (approximately US$33 million or S/132 million) according
to the applicable law.</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: justify; text-indent: 0.5in">The main environmental rules
applicable to UNNA Energ&#237;a&#8217;s hydrocarbon projects include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">obtaining an environmental certification and adopting the
necessary measures to prevent and/or mitigate environmental impacts resulting from their activities;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">meeting minimum size, environmental and safety requirements
applicable to worksites; handling and storing of hydrocarbons pursuant to safety and environmental requirements; establishing programs
to monitor environmental issues; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">providing training on environmental matters related to employee
and personnel activities and responsibilities, especially with respect to regulations and procedures established for environmental protection
and the environmental and legal consequences of non-compliance.</td>
</tr></table><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operation of Terminals</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: justify; text-indent: 0.5in">In accordance with the Glossary,
Acronyms and Abbreviations for the Hydrocarbons Subsector approved by Supreme Decree No. 032-2002-EM, a terminal is a facility that includes
storage tanks, submarine lines or docks for receiving or dispatching liquid hydrocarbons and facilities related to activities of storage
and reception and/or dispatch of liquid hydrocarbon from/to vessels.</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: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><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: justify; text-indent: 0.5in">UNNA Energ&#237;a&#8217;s
activities as a part of Terminales del Peru fall under the scope of the Hydrocarbons Storage Safety Regulation, approved by Supreme Decree
No. 052-93-EM. Terminales del Peru is registered in the Hydrocarbon Registry of OSINERGMIN and is authorized to perform the reception,
storage and dispatch of hydrocarbons from vessels and trucks on the terminals. This regulation establishes the conditions under which
UNNA Energ&#237;a can operate and maintain storage facilities for hydrocarbons. For instance, the regulation specifies the technical
requirements for storage systems, which vary depending on the kinds of hydrocarbons stored. Moreover, pursuant to this regulation, UNNA
Energ&#237;a must establish procedures to minimize potential risks that these facilities present for employees, third parties and properties.</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: justify; text-indent: 0.5in">Terminales del Peru operates
five storage teminals (Callao, Eten, Salaverry, Chimbote and Supe) under the operations contract for the Central Terminals and the operations
contract for the North Terminals, both signed with PetroPeru.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gas Processing Plants</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: justify; text-indent: 0.5in">In accordance with the Glossary,
Acronyms and Abbreviations for the Hydrocarbons Subsector, approved by Supreme Decree No. 032-2002-EM, a processing plant is a facility
where the natural characteristics of hydrocarbons are changed to break them into the different compounds that comprise them, as well as
the subsequent transformations to convert the hydrocarbons into fuel of specific qualities and suitable for transportation. This includes
the facilities where the impurities, hydrogen sulfide, carbon dioxide, water and hazardous components are removed from natural gas.</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: justify; text-indent: 0.5in">The processing and dividing
activities of UNNA Energ&#237;a in Talara&#8217;s gas plant are governed by hydrocarbons refining and processing regulations, including
regulations on the design, construction, operation and maintenance of refineries and hydrocarbons processing plants, the oil refining
process, the manufacture of natural asphalts, oil and lubricants, basic petrochemical activities and the processing of natural gas and
condensates. In order to comply with these regulations, UNNA Energ&#237;a must take cautionary measures in order to protect the safety
of its employees and its facilities, protect the environment, preserve energy resources and ensure the quality of the products or services
it delivers. For instance, Talara&#8217;s gas plant operation must be authorized by the General Direction of Hydrocarbons and OSINERGMIN
and comply with fire safety regulations. In the event of an accident, UNNA Energ&#237;a must notify OSINERGMIN, the Peruvian Ministry
of Energy and Mines, the Peruvian Ministry of Labor and the Peruvian Social Security Administration, according to the seriousness and
type of the accident.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Real Estate</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: justify; text-indent: 0.5in">Since 1987, we have been operating
in the Peruvian real estate sector. In 2008, we incorporated Viva to concentrate the group&#8217;s activities in this sector including
promoting and managing real estate projects including public interest housing, residential and commercial real estate projects.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zoning Regulations</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: justify; text-indent: 0.5in">Article 79 of the Municipalities
Organic Law (Law No. 27-972) establishes that municipal governments are the exclusive authority responsible for approving urban and rural
development plans, as well as the zoning of urban areas under their jurisdiction. Peruvian regulation states that urban zoning refers
to the division of a municipal jurisdiction in zones for specific usage, such as residential, commercial, industrial or mixed-use.</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: justify; text-indent: 0.5in">The main zoning rules applicable
to our real estate projects include the following: obtaining a construction license from the corresponding local municipality before commencing
construction, reconstruction, conservation or repair of any property.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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 -->84<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Environmental Regulations</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: justify; text-indent: 0.5in">The Environmental Protection
Regulation for real estate, urbanism, construction and regularization related projects is approved by Supreme Decree No. 015-2012-VIVIENDA
(modified by the Supreme Decree No. 019-2014-VIVIENDA, Supreme Decree No. 008-2016-VIVIENDA), Supremee Decree No. 010-2017-VIVIENDA and
Supreme Decree No.&#160;020-2017-VIVIENDA sets out to prevent, mitigate, control and remedy negative environmental impacts that may arise
from real estate developments. Prior to initiating construction works, companies are required to obtain an environmental authorization
from the Housing, Urbanism, Regularization or Construction National Directorate of the Peruvian Ministry of Housing, Construction and
Sanitation and to comply with the provisions set forth in the corresponding environmental impact assessment.</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: justify; text-indent: 0.5in">The main environmental rules
applicable to our real estate projects include the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">undertaking an environmental impact assessment; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">requesting the environmental classification of our projects,
which depends on the environmental risks associated therewith.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the new legal regulation (DS-015-2021-VIVIENDA),
the protection of archaeological remains will also be taken into account in the case of archaeological sites.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Licenses</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: justify; text-indent: 0.5in">Article 10 of the amended
and restated Text of the Urban Habilitation and Buildings Law No. 29090, approved by Supreme Decree No. 006-2017, establishes the license
requirements for urban habilitation and construction, depending on land size, the dimensions of the work to be undertaken and the financial
target.</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: justify; text-indent: 0.5in">Upon completion of the real
estate development and construction stages, as the case may be, the following requirements must be met:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">for urban development, the reception of the works (<i>recepci&#243;n
de la obra</i>) must be requested to the corresponding municipal government in compliance with Article 19 of the amended and restated
Text of the Urban Habilitation and Buildings Law; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">for construction, the conformity of the works (<i>conformidad
de obra</i>) must be requested to the corresponding municipal government in compliance with Article 28 of the amended and restated Text
of the Urban Habilitation and Buildings Law, accompanying the request with the construction plans and the construction statement (a description
of the technical conditions and characteristics of the work performed).</td>
</tr></table><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exclusive and Common Property Real Estate
Units Regimes</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: justify; text-indent: 0.5in">The Law on the Buildings Regularization,
on the Edification Declaration Proceeding and on the Exclusive and Common Property Real Estate Units Regime, approved by Law No. 27157,
establishes the legal regime applicable to real estate comprised of assets with exclusive and common property, including, among others,
(i) apartment buildings; (ii) condominiums; (iii) units under co-ownership; and (iv) commercial spaces, such as galleries and malls. The
foregoing construction projects must include internal by-laws prepared or approved by the sponsor or builder, or by the owners with the
vote of the majority of participating owners, the content of which is regulated in Article 42 of the aforementioned law. Articles 40 and
41 of the foregoing law itemize the assets and services that qualify as common.</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: justify; text-indent: 0.5in">Owners of real estate units
have the opportunity to choose between the exclusive and common property regime, and the independent and co-ownership regime. The internal
by-laws, the owner&#8217;s assembly minutes, all construction plans, architectural division plans, parametric boundaries and the construction
statement must be registered in the Real Estate Registry of the corresponding jurisdiction. Upon completion of the proper registries,
units are registered independently from one another.</p><div>

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

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

</div><!-- Field: Page; Sequence: 89; 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 -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fondo Mivivienda</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: justify; text-indent: 0.5in">The acquisition of public
interest housing units developed by Viva is often financed by <i>Fondo Mivivienda</i> S.A., a government owned financial institution established
in 1998 by Law No. 26912 and Law No. 28579, with the purpose of (i) promoting and financing the acquisition, bettering and construction
of houses, especially those of social interest; (ii) carrying out activities related to the fostering of capital flows to the housing
financing market; (iii)&#160;participating in the primary and secondary markets of mortgage credits; and (iv) contributing to the development
of the capital markets.</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: justify; text-indent: 0.5in">The Peruvian government has
adopted the <i>Nuevo Cr&#233;dito MiVivienda</i> and <i>Techo Propio</i> programs, among others, which promote access to affordable
housing in Peru by providing government subsidies to individuals for the purchase of homes. In order for a unit to qualify for the <i>Nuevo
Cr&#233;dito MiVivienda</i> program, its selling price must range between S/65,200 and S/464,200. In order for a unit to qualify for
the <i>Techo Propio</i> new housing purchase program, its selling price must be less than S/68,000 for a single family home or less than
S/120,300 for a multi-family dwelling.</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: justify; text-indent: 0.5in">In order to be eligible for
an affordable housing subsidy under the <i>Nuevo Cr&#233;dito MiVivienda</i> program, a purchaser must not own any other home or have
benefitted from a housing subsidy program in the past, among other requirements. A purchaser must also provide a down payment between
10% and 20% of the total purchase amount. Housing subsidies under this program fluctuate between S/10,800 and S/25,700, which incentivize
purchasers with fixed interest rates so long as they pay their mortgage loan payments on a timely basis. In addition, a Green Bond subsidy
of S/5,400 is added when projects are sustainable, such our affordable housing projects in Viva. In order to be eligible for an affordable
housing subsidy under the <i>Techo Propio</i> program, a purchaser must have a monthly income that does not exceed approximately S/3,715
and must not have received any other government-sponsored housing benefit in the past, among other requirements. A <i>Techo Propio</i>
purchaser must also show proven savings equal to at least 3.5% of the total purchase amount. Housing subsidies under this program are
S/43,312. Purchasers of subsidized housing under both programs are also not required to pay a value-added tax normally applicable to residential
purchases.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prevention of Money Laundering and Financing
of Terrorism</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: justify; text-indent: 0.5in">SBS Resolution No. 789-2018
(that has replaced SBS Resolution No. 486-2008 as of March 15, 2018), as amended from time to time, requires construction and real estate
companies to implement a money laundering and terrorism financing prevention system, including, among others, appointing a compliance
officer, setting a registry of operations and notifying the Financial Intelligence Unit of the SBS, the entity responsible for supervising
and enforcing compliance to the resolution referred to herein, of any suspicious activity.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Engineering and Construction</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regulatory Framework Applicable to Contracts
with the Public Sector</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: justify; text-indent: 0.5in">As of the date of this annual
report, Peru&#8217;s Public Procurement Law, approved by Supreme Decree No. 082-2019-EF (Texto &#218;nico Ordenado de Ley de Contrataciones
del Estado) and its Regulations which, in turn, were approved by Supreme Decree No. 344-2018-EF, governs the acquisition of goods, provision
of services and works contracted with public entities. Article 29 of Supreme Decree No. 344-2018-EF establishes that, at the beginning
of the procurement process, the contracting public entity must prepare a technical file describing the characteristics of the services
it intends to contract and the selection process for its counterparts, among other specifications.</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: justify; text-indent: 0.5in">The selection processes are
established in Article 53 of Supreme Decree No. 344-2018-EF as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">public biddings <i>(licitaci&#243;n p&#250;blica)</i>,
applicable to goods and works;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">public tenders <i>(concurso p&#250;blico)</i>, applicable
to services, including consulting services;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">simplified award <i>(adjudicaci&#243;n simplificada), </i>applicable
for the acquisition of any of the following: (i) goods, if their value exceeds S/39,600 and is under S/480,000; (ii) services, if their
value exceeds S/39,600 and is under S/480,000; and (iii) works, if their value exceeds S/39,600 and is under S/2,800,000;</td>
</tr></table><div>

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

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

</div><!-- Field: Page; Sequence: 90; 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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">electronic reverse auction <i>(subasta electr&#243;nica
inversa),</i> applicable to goods and services with values exceeding S/39,600;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">selection of individual consultants <i>(selecci&#243;n de
consultores individuales)</i>, applicable for the hiring of qualified consultants who do not need teams of personnel or additional professional
support, if their value exceeds S/39,600 and is under S/60,000;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">price comparison <i>(comparaci&#243;n de precios)</i>, applicable
to goods and services that are easy to obtain in the market and that are not manufactured, produced, supplied or provided under a particular
description or set of instructions given by the contracting entity, if their value exceeds S/39,600 and is under or equal to S/74,250;
and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">direct contracting (<i>contrataci&#243;n directa</i>), applicable
to goods, works and services, in emergency situations arising from catastrophic events, involvement of national security, shortages,
among other specific scenarios set forth in the regulations.</td>
</tr></table><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: justify; text-indent: 0.5in">In addition, Supreme Decree
No. 344-2018-EF establishes that the selection processes include the following phases:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in the case of public biddings, public tenders and simplified
award: notice; registration of participants; submission and reply of inquiries and observations; absolution of inquiries and observations;
notice of bid rules in final version; submission of bids; evaluation and qualification of bids; and award (articles 70, 79 and 88);</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in the case of the selection of individual consultants: notice;
registration of participants; submission of bids; evaluation and qualification of bids; and award (article 92); and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in the case of price comparison: notice to at least three
bidders, submission of bids, and award to the lowest bid (articles 98 and 99).</td>
</tr></table><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: justify; text-indent: 0.5in">Article 46 of Peru&#8217;s
Public Procurement Law establishes that any participants in a public procurement process must be registered in the Peruvian National Suppliers
Registry and must not be banned from contracting with the state. Article 9 of Supreme Decree No. 344-2018-EF establishes that this registration
has an indefinite validity and that all contractors must keep information updated.</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: justify; text-indent: 0.5in">Bidders may participate in
the selection process as part of a joint operation, in which case all members of the joint operation must be registered in the Peruvian
National Registry of Suppliers and will be jointly liable for all consequences arising from the joint operation&#8217;s participation
in the selection process and the execution of the agreement. Certain exceptions to the abovementioned joint liability for joint operations
may apply, in cases where a contractor proves that only one party is liable to be sanctioned due to the nature of the infraction, the
joint operation formal undertaking or the joint operation agreement.</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: justify; text-indent: 0.5in">Cumbra and Cumbra Ingenier&#237;a
are registered in the Peruvian National Suppliers Registry as a construction and a consulting company, respectively.</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: justify; text-indent: 0.5in">Article 35 of Supreme Decree
No. 344-2018-EF establishes the types of contracts that may be entered into by public entities:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">lump-sum (<i>sistema a suma alzada</i>), applicable when the
amounts, scales and technical specifications are determined in the terms and conditions of the selection process. The bidder submits
its proposal indicating a fixed amount and a term for the completion of the agreement;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">unit price, rates or percentages (<i>sistema de precio unitario,
tarifa o porcentajes</i>), applicable when the nature of the service to be provided does not allow an accurate determination of the required
quantities or dedication time;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">lump-sum and unit price, rates or percentages mix (<i>esquema
mixto de suma alzada y precios unitarios</i>), applicable when the included items have known quantities or quantities which can be known
with accuracy and precision, they can be contracted under the lump sum scheme, however when items where the quantities cannot be known
have to be contracted under the unit price system; and</td>
</tr></table><div>

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

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

</div><!-- Field: Page; Sequence: 91; 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 -->87<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">fixed amount plus success fee (<i>honorario fijo y comisi&#243;n
de &#233;xito</i>), applicable in contracts for rendering services. The fixed amount and success fee may be estimated on the basis
of percentages.</td>
</tr></table><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: justify; text-indent: 0.5in">Article 36 of Supreme Decree
No. 344-2018-EF establishes that, in the case of goods and works, the terms and conditions of the selection process must indicate the
execution type of the agreement as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;turn-key&#8221; (<i>llave en mano</i>), when completion
is subject to the construction, equipment assembly and, if applicable, the assisted operation of works. In case of goods procurement,
the installation and commissioning of such goods are also included; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">bid contest (<i>concurso oferta</i>), when completion is subject
to the submission of the technical file and the completion of the works.</td>
</tr></table><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: justify; text-indent: 0.5in">Peru&#8217;s Supervisory Authority
on Public Procurement (<i>Organismo Supervisor de las Contrataciones del Estado</i>, or OSCE, by its Spanish acronym) is a public-sector
entity within the Peruvian Ministry of Economy and Finance, that oversees the selection processes carried out by public entities; manages
the Peruvian National Registry; imposes penalties to suppliers that violate the provisions set forth in Peru&#8217;s Public Procurement
Law, its Regulations and other related provisions; and informs the government&#8217;s General Comptroller Office (<i>Contralor&#237;a
General de la Rep&#250;blica</i>) regarding violations to the regulations when damages are caused against the State.</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: justify; text-indent: 0.5in">Pursuant to the recent amendments
to the Public Procurement Law, companies sentenced for corruption charges, among other criminal offences, or companies whose representatives
have admitted committing corruption acts, will be prohibited from participating in public procurement processes.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regulatory Framework Applicable to Contracts
with the Private Sector</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: justify; text-indent: 0.5in">Parties to a private-sector
agreement may freely determine the contract type and its contents as long as it complies with certain legal requirements, including the
provisions set forth in Article 1353 of the Peruvian Civil Code (which states that all contracts, including innominate contracts, must
comply with the rules of Section VII of the Peruvian Civil Code, absent a statute specific to said contract type that collides with said
rules). Cumbra and Cumbra Ingenier&#237;a participate in private-sector contracts for engineering and construction.</p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Construction Activities in Peru</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Legal Framework</i></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: justify; text-indent: 0.5in">Peru&#8217;s Law for the Promotion
of Private Investment in Construction, approved by Legislative Decree No.&#160;727 (<i>Ley de Promoci&#243;n de la Inversi&#243;n
Privada en Construcci&#243;n</i>), states that construction activities in Peru are in the public interest and a national priority. According
to Section F of the Fourth review of the United Nations International Statistical Industrial Classification (ISIC), construction activities
typically consist of the construction of dwellings, buildings and stores; and the construction of large scale infrastructure projects
such as highways, bridges, tunnels, railways, irrigation systems, sewage systems, industrial facilities, pipelines and electric lines,
among others. Cumbra has developed numerous projects in the construction sector. Currently, our company focuses on buildings (ISIC Division
41), civil works (ISIC Division 42) and specialized activities (ISIC Division 43).</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: justify; text-indent: 0.5in">Construction entities must
comply with the National Building Regulations, approved by Supreme Decree No.&#160;011-2006-VIVIENDA (<i>Reglamento Nacional de Edificaciones</i>),
which establishes that urban allotments and buildings must be developed in compliance with the rules governing safety, functionality,
accessibility, habitability and environmental impact. According to Technical Regulation No. G.030 (Rights and Responsibilities) of the
National Building Regulations, construction companies, such as Cumbra and Cumbra Ingenier&#237;a, are responsible for (i) executing
works in accordance with project specifications and applicable regulations; (ii) possessing sufficient organization and infrastructure
to guarantee the feasibility of the project; (iii) appointing the party responsible for the construction to assume its technical representation;
(iv) providing the resources and materials to complete the project pursuant to the terms of the agreement and required standards and within
the approved budget; (v) executing subcontracts within contractual limitations; and (vi) delivering to the client documented information
regarding the executed works.</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: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><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: justify; text-indent: 0.5in">Notwithstanding any legal
actions that the construction company may take against suppliers, manufacturers or subcontractors, the construction company may be responsible
for all the works, including those executed by subcontractors, and for the use of defective materials or supplies.</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: justify; text-indent: 0.5in">Penalties for violating the
National Building Regulation are determined by the municipal government in the jurisdiction where the project is developed and set forth
in its corresponding regulations. In addition, they may also pursue criminal actions or civil claims if applicable.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Safety Regulation in Construction Projects</i></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: justify; text-indent: 0.5in">The Law on Safety and Health
at Work (Law No. 29783) is intended to promote workplace accident prevention and applies to all business sectors. The principal safety
rules applicable to construction projects include the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">companies with 20 or more employees must establish a committee
for the promotion of workplace safety and health that oversees the implementation of the required internal safety and health regulation
policy;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">all projects must have a safety and health plan consisting
of all the technical and administrative mechanisms to guarantee the physical integrity and health of workers and third parties during
project execution;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">companies shall hire an occupational physician and establish
an area of occupational medicine;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">companies shall perform periodic audits to verify whether
internal safety and health regulations are in accordance with law;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">occupational diseases and work accidents detected during project
execution must be recorded and the competent authority must be notified in accordance with the Regulations of the Law on Safety and Health
at Work, approved by Supreme Decree No. 005-2012-TR, and with Occupational Health Manual, approved by Ministerial Resolution No. 510-2005-MINSA;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">companies must provide for medical examinations of its employees
prior to, during and at the termination of their employment (subject to certain terms and conditions depending on whether the employees
were engaged in high-risk activities);</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">companies must show a safety and health plan; an index of
frequency; and our company&#8217;s performance in safety and health in order to be awarded public and private projects;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">use of individual protective equipment, including gloves,
safety goggles, boots and helmets, is mandatory when risks to safety and health cannot be prevented by other means; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">personnel responsible for safety must comply with all requirements
in Rule NTP 399.010.1 for fire prevention.</td>
</tr></table><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: justify; text-indent: 0.5in">The Peruvian Ministry of Labor
and Employment Promotion, the National Superintendence of Labor Inspection (the &#8220;SUNAFIL&#8221;) and the Peruvian Ministry of Health
are the competent organisms in the safety and health fields, respectively.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Safety Regulations Applicable to Subsectors</i></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: justify; text-indent: 0.5in">In addition to the Law on
Safety and Health at Work applicable to all our business sectors, our E&amp;C segment must also comply with the regulations set forth
below.</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: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Power and Utilities</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Cumbra must comply with the
Rules of Safety and Health at Work with Electricity, approved by Ministerial Resolution No. 111-2013-MEM-DM, for its activities relating
to the construction of hydroelectric plants, transmission lines and substations. The Peruvian Supervisory Agency for Investment in Energy
and Mining (<i>Organismo Supervisor de la Inversi&#243;n en Energ&#237;a y Miner&#237;a</i>, or &#8220;OSINERGMIN&#8221;) is the
authority responsible for supervising and enforcing compliance of the foregoing rules. The most relevant of the safety rules with which
Cumbra must comply include: (i)&#160;providing employees with necessary information regarding safety measures related to the tasks they
perform; (ii)&#160;providing employees with adequate safety equipment; and (iii) evaluating and remedying potential sources of danger.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Cumbra must comply with the
Mining Occupational Health and Safety Regulation, approved by Supreme Decree No. 024-2016-EM, and other related regulations for their
mining-related construction activities including the construction of mineral processing plants and other mining-related buildings, among
others. In developing mining projects, our subsidiaries&#8217; personnel must follow the safety programs and be familiar with internal
rules from their mining sector client. The SUNAFIL and OSINERGMIN are the Peruvian authorities responsible for supervising and enforcing
compliance of the foregoing rules. The most relevant of the safety rules with which Cumbra must comply include: (i) creating an internal
safety and health regulation policy and selecting a manager responsible for its implementation; (ii) monitoring and recording workplace
accidents and occupational diseases; (iii) providing information to employees regarding the safety risks related to their work; (iv) providing
employees necessary first aid and medical attention in the event of a workplace accident; (v) providing employees the necessary tools,
equipment or materials to perform their activities safely; and (vi) evaluating risks in order to establish accident prevention and mitigation
plans.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Oil and Gas</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">UNNA Energ&#237;a must comply
with the Hydrocarbons Safety Regulations, as approved by Supreme Decree No. 043-2007-EM, which are enforced by OSINERGMIN, while performing
any hydrocarbon activities. The most relevant safety rules with which UNNA Energ&#237;a must comply include: (i) assuring that senior
project managers are responsible for the safety and health of workers; (ii) assigning specialized personnel responsible for safety and
health matters; and (iii) monitoring and recording workplace accidents on a monthly basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Cumbra must comply with the
Industrial Safety Regulation, approved by Supreme Decree No. 42-F (<i>Reglamento de Seguridad Industrial</i>), for its activities relating
to the construction of industrial plants. The most relevant of the safety rules with which Cumbra must comply include: (i) overseeing
that worksites are constructed, equipped and managed to provide security and protection to employees; (ii) instructing employees about
risks to which they are exposed related to their work and adopting necessary measures to avoid accidents and damage to employee health;
and (iii) overseeing inspections to verify the proper installation of safety equipment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Registries and Permits</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Pursuant to Supreme Decree
No. 005-2020-TR civil contractors must be registered in the National Registry of Civil Construction Works (the &#8220;RENOCC&#8221;),
governed by the Administrative Labor Authority. Civil construction work companies register with the RENOCC, which assigns them with a
unique registration number with which the company is identified until completion of the relevant project, regardless of the number of
contractors and subcontractors that participate in the execution of the work. Cumbra has registered in the National Civil Construction
Contractors and Subcontractor Registry in compliance with the Supreme Decree No. 008-2013-TR (previous regulations, then repealed by Supreme
Decree No. 005-2020-TR).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"></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 -->90<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">According to Supreme Decree
No. 005-2008-EM mining contractors must register with the National Mining Contractors and Specialized Companies Registry. Cumbra is currently
registered. Proper registration requires the filing of a request with the Regional Agency of Energy and Mines with jurisdiction in the
area where the mining activities will take place. In addition, within five days upon commencement of construction, Cumbra must provide
in writing its employees with the following information: (i) the company&#8217;s legal name; (ii) the scope of the contract; (iii)&#160;the
place of execution; (iv) the applicable health and safety regulations; (v) the Safe Work Written Procedures (PETS); and (vi) risk insurance
policies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Labor Law Requirements in Civil Construction</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Labor law requirements in civil
construction consist of the specific legal framework for civil construction workers and the general legal framework applicable to the
administrative personnel in the civil construction sector set forth in the Single Revised Text of the Labor Productivity and Competitiveness
Law, approved by Supreme Decree No. 003-97-TR.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Seasonality of services is
one of the main features in the specific legal framework due to the temporary nature of construction contracts. Consequently, certain
general rules such as the trial period are not applicable to construction workers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The principal terms and conditions
relating to collective bargaining from our civil construction workers have been agreed upon and recorded in the 2018-2019 agreement, dated
September 11, 2018, and entered into between the Peruvian Chamber of Construction and the Federation of Civil Construction Workers (<i>Federaci&#243;n
de Trabajadores en Construcci&#243;n Civil</i>). By means of the 2018-2019 agreement, the parties have, among other things, agreed on
an increase in the daily wage of such employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Supreme Decree No. 009-97-SA,
Law No. 26-790 and Supreme Decree No. 003-98-SA require construction companies to have complementary high-risk insurance for workers that
perform high risk tasks. As of the date of this annual report, Cumbra has this insurance coverage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The insurance coverage provides
medical care for injured workers to allow them to achieve full recovery. Moreover, it provides pensions to workers or their beneficiaries
in case the worker becomes handicapped or dies as a result of a work accident or occupational disease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Section 24 of the General Environmental
Law, approved by Law No. 28-611 (the &#8220;General Environmental Law&#8221;), provides that all human activity that involves construction
services, among others, likely to cause significant environmental impact is subject of regulation by the National System of Environmental
Impact Assessment. The Peruvian Ministry of the Environment, through the Environmental Supervising and Enforcement Agency (<i>Organismo
de Evaluaci&#243;n y Supervisi&#243;n Ambiental, </i>or &#8220;OEFA&#8221;) supervises compliance with the law and enforces environmental
rules related to mining, oil and gas and electricity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In addition to being responsible
for the impact that its activities, by action or omission, may have on the environment, Cumbra is also subject to an environmental impact
assessment and must obtain an environmental certification necessary to obtain project permits or licenses. Cumbra must also adopt measures
for the management of hazardous materials intrinsic to its activities to mitigate the negative environmental impact its activities may
have.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Supreme Decree No. 015-2012-VIVIENDA
(modified by the Supreme Decree No. 019-2014-VIVIENDA and Supreme Decree No. 008-2016-VIVIENDA) regulates the environmental aspects of
projects related to housing, urbanism, construction and sanitation activities in urban or rural areas. The National Directorate of Housing,
Urbanism, Construction and Sanitation supervises the compliance and enforces the applicable rules. Projects are categorized according
to their environmental impact during and after their execution and different rules are established for each category including compliance
with the following environmental studies prior to starting construction works: (i) projects expected to cause minor environmental impacts
require an environmental impact statement; (ii) projects expected to cause moderate environmental impacts require a semi-detailed environmental
impact assessment; and (iii)&#160;projects expected to cause a major environmental impact require a detailed environmental impact assessment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"></p><div>

</div><!-- Field: Page; Sequence: 95; 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 -->91<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Depending on the subsector
in which it operates, Cumbra is required to follow specific environmental provisions issued by the competent authorities. For example,
with respect to hydrocarbon activities, the Ministry of Energy and Mines has enacted the Oil and Gas Environmental Regulations, by means
of Supreme Decree No. 039-2014-EM modified by Supreme Decree No. 023-2018-EM.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tax Legal Regime Applicable to Construction</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Section 63 of the Peruvian
Income Tax Expense Law, approved by Supreme Decree No. 179-2004-EF, establishes that construction companies engaged in construction contracts
for a period longer than one fiscal year can choose to be taxed under any of the following systems:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#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: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">allocate to each fiscal year the gross income resulting from
applying the percentage of gross margin estimated for the full construction over the amounts collected for the same construction; or</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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">allocate to each fiscal year the gross income calculated by
deducting the costs corresponding to the tasks performed on each construction during that year from the amount collected or that is expected
to be collected for such tasks.</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: justify; text-indent: 36pt">In both situations, a special
accounting registry must be kept for each project, which is meant to keep a record of the costs, expenses and income of each project in
an account separate from the general analytical accounts (<i>cuentas anal&#237;ticas de gesti&#243;n</i>).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Until December 31, 2012, construction
companies could defer revenues related to each individual project until the total completion of the project, provided the project was
completed in three years or less. In such cases, the income was to be recognized in the fiscal year in which the project concluded or
was delivered. In case the project was scheduled to conclude in a period exceeding three years, the results would be determined in the
third year in accordance with the progress of the works over the three-year period. Beginning in the fourth year, results were determined
following the foregoing methods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Starting on January 1, 2013,
in accordance with Legislative Decree No. 1112, which amended the Peruvian Income Tax Expense Law, construction companies that adopted
the deferral method are authorized to continue with the use of such method only with respect to income arising from the execution of work
contracts initiated prior to January 1, 2013, until their completion, and for execution of work contracts initiated on or after January
1, 2013 the deferral method is no longer accepted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The Peruvian Income Tax Expense
Law also provides that the difference that may result from a comparison between the real gross income and the income assessed pursuant
to any of the methods described above shall be allocated to the fiscal year in which the work concluded. Additionally, the company must
apply the same system to all its construction contracts and must receive prior authorization from tax authorities to change the applied
system.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prevention of Money Laundering and Financing
of Terrorism</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Regulations for money laundering
and terrorism financing prevention, approved by SBS Resolution No. 789-2018 (which has replaced SBS Resolution No. 486-2008 as of March
15, 2018), require construction and real estate companies to implement a money laundering and terrorism financing prevention system, including,
among others, the appointment of a compliance officer, setting up a registry of operations and notifying the Financial Intelligence Unit
of the SBS, the entity responsible for supervising and enforcing compliance, of any suspicious activity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"></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 -->92<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><div><a id="r_004"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm">C.&#160;Organizational
Structure</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The following organizational
chart sets forth our principal operating subsidiaries within our four business segments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#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_025.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</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: center"></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">(1)</td><td style="text-align: justify">In June 2018, the company assigned economic rights over 48.8% of the share capital of Norvial to Inversiones
en Autopistas S.A. by transferring its Class B shares of Norvial. The company continues to possess 67% of the voting rights of Norvial
and an economic interest of 18.2% of Norvial&#8217;s share capital. JJC Contratistas Generales S.A. owns 16.80% and Inversiones en Infraestructura
Peru SAC owns 16.20%.</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">(2)</td><td style="text-align: justify">43.3% of the share capital of Viva was held by our subsidiary Cumbra. However, in December 2022, Cumbra
transferred all of its Viva shares to AENZA S.A.A.</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">(3)</td><td style="text-align: justify">80.03% of Cumbra Ingenieria shares have been assigned to a trust formed to the benefit of the Peruvian
state to secure Aenza&#8217;s contingent obligation to pay compensation resulting from the investigations of the company by the Peruvian
state.</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: justify; text-indent: 0cm"><b>Infrastructure</b>:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm">&#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: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>Toll Roads:</b></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: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Norvial, incorporated in Peru, is the concessionaire of the
183 km stretch between Anc&#243;n and Pativilca of the Panamerican Highway. Norvial is comprised of common shares (Class&#160;A), and
non-voting shares (Class B). In June 2018, the company transferred economic rights over 48.8% of the share capital of Norvial to Inversiones
en Autopistas S.A. by transferring its Class B shares. The company continues to possess 67% of voting rights of Norvial and an economic
interest of 18.2% in Norvial&#8217;s share capital. JJC Contratistas Generales S.A. owns 16.80% and Inversiones en Infraestructura Peru
SAC owns 16.20%.</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: 97; 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 -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 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: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Survial, incorporated in Peru, is the concessionaire of the
750 km highway between Marcona and Urcos in Peru. AENZA owns 99.995% of Survial, and the remaining 0.005% is held by UNNA Transporte.</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: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Canchaque, incorporated in Peru, is the concessionaire of the
78 km highway between the towns of Buenos Aires and Canchaque in Peru. AENZA owns 99.96% of Canchaque, and the remaining 0.04% is held
by UNNA Transporte.</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: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">UNNA Transporte, incorporated in Peru, is engaged in the operation
and maintenance of infrastructure assets. AENZA owns 99.9983% of UNNA Transporte and the remaining&#160;0.0017% is held by Cumbra.</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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>Mass Transit</b>:</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: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">L&#237;nea 1, incorporated in Peru, is the concessionaire
of Line 1 of the Lima Metro. AENZA owns 75% of L&#237;nea 1; the other 25% is held by Ferrov&#237;as Participaciones S.A., a railway
infrastructure 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><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: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>Water Treatment</b>:</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: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">La Chira, incorporated in Peru, is the concessionaire of La
Chira waste water treatment plant in southern Lima, Peru. AENZA owns 50% of La Chira; the other 50% is held by Acciona Agua S.A., an
affiliate of a waste water treatment and distribution 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><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: 36pt"></td><td style="width: 18pt">&#9679;</td><td style="text-align: justify"><b>Energy</b>:</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: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">UNNA Energ&#237;a, incorporated in Peru, is engaged in the
oil and gas business and provides hydrocarbon extraction services to Perupetro, a Peruvian state oil company; owns a gas processing plant;
and, through a joint operation with a Peruvian affiliate of Oiltanking GmbH, operates five fuel terminals in Peru. AENZA owns 95% of
UNNA Energ&#237;a; the remaining 5% is held by a former company executive.</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: 36pt"></td><td style="width: 18pt">&#9679;</td><td style="text-align: justify"><b>Engineering and Construction</b>:</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: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Cumbra, incorporated in Peru, is one of the oldest and largest
construction companies in Peru. AENZA owns 98.87% of Cumbra; the remaining 1.13% is held by former and current company senior managers.</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: 1in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Vial y Vives&#8212;DSD S.A. (&#8220;Vial y Vives&#8212;DSD&#8221;), incorporated in Chile, is an engineering
and construction company specialized in the mining sector and in providing services to the energy, oil and gas, and cellulose sector.
Cumbra, through GyM Chile SpA, owns 94.49% of Vial y Vives&#8212;DSD; Inversiones VyV S.A., a company controlled by the founders of Ingenier&#237;a
y Construcci&#243;n Vial y Vives S.A., (which merged to form Vial y Vives&#8212;DSD) owns 1.36%; and the remaining 4.15% is held by
third parties.</td></tr></table><div>

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<td style="width: 1in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Cumbra Ingenier&#237;a, incorporated in Peru, is primarily engaged in engineering consultancy for projects
in the mining, hydrocarbons, electrical, agricultural, industrial, tourism and transportation sectors. AENZA owns 89.41% of Cumbra Ingenier&#237;a
(66.6% of Cumbra Ingenier&#237;a&#8217;s shares have been assigned to a trust created in benefit of the Peruvian state to secure the
company&#8217;s contingent obligation to pay compensation to the Peruvian state in respect of investigations of the company by the Peruvian
state), and the remaining 10.59% is distributed among former company senior managers (5.27%) and successors thereof&#160;(5.32%).</td></tr></table><div>

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<td style="width: 1in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Morelco, incorporated in Colombia, is a recognized specialist in electromechanical assemblies, civil works,
and services for the oil and gas and other energy sectors. Our subsidiary Cumbra owns 100.0% of Morelco.</td></tr></table><div>

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<td style="width: 36pt"></td><td style="width: 18pt">&#9679;</td><td style="text-align: justify"><b>Real Estate</b>:</td></tr></table><div>

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<td style="width: 1in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Viva, incorporated in Peru, is focused on the development and sale of affordable housing and housing,
as well as other real estate projects such as shopping centers and land sales. AENZA directly owns 99.54% of Viva and the other 0.46%
is owned by a company executive.</td></tr></table><div>

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

</div><div><a id="r_005"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm">D.&#160;Property,
Plant and Equipment</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Approximately 84.38% of our
assets are located in Peru, with the remaining balance located in Chile and Colombia. As of December 31, 2022, the net book value of the
assets of the company was US$74.5 million (S/284.5&#160;million). We currently lease certain machinery and equipment from vendors. The
terms of our leasing contracts range from two to five years, depending on the nature of the equipment. Leased machinery and equipment
are capitalized for accounting purposes. Our principal executive offices, which we lease, are located at Av. Petit Thouars 4957, Miraflores,
Lima, Peru.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insurance and Contingency Planning</p><div>

</div><p style="font: bold 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: justify; text-indent: 36pt">We have insurance coverage
for fire, earthquakes, strike, riot, malicious damage, vandalism and terrorism; losses or damages to construction machinery and equipment;
destruction or disappearance of property; civil liability, including physical harm to third parties; professional liability; transportation;
vehicle theft, collision, rollover, fire and accidents; and directors&#8217; and officers&#8217; liability. Additionally, we carry different
policies for specific risks related to our business segments. Our management considers this coverage to be sufficient to cover probable
losses and damages, taking into consideration the nature of our activities, the risks involved in our transactions and the advice of our
insurance brokers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We also have contingency plans
in place in order to protect our company and the interests of our clients. In the event of an emergency, we have procedures in place designed
to minimize any resulting interruption in service to our most critical business processes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><div><a id="a_009"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">ITEM 4A. UNRESOLVED STAFF COMMENTS</p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><div><a id="a_010"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><i>The following discussion
should be read in conjunction with our consolidated financial statements included in this annual report, which have been prepared in accordance
with IFRS issued by the IASB. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual
results may differ materially from those discussed in the forward-looking statements as a result of several factors, including, without
limitation, those set forth under &#8220;Part I. Introduction. Forward-Looking Statements&#8221; and &#8220;Item 3.D. Key Information&#8212;Risk
Factors.&#8221;</i></p><div>

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</div><div><a id="a_011"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm">A.&#160;Operating
Results</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We have a diversified portfolio
of business units that includes an infrastructure management and development platform, one of the top oil and gas companies in Peru, one
of largest real estate developers in the affordable housing market in Peru, and the largest engineering and construction company in Peru
with an additional presence in Chile and Colombia. With more than 89 years of operations, we have a long track record of successfully
completing the engineering and construction of many of Peru&#8217;s landmark private- and public-sector infrastructure projects, such
as the Lima International Airport and the Peru liquid natural gas liquefaction plant, and we believe we have a track record of operational
excellence in our markets. We have developed a highly experienced management team, a talented pool of more than 1,500 engineers and a
skilled work force that share our core corporate values of quality, professionalism, reliability and efficiency.</p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Impact of the Ongoing Coronavirus (COVID-19) Pandemic</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The COVID-19 pandemic adversely
affected our results of operations during the 2020. Infections caused halts and delays in our engineering and construction projects, which
caused us to renegotiate performance targets with certain clients. These interruptions and negotiations added costs with respect to our
projects, and caused us to include additional allowances for certain accounts receivable and impairments to the group&#8217;s long-term
assets. From mid-March 2020 to the end of May 2020, substantially all of our engineering and construction projects and real estate projects,
particularly in Peru, were mandatorily shut down. Our infrastructure operations, which for the most part were declared essential businesses,
continued operating normally; however, some of our infrastructure businesses were adversely affected, particularly by the sharp decline
in traffic volumes and fluctuations in oil and gas prices. Additionally, the Peruvian Congress suspended the payment of tolls on roads
between May and June of 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Our 2022 results of operations
show a significant recovery compared to those of 2020 and 2021. Our operations are proceeding in a normalized manner. Furthermore, our
Norvial concession exceeded pre-pandemic traffic levels and the Energy business has benefited from current oil and gas prices. The E&amp;C
segment increased productivity in the execution of its projects and the Real Estate business increased sales and delivery of low-income
housing units.</p><div>

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

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Termination of the Gasoducto Sur Peruano
Concession</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In November 2015, we acquired
a 20% interest in GSP and obtained a 29% interest in CCDS through its subsidiary Cumbra Peru.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On July 22, 2014, GSP signed
the GSP Concession Agreement with the Peruvian Government to build, operate, and maintain a natural gas pipeline to meet the demand of
cities in the south of Peru. Additionally, GSP signed an engineering, procurement, and construction agreement with CCDS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">We made an investment of US$242.5
million in GSP and had to assume 20% of the performance bond established in the GSP Concession Agreement for US$262.5 million and 21.49%
of the guarantee for a bridge loan of US$600 million. On January 24, 2017, the MEM announced the early termination of the GSP Concession
Agreement under Clause 6.7 thereof, for not having provided evidence of the financial closing within the contractual term resulting in
the immediate enforcement of the performance bond.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The events described in the
previous paragraph caused management to recognize an impairment from 2016 to 2019 of its total investment (US$242.5 million), as well
as the account receivable resulting from the execution of the counter-guarantees granted by AENZA in favor of the entity issuing the guarantees:
for US$52.5 million corresponding to the performance bond and US$129 million corresponding to the corporate guarantee on the bridge loan
granted to GSP. According to the Concession Contract, the guarantees were paid on behalf of GSP, therefore, AENZA recognized the right
to collect from GSP US$181.5 million, which was recorded in 2016 as accounts receivable from related parties. Likewise, Cumbra Peru recognized
the value of accounts receivable from CCDS as US$73.5 million and lost profits as US$10 million, which correspond to receivables from
GSP. See Note 11 to our audited annual consolidated financial statements included in this annual report for the balance of the account
receivable from GSP.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On October 11, 2017, the agreement
deed for the delivery of the assets of the South Peruvian gas pipeline concession between GSP and MEM was signed. The assets include the
works, equipment, facilities and engineering studies provided for the execution of the project.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Upon termination of the Concession
Contract, and in accordance with the provisions of Clause 20 thereof, the Peruvian State was obligated to hire an internationally recognized
auditing firm to calculate the VCN, and to call up to three auctions on GSP&#8217;s assets. However, to date, the Peruvian State has failed
to comply with these contractual obligations. The amount of the VCN was calculated at US$2,602 million by an independent auditing firm
hired by GSP as of December 31, 2016. This figure was subsequently adjusted to US$2,110 million, as a result of variations in the balances
related to the works carried out by the consortium, which in turn is reported in its audited financial statements as of December 31, 2017.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On December 21, 2018, the company
asked the Peruvian Government for direct treatment and requested the payment of the VCN in favor of GSP. On October 18, 2019, the company
filed with the CIADI an arbitration request. On December 27, 2019, the company withdrew the arbitration request in compliance with a preliminary
collaboration and benefits agreement signed with the Attorney General&#180;s Office and Ad-hoc Public Prosecutor&#8217;s Office on the
same date (see Note 1 to our audited annual consolidated financial statements included in this annual report). Withdrawing the arbitration
request before CIADI does not result in the loss of collection rights of the company against GSP and does not restrict, limit, or impede
GSP from asserting its rights against the Peruvian Government.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The company and its internal
and external legal advisors consider that the payment owed by the Government to GSP for the VCN are not within the withholding scope under
Law 30737 that ensures the immediate payment of civil compensation in favor of the Peruvian State in cases of corruption and related crimes,
since this payment does not include any profit margin and/or does not correspond to the sale of assets related to the project, but to
a reimbursement for the investment made by the concessionaire.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As of December 4, 2017, GSP
entered into a bankruptcy proceeding before INDECOPI. GSP has claims recognized by INDECOPI of US$0.4 million and US$169.3 million, the
latter held in trust in favor of GSP&#8217;s creditors. It also has indirectly recognized claims for US$11.8 million. On the other hand,
the claim of Cumbra is indirectly recognized in INDECOPI through <i>Consorcio Constructor Ductos del Sur</i> for an amount of US$88.7
million. As of the date of this report, GSP is in the process of liquidation and AENZA is chairing the Board of Creditors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On April 11, 2023, a liquidation
agreement (the &#8220;Liquidation Agreement&#8221;) was approved, which delimits the framework for the liquidator&#8217;s work. The Liquidation
Agreement includes the granting of powers to the liquidator with respect to representation, administrative, contractual and other relevant
powers that allow him to comply with the obligations for which he was appointed, as well as the actions he is allowed to take in order
to recover GSP&#8217;s assets and in accordance with the mechanisms set forth in the General Law of the Insolvency System. On April 13, 2023,
and under the powers granted to him by the Liquidation Agreement, the Liquidator requested that the MEM initiate the direct treatment
procedure stipulated in the Concession Contract. For more information regarding the amounts recognized, see Note 11 to our audited annual
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: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As of December 31, 2022, the
net value of the accounts receivable from GSP is approximately US$142.4 million (equivalent to S/542.3 million) compared to US$161.9 million
(equivalent to S/643.9 million) as of December 31, 2021, which comprises the recognition in the following entities of the Corporation:
i) AENZA S.A.A. holds US$63.9 million (equivalent to S/243. 2 million), discounted to present value net of impairment and the effect of
the exchange difference, compared to US$81.1 million (equivalent to S/322.6 million) as of December 31, 2021; and ii) Cumbra Peru holds
US$78.6 million (equivalent to S/299.2 million) discounted to present value net of the effect of the exchange difference compared to US$80.8
million (equivalent to S/321.3 million) as of December 31, 2021.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The company&#8217;s management maintains
the recovery estimate at 8 years, applying a discount rate of 5.85%, compared to recovery term of 8 years with a discount rate of 2.73%
as of December 31, 2021. These estimates generated during 2022 a present value effect of approximately S/72.2 million, compared to S/32.8
million during 2021, which has been recognized in the consolidated statement of income under the caption &#8220;Financial income and expenses
- loss from present value&#8221;, see Note 26.B to our audited annual 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: justify; text-indent: 36pt">&#160;</p><div>

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><span style="font-weight: normal">Based on management&#8217;s
assessment and in conjunction with the opinion of the internal legal department and external legal counsel, the estimate of recoverability,
impairment allowances and the net recognized value of the account receivable from GSP as of December 31, 2021 and 2022 is reasonable and
sufficient as of the reporting date of the Corporation&#8217;s consolidated financial statements, see also Notes 5.A.iv and 11 to our audited
annual consolidated financial statements included in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&#160;</p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investigations and Settlement Processes</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Our company and some of our
subsidiaries, and some of our former directors and senior managers, have been charged in connection with criminal and civil investigations
relating to certain projects in connection with our association with Odebrecht and in connection with our alleged participation in the
alleged &#8220;construction club&#8221; during the period from 2004 to 2016.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In 2018, the Peruvian criminal
prosecutor charged our company and our engineering and construction subsidiary, Cumbra, as criminal defendants in connection with the
IIRSA South project concession (tranche II), and the Peruvian First National Preparatory Investigation Court (<i>Primer Juzgado de Investigaci&#243;n
Preparatoria Nacional</i>) included our company and Cumbra in its criminal investigation. Separately, in connection with these investigations,
in December 2018, the Peruvian First National Preparatory Investigation Court also resolved to include our company and Cumbra as civilly
responsible third parties in the investigations related to the IIRSA South project concession (tranche II) and Cumbra as a civilly-responsible
third party in the investigations related to Tranches 1 and 2 of the Lima Metro.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In December 2018, Cumbra was
formally included as a civilly responsible third party, along with 11 other construction companies, in the criminal investigation conducted
by a Peruvian public prosecutor with respect to an alleged &#8220;construction club&#8221; that colluded to receive public contracts.
In October 2021, the prosecutor filed a motion to criminally charge Cumbra and another of our subsidiaries, UNNA Transporte, and other
companies in the construction sector in Peru, as well as a former director and former senior managers of our company, with collusion and
other alleged crimes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Peruvian prosecutors have included
Jos&#233; Gra&#241;a Mir&#243; Quesada the former Chairman of our company, in an investigation for the crime of collusion, and Hernando
Gra&#241;a Acu&#241;a, a former board member of our company and former chairman of our subsidiary Cumbra, for the crime of money laundering
against the Peruvian government, each in connection with the IIRSA South project concession (tranche II), in which we participated with
Odebrecht. Gonzalo Ferraro Rey, the former Chief Infrastructure Officer of our company, has also been included in an investigation for
the crime of money laundering in connection with the same project. In addition, Jos&#233; Gra&#241;a Mir&#243; Quesada and Hernando
Gra&#241;a Acu&#241;a, as well as Juan Manuel Lambarri, the former chief executive officer of our subsidiary Cumbra, have been charged
in connection with Tranches 1 and 2 of the Lima Metro. On February 9, 2022, the Peruvian press reported that Peruvian prosecutorial authorities
entered into plea agreements with Jos&#233; Gra&#241;a Mir&#243; Quesada and Hernando Gra&#241;a Acu&#241;a, which were granted
with judicial approval on January 3, 2023 and January 18, 2023 respectively. These plea agreements are confidential under Peruvian law
and we, therefore, do not know their content. However, they may include information related to wrongdoing or knowledge of improper behavior
that occurred while Jos&#233; Gra&#241;a Mir&#243; Quesada and Hernando Gra&#241;a Acu&#241;a were at the company. We cannot
guarantee what they will ultimately say to government authorities, or that their statements will not adversely affect the company&#8217;s
reputation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><b><i>Final Collaboration and
Benefits Agreement (Acuerdo de Colaboraci&#243;n Eficaz y Beneficios)</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On May 21, 2021, the Company
entered into a Collaboration and Benefits Agreement with a special team of Peruvian prosecutors covering the investigations related to
corruption offenses of officials and related personnel, in which the company Odebrecht and others would have incurred (the &#8220;Prosecutor&#8217;s
Office&#8221;) and with the ad hoc Public Prosecutor&#8217;s Office for investigations and processes related to crimes related to corruption
of officials, money laundering and related activities (the &#8220;Attorney General&#8217;s Office&#8221;) allegedly committed by the Odebrecht
company and others.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On September 15, 2022, the
Final Collaboration and Benefits Agreement was entered into between the Peruvian Public Prosecutor&#8217;s Office, the Attorney General&#8217;s
Office and the Company, whereby AENZA accepted that they were utilized by certain former executives to commit illicit acts in a series
of periods until 2016, and committed to pay a civil compensation to the Peruvian Government of approximately S/488.9 million (approximately
S/333.3 million and US$ 40.7 million, respectively) calculated according to the formulae established by Law 30737.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">According to the Final Collaboration
and Benefits Agreement, payment shall be made within twelve years at a legal interest rate in <i>soles</i> and dollars (3% and 1% annual
interest as of December 31, 2022, respectively). The Company also undertakes to establish a series of guarantees after the approval (by
which the judge verifies that the Final Collaboration and Benefits Agreement is in accordance with the law) of the Final Collaboration
and Benefits Agreement, composed of i) a trust agreement that includes shares issued by a subsidiary of the Company; ii) mortgage on a
property owned by the Company; and iii) a guarantee account with funds equivalent to the annual installment for the following year. Among
other conditions, the Final Collaboration and Benefits Agreement includes a restriction against AENZA and its subsidiaries, Cumbra and
Unna Transporte, participating in public construction and road maintenance contracts for two years from the approval of the Final Collaboration
and Benefits Agreement. The other member companies of the Corporation are not subject to any impediment or prohibition to contract with
the Peruvian Government. As of December 31, 2022, the Company recognized in its financial statements the total liabilities associated
with the Final Collaboration and Benefits Agreement as S/488.9 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As of December 31, 2022, and
as of the reporting date of the consolidated financial statements, in the opinion of the Company&#8217;s Management and legal advisors,
the civil compensation covers the total contingency to which the Company is exposed to as a result of the investigations. Nevertheless,
the Final Collaboration and Benefits Agreement enforceability is subject to court approval and its terms and conditions are subject to
confidentiality provisions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><b><i>Investigations and Administrative
Process Initiated by INDECOPI in relation to the Construction Club</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On July 11, 2017, INDECOPI
initiated an investigation against several Peruvian construction companies (including Cumbra), about the existence of an alleged cartel
called the Construction Club.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On February 11, 2020, the subsidiary
Cumbra was notified by the Technical Secretariat (the &#8220;TS&#8221;) of the Free Competition Defense Commission of INDECOPI with a
resolution announcing a sanctioning administrative procedure involving a total of 35 companies and 28 natural persons, for alleged anticompetitive
conduct in the market of Public Works.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On November 17, 2021, the Commission
imposed a fine of approximately S/67 million against Cumbra, which is currently being challenged and is pending resolution by the final
administrative instance within the INDECOPI Court. As of December 31, 2022, Cumbra recorded an estimated provision amounting to S/52.4
million (as of December 31, 2021, a present value equivalent to S/52.6 million was recorded).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><b><i>Investigations and Administrative
Proceeding Initiated by INDECOPI for Anti-Competitive Practices in the Labor Market in the Construction Sector</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On February 7, 2022, Cumbra
and UNNA Transporte were notified pursuant to INDECOPI Resolution 038-2021/DLC-INDECOPI dated December 28, 2021, that the antitrust authority
initiated a sanctioning administrative procedure for the alleged execution of a horizontal collusive practice in the form of concerted
distribution of suppliers in the labor market in the construction workers industry nationwide, during the period from 2011 to 2017.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On April 7, 2022, Cumbra and
UNNA Transporte submitted a proposal for a cease and desist agreement for the early termination of the administrative sanctioning procedure,
in which they (i) acknowledged the alleged conduct, (ii) committed to maintain during 2022, 2023 and 2024, a compliance program with free
competition rules, and (iii)&#160;agreed to pay S/2.7 million in two installments (one after 60 days and the second after 12 months).
Pursuant to Resolution No. 054-2022/CLC-INDECOPI dated August 19, 2022, the Commission for the Defense of Free Competition of INDECOPI
approved the proposed cease and desist commitment and concluded the sanctioning procedure. As of December 31, 2022, the company estimated
a provision amounting to S/1.4 million recognized as of December 31, 2022 (S/4.8 million as of December 31, 2021) related to this proceeding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On May 9, 2023, our subsidiaries
Cumbra and Unna Transporte were notified by INDECOPI, with Resolution 052-2023/CLC-INDECOPI, which formally concludes the administrative
sanctioning procedure in first instance for the alleged horizontal collusive practice in the form of concerted distribution of suppliers
in the market for hiring workers in the construction sector.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In this regard, by Resolution
No. 054-2022/CLC-INDECOPI of August 19, 2022, the Commission for the Defense of Free Competition of INDECOPI approved the cessation of
the proposed commitment. According to the established schedule, the Subsidiaries have paid the first installment corresponding to 50%
of the amount of the compensation in November 2022 and the next installment, for the remaining 50%, will be paid no later than November
15, 2023; the amount thereof is duly provisioned in the financial statements. Likewise, the Subsidiaries are complying with their commitment
to maintain a compliance program, with supervision of INDECOPI.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm"><b><i>Termination of Chavimochic
Concession</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In May 2014, Concesionaria
Chavimochic S.A.C. (the &#8220;Concessionaire&#8221;), in which AENZA has a 26.5% interest, signed an agreement with the Peruvian Government
(the &#8220;Concession Agreement&#8221;) for the design, construction, operation, and maintenance of major hydraulic works of Chavimochic
Project (hereinafter the &#8220;Project&#8221;). The construction of the work started in 2015 with a concession term of twenty-five (25)
years and a total investment of approximately US$647 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">According to the Concession
Agreement, the works of the third stage of the Project were structured in two phases. To date, the works of the first phase (Palo Redondo
Dam) are 70% complete. However, at the beginning of 2017, the procedure for early termination of the Concession Agreement was initiated
due to the breach of contract by the Peruvian Government, as grantor (the &#8220;Grantor&#8221;), and all activities were suspended in
December 2017. Since no agreement was made, the Concessionaire initiated an arbitration process before the United Nations Commission on
International Trade Law (&#8220;UNCITRAL&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On October 4, 2022, the UNCITRAL
notified the parties of its decision, which provided for the early termination of the Concession Agreement and ordered, among other things,
that the Grantor pay the Concessionaire an amount of US$25.3 million as a consequence of its failure to provide the project control delivery,
and the execution of 70% of the Performance Bond, or the payment of US$25 million, for the Concessionaire&#8217;s failure to obtain evidence
of financial closing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In February 2023, the Grantor
partially executed the Concessionaire&#8217;s performance bond in accordance with the award, for an amount of US$28,300,032.46, whereas AENZA
assumed a total of US$7.5 million as a result of such first execution. Likewise, prior to the closing of this report, the Grantor requested
the execution of the balance of the Concessionaire&#8217;s performance bond for US$7,472,318.54, whereas AENZA assumed US$2 million. The Concessionaire
is currently coordinating the necessary legal actions for the full execution of the award, in order to collect the amount awarded by the
arbitration court in its favor plus the corresponding interest. In other words, the Grantor must comply with the obligations arising from
the award. Likewise, the Concessionaire will initiate legal actions against the Grantor for what it considers an arbitrary execution of
the balance of the performance bond without the Grantor having supported such amount in a qualified breach of the Concession Agreement
and without the arbitral tribunal having granted the possibility of executing the bond for a higher amount.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Despite the requests for exclusion
and integration of the award filed by the Concessionaire, the Court did not issue a decision within the deadline, and the award was consented
to. As of December 31, 2022, an impairment of a total investment amounting to S/14.8 million was recorded. Tender Offer by IG4</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On June 15, 2021, IG4 Capital
Infrastructure Investments LP announced a tender offer for a total of&#160;107,198,601 common shares equivalent to 12.29% of our outstanding
shares. On August 10, 2021, IG4 purchased a significant shareholding participation amounting to 23.90% of the total outstanding shares,
of which 12.29% was purchased within the tender offer and an additional 11.61% was acquired in transactions outside the tender offer.
Furthermore, on August 12, 2021, certain shareholders of AENZA signed a trust agreement with IG4, as trustee, and La Fiduciaria S.A.,
in which, among other aspects, IG4 acquired the voting rights of common shares representing an additional 8.97% of the company for a period
of eight years, which could be automatically renewed for an additional period of eight years. As of December 31, 2022, IG4 Capital Infrastructure
Investments LP controls common shares representing a total of 30.05% of our capital stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CEO and Board of Directors</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The Board of Directors was
elected for the period 2021-2024 at the general shareholders&#8217; meeting held on September 20, 2021. In addition, on October 1, 2021,
we appointed a new CEO, Mr. Andre Mastrobuono. For more information, see &#8220;Item 6. Directors, Senior Management and Employees.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Strengthening of Anti-Corruption Program</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In 2017, the company&#8217;s
Board of Directors created the Risk &amp; Compliance Committee and the Corporate Risk and Compliance Function reporting directly to the
Board of Directors. The Board of Directors also provided this corporate function with additional resources, such that the Corporate Risk
and Compliance function currently includes six experienced officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The Risk &amp;
Compliance Committee approved a plan and resources to continue strengthening our anticorruption compliance program, an integral part
of our larger Corporate Risk and Compliance Program. The plan focused on cultural changes and four strategic elements to re-shape
the way we do business: (i) corporate governance, (ii) ethics and compliance, (iii) risk management, and (iv) regulatory compliance
and monitoring.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In parallel, the Board of Directors
launched an integrity manifesto and conducted an internal investigation, led by U.S. counsel with the assistance of forensic accountants,
with respect to our participation in consortia with Odebrecht. The Board of Directors also engaged international advisors and consulting
firms that provided specialized anti-corruption training to the Board of Directors, senior management and middle management. These actions
served as the foundation for a cultural change; the strengthening of governance; the enhancement of the tone at the top; and the transformation
and enhancement of anti-corruption practices across the group.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In 2018, we re-launched key
aspects of the Corporate Risk and Compliance Program focused on ethics and anti-corruption compliance. The first accomplishment was the
approval, implementation, and training of the company&#8217;s new Code of Business Conduct, which was rewritten by senior management.
Another key achievement was the whistleblower mechanism, which we re-vamped and re-launched. Together with the business operations functions,
we also reviewed and modernized our policy on third party due diligence (focused on anti-corruption, crime prevention and international
sanctions), which included building a robust process using international best practices and modern web-based tools for name search and
case management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Risk was the program&#8217;s
focus in 2019, while we continued to implement other aspects of the program. The Board of Directors formalized the company&#8217;s risk
management methodology and risk appetite and approved the risk manual. Business operations redesigned key business processes and developed
risk matrices, guided by the professional opinion of business line experts, as an additional foundation for a modern risk management function.
This included the use of an enhanced method to measure and mitigate corruption risk. In 2019, the company also introduced revised policies
on donations, gifts and entertainment, on dealing with conflicts of interests and on managing relationships with government officials.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In 2020, we applied the Corporate
Risk and Compliance Program to identify, prioritize and mitigate certain impacts of the COVID-19 pandemic, including corruption and regulatory-related
risks. We also developed a risk analysis on free competition, and we issued our antitrust policy, a key enhancement to our Regulatory
Compliance Program.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">An independent consulting firm
performed in 2020 a specialized review of our Anti-corruption Compliance Program. Their review identified no material weaknesses and concluded
that our program was suited for the nature of our businesses, needs, risks and characteristics. In that year, three of our subsidiaries
achieved ISO 37001 Certification (Cumbra, Ecotec and Morelco).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In 2021, we strengthened our
Regulatory Compliance Program, enhanced the risk assessment and monitoring models behind our Third Party Due Diligence Program, and innovated
and updated our training means and content based on risk and related to ethical conduct and values aligned with our business code of conduct.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Strengthening the Culture of
Integrity was the focus of the program in 2022, as we continue to improve other programs. The Board of Directors formalized the organization&#8217;s
compliance processes and the new structure of the compliance area focused on business lines and processes. Likewise, the company also
updated policies and procedures on ethics, due diligence, donations, gifts, entertainment, the management of conflicts of interest, and
the management of relationships with government officials. We also strengthened the training plan, extending it to the technicians in
the organization.</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: justify; text-indent: 0.5in">An independent consulting firm
conducted a specialized review of our Anti-Corruption Compliance Program in 2022. Their revision identified no material weaknesses and
concluded that our program aligned with the requirements of the applicable anti-corruption regulations. In 2022, all subsidiaries of CUMBRA,
our engineering and construction business lines in the region (Peru, Chile, and Colombia), achieved ISO 37001 certification.</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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities Class Action</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A class action civil lawsuit
was filed in 2017 against our company, certain of our former directors and former and current executive officers in the United States.
As of July 2, 2020, we executed the settlement agreement with the plaintiffs&#8217; attorneys, by which the parties agreed to terminate
the class action, subject to court approval and the payment of the transaction amount by the company. The amount agreed for the termination
of the class action is equivalent to US$20 million. The company registered a provision of US$15 million (equivalent of S/49.8 million),
the difference of US$5 million was covered by a professional liability insurance policy in accordance with the agreement signed with the
insurance company. As of the date of this annual report, all amounts under the settlement agreement related to the class action civil
lawsuit have been paid in full. On January 12, 2023, the court reinstated its final judgment and terminated this case.</p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Convertible Bonds</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 13, 2021, AENZA issued
Convertible Bonds in a total principal amount of US$89.9 million. In accordance with the terms and conditions of the Convertible Bonds,
holders of Convertible Bonds in a principal amount equivalent to US$11 million exercised their conversion rights and on February 28, 2022
we issued 37,801,073 new common shares. Additionally, holders of Convertible Bonds in a principal amount equivalent to US$79 million exercised
their conversion rights and, on March 31, 2022, we issued an additional 287,261,051 new common shares. Therefore, our capital stock has
increased from S/871,917,855 to S/1,196,979,979. After these conversions, the Convertible Bonds were fully cancelled.</p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bridge Loan</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 17, 2022, the company
entered into a bridge loan credit agreement for up to US$120 million, with a group of financial entities comprised of <i>Banco BTG Pactual
S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC</i>,
and Natixis, New York Branch. The financing will be repaid over a period of 18 months, and will be secured, subject to the fulfillment
of certain precedent conditions, by a flow trust (first lien), a trust over the shares of Viva Negocio Inmobiliario S.A. (second lien),
and a pledge on our shares in Unna Energ&#237;a (first lien). On April 5, 2022, the loan was disbursed and we have used the proceeds
to repay certain of our financial and other obligations. We are currently evaluating different debt restructuring plans to refinance the
bridge loan.</p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Immaterial Corrections to Financial Statements</p><div>

</div><p style="font: bold 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: justify; text-indent: 0.5in">In connection with the preparation
of its consolidated financial statements, the Corporation identified an error in the interpretation and application of the accounting
treatment of revenue and cost recognition arising from contracts with customers in the E&amp;C segment in prior years. Management of
the Company has evaluated and concluded that the correction of this error has resulted in non-material adjustments to the net income
previously reported in the consolidated financial statements as of December 31, 2020 and 2021. It should be noted that the aforementioned
corrections had no impact on total cash flows from operating, investing or financing activities. A reconciliation between the previously
reported amounts and the revised amounts as of December 31, 2020 and 2021, and for the year then ended is presented in Note 2.AA to our
audited annual consolidated financial statements included in this annual report.</p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Internal Control over Financial Reporting</p><div>

</div><p style="font: bold 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: justify; text-indent: 0.5in">In 2022, we identified two
material weaknesses regarding our internal control over financial reporting. For more information, see &#8220;Item 3. Key Information&#8212;D.
Risk Factors&#8212;We have identified two material weaknesses in our internal control over financial reporting, and if we cannot maintain
effective internal control or provide reliable financial and other information in the future, investors may lose confidence in the reliability
of our consolidated financial statements, which could result in a decrease in the value of our ADSs&#8221; and &#8220;Item 15. Controls
and Procedures.&#8221;</p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors Affecting Our Results of Operations</p><div>

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

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

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</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Peruvian, Chilean and Colombian Economic
Conditions</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">81.8%, 81.1% and 82.2% of our
revenues in 2020, 2021 and 2022 were derived from activities in Peru. Accordingly, the results of our operations are substantially affected
by economic conditions in the country and our growth is driven in significant part by growth in the Peruvian economy. In addition, 14.2%,
15.6% and 14.9% of our revenues in 2020, 2021 and 2022 were derived from activities in Chile and 4.0%, 3.3% and 2.9% of our revenues in
2020, 2021 and 2022 were derived from activities in Colombia.</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: justify; text-indent: 0.5in">Peruvian real GDP decreased
11.0% in 2020, increased 13.6% in 2021, and increased 2.7% in 2022. As a result of the COVID-19 pandemic and the measures taken by governments,
private consumption increased at an average annual rate of 2.0% in real terms from 2020 to 2022. Private investment decreased 16.5% in
2020, increased&#160;37.4% in 2021, and decreased 0.5% in 2022, each in real terms. Inflation in Peru, as measured by the change in the
consumer price index, was 2.0% in 2020, 6.4% in 2021, and 8.5% in 2022. The sol depreciated versus the U.S. dollar by 9.0% in 2020, 10.5%
in 2021, and appreciated 4.5% in 2022. Peru&#8217;s sovereign debt has been rated investment grade by S&amp;P, Fitch and Moody&#8217;s.
At the end of 2022, Peruvian sovereign debt had one of the highest credit ratings in the South American region, rated BBB by S&amp;P (December
2022), BBB by Fitch (October 2022) and Baa1 by Moody&#8217;s (January 2023).</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: justify; text-indent: 0.5in">The Chilean economy contracted
5.8% during 2020, grew 12.0% during 2021 and grew 2.4% during 2022. Total fixed investment increased at an annual average rate of 9.2%
in real terms during the three years from 2020 to&#160;2022. Inflation in Chile, as measured by the change in the consumer price index,
was 3.0% in 2020, 7.2% in 2021 and 12.8% in 2022. The Chilean peso depreciated versus the U.S. dollar by 4.6% in 2020, appreciated 15.6%
in 2021 and 3.1% in 2022. Chilean sovereign debt has the highest rating in the South America region, rated A by S&amp;P (October&#160;2022),
A2 by Moody&#8217;s (September 2022) and A- by Fitch (December 2022).</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: justify; text-indent: 0.5in">Colombian real GDP contracted
7.3% during 2020, grew 11.0% during 2021 and grew 7.5% in 2022. Inflation in Colombia was 1.6% in 2020, 5.6% in 2021 and 13.1% in 2022.
The Colombian peso appreciated against the U.S. dollar by 4.7% in 2020, 16.0% in 2021 and 20.8% in 2022. Colombia&#8217;s sovereign debt
was rated BB+ by Fitch (December 2022), BB+ from S&amp;P (January 2023), and Baa2 from Moody&#8217;s (March 2023).</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: justify; text-indent: 0.5in">From 2020 to 2022 our revenues
increased at a compound annual growth rate (CAGR) of 11.4%, excluding acquisitions and asset sales. Our organic revenues increased 30.0%
in 2021 from 2020 and increased 6.4% in 2022 from 2021, principally as a result of (i) higher production volume in ongoing projects in
our E&amp;C segment; (ii) higher revenues in our Infrastructure segment due to an increase in Norvial&#8217;s traffic and tariffs, an
increase in Line 1&#8217;s tariffs, and the execution of major complementary works in Canchaque and Survial; and (iii) higher oil prices
for UNNA Energ&#237;a.</p><div>

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</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fluctuations in Exchanges Rates</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate that in 2022, 39.3%,
43.8% and 16.9% of our revenues were denominated in soles, U.S. dollars and other currencies respectively, while 55.8%, 25.9% and 18.3%
of our cost of sales during the year were denominated in soles, U.S. dollars and other currencies. In addition, as of December 31, 2022,
51.8%, 47.3% and 1.0% of our total debt was denominated in soles, U.S. dollars and other currencies, respectively. Accordingly, fluctuations
in the value of these currencies can materially affect the results of our operations. When the sol appreciates against the U.S. dollar,
our operating margins tend to decrease; when the sol depreciates against the U.S. dollar, our operating margins tend to increase (if everything
else is held equal). Conversely, the appreciation of the sol against the U.S. dollar tends to decrease our indebtedness and Financial
expenses as expressed in soles; and the depreciation of the sol against the U.S. dollar tends to increase our indebtedness and Financial
expenses as expressed in soles. We enter into derivatives, from time to time, to hedge part of our financial exposure to currency fluctuations.
The value of the sol to the U.S. dollar depreciated in 2020 and 2021, and appreciated in 2022, which impacted the results of our operations.</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: justify; text-indent: 0.5in">We have included estimates
of the approximate effects of fluctuations in exchange rates on our consolidated and segment revenues and costs of sales in &#8220;&#8212;Results
of Operations.&#8221; These estimates were calculated based on daily average exchange rates and estimated aggregate revenues and cost
of sales denominated in U.S. dollars, Chilean pesos and Colombian pesos, and were not calculated on a transaction-by-transaction basis.
For additional information on the effect of exchange rate fluctuations on our results of operations, see &#8220;Item 11. Quantitative
and Qualitative Disclosures about Market Risk&#8212;Exchange Rate Risk.&#8221;</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: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of Labor, Third-Party Services and
Inputs</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The largest components of our
costs are: labor, which represented 31.7% of our cost of sales and 60.2% of our administrative expenses in 2022; services provided by
third parties, which represented 33.9% of our cost of sales and 25.9% of our administrative expenses in 2022; and supplies (including
raw materials), which represented 16.0% of our cost of sales in 2022. For a breakdown of our cost of sales and administrative expenses,
see Note 25 to our audited annual 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our cost of labor is influenced
by, among other factors, the number of our employees, as well as inflation, competition we face for personnel in each of our business
segments and the availability of qualified candidates. From 2020 to 2021, our personnel charges increased by 36.5% and from 2021 to 2022,
our personnel charges decreased 3.1%. Services provided by third parties include: subcontracting in our E&amp;C segment, such as carpentry
work; advisory and consultancy work, including external audit and legal services; and renting of equipment. From 2020 to 2021, costs related
to services provided by third parties increased by 19.6% and from 2021 to 2022, costs related to services provided by third parties increased
by 0.9%. The principal supplies we use are fuel, cement and steel, which in the aggregate represented 13.7% of our total input costs in
2022. Our costs for these supplies are affected by, among other factors, the growth or decline of our operations, market prices, including
global prices in the case of fuel, and transportation costs. We do not have long-term contracts for the supply of our key supplies. From
2020 to 2021, our input costs increased by 24.8% and from 2021 to 2022, our input costs increased 59.2%. Our cost of labor, third party
services and supplies increased in 2022 primarily due to higher activity levels in our E&amp;C segment.</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: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acquisitions and Dispositions</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our results of operations can
be affected by the acquisition or sale of assets. During the 2020-2022 period, we did not have significant acquisitions or sales. For
a description of the sale of these assets, see &#8220;&#8212;Key Developments&#8212;Asset Sales.&#8221;</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: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cyclicality</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Energy segment is cyclical
and affected by the global supply and demand for oil.</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: justify; text-indent: 0.5in">Our E&amp;C segment is cyclical
as a result of being closely linked to the conditions, performance and growth of the end-markets we serve, which include, among others,
the mining, power, oil and gas, transportation, real estate and other infrastructure sectors in Peru, as well as the mining sector in
Chile and, the energy sector in Colombia. These industries tend to be cyclical in nature and tend to be affected by factors such as macroeconomic
conditions, climate conditions, the level of private and public investment, the availability of credit, changes in laws and regulations
and political and social stability. As a result, although downturns impact our entire company, our E&amp;C segment has historically been
subject to periods of very high and low demand. The mining and oil and gas sectors, in particular, are also driven by worldwide demand
for the underlying commodities, including, among others, silver, gold, copper, oil and gas, which can be affected by such other factors
as global economic conditions and geopolitical affairs.</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>

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</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: justify; text-indent: 0.5in">Our Real Estate segment is
also cyclical and is significantly affected by changes in general and local economic conditions, such as employment levels and job growth,
availability of financing for home buyers, interest rates, foreclosure rates, inflation, consumer confidence and housing demand.</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: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Seasonality</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business, on a consolidated
basis, has not historically experienced seasonality. In our Infrastructure segment, we have experienced moderate seasonality at (i) Norvial,
due to heightened vehicular traffic activity during the summer season in the first quarter of the year, and (ii) UNNA Energ&#237;a&#8217;s
gas processing plant, which typically closes for maintenance during the rainy season in the first quarter of the year, as demand for gas
is lower during this time.</p><div>

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

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Traffic and Fees for Toll Roads</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The majority of our toll roads
revenues derives from the Norvial concession. Unlike our other toll road concessions, our revenues from the Norvial concession depend
on traffic volume. Traffic volume on the Norvial road increased 134.9% from 2020 to 2021 due to the recovery of economic activity in 2021
after the COVID-19 pandemic and increased 2.9% from 2021 to 2022 (based on vehicle equivalents, as defined in &#8220;Item 4.B. Information
on the Company&#8212;Business Overview&#8212;Infrastructure&#8212;Principal Infrastructure Activities&#8212;Toll Roads&#8212;Norvial&#8221;).
For the Norvial toll road, the toll rate is set out in the Norvial concession agreement and adjusted in accordance with a contractual
formula that takes into account the Sol/U.S. Dollar exchange rate and Peruvian and United States inflation rates. Under our Survial and
Canchaque road concessions, our revenues consist of annual fees paid by the Peruvian Ministry of Transport and Communications in consideration
for the operation and maintenance of the roads, which can vary depending on the amount of road maintenance required due to road wear and
tear.</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: justify; text-indent: 0.5in">Under the Norvial concession
contract, we are required to expand certain stretches of the highway by, among other things, adding two additional lanes. The first stage
of construction was completed in 2008 and the second stage was completed in December 2019. Norvial&#8217;s capital investment for the
second stage was approximately US$91&#160;million (S/347.9 million). In June 2018, we signed an investment agreement with BCI Peru to
monetize future dividends of Norvial. The amount of the transaction was US$42.3 million, the proceeds of which were applied to the reduction
of indebtedness related to GSP.</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: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mass Transit</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generate revenue from our
Lima Metro concession based on kilometers travelled per train, with a fee per kilometer, the number of trains required to be in operation
and the number of kilometers that we are required to travel established by the terms of the concession. Our revenues do not depend on
passenger traffic volume. Our results in this concession between 2020 and 2022 were influenced by the reliability and proper operation
of our trains. We currently have all 44 trains in operation (including three backup trains).</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: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Awarding and Timing of Infrastructure Concessions
and Government Contracts</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The results of operations of
our Infrastructure segment can be affected by our ability to win new concessions and government contracts, which depend in part on government
policies and our ability to compete effectively.</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: justify; text-indent: 0.5in">Our results in the operation
and maintenance of infrastructure assets depend on our ability to obtain contracts from the government or infrastructure concessionaires,
such as those in our Infrastructure segment, which depend on government policies and our ability to compete effectively. We typically
obtain higher revenues from these contracts during the commencement of services as we bring roads to proper operating condition, and lower
revenues at the end of the contract term as services wind down.</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>

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</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: justify; text-indent: 0.5in">Our results in our Infrastructure
segment are also affected by the timing of the commencement of operations under our concessions, as well as when we were required to undertake
significant capital investments or major construction works under the terms of our concessions. Under our Norvial and Lima Metro concessions,
we were required to undertake capital investments during the initial years of the concessions for which we are compensated throughout
the term of the concessions by our toll rate in the case of the Norvial concession and tariffs in the case of the Lima Metro concession.
Under our Survial, Canchaque and La Chira concessions, we generated revenues in our Infrastructure segment from our construction activities
during the pre-operational phase, and once operations commenced, we generate revenues from fees related to operation and maintenance.
Survial, Canchaque and La Chira have financed their construction costs through the sale of government certificates of construction to
financial institutions at a discount from face value. Certificates of construction are negotiable instruments that the Peruvian government
typically delivers upon completion of each stage of a project and which entitle the holder to receive payment from the government equal
to the capital investment made in the corresponding stage upon completion of the entire project. Accordingly, the results of our Infrastructure
segment may be affected by the discount rates obtained on the sale of government certificates of construction. For more information on
our obligations and compensation under our concessions, see &#8220;Item 4.B. Information on the Company&#8212;Business Overview&#8212;Infrastructure.&#8221;</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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Energy</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A substantial part of the revenues
in our Energy segment depends on global prices for oil. Under our hydrocarbon extraction service contracts, we are entitled to a variable
fee, which is based on the level of production of each field and a basket of international crude oil prices. Under our contracts, we acquire
the extracted hydrocarbons and pay royalties, which are also based on a basket of international crude prices and the level of production.
Historically, oil prices have been volatile and are likely to be volatile again in the future. During 2020, 2021 and&#160;2022, average
Brent crude prices were approximately US$41.76, US$70.67 and US$100.78 per barrel, and the average fee we received in these years was
US$41.22, US$68.73 and US$93.24 per barrel of extracted oil, respectively. During the first quarter of 2023, the Brent crude price was
approximately US$79.19 per barrel and our fee was approximately US$79.25 per barrel of extracted oil. Due to our activities being conducted
in mature oil fields, which have been producing oil for approximately 100 years in the case of Block III, approximately 95 years in the
case of Block IV and for over 50 in the case of years Block V, our oil production depends primarily on the level of our drilling and production
activities.</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: justify; text-indent: 0.5in">Our Pari&#241;as gas processing
plant has a long-term delivery and gas processing and fractionation contract with Empresa El&#233;ctrica de Piura S.A. (ENEL), a thermal
power generation subsidiary of the Endesa group. Under this contract, ENEL delivers natural gas that it purchases from onshore and offshore
gas producers in the Talara area. We are responsible for all operating costs of the gas processing plant but are entitled to keep revenues
from the sale of all resulting natural gas liquids to third parties after delivery of all dry gas and payment of a variable royalty to
ENEL. Approximately 83.4% of the total volume of natural gas processed by our Pari&#241;as gas processing plant depends upon gas volumes
demanded by ENEL for its gas-fired turbines, which can vary significantly. Prices for natural gas liquids can also fluctuate significantly
and are affected by market prices for LPG and crude oil. We processed 28.40 MMcf per day during 2020, 30.41 MMcf per day during 2021,
and 31.68 MMcf per day during 2022.</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: justify; text-indent: 0.5in">In connection with our fuel
storage terminal business, under two operation contracts with PetroPeru, we receive revenues related to monthly reserved volume in storage
tanks for refined crude products (storage fee) and for volumes loaded and delivered into railroad cars or cistern trucks to each terminal
(throughput fee). These fees are adjusted annually to account for U.S. inflation. Our fuel storage activities in the North and Central
Terminals are carried out under 20-year contracts, which expire in 2034.</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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Real Estate</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The results of operations of
our Real Estate segment are driven by the number of units we develop and deliver in a reporting period, our mix of unit sales (affordable
housing versus housing), unit prices, land purchase prices and our costs of construction. These results are also affected by a number
of factors that may impact the Peruvian real estate sector as a whole, including: the availability of government subsidies for affordable
housing; prices of suitable land in particular areas; regulation of real estate development imposed by national, regional and local laws
and regulators, and the time required to obtain applicable construction permits and licenses; the unemployment rate and wage levels; prevailing
interest rates and availability of financing; the supply in the market; the level of customer interest in our new projects; and our costs,
such as the price of labor, materials, insurance, taxes and other public charges. We delivered 1,125 units, 1,515 and 1,310 units in 2020,
2021 and 2022, respectively. The drop-in units delivered in 2020 was caused by the lockdown instituted due to the COVID-19 pandemic.</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: justify; 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The results of operations of
our Real Estate segment are also significantly affected by our sales of land parcels. Due to the appreciation of land prices in Peru,
and because we record our land holdings at book value (i.e., without marking to market), our recent land sales have resulted in high margins.
<i>See &#8220;&#8212;Key Developments&#8212;Asset Sales.&#8221;</i></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: justify; text-indent: 0.5in">In addition, the net profit
attributable to controlling interests of our Real Estate segment is significantly affected by the financing and commercial arrangements
we use to purchase land and to develop real estate projects. Depending on the level of non-controlling interests used to finance our real
estate projects, our Real Estate segment tends to have significant (Loss) profit attributable to non-controlling interest. <i>See &#8220;&#8212;Results
of Operations&#8212;General&#8212;Real Estate.&#8221;</i></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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Engineering and Construction</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The main driver of our E&amp;C
results is economic growth in Peru and to a lesser extent Chile and Colombia, particularly private and public investment in mining, power,
oil and gas, transportation, real estate and other infrastructure sectors. <i>See &#8212;Peruvian and Chilean Economic Conditions</i>.</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: justify; text-indent: 0.5in">Appropriate pricing and budgeting
are also key to our project results, which can be affected by factors such as competition, direct negotiations with clients (as opposed
to competitive bidding processes), the accuracy of our estimations of project costs and any unexpected cost overruns.</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: justify; text-indent: 0.5in">Our typical E&amp;C contracts
are unit prices, lump-sum, and EPC contracts. For a description of our E&amp;C contracts, <i>see &#8220;Item 4.B. Information on the Company</i>&#8212;<i>Business
Overview&#8212;Engineering and Construction&#8212;Contracts.</i>&#8221; The nature of our contractual arrangements can affect our margins
depending on where the cost burden is placed, whether with the client or with us, and certain contractual arrangements tend to have lower
gross margins.</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: justify; text-indent: 0.5in">During 2020, activity levels
in our E&amp;C segment decreased as a result of the COVID-19 pandemic and government measures adopted in response to the virus in Peru,
Chile and Colombia including, among other things, social distancing and sanitary protocols. During 2021, sales increased in our E&amp;C
segment compared to the previous year, with the recovery of economic activity and impacted principally by two projects in Chile and one
important mining project in Peru. For 2022, we maintained the same level of sales as the previous year as a result of the execution of
Quellaveco and Lima Airport projects in Peru and Quebrada Blanca 2 in Chile.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Critical Accounting Estimates and Judgments</p><div>

</div><p style="font: bold 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: justify; text-indent: 0.5in">For information on critical
accounting estimates and judgments, see Note 5 to our audited annual 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">New Accounting Pronouncements, Amendments and Interpretations</p><div>

</div><p style="font: bold 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: justify; text-indent: 0.5in">For information on new accounting
pronouncements, amendments and interpretations, see Note 3 to our audited annual 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: justify; text-indent: 0.5in">&#160;</p><div>

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

</div><p style="font: bold 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: justify; text-indent: 0.5in">In this annual report, we
present adjusted EBITDA and adjusted EBITDA margin, a non-GAAP financial measure. A non-GAAP financial measure is generally defined as
one that purports to measure financial performance, financial position or cash flows but excludes or includes amounts that would not be
so adjusted in the most comparable IFRS measure. We define adjusted EBITDA as net profit plus: financial (expense) income, net; Income
tax expense; and depreciation and amortization and adjusted EBITDA margin as adjusted EBITDA over revenues.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We present adjusted EBITDA
and adjusted EBITDA margin because we believe them provide readers with a supplemental measure of the financial performance of our core
operations that facilitates period-to-period comparisons on a consistent basis. Our management uses adjusted EBITDA, among other measures,
for internal planning and performance measurement purposes. We believe that adjusted EBITDA is useful in evaluating our operating performance
compared to that of other companies operating in our sectors because adjusted EBITDA eliminates the effects of financing and income tax
expenses and the accounting effects of capital spending, which items may vary for different companies for reasons unrelated to overall
operating performance. Adjusted EBITDA should not be construed as an alternative to net 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). Adjusted EBITDA, as calculated by us, may not be comparable to similarly titled measures reported
by other companies. The following table sets forth the reconciliation of our net profit before minority interest to adjusted EBITDA on
a consolidated basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial information
is presented in millions, however, for the calculation of the figures presented more decimals have been considered. For this reason, in
some occasions, the sums of the figures in millions may differ from the totals by decimals. The same effect may occur with percentage
variations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#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">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the year ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#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">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="10" style="vertical-align: top; font-weight: bold; text-align: center">(in millions of S/)</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"><b>(in&#160;millions of US$)<sup>(1)</sup></b></td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">(Loss) profit for the year</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(215.5</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(101.9</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(362.7</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(94.9</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Financial expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">572.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">646.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">717.8</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">187.9</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">Financial income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(465.3</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(389.0</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(490.8</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(128.5</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Income tax expense</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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"></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: justify">Calculated based on an exchange rate of S/3.82 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; text-align: justify; text-indent: 0.5in">The following table shows a
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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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  <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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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</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: 0.5in">(1)</td><td style="text-align: justify">Calculated based on an exchange rate of S/3.82 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>

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</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: justify; text-indent: 0.5in">The following tables set forth
the reconciliation of our net profit to adjusted EBITDA for each of our business segments and certain of our lines of business or subsidiaries
within these segments.</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><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">1.</td><td style="text-align: justify">Infrastructure</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: bold 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: 0.5in"></td><td style="width: 0.25in; text-align: left">1.1</td><td style="text-align: justify">Full Segment (Norvial, Survial, Canchaque, Line 1 of the Lima
Metro, La Chira, UNNA Transporte and Via Expresa Sur)</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="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; 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">1.2</td><td style="text-align: justify"><i>All Toll Roads</i> (Norvial, Survial and Canchaque)</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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <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><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; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">1.3</td><td style="text-align: justify"><i>Mass Transit</i> (Line 1 of the Lima Metro)</td>
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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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <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><table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in">2.</td><td style="text-align: justify">Energy</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="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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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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="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><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <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></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"></p><div>

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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="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in">3.</td><td style="text-align: justify">Real Estate</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="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)">
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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="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in">4.</td><td style="text-align: justify">Engineering and Construction</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="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)">
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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><p style="margin-top: 0; margin-bottom: 0"></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</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="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">(1)</td><td style="text-align: justify">Calculated based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.</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">(2)</td><td style="text-align: justify">Our E&amp;C segment adjusted EBITDA includes S/1.1 million, S/0.97 million and S/13.5 million in 2020,
2021 and 2022, respectively, which represents Cumbra&#8217;s 43.3% equity interest in Viva&#8217;s net profit.</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: 0pt 0">Results of Operations</p><div>

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

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

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounting for Subsidiaries, Joint Operations,
Joint Ventures and Associated Companies</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Results of our subsidiaries,
joint operations, joint ventures and associated companies are reflected in our financial results. We refer to our subsidiaries as those
entities over which we exercise control. We consolidate the results of our subsidiaries in our financial statements and we reflect the
profit corresponding to the minority interests in our subsidiaries under &#8220;profit attributable to non-controlling interests&#8221;
in our income statement. Our consolidation of the results of our subsidiaries includes subsidiaries in which we have less than 50% of
the equity. We refer to business activities in which we share control with unrelated entities as joint arrangements, including joint operations
and joint ventures, which are typically conducted through an agreement with a third party to carry out specific projects. We contribute
our assets to these projects and derive revenue from their use. In our financial statements we recognize, in relation to our interest
in a joint operation, our assets and liabilities, including our share of any asset or liability we hold jointly with our partner, as well
as our share of revenue and expense from the joint operation. We refer to our associated companies as those entities over which we have
significant influence but do not control. We reflect the results of our associated companies and joint ventures under the equity method
of accounting in our financial statements under the line item &#8220;share of the profit and loss in associates&#8221; in our income statement.
For further information, including a list of our subsidiaries, joint operations, joint ventures and associated companies, see Notes&#160;6.A,
6.B,&#160;6.C and 14 to our audited annual 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: justify; text-indent: 0.5in">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 114; 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>
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</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: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intersegment Transactions</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, certain
of our segments provide services between each other. In 2022, 0.24% of revenues in our E&amp;C segment came from the construction and
services for AENZA&#8217;s Infrastructure and Energy companies (UNNA Transporte, Norvial, Survial, Consorcio Terminales and Canchaque).
Also, less than 0.04% of revenues in our E&amp;C segment came from additional construction services for AENZA&#8217;s real estate company,
Viva, and its subsidiaries. Accordingly, in such circumstances, the segment providing services recognizes revenues, and the segment receiving
such services recognizes costs of sales, relating to the services provided. These intersegment revenues and cost of sales are eliminated
in the consolidation of our financial results. Nevertheless, our Infrastructure segment may recognize gross profits or losses based on
the difference between the fees the segment charges in accordance with concession terms and costs it incurs relating to services provided
by our other segments. For more information on our segments, see Note 7 to our audited annual 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: justify; text-indent: 0.5in">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In our Infrastructure segment,
we recognize revenues and cost of sales as follows:</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-left: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> (1) Toll Roads:</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><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: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">For Norvial, we obtain revenues for toll fees collected, minus
deductions required to be transferred to the government as described in &#8220;Item 4.B. Information on the Company&#8212;Business Overview&#8212;Infrastructure&#8212;Principal
Infrastructure Activities&#8212;Toll Roads&#8212;Norvial,&#8221; which we recognize upon receipt. In June 2018, we signed an investment
agreement with BCI Peru, to monetize future dividends of Norvial. The amount of the transaction was US$42.3 million, the proceeds of
which were applied to the reduction of indebtedness related to GSP. Cost of sales for Norvial include fees paid to third parties (primarily
our subsidiary UNNA Transporte) for operation and maintenance services as well as the amortization of the road concession registered
as an intangible asset in our financial statements; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">For Survial and Canchaque, we obtain revenues for routine
and periodic maintenance services, which we recognize in the period in which the services are performed. Cost of sales for Survial and
Canchaque include fees paid to third parties (primarily our subsidiary UNNA Transporte) for operation and maintenance services. We do
not recognize the Survial and Canchaque concessions as intangible assets and therefore do not amortize the 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For further information, see
Notes 2.W, 2.X and 18 to our audited annual 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&#160;Mass
Transit: We obtain revenues from our Lima Metro concession based on a tariff per kilometer travelled by our trains in operation in accordance
with a schedule established in our concession agreement, which we recognize in the period in which the services are performed. Under the
concession, the tariff is comprised of three components: (i) fees related to our operation and maintenance services; (ii) fees related
to the Peruvian government&#8217;s repayment of the amounts we invest to purchase trains, ongoing capital expenditures and other infrastructure
for the Peruvian government; and (iii) fees related to interest we charge to the Peruvian government in connection with the amounts we
invest to purchase such trains, ongoing capital expenditures and other infrastructure. In 2020, the fees related to items (i), (ii) and
(iii) were S/354.4 million. In 2021, the fees related to items (i), (ii) and (iii) were S/358.9&#160;million. In 2022, the fees related
to items (i), (ii) and (iii) were S/398.9 million. We only recognize in our income statement the portion of the tariff that relates to
items (i) and (iii). We record the amounts paid by us that relate to item (ii) as long-term accounts receivables from the Peruvian government.
Accordingly, tariff payments received relating to item (ii) reduce our accounts receivables but do not impact our income statement, and
we do not amortize our investments in our income statement as our investment in the concession is recorded as an account receivable with
the government rather than a depreciable investment.</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: justify; 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 -->111<!-- Field: /Sequence --></p></div><div>
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</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: justify; text-indent: 0.5in">We entered into the fourth
addendum to the Lima Metro concession contract on July 11, 2016, in order to expand transportation capacity. In accordance with the fourth
addendum, the expansion project will involve: (i) the purchase of 20 new trains; (ii) the purchase of 39 new cars; and (iii) the improvement
and expansion of the existing infrastructure. As compensation for the investments of the expansion project, we will be entitled to receive
the following: (i) an advance payment of 30% of each investment component; and (ii) the balance of 70% of each investment component, compensated
through the annual payment for additional investments (<i>pago anual por inversiones complementarias</i>). We register the estimated compensation
related to the direct cost in the income statement, plus a margin in the same period. In 2020, 2021 and 2022, there was no income related
to the investment components.</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: justify; text-indent: 0.5in">For further information, see
Note 11 to our audited annual consolidated financial statements included in this annual report. Cost of sales for the Lima Metro include
fees paid to third parties (primarily our E&amp;C segment, our subsidiary UNNA Transporte and other subcontractors) for construction and
operation and maintenance services, energy and our financing costs related to the purchase of trains.</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: justify; text-indent: 0.5in">(3)&#160;Water
Treatment: We obtained revenues from the engineering design and construction of La Chira wastewater treatment plant, which we recognize
based on the percentage-of-completion method of accounting. Since the plant began operating in August 2016, we haved obtained revenues
only for operation and maintenance services, which we recognize in the period in which the services are performed.</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: justify; text-indent: 0.5in">(4)&#160;Operation
and Maintenance of Infrastructure Assets: We obtain revenues from our operation and maintenance of infrastructure assets line of business
for the operation and maintenance services we provide to the government and concessionaires (currently concessions within our Infrastructure
segment), which we recognize in the period in which the services are performed. We receive unrestricted advances with respect to our service
contracts with the government, which vary from approximately 10% to 30% of the contract price, which we record as an account payable.
We typically invoice our clients on a periodic basis as the project progresses, deducting from the related advances on a proportional
basis. For further information, see Note 20 to our audited annual consolidated financial statements included in this annual report. Our
cost of sales in this line of business includes personnel costs, services provided by third parties, machinery and other materials (primarily
trucks), and depreciation of equipment utilized to provide services.</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: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Energy</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We obtain revenues from extraction
services and license contracts related to oil and gas production, sale of oil, fuel storage services and the sale of natural gas liquids
derived from our gas processing and fractionation services, which we recognize in the period in which the services are performed and,
in the case of sale of oil and natural gas liquids, when the sale is made. Cost of sales for our energy segment includes labor, materials,
amortization and depreciation of oil wells, depreciation of the gas plant, maintenance, general expenses and royalties.</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: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Engineering and Construction</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenues in our E&amp;C segment
are obtained from engineering and construction services provided to clients and are recognized under the percentage-of-completion method
of accounting. For further information, see Note 2.W on our audited annual consolidated financial statements included in this annual report.
We receive unrestricted client advances in a substantial majority of E&amp;C projects, on average equal to approximately 10% of the contract
price in 2021 and approximately 10% of the contract price in 2022, which we record as an account payable. We typically invoice our clients
on a periodic basis as each project progresses, deducting from the related advances on a proportional basis. For further information,
see Note 20 to our audited annual consolidated financial statements included in this annual report. Cost of sales includes labor, subcontractor
expenses, materials, equipment and project-specific general expenses.</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: justify; 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: justify; text-indent: 0.5in">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We obtain revenues in our Real
Estate segment from sales of affordable housing and housing units, commercial buildings and land parcels, which we recognize at the time
of delivery of the unit or building and, in the case of land parcels, at the time of the sale. We typically pre-sell our affordable housing
and housing units prior to and during construction and use the related proceeds we receive to finance the construction of the units. These
pre-sale funds are restricted and released from escrow to us periodically as construction progresses. Our Real Estate cost of sales includes
the cost to purchase land, costs of architectural design and construction (which usually includes payments to third parties, primarily
our E&amp;C segment), licensing and permit costs, personnel costs, and fees to third parties related to sanitation or electrical engineering.
In 2021, our cost of land that is allocated to units delivered during these periods amounted to S/24.5 million and in 2022, our cost of
land that is allocated to units delivered during these periods amounted to S/17.3 million. We recognize land purchases as inventory, and,
accordingly, do not mark-to-market the value of our land for changes in fair value. For further information, see Note 13 to our audited
annual 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In our Real Estate segment,
we have significant (Loss) profit attributable to non-controlling interest. We hold a significant portion of our land bank through Almonte,
in which we have a 50.45% interest, and we consolidate Almonte&#8217;s results in our financial statements. In addition, we undertake
a significant number of our real estate projects through entities in which we may have a majority interest, co-equal interest or minority
interest; when we have control over these entities, we consolidate their results in our financial statements regardless of whether we
own a majority of the capital. Furthermore, in connection with our affordable housing projects, we generally partner with real estate
investment funds and insurance companies that provide between 60% and 70% of the total capital required to purchase the land and cover
certain pre-construction costs in exchange for equity in the project. Although we typically own a minority interest in these projects,
we consolidate their results in our financial statements because we exercise control over the project. Accordingly, we reflect the profit
corresponding to our real estate partners under (Loss) profit attributable to non-controlling interest in our income statement. See &#8220;&#8212;Accounting
for Subsidiaries, Joint Operations, Joint Ventures and Associated Companies.&#8221;</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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Comparison of Results of Operations
of 2021 and 2022</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the components of our consolidated income statement for 2021 and 2022.</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><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; 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><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our total revenues increased
by 6.4%, or S/263.7 million, from S/4,141.4 million for 2021 to S/4,405.1 million for 2022. Revenues increased mainly due to: (1) higher
oil prices, (2) an increase in the revenues of our Infrastructure segment due to an increase in Norvial&#8217;s traffic, increases in
tariffs for both Norvial as well as Line 1, and higher maintenance execution in Survial and UNNA Transporte, and (3) an increase in Real
Estate sales due to the sale of an industrial land in Almonte.</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: justify; 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 -->113<!-- Field: /Sequence --></p></div><div>
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</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: justify; text-indent: 0.5in">The following table sets forth
a breakdown of our revenues by segment for 2021 and 2022.</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><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; 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><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of Sales and Services</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our total cost of sales increased
by 6.1%, or S/229.2 million, from S/3,728.2 million for 2021 to S/3,957.5 for 2022. This increase is mainly due to higher execution of
projects in the E&amp;C segment and higher execution of investment for the drilling of wells in the Energy business unit.</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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gross Profit</p><div>

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

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by 8.4%, or S/34.5 million, from S/413.1 million for 2021 to S/447.6 for 2022. Our gross margin (i.e., gross profit as a percentage of
revenues) for 2022 was 10.2%, compared to 10.0% for 2021.</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>

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a breakdown of our gross profit by segment for 2021 and 2022.</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><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; 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">&#160;</p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Administrative Expenses</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our administrative expenses
decreased by 9.5%, or S/17.0 million, from S/179.6 million for 2021 to S/162.6 for 2022. This decrease was mainly due to various reorganization
processes carried out during 2021. As a percentage of revenues, our administrative expenses decreased to 3.7% in 2022, from 4.3% in 2021.</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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other Income and Expenses, Net</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our other expenses increased
S/293.3 million, from an income of S/2.7 million to an expense of S/290.6&#160;million in 2022.</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: justify; text-indent: 0.5in">Other operating expenses in
2022 included a provision related to the Final Collaboration and Benefits Agreement between the company, the Attorney General&#8217;s
Office and the Public Prosecutor&#8217;s Office entered into on September 15, 2022. In accordance with accounting standards, in previous
quarters this provision had been recorded at a discounted value. This provision is recorded in line with the signing of the Final Collaboration
and Benefits Agreement. Furthermore, the total amount of the provision is recorded by the company, amounting to S/324.5 million recorded
in AENZA and partially offset by the reversal of the provision in Cumbra (S/41.7 million) and UNNA Transporte (S/24.5 million).</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: justify; 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, other income
and expenses recorded a provision in 2022 related to the Chavimochic project for S/14.5 million for the impairment of the investment and
the net effect in Cumbra and AENZA for the sale of Cumbra&#8217;s 43.32% participation in Viva to the company. The sale of Cumbra&#8217;s
participation in Viva is intended to strengthen our investment in Viva and was valued at a market price of US$45.4 million (S/173.3 million).</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: justify; text-indent: 0.5in"></p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating Profit (Loss)</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operating profit decreased
by 102.4%, or S/234.6 million, from an operating profit of S/229.0 million for 2021 to an operating loss of S/5.6 million for 2022. Our
operating margin (i.e., operating profit as a percentage of revenues) was (0.1)% for 2022, compared to 5.5 % for 2021. The decrease in
operating margin is primarily a result of the increase in Other income (expenses) explained above. The following table sets forth a breakdown
of our operating profit by segment for 2021 and 2022.</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><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)">
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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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion analyzes
our key results of operations on a segment basis. For further information on our business segments, see Note 7 to our audited annual 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: justify; text-indent: 0.5in">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
selected financial information related to our Infrastructure segment.</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><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; 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Revenues</b>. The table
below sets forth the breakdown of our Infrastructure revenues by principal lines of business.</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><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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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">
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</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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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">
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for 2021 and 2022;</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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in gross profit, from S/82.0&#160;million for 2021 to S/119.7 for 2022, primarily due to due to the increase in tariff in the Line 1
of the Lima Metro;</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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maintenance works. Our operation and maintenance of infrastructure assets gross margin was 3.7% for 2021, compared to 5.9% for 2022;
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</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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gross margin was 36.2% for 2021, compared to 105.3% for 2022.</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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table below sets forth the breakdown of our Infrastructure operating profit by principal lines of business.</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>

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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>

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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: justify; text-indent: 0.5in">Our Infrastructure operating
profit increased 65.5%, or S/89.1 million, from S/136.1 million for 2021 to S/225.2 million for 2022. Our Infrastructure operating margin
was 22.4% for 2022, compared to 15.7% for 2021:</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><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">
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</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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in operating profit, from an operating profit of S/69.3 million for 2021 to an operating profit of S/105.9 million for 2022, primarily
due to higher tariffs. Our mass transit operating margin for 2021 was 19.9%, compared to 27.2% in 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><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: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><i>Operation and Maintenance of Infrastructure Assets</i>:
a 4,055.0% or S/38.6&#160;million increase in operating profit, from a S/1.0&#160;million profit for 2021 to an S/39.5&#160;million profit
for 2022, primarily due to higher maintenance works in connection mainly with Survial. Our Operation and Maintenance of Infrastructure
Assets operating margin was 0.4 % for 2021, compared to 13.7% for 2022; 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><i>Water Treatment</i>: a 321.6%, or S/2.8 million, increase
in operating profit, from a S/0.9 million profit for 2021 to an S/3.7 million profit for 2022, primarily due to an increase in revenues.
Our water treatment operating margin for 2021 was 24.0% for 2021, compared to 83.8% for 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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Energy</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
selected financial information related to our Energy segment.</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><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">&#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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</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: justify; text-indent: 0.5in">Our Energy segment revenues
increased from S/541.9 for 2021 to S/633.8 for 2022, primarily due to (i) an increase in the price of oil from US$68.73 in 2021 to US$93.04
in 2022. Additionally, gas processing levels in our gas processing plant were slightly higher (30.41MMcf per day in 2021 versus 31.70
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</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: justify; text-indent: 0.5in">Our Energy gross profit increased
8.0%, or S/8.9 million, from S/110.1 million for 2021 to S/118.9 in 2022. Our Energy gross margin was 20.3% for 2021 and 18.8% for 2022.
The variation in our Energy gross profit principally reflected the increase in the price of oil.</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: justify; text-indent: 0.5in">Our Energy operating profit
increased 15.9%, or S/14.5 million, from S/91.1 million for 2021 to S/105.6&#160;million for 2022. The increase is mainly explained by
the increase in the price of oil and the increase in the tariffs of the Storage and Distribution business, partially offset by higher
royalties. Our energy operating margin was&#160;16.7% for 2022, compared to 16.8% for 2021.</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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Real Estate</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
selected financial information related to our Real Estate segment.</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><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">
    <td>&#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>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Variation</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center">%</td><td style="font-weight: bold">&#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)">
    <td style="text-align: left">Operating profit</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><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-align: justify; text-indent: 0.5in"><b>Revenues</b>. Our Real Estate
revenues increased 53.4%, or S/127.9 million, from S/139.4 million for 2021 to S/367.3 million for 2022. The comparative increase in sales
in 2022 was primarily due to the sale of an industrial lot in Almonte, partially offset by lower activity in the Parques del Mar and Piura
projects.</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: justify; text-indent: 0.5in"><b>Gross Profit</b>. Our Real
Estate gross profit increased 261.2%, or S/109.8 million, from S/42.0 million for&#160;2021 to S/151.8 million for 2022, mainly as a result
of the sale of industrial lots in Almonte. The sale of industrial lots has a substantially higher margin than housing units, and during
2021 no land was sold in Almonte due to the pandemic.</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: justify; text-indent: 0.5in"><b>Operating Profit</b>. Our
Real Estate operating profit increased 359.9%, or S/102.4 million, from S/28.5&#160;million for 2021 to S/130.9 million for 2022, primarily
due to higher activity and lower general expenses.</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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Engineering and Construction</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
selected financial information related to our E&amp;C segment.</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><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">
    <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; 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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Revenues</b>. Our E&amp;C
revenues decreased 2.7%, or S/74.8 million, from S/2,754.0 million for 2021 to S/2,679.2 for 2022. This is explained by lower production
volume of projects under execution. </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: justify; text-indent: 0.5in">The following tables set forth
percentages of our E&amp;C revenues by business activities, types of contracts and end-markets:</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><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">
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    <td colspan="2" style="text-align: center">%</td><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; 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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The breakdown of E&amp;C revenues
by different business activities, types of contracts and end-markets tends to vary from period to period due to a variety of factors,
including the timing of the execution of larger projects in any particular period, which is typically outside of our control.</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: justify; text-indent: 0.5in"><b>Gross Profit
(loss)</b>. Our E&amp;C gross profit (loss) decreased 116.8%, or S/(162.3) million, from S/139.0 million for 2021 to S/(23.3) for 2022.
This decrease was primarily due to extraordinary costs in relation to past projects: i) a S/113.0 (US$29.6) million loss resulting
from an agreement between Cumbra and Tecnicas Reunidas de Talara S.A.C. (&#8220;TRT&#8221;) in relation to a refinery modernization
project (the &#8220;Talara Refinery Modernization Project&#8221;) and ii) a provision of S/38.1 million related to the court&#8217;s
decision rejecting the claim for partial annulment of the arbitration ruling filed by Cumbra against <i>Escuela de Gerencia
Seguridad y Medio Ambiente Sociedad Anonima Cerrada</i> (&#8220;EGEMSA&#8221;) regarding the Machupicchu Hydroelectric Power Plant
project in April&#160;2009.</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: justify; text-indent: 0.5in"><b>Other income (expenses)</b>.
Other income (expenses) increased in our E&amp;C segment, from S/ 40.3 million in income for 2021 to S/79.1 in income for 2022. See Note
27 to our audited annual 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Operating Profit (loss)</b>.
Our E&amp;C operating profit decreased S/18.6 million, from a S/ 54.2 million profit for 2021 to a S/71.0 million loss for 2022. Our E&amp;C
operating margin was 2.0% for 2021, compared to (2.7)% for&#160;2022.</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>

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decreased 11.6%, or S/29.8 million, from net Financial expensess of S/257.0 million in 2021 to net Financial expenses of S/227.0 million
in 2022. In 2022, financial expenses include the interest payments related to the Convertible Bond and the Bridge Loan. Also, it includes
an adjustment of the present value of the account receivable related to the Gasoducto Sur Peruano project (S/63.3 million). This is compensated
in 2021 by the exchange rate difference. The dollar depreciated compared to the sol from 3.998 in 2021 to 3.820 in 2022. Considering the
net position of assets and liabilities in dollars, this generates a negative impact on the exchange rate difference.</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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income Tax Expense</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Income tax expense increased
S/84.9 million, from S/46.4 million for 2021 to S/131.3 million for 2022. The Corporation&#8217;s income tax differs from the theoretical
amount that would result from applying the Corporation entities&#8217; weighted average income tax rate applicable to consolidated pre-tax
income. The theoretical tax disclosed results from applying the income tax rate in accordance with the tax legislation of the country
where each company that is part of the Corporation is domiciled. In this regard, companies domiciled in Peru, Chile, and Colombia applied
in 2022 income tax rates of 29.5%, 27%, and 35% respectively, compared to 29.5%, 27%, and 31% in 2021, respectively. Red Vial 5 S.A.,
L&#237;nea 1, Concesionaria Via Expresa Sur S.A., and Unna Energia (Blocks III and IV) have legal stability agreements signed with the
Peruvian Government in force during the term of the associated concessions. Therefore, the consolidated theoretical amount is obtained
from weighing the profits or losses before income tax and the applicable income tax rate. See Note&#160;28 to our audited annual 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: justify; text-indent: 0.5in">&#160;</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loss (Profit)</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our loss on the year increased
S/260.2 million, from a S/101.8 million loss for 2021 to a S/362.1 loss for 2022. Net profit attributable to controlling interests decreased
S/309.4 million, while (Loss) profit attributable to non-controlling interest increased S/49.1 million. For the year ended 2021, we recorded
a provision of S/20.0 million for the impairment of the investment in Adexus. For the year ended 2022, net loss attributable to controlling
interests increased primarily due to the provision related to the Final Collaboration and Benefits Agreement. In accordance with accounting
standards, in previous quarters it had been recorded at discounted value. This provision is recorded in line with the signing of the Final
Collaboration and Benefits Agreement on September 15, 2022. Additionally, the decrease is explained by extraordinary costs in relation
to past projects in the E&amp;C segment: the loss of S/113.0 resulting from an agreement between Cumbra and TRT in relation to the Talara
Refinery Modernization Project and the provision of S/38.1 million related to the court&#8217;s decision rejecting the claim for partial
annulment of the arbitration ruling filed by Cumbra against EGEMSA regarding the Machupicchu Hydroelectric Power Plant project in April
2009.</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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Comparison of Results of Operations
of 2020 and 2021</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For information regarding the
results of operations for the years ended December 31, 2020 and December&#160;31, 2021, See &#8220;Item 5. Results of Operation&#8211;Comparison
of Results of Operations of 2020 and 2021&#8221; in our Company&#8217;s annual report on Form 20-F for the fiscal year ended December
31, 2021.</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><div><a id="a_012"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0cm">B.&#160;Liquidity
and Capital Resources</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal sources of liquidity
have historically been cash flows from operating activities and, to a lesser extent, equity capitalization and indebtedness. Our principal
uses of cash (other than in connection with our operating activities) have historically been capital expenditures in all our business
segments, servicing of our debt and other obligations, and payment of dividends.</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: justify; text-indent: 0.5in">We have faced, and continue
to face, significant liquidity constraints as a result of the impacts of the corruptions investigations of our company and the COVID-19
pandemic. As of December 31, 2022, our cash and cash equivalents totaled S/917.6 million (US$240.2 million), of which S/72.0 (US$19.1
million) constitutes reserved funds, which funds are held in trusts for purposes of our infrastructure projects. As of March 31, 2023,
our cash and cash equivalents totaled approximately S/825.6 million (US$219.3 million). For more information, see Note 9 to our audited
annual 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: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2018, our company
issued and sold a total of 69,380,402 common shares to certain of our company&#8217;s existing shareholders that exercised preemptive
rights in accordance with Peruvian law and a private placement. Additionally, on April 2, 2019, our company issued and sold 142,483,633
common shares pursuant to a private placement, of which: (i) 55,291,877 shares were paid in full and (ii) 87,191,786 shares were paid
50% at the time, with the remaining 50% paid subsequently on July 1, 2019. In total, our company issued and sold 211,864,065 common shares,
with the proceeds amounting to US$130 million being used to reduce debt, to pay our vendors and for working capital of one of our company&#8217;s
subsidiaries.</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: justify; text-indent: 0.5in">On August 13, 2021, AENZA issued
Convertible Bonds in a total principal amount of US$89.9 million. The Convertible Bonds mature in February 2024, bear interest at a rate
of 8%, and are payable quarterly. Pursuant to the terms and conditions of the Convertible Bonds, they may be converted into shares as
of the sixth month from the date of issuance. In accordance with the terms and conditions of the Convertible Bonds, holders of Convertible
Bonds in a principal amount equivalent to US$11 million exercised their conversion rights and on February 28, 2022, we issued 37,801,073
new common shares. Additionally, holders of Convertible Bonds in a principal amount equivalent to US$79 million exercised their conversion
rights and, on March 31, 2022, we issued an additional 287,261,051 new common shares. After these conversions, the Convertible Bonds were
fully cancelled.</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>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><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: justify; text-indent: 0.5in">On March 17, 2022, the company
entered into a bridge loan credit agreement for up to US$120 million, with a group of financial entities comprised by <i>Banco BTG Pactual
S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,</i>
and Natixis, New York Branch. The financing will be repaid over a period of 18 months, and will be secured, subject to the fulfillment
of certain precedent conditions, by a flow trust (first lien), a trust over the shares of Viva Negocio Inmobiliario S.A. (second lien),
and a pledge on our shares in Unna Energ&#237;a (first lien). On April 5, 2022, the loan was disbursed and we used the proceeds to repay
certain of our financial and other obligations. We are currently evaluating different debt restructuring plans to refinance the bridge
loan.</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: justify; text-indent: 0.5in">On September 15, 2022, we signed
the Final Collaboration and Benefits Agreement <i>(Acuerdo de Colaboraci&#243;n Eficaz y Beneficios)</i> with Peruvian prosecutorial
authorities, by which we acknowledged that certain former directors and former senior managers have used the company to commit wrongdoings
and, as a result, we have agreed to indemnify the Peruvian government for the resulting damages. The validity of the Final Collaboration
and Benefits Agreement remains subject to judicial approval and the terms and conditions are subject to confidentiality provisions. Under
the Final Collaboration and Benefits Agreement, we have agreed to pay a civil penalty of S/333,326,423.6 and US$40,724,531.00 over 12
years, subject to a statutory interest rate in Peruvian and foreign currency.</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: justify; text-indent: 0.5in">The company may face liquidity
constraints if the company is required to pay other civil or criminal penalties, or any additional settlement amounts, arising from future
investigations or civil lawsuits facing the company, depending on the timing of those required payments.</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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash Flows</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
certain components of our cash flows for 2020, 2021 and 2022.</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><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="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#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></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center">(in millions of S/)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Net cash provided by (used in) operating activities</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">226.0</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">194.5</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">33.7</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Net cash provided by (used in) investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(64.7</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(88.2</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(198.2</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net cash provided by (used in) financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(225.6</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(50.4</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">126.5</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Net increase (net decrease) in cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(64.3</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">55.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(38.0</td><td style="text-align: left">)</td></tr>
  </table><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash Flow from Operating Activities</p><div>

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

</div><p style="text-indent: 0.5in; font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Net cash flow provided by operating activities
in 2022 was lower than in 2021, primarily as a result of an increase in supplier advances for the Intipunku project of S/22 million, the
increase in restricted funds in banks as collateral for clients in the Talara project of S/44 million, and the increase in guarantee withholdings
in Cumbra (S/ 57 million from Sumimoto and S/23 million from Natixis).Cash Flow from Investing Activities</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash flow used in investing
activities in 2022 was higher than in 2021, principally as a result of UNNA Energia investing S/145.0 million in wells development.</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: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash Flow from Financing Activities</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash flow used in financing
activities in 2022 was higher than in 2021. In 2022, a bridge loan of US$120 million, equivalent to S/464 million, was obtained, which
was mainly to reduce the financial debt with Banco Santander by US$20.2 million, syndicated debt by US$7.9 million, payment to partners
for the acquisition of non-controlling interests, as well as dividends.</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: justify; 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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><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: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Indebtedness</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, we had a total outstanding indebtedness of S/1,690.7 million (US$442.6 million) as set forth in the table below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
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    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Total
                                                                                                      in</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Segment</b></span></td><td style="white-space: nowrap; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(in&#160;millions<br/>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><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"><b>(in&#160;millions<br/>
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rate</td><td style="white-space: nowrap; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="white-space: nowrap; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Infrastructure </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">Leasing</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">-</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 16%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 0.5%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">848.6</span></td><td style="width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 0.5%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">25/11/2039</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">-</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">-</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Long term loan</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">-</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Promissory Note</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">33.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">33.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">31/12/2027</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">E&amp;C </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">Leasing</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,000.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">05/03/2023</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">05/03/2025</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Promissory Note</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">208.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,441.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">32.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">11.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">11/01/2023</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">11/12/2027</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><span style="font-family: Times New Roman, Times, Serif">Leasing</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table><div>




</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><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"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Includes
                                            debt held by Vial y Vives&#8212;DSD that is denominated in Chilean pesos.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of March 31, 2023, S/55.3 million (US$14.5 million) of our total indebtedness indicated in the table above has matured or been prepaid,
of which S/19.8 million (US$5.2 million) was repaid and S/38.4 million (US$10.1 million) was renewed by extending the maturities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth our contractual obligations with payment terms as of December 31, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">1-2&#160;years</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; 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; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">651,414</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">707,912</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">2,416,715</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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 0pt 0.5in; text-align: justify; 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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><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"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Includes
                                            principal only of our indebtedness and capitalized lease obligations, other than interest
                                            payable on the corporate bonds of Norvial and L&#237;nea 1.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Includes
                                            the effect of our interest swap agreements described in &#8220;&#8212;Derivative Financial
                                            Instruments.&#8221;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Excludes
                                            building leases, which are not material.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Set
forth below is a description of our material outstanding indebtedness as of December 31, 2022.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Leasing</i>.
As of December 31, 2022, we were party to numerous leasing agreements with several financial institutions which in the aggregate amounted
to approximately S/5.3 (US$1.4 million). We entered into such agreements primarily for the purpose of leasing the equipment and other
assets necessary to run our operations.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Norvial
Corporate Bonds</i>. In July 2015, Norvial established its first corporate bond program on the Lima Stock Exchange, for a total amount
of S/365 million (US$106.9 million). The first tranche under this program was issued for an amount of S/80 million, due 2020 with an
annual interest rate of 6.75%. The second tranche was issued for an amount of S/285 million, due 2027 with an annual interest rate of
8.375%, structured in three disbursements. In July 2015 we received the first disbursement for S/105 million, in January 2016 we received
the second disbursement for S/100 million and in July 2016 we received the third disbursement of S/80 million. These bonds are secured
by: (i) certain cash flows; (ii) a mortgage on the Norvial concession; (iii) a lien over Norvial shares; (iv) the assignment of Norvial&#8217;s
rights over a performance bond provided by Cumbra and JJC Contratistas Generales S.A.; and (v) any additional guarantees granted in favor
of other secured creditors. The proceeds of these bonds were used to pay S/85 million of debt outstanding under a short-term loan agreement
with Banco de Cr&#233;dito del Peru (BCP) for a total S/150 million, and the remaining balance was used to finance the construction
of the second stage of Ancon &#8211; Huacho Pativilca highway and the value added tax linked to the implementation of the project expenses.
As of December 31, 2022, Norvial had S/218.7 million (US$57.2 million) outstanding under these bonds.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Linea
1 Senior Secured Notes</i>. On February 2015, L&#237;nea 1 issued a total of S/629 million (US$184.3&#160;million) Series A Senior
Secured VAC-Indexed Notes due 2039, with an annual interest rate of 4.75% plus adjustments for inflation. The bonds are secured by (i)
a mortgage on the Lima Metro concession, (ii) a lien on L&#237;nea&#160;1 shares, (iii) certain collection rights, (iv) certain cash
flows, and (v) liens on certain accounts. The proceeds from the issuance were used to repay a short term loan provide by Banco de Cr&#233;dito
del Peru-BCP for S/400 million, funding of the reserve accounts, payment of the issuance expenses, and for the partial repayment of a
subordinated loan provided by certain shareholders of L&#237;nea 1 to L&#237;nea 1. According to the indenture, in order to make
any payment of a subordinated loan or distribute any dividends, our Debt Service Coverage Ratio (as defined therein) should be at least
1.2x. Under the indenture L&#237;nea 1 has to fund the debt service reserve account on a quarterly basis with the equivalent of the
amounts due in the next two succeeding interest payment dates. Moreover, the operation and maintenance reserve account must be funded
annually with an amount equal to twenty-five percent (25%) of operation and maintenance costs of the corresponding current annual budget.
As of December 31, 2022, L&#237;nea 1 had S/630.0&#160;million (US$164.9 million) outstanding under these notes.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>BCP
Loan</i>. In December 2015, our subsidiary UNNA Energ&#237;a and Oiltanking Peru S.A.C. subscribed in equal parts to a medium term
loan credit agreement for up to US$100 million with Banco de Cr&#233;dito del Peru, comprised of (i) a medium term tranche for up to
US$70 million (for additional investments) with an annual interest rate of 6.04% and a term of five years, and (ii) a medium term tranche
for up to US$30 million (for committed investments) with an annual interest rate of 6.32% and a term of eight years. The tranches of
the loan mature in 2024 and 2027, respectively. The proceeds of this loan are to finance Terminales del Peru&#8217;s obligations in the
operation contracts that it maintains with PetroPeru in regards to the Central Terminal (corresponding to the Callao Port), and North
Terminals (corresponding to the Et&#233;n, Salaverry, Chimbote and Supe Ports). On November 15, 2019, UNNA Energ&#237;a and Oiltanking
Peru S.A.C. entered into an additional medium term loan for up to US$46 million with Banco de Cr&#233;dito del Peru. As of December
31, 2022, UNNA Energ&#237;a had US$33.0 million (S/126.1 million) outstanding under these loans.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Financial
Stability Framework Agreement</i>.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
July 2017, the Company and its subsidiaries (Cumbra, Construyendo Pa&#237;s S.A., Vial y Vives - DSD and Concesionaria V&#237;a Expresa
Sur S.A.) signed a Financial Stability Framework Agreement with the following financial institutions: Scotiabank Per&#250; S.A., Banco
Internacional del Per&#250; S.A.A., Banco BBVA Per&#250; S.A., Banco de Cr&#233;dito del Per&#250; S.A., Citibank del Per&#250;
S.A. and Citibank N.A. The objectives of the Financial Stability Framework Agreement were: to guarantee Cumbra a syndicated revolving
line of credit for working capital, a non-revolving line of credit to finance repayment commitments subject to performance bonds; to
guarantee lines of credit for the issuance of performance bonds and to commit to maintain the existing letters of credit issued to Cumbra&#8217;s
requirements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">At
December 31, 2021, the Company was in compliance with the obligations and covenants established in the Financial Stability Framework
Agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
March 29, 2022, S/28.2 million and US$0.3 million corresponding to the total balance of the direct debt of the Financial Stability Framework
Agreement (US$ 7.4 million, equivalent to S/29.5 million, as of December 31, 2021) were paid, and the line of credit for the issuance
of letters of guarantee remains in place.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>CS
Peru Infrastructure Loan</i>. On July 31, 2019, the company entered into a medium-term loan credit agreement for US$35 million (equivalent
to S/112.9 million) with CS Peru Infrastructure Holdings LLC, the proceeds of which were used as working capital for the company and
its subsidiaries, Cumbra and Adexus. The term of the loan is three years, with quarterly installments of principal beginning on the 18th
month. The loan accrues interest at the following rates per annum: (i) for the period from and including the July 31, 2019 to but excluding
the date that is six months after the closing date, 9.10%; (ii) for the period from and including the date that is six months after the
closing date to but excluding the date that is one year after the closing date, 9.35%; (iii) for the period from and including the date
that is one year after the closing date to but excluding the date that is 30 months after the closing date, 9.60%; and (iv) for the period
from and including the date that is 30 months after the closing date to the third anniversary of the loan, 10.10%. On February 28, 2020,
the company and the initial lender signed an amendment, waiver and consent in respect of this event of default, in consideration for
a prepayment by the company of US$10&#160;million, together with accrued interest and a make-whole premium. The outstanding principal
amount was repaid with the proceeds of the convertible bonds in August 2021.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Santander
Loan</i>. On December 30, 2020, T&#233;cnicas Reunidas enforced two letters of credit in the aggregate amount of US$23.7 million, which
letters of credit had been issued by Santander on behalf of our subsidiary Cumbra as security pursuant to a construction contract. As
a result, Cumbra subscribed to a short-term loan with Banco Santander in the aggregate principal amount of US$23.7 million. The loan
accrues interest at an annual rate of Libor&#160;+8.0%. The term of the loan was originally 30 days and was extended until March 31,
2021. We subsequently extended the maturity of the loan until it was paid in full in April 2022 with the proceeds of the bridge loan.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Bridge
Loan</i>. On March 17, 2022, the company entered into a bridge loan credit agreement for up to US$120 million, with a group of financial
entities comprised by <i>Banco BTG Pactual S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Instituci&#243;n de
Banca M&#250;ltiple, Grupo Financiero HSBC</i>, and Natixis, New York Branch. The financing will be repaid over a period of 18 months,
and will be secured, subject to the fulfillment of certain precedent conditions, by a flow trust (first lien), a trust over the shares
of Viva Negocio Inmobiliario S.A. (second lien), and a pledge on our shares in Unna Energ&#237;a S.A. (first lien). On April 5, 2022,
the loan was disbursed and we used the proceeds to repay certain of our financial and other obligations.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Derivative
Financial Instruments</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
company does not currently have any derivative financial instruments outstanding. For additional information about our derivative financial
instruments and borrowings, see Notes 2F, 17 and 18 to our audited annual consolidated financial statements included in this annual report.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">(in&#160;millions&#160;of S/)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">(in&#160;millions&#160;of US$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">(in&#160;millions&#160;of S/)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">(in&#160;millions&#160;of US$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">(in&#160;millions&#160;of S/)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">(in&#160;millions&#160;of US$)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 16%"><span style="font-family: Times New Roman, Times, Serif">Infrastructure </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 17%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Capital expenditure</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">37.4</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10.3</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">57.1</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">14.3</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">55.0</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">14.4</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total Infrastructure</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">37.4</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10.3</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">57.1</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">14.3</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">55.0</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">14.4</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Energy</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Capital expenditure</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">60.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">16.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">54.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">208.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">54.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total Energy</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60.0</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16.6</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">54.8</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13.7</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">208.9</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">54.7</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <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">Real Estate </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Capital expenditure</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total Real Estate</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">E&amp;C </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Capital&#160;expenditure</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">11.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total E&amp;C</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10.9</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.0</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13.0</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.2</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11.2</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.9</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Corporate </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Capital expenditure</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    Corporate</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.7</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.4</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">TOTAL </span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">108.3</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">29.9</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">126.6</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">31.7</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">275.1</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">72.0</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Capital
expenditures for our Infrastructure segment of approximately S/37.4 million (US$10.3 million), S/57.1 million (US$14.3 million) and S/55.0
million (US$14.4 million) in 2020, 2021 and 2022, respectively, correspond to periodic maintenance and the construction of the second
stage of our Norvial toll road concession and investments in the Lima Metro. In 2020 and 2021, capital expenditures for our Infrastructure
segment included certain investments in the Lima Metro project. In 2022, capital expenditures for our Infrastructure segment included
certain investments in the Lima Metro project.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Capital
expenditures for our Energy business of approximately S/60.0 million (US$16.1 million), S/54.8&#160;million (US$13.7 million) and S/208.9
million (US$54.7 million) in 2020, 2021 and 2022, respectively, correspond to oil development drilling activities as well as improvements
for our gas processing plant.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Capital
expenditures for our E&amp;C segment of approximately S/10.9 million (US$3.0 million), S/13.0 million (US$3.2 million) and S/-113.7 million
(US$-29.8 million), in 2020, 2021 and 2022, respectively, which amounts primarily correspond to the purchase and sale of equipment and
machinery. (Capital investments in the E&amp;C segment also included minor repositions of equipment and machinery).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
our Real Estate segment there were no capital expenditures or divestitures in 2020, 2021 and 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; 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 -->124<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have budgeted S/464.9 million (US$119.2 million) in capital expenditures for 2023. Our current plan for our Infrastructure segment contemplates
capital expenditures in 2023 of approximately S/75.8 million (US$19.4&#160;million), principally for investments in activities for Line
1 of the Lima Metro. Our current plan for our Energy business contemplates capital expenditures in 2023 of approximately S/187.7 million
(US$48.1 million), principally for investments in oil drilling. Our current plan for our E&amp;C segment contemplates capital expenditures
in 2023 of approximately S/11.0 million (US$2.8 million), mainly to replace of equipment and machinery. Our current plan for our Real
Estate segment contemplates capital expenditures in 2023 of approximately S/115.4 million (US$29.6 million), principally for land purchases.
Our current plan for our corporate segment contemplates no expenditures or divestitures in 2023.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">These
estimates are subject to change. We routinely evaluate acquisitions, new infrastructure concessions, land purchases and other investment
or divestiture opportunities that are aligned with our strategic goals, particularly in Peru, Chile and Colombia. We cannot assure you
that we will find opportunities on terms that we consider to be favorable to us, whether we will be able to take advantage of such opportunities
should they arise, or the timing of and funds required by such opportunities. In addition, should we undertake any such investments,
we expect to finance these opportunities with a combination of cash on hand, new borrowings and/or financial contributions from partners,
depending on a variety of commercial considerations at such time. See &#8220;Part I. Forward-Looking Statements.&#8221;</span></p><div>

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

</div><div><a id="a_013"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">C. Research
and Development, Patents and Licenses, Etc.</span></p><div>

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

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

</div><div><a id="a_014"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">D. Trend
Information</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Our
Main Market: Peru</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following sets forth key macroeconomic trends in our markets, Peru, Chile and Colombia. For additional information on trends in our business,
see &#8220;Item 5.A. Operating and Financial Review and Prospects&#8212;Operating Results&#8212;Factors Affecting our Results of Operations&#8221;
and &#8220;Item 4.B. Business Overview&#8212;Backlog.&#8221;</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Overview
of the Peruvian Economy</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth the main economic indicators of the Peruvian economy from 2018 to 2022:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2018</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Nominal
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">226.9</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">232.4</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">205.6</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">225.9</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">244.8</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Nominal
    GDP / capita (US$) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,187.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,234.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,300.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,837.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,328.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</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">Real
    GDP growth rates (% based on local currency GDP) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(11.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Private
    consumption growth rate </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(9.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">Private
    investment growth rate </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(16.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">37.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(0.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Foreign
    direct investment growth rate </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(20.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(18.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(84.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">919.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">42.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">Public
    expenditure (consumption and investment) growth rate </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <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">Total
    private and public fixed investment growth rate<sup>(1)</sup> </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(16.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">35.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">Exports
    growth rate </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(19.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Imports
    growth rate </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(15.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">18.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">Inflation
    (measured by change in CPI) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Average
    exchange rate (S//US$) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.29</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.34</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.50</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.90</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</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">End
    of period exchange rate (S//US$) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.38</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.32</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.62</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4.00</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.82</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Central
    Bank interest rate (end of period) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Population
    (million)<sup>(1)</sup> </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">31.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">32.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">32.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">33.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">33.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unemployment
    rate<sup>(1)</sup> </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">Total
    public debt (US$ billions) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">56.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">62.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">68.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">78.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">83.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Public
    debt/nominal GDP (%) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">24.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">26.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">33.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">34.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">34.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">Net
    reserves (US$ billions) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">60.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">68.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">74.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">78.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">71.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    reserves/nominal GDP (%) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">26.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">29.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">36.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">34.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">29.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">Fiscal
    surplus (deficit)/ nominal GDP (%) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td></tr>
  </table><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">Source:
Peruvian Central Bank, SBS, Ministry of Economy and Finance, National Statistical Institute of Peru (INEI), IMF.&#160;</span></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: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2022
                                            projected by IMF.</span></td>
</tr></table><div>

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

</div><!-- Field: Page; Sequence: 129; 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 -->125<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth real gross domestic product by expenditure for the years indicated.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.125in; text-indent: -0.125in; border-bottom: Black 1.5pt solid">GDP by Expenditure (% of GDP unless otherwise stated)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">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="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><td style="font-weight: bold; padding-bottom: 1.5pt">&#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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 40%; text-align: left">Government consumption </td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">11.4</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">11.5</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; ">
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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="text-align: left">&#160;</td><td style="text-align: right">24.0</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">22.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21.6</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">1.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.4</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">GDP (in billions of US$) </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">226.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">232.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">205.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">225.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">224.8</td><td style="text-align: left">&#160;</td></tr>
  </table><div>




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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">Source:
Peruvian Central Bank&#160;</span></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: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Defined
                                            as the difference between the volume at the end of the period and the volume at the beginning
                                            of the period; valued at the average price over the period.</span></td>
</tr></table><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Key
Industry Sectors Relating to Our Business in Peru</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Construction
and Infrastructure</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Peruvian construction industry&#8217;s nominal GDP is estimated to be US$10.1 billion and accounted for 4.1% of the country&#8217;s nominal
GDP in 2022, according to the Peruvian Central Bank. The following table illustrates, from&#160;2018 to 2022, the average real growth
rate in both private investment and construction in Peru vis-&#224;-vis the average real GDP growth rate.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Growth
of Real Private Investment GDP and Real Construction Sector GDP vs. Real GDP</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: center"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="image_026.jpg"/>&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">Source:
Peruvian Central Bank.</span></p><div>

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

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

</div><!-- Field: Page; Sequence: 130; 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 -->126<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Mining</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Peru
is a poly-metallic resources producer and exports several metals including silver, copper, zinc, gold and lead, among others. Peru is
also a major contributor to global metal reserves. According to the U.S. Geological Survey of 2023, as of January 2023, Peru held 17.8%
of global silver reserves, 8.1% of global zinc reserves, 9.1% of global copper reserves and 5.6% of global gold reserves. According to
the Peruvian Central Bank, mining exports reached approximately US$37.7 billion and represented 57.3% of total Peruvian exports in 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of March 2023, the Peruvian Ministry of Energy and Mines estimates 47 mining projects at various stages of development involving an estimated
investment of US$53.715 billion.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Mining
Investment Projects by Level of Development</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number&#160;of<br/>
Projects</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">US$&#160;billion</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">Under construction</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">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">2,226</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Detailed Engineering</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,739</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Feasibility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13,757</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Pre-feasibility</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">25</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">33,002</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; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">47</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">53,715</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">Source:
Peruvian Ministry of Energy and Mines.</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Oil
and Gas</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">According
to the Peruvian Ministry of Energy and Mines, during 2022, local production of petroleum was approximately 40.5 Mbbl per day, 5.6% more
than 2021. The Peruvian Ministry of Energy and Mines reported that oil and gas proved reserves as of December 31, 2021 were 2,214.3 MMBOE.
The oil and gas proved reserves as of December 31, 2022 have not yet been published. The Peruvian government&#8217;s reserves methodology
may differ materially from the one mandated by the SEC.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Hydrocarbons
Proved Reserves and Production Evolution in Peru (in MMboe)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: center"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="image_027.jpg"/>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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 0pt 0.5in; text-align: justify; 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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">Source:
Peruvian Ministry of Energy and Mines</span></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Our
Other Markets: Chile and Colombia</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Chile</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Overview
of the Chilean Economy</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
activities in Chile span across the E&amp;C and power services sectors. The following table sets forth the main economic indicators of
the Chilean economy for the period from 2018 to 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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-left: 0.125in; border-bottom: Black 1.5pt solid; font-weight: bold">Values in nominal US$ billion unless otherwise stated</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <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>
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    <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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Nominal GDP </td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Nominal GDP / capita (US$) </td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">14,600.8</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">16,099.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,202.7</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">Real GDP growth rate (%) </td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1.1</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">12.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.4</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.2</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12.8</td><td style="text-align: left">%</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">68.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">58.2</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">702.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">792.2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">759.1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">872.3</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">770.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">734.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">849.1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Population (million)<sup>(1)</sup> </span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Unemployment rate </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.1</td><td style="text-align: left">%</td><td>&#160;</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">Public Debt / nominal GDP (%)<sup>(2)</sup> </span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25.8</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28.3</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">32.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">36.3</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39.1</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net reserves / nominal GDP (%) </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14.6</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15.5</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">13.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Fiscal surplus (deficit) / nominal GDP (%) </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1.5</td><td style="text-align: left">)%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2.7</td><td style="text-align: left">)%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7.1</td><td style="text-align: left">)%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7.5</td><td style="text-align: left">)%</td><td>&#160;</td>
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  </table><div>



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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">Source:
Chilean Central Bank, Chilean Government Budget Office, IMF, Global Insight</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2021
                                            and 2022 projected by the IMF</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2022
                                            data presented as of September 30, 2022.</span></td>
</tr></table><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Colombia</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Overview
of the Colombian Economy</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
current activities in Colombia involve technical services provided primarily to the power services sector. The following table sets forth
the main economic indicators of the Colombian economy for the period from 2018 to&#160;2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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-left: 0.125in; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Values
    in nominal US$ billion unless otherwise stated</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2018</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2019</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left; text-indent: -0.15in; padding-left: 0.15in"><span style="font-family: Times New Roman, Times, Serif">Nominal
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">334.1</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">323.1</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">270.4</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">314.5</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">344.0</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.15in"><span style="font-family: Times New Roman, Times, Serif">Nominal
    GDP / capita (US$) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,923.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,540.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,368.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,160.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,665.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.15in"><span style="font-family: Times New Roman, Times, Serif">Real
    GDP growth rate (%) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.15in"><span style="font-family: Times New Roman, Times, Serif">Inflation
    (%, measured by change in CPI) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.15in"><span style="font-family: Times New Roman, Times, Serif">Total
    private and public fixed investment </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">64.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">67.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">58.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">59.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">75.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.15in"><span style="font-family: Times New Roman, Times, Serif">Average
    exchange rate (COP/US$) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,956.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,281.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,693.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,744.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,256.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.15in"><span style="font-family: Times New Roman, Times, Serif">End
    of period exchange rate (COP/US$) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,249.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,277.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,432.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,981.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,810.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.15in; padding-left: 0.15in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Population
    (million)<sup>(1)</sup> </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">48.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">49.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">50.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">51.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">51.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.15in; padding-left: 0.15in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unemployment
    rate<sup>(1)</sup> </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">11.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.15in"><span style="font-family: Times New Roman, Times, Serif">Public
    Debt / nominal GDP (%) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">21.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">22.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">33.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">32.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">29.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.15in"><span style="font-family: Times New Roman, Times, Serif">Net
    reserves / nominal GDP (%) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">14.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">16.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">21.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">18.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">20.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.15in"><span style="font-family: Times New Roman, Times, Serif">Fiscal
    surplus (deficit) / nominal GDP (%) </span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(0.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</span></td></tr>
  </table><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Source:&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Colombian
National Department of Administration of Statistics (DANE), Colombian Central Bank, Colombian Treasury Department, IMF, Global Insight</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">2022
                                            projected by the IMF.</span></td>
</tr></table><div>

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

</div><div><a id="a_015"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">E.
[Reserved]</span></p><div>

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

</div><div><a id="a_016"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">F.&#160;[Reserved]</span></p><div>

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

</div><div><a id="a_017"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">G.&#8239;Safe
Harbor</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Part I. Forward-Looking Statements.&#8221;</span></p><div>

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

</div><!-- Field: Page; Sequence: 132; 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 -->128<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_018"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></p><div>



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

</div><div><a id="a_019"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">A. Directors
and Senior Management</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">General</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
business and affairs are managed by our Board of Directors in accordance with our by-laws, shareholder&#8217;s meeting rules of procedure,
Board of Directors&#8217; rules of procedure, internal rules of conduct and Peruvian Corporate Law No. 26887 (&#8220;Peruvian Corporate
Law&#8221;). Our bylaws provide for a Board of Directors of between five and nine members.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">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 nine directors and no alternates. If a director resigns or otherwise becomes unable to continue with
its duties, a majority of our directors may appoint one of the alternate directors, or in the absence of alternate directors, any other
person, to serve as director for the remaining term of the board. 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 if
the shareholders&#8217; meeting did not elect them.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Board of Directors typically meets monthly, when called by any director or our 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.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Duties
and Liabilities of Directors</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to Article 177 of Peruvian Corporate Law, directors are jointly and severally liable to the corporation, its shareholders and third parties
for any damages caused by board decisions or acts that breach the law or the bylaws of the company, or for damages caused by abuse of
power, fraud, willful misconduct or gross negligence.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, pursuant to Article 3 of Law No. 29720, as amended, directors of companies with common shares listed on the Lima Stock Exchange
are liable to the company and its shareholders for damages caused by resolutions which are favorable to their individual interest (or
the interest of a related party) to the detriment of the company&#8217;s interest if: (i) the listed company is a party to the transaction;
(ii) the controlling shareholder of the listed company controls the legal entity acting as counterparty; (iii) the transaction is not
carried out on an arm&#8217;s length basis; and (iv)&#160;at least 10% of the listed company&#8217;s assets are involved in the transaction.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
director cannot be found liable for a board decision or act if they did not participate in the meeting where the corresponding decision
was taken or if the director&#8217;s express disagreement is noted in the minutes of such meeting or evidenced by notarized notice.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Article
180 of the Peruvian Corporate Law requires a director to abstain from: (i) adopting decisions that would not be in the corporation&#8217;s
interest and that would benefit their interests or those of any related third party, (ii)&#160;using for themselves any commercial opportunity
or business they became aware of as a result of the exercise of their duties as a director and (iii) participating themselves in competition
with the company in any matter that would require disclosure and abstention due to a conflict of interest. A director who violates these
requirements is liable for any damages caused to the company and may be removed by a majority of the Board of Directors or, upon the
request of any member of the board or of any shareholder, by a majority vote of the shareholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to Article 181 of the Peruvian Corporate Law, shareholders are entitled to protect the interest of a company by bringing a claim of civil
responsibility against any directors, subject to approval of shareholders at a duly convened shareholders&#8217; meeting. However, Article
4 of Law No. 29,720, with respect to companies listed on the Lima Stock Exchange, establishes that a shareholder that owns at least 10%
of the capital stock is entitled to file a claim of civil responsibility under Article 181 of the Peruvian Corporate Law without holding
a prior shareholders&#8217; meeting.</span></p><div>

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

</div><!-- Field: Page; Sequence: 133; 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 -->129<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Additionally,
Legal Decree No. 1121 and Legal Decree No. 1422 (both governing the application of Rule&#160;XVI of the Peruvian Tax Code regarding anti-evasion
conduct) require the Board of Directors of Peruvian companies to review any tax planning strategy in respect of the prior fiscal year,
and to re-authorize, amend or dissolve the same. If the Board of Directors do not comply with these rules, the Peruvian tax authority
(SUNAT) may hold the directors jointly liable with the company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Sections
2 and 13 of article 16 of the Peruvian Taxation Code also establish that directors will be jointly liable with the company and with each
other if the company does not pay its taxes due to willful misconduct (dolo), gross negligence (culpa grave) or abuse of power of attorney
in breach of anti-tax evasion laws.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Board
of Directors</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following sets forth our directors and their respective positions as of the date of this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
September 20, 2021, an extraordinary shareholders&#8217; meeting of the company elected a new board of directors, consisting of nine
directors, four of whom were not previously directors of the company. The term of the current board of directors is three years and expires
in 2024.</span></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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; ">
    <td style="width: 40%; 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%; text-align: center">&#160;</td>
    <td style="width: 37%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="width: 10%; border-bottom: black 1.5pt solid; padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year&#160;of<br/>
Birth</b></span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="width: 10%; border-bottom: black 1.5pt solid; padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year of First<br/>
Appointment</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juan Vicente Revilla Vergara </span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1961</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gustavo Nickel Buffara De Freitas </span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice Chairman of the Board</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1983</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Esteban Viton Ramirez </span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1952</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gema Esteban Garrido </span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1971</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julio Dittborn Chadwick </span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director&#160;&#160;**</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1982</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pablo K&#252;hlenthal Becker </span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1980</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antonio Carlos Valente Da Silva </span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (Independent)*</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1952</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carlos Rojas Perla </span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (Independent)*</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1971</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Santiago Hernando Perez </span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (Independent)*</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1963</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Independent
                                            under the Exchange Act independence standards.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">**</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            March 31, 2022, our Board of Directors appointed Mr. Julio Dittborn Chadwick to replace Mr.
                                            Nicolas Ba&#241;ados Lyon, who resigned from his position as Director for personal reasons.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following sets forth selected biographical information for each of the members of our Board of Directors. The business address of each
of our current directors is Av. Petit Thouars 4957, Miraflores, Lima 34, Peru.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Juan
Vicente Revilla Vergara</i>. Mr. Revilla was appointed as a director of the company in September of&#160;2021. He holds a degree as an
economist from the <i>Universidad del Pac&#237;fico</i> (Peru). He has been a Managing Director and Head of Investments for Southern
Europe at IG4 Capital since June 2020 and Founding Partner and CEO of High Trend International, LLC. Before that, he was CEO of Telefonica
International Wholesale Services, General Director of Resources for Telefonica Brazil, Global Manager of Shared Services for the Telef&#243;nica
Group, CEO of Latin American Operations for the Telef&#243;nica Group, Chief Technology Officer for Latin America for the Telef&#243;nica
Group, CEO of Telef&#243;nica del Peru, Chief Procurement Officer of the Telef&#243;nica Group and CFO of Telesp.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Gustavo
Nickel Buffara De Freitas</i>. Mr. Buffara was appointed as a director of the company in September of 2021. He holds a degree of Bachelor
of Public Administration from the Fundacao Getulio Vargas Sao Paolo School of Business Administration and MBA from the International
Institute for Management Development in Lausanne, Switzerland. He has been the Chief Financial Officer and co-Founder of IG4 Capital
since 2016 and before that he was Senior Director and Managing Director of RK Partners, Deputy Director of GP Investments, Senior Consultant
of Bain &amp; Company and Manager of Economic Regulation and Regulation of Telef&#243;nica.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Esteban
Viton Ramirez</i>. Mr. Viton was appointed as a director of the company in May 2019. He holds degrees as an economist engineer from the
<i>Universidad Nacional de Ingenier&#237;a</i> (Peru), a Master&#8217;s degree from ESAN Graduate School of Business (Peru), a MsM
from the Arthur D Little School of Management (now Hult International Business School), has completed the advanced management program
at Harvard University and has completed studies at PAD, INSEAD and others. He is the general manager and director of Pacific Energy and
has been a manager of Quimpac and other local companies, as well as other companies in the region. He has been a director of Kallpa and
Cerro del &#193;guila.</span></p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Gema
Esteban Garrido</i>. Ms. Esteban was appointed as a director of the company in September of 2021. She holds a degree in Computer Engineer
from the Pontifical University of Salamanca with a Master&#8217;s Degree in Finance from the Center for Financial Studies, Master&#8217;s
Degree in Strategic Marketing from the ESIC and graduated from multiple specialization courses at international universities such as
MIT and the University of Geneva. She is the Global ESG Manager of IG4 Capital, responsible since February 2021 for ensuring the sustainability
of the group&#8217;s investments from an environmental, social and corporate governance perspective and before that she was Director
of ESG Investments at Telef&#243;nica between June 2018 and February 2021 and since 2001 she has held various management positions
in said corporation related to global operations strategy and digital transformation strategy, among other important matters.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Julio
Dittborn Chadwick</i>. Mr. Dittborn was appointed as director of the company in March 2022. He is a Commercial Engineer from the <i>Pontificia
Universidad Catolica de Chile</i> and MBA from The Wharton Business School of the University of Pennsylvania. He is Managing Director
of the Private Equity team of Inversiones Megeve, family office of the Solari Donnagio family. Mr. Dittborn is also a director and leads
several companies in Latin America, particularly in the real estate, forestry and energy sectors.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Pablo
K&#252;hlenthal Becker</i>. Mr. K&#252;hlenthal was appointed as a director of the company in August 2021. He holds a degree in Industrial
Engineer in Logistics and Transportation from the <i>Pontificia Universidad Cat&#243;lica de Chile</i> and MBA from the International
Institute for Management Development in Lausanne, Switzerland. He is a partner and founder of the Santiago de Chile office of IG4 Capital
and has been responsible since 2019 for investments in Latin America outside of Brazil for said fund. Before that, Mr. K&#252;hlenthal
has held management positions in international financial advisory firms and as a director in companies with presence in various Latin
American countries.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Antonio Carlos Valente
Da Silva</i>. Mr. Valente was appointed as a director of the company in December of&#160;2020. He is an engineer from the <i>Pontificia
Universidade Cat&#243;lica do Rio de Janeiro</i> with a post-graduate degree in management from the same institution. He served as
CEO and Chairman of the Board of Directors of Telefonica Brazil and Telefonica del Peru. He has been a member of the Board of Directors
of the National Telecommunications Agency in Brazil. He is currently a director of Padtec Holding, Dom Rock and Cinnecta.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Carlos
Rojas Perla</i>. Mr. Rojas was appointed as a director of the company in December of 2020. He holds a bachelor&#8217;s degree in business
administration from the <i>Universidad del Pac&#237;fico </i>with specialization courses at <i>Harvard University and the Instituto
Tecnol&#243;gico y Estudios Superiores de Monterrey</i>. He was a founding partner of Capia and director of Enel Generaci&#243;n
Peru S.A.A, and is currently the CEO of Capia SAFI. He was Chief Investment Officer and director of Compass Group SAFI between 2006 and
2011 and designed and managed Peru Special Investment Funds, the first Peruvian equity hedge fund.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Santiago
Hernando Perez</i>. Mr. Hernando was appointed as a director of the company in December of 2020. He holds a degree in chemical sciences,
specializing in chemical engineering, from the University of Valladolid, Spain and an MBA from IEDE Business School. He has worked in
the utilities and concessions sector as CEO of Aguas Nuevas S.A., New Business Manager at Aguas Andinas S.A., CEO of Concesionaria Intermodal
de la Cisterna and director of several sanitary companies in Chile and Uruguay, as well as the urban public transport company Alsacia
in Santiago de Chile. Currently, he is an independent consultant in management and administration of companies and business development
and is a director of Aguas Santiago Norte S.A.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Executive
Officers</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
executive officers oversee our business and are responsible for the execution of the decisions of the Board of Directors. Our executive
officers are appointed for an indefinite period of time and their term of office may be terminated by our Board of Directors at its discretion.
The following table presents information concerning the current executive officers of our company and their respective positions:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left; width: 35%; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">Name</span></td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 34%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Position</span></td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year&#160;of<br/>
    Birth</span></td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year
    of<br/>
    Appointment</span></td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year&#160;of&#160;First<br/>
    Employment<br/>
    at&#160;the<br/>
    Company</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Andre Mastrobuono</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Chief
    Executive Officer</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1961</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Dennis Fernandez Armas</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">VP
    of People, Corporate Affairs and Shared Services</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1962</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Zoila Horna Zegarra</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Corporate
    Legal VP</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1975</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Diego Cisneros Salas</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Corporate
    Risk Officer</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1966</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2018</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Fernando Rodrigo Barron</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">VP
    of Business Development and Corporate Finance</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1984</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Javier Macedo Chang</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Corporate
    Internal Audit Officer</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1977</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Oscar Pando Mendoza</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">VP
    of Corporate Control and Planning</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1973</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2016</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Silvana Perez Yalan</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Corporate
    Compliance Officer</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1977</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2019</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Manuel Wu Rocha</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">VP of Infrastructure</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1977</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2001</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Reynaldo Llosa Martinto</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">VP
    of UNNA Energ&#237;a</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1960</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2014</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2014</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Javier Vaca Terron</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">VP of Cumbra</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1970</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2018</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2018</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Rolando Ponce Vergara</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">VP of Viva</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1963</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">2008</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1993</span></td></tr>
  </table><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Mr.
Dennis Gray Febres resigned as Chief Financial Officer of the company for personal reasons, effective May 31, 2022. As of June 1, 2022,
the finance function has been restructured into The Vice Presidency of Corporate Planning and Control, which will be led by Oscar Pando
Mendoza and the Vice Presidency of Corporate Finance, which will be led by Fernando Rodrigo Barron (following the resignation of Fredy
Chalco Aguilar). Mr. Pando assumed the Financial Management of our E&amp;C segment in 2019 and since then has served as the company&#8217;s
Corporate Planning and Control Officer, reporting to the Corporate Finance Management. Mr. Chalco previously served as Corporate Finance
Officer, a position he assumed in 2018, reporting to the Corporate Finance Management.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Mr.
Daniel Urbina Perez resigned as Chief Legal Officer of the company for personal reasons, effective October 1, 2022. Ms. Zoila Horna Zegarra
was appointed as Corporate Legal Vice President, effective December 1, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Mr.
Chalco resigned as Vice President of Corporate Finance of the company for personal reasons, effective March 31, 2023. Mr. Fernando Rodrigo
Barron was appointed in his place, effective March 31, 2023.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following sets forth selected biographical information for each of our executive officers:</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Andre
Mastrobuono</i>. Mr. Mastrobuono joined the company in 2021 as our Chief Executive Officer. Previously, he was a Managing Director, Head
of the IG4 Operations Team and a member of the Investment Committee of IG4 Capital Private Equity Fund II. Prior to joining IG4, he was
the CEO of Urbplan (2014-2017), he served as the CEO of San Antonio International (2010-2013), and in 2009 he was the CEO of Santelisa
Vale. Prior to that, he served as CEO of Parmalat Brasil (2008-2009). Prior to this, Andre served as CEO of Telemig Celular&#160;(2006-2008)
and as General Director at Vivo (2002-2006). Andre was also an Associate Principal at McKinsey &amp; Company (1996-2002). He has served
as a member of the Board of Directors of several companies, including Aegea Saneamento (2014-2018), Urbplan SA (2013-2017), LDC-SEV Bio
ENERGIA SA - Biosev (2009-2010), and at ACEL - Associa&#231;&#227;o da Empresas de Telefonia Celular (2007-2008), as Chairman of
the Board. Andre holds an MBA from the University of Chicago Booth School of Business and a Bachelor&#8217;s degree in Engineering from
the University of S&#227;o Paulo.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Dennis
Fernandez Armas</i>. Mr. Fernandez joined the company in 2021 as VP of People, Corporate Affairs and Shared Services. Previously, he
served at <i>Telef&#243;nica del Peru</i> as Vice President of Corporations, Companies and Businesses between July 2018 and May 2021,
Vice President of Strategy, Regulation and Wholesale Business and Digital Transformation between January 2014 and July 2018, Vice President
of Network Operations and Wholesale Business between April 2010 and December 2013, Vice President of Customer Services between August
2005 and April 2010 and Vice President of Human Resources between April 1999 and September 2005. Prior to his career at <i>Telef&#243;nica
del Peru</i>, he worked at Banco de Credito del Peru and AFP Union. Mr. Fernandez has been President of the Peruvian Association of Human
Resources (APERHU), as well as a member on two occasions of the Consultative Commission of the Ministry of Labor and Director of the
Spanish Chamber in Peru. He is a lawyer by profession, with a post-graduate degree in administration from the ESAN University and a master&#8217;s
degree in Business Administration from the PAD of the University of Piura, where he is a professor and has taken management specialization
courses at IESE, INSEAD, Harvard and Columbia.</span></p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Zoila
Horna Zegarra</i>. Ms. Horna joined the company in 2022 as Corporate Legal Vice President. Previously, she worked at Luz del Sur S.A.A.
as Legal Vice President between January 2018 and November 2022. She also worked in consulting firms and law firms in Peru, including
Payet, Rey Cauvi &amp; Abogados. She graduated with a law degree from the <i>Pontificia Universidad Cat&#243;lica del Per&#250;</i>
and has an LLM from the London School of Economics and Political Science and a postgraduate degree in Electricity, Gas and Energy Law
from Universidad Peruana de Ciencas Aplicadas&#8211; UPC.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Diego
Cisneros Salas</i>. Mr. Cisneros joined the company in October 2018 and previously held the positions of Risk and Monitoring Officer.
He is currently the Corporate Risk Officer. He is an economist with more than 25 years of professional experience in Risk Management,
Capital Markets, Banking and Microfinance. He graduated from the Faculty of Social Sciences, with a major in Economics at the <i>Pontificia
Universidad Cat&#243;lica del Peru</i> and did his postgraduate studies in Economics and Finance at the Faculty of Political Economy
of the University of Geneva - Switzerland. He has been Deputy Superintendent of Banking and Microfinance of the Superintendence of Banking,
Insurance and Pension Funds in Peru between 2008 and 2012. Previously he was the Deputy Superintendent of Risks between 2004 and 2008,
for the same Superintendency. Subsequently, he worked as a specialist in financial markets with the International Monetary Fund. He has
worked for several companies in the financial system in senior executive positions. He has also been a member of several Boards of Directors
in the private financial sector as well as in the state. He is a recurring lecturer on risk management issues and a university professor
in the areas of Risk Management and Portfolio Management.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Fernando
Rodrigo Barron</i>. Mr. Rodrigo joined the company in 2022 as Vice President of Business Development and as of March 31, 2023, he also
assumed the role of Vice President of Corporate Finance. Before that, he was a Principal at IG4 Capital and Head of IG4&#8217;s Lima
office, having joined IG4 as a Senior Associate in 2018. Prior to joining IG4, Fernando worked at Ambev from 2016 to 2018, most recently
as Head of Cash Flow &amp; Capex for Latin America North (Brazil &amp; the Caribbean). Previously, he worked in private equity, first
as an Associate at Enfoca, a leading Peruvian investment firm, from 2013 to 2014, and then as a Senior Associate at Arlon Group, a firm
focused on mid-market investments in the food &amp; agriculture sector, from 2015 to 2016. Prior to this, he worked as an investment
banker in the United States, first as an Analyst at Credit Suisse from 2007 to 2009 and then as an Associate at Pan American Finance
from 2010 to 2011. He began his career as an Analyst on the International Equities Sales Trading desk at Goldman Sachs in New York City
in 2006. He holds a bachelor&#8217;s degree in government from Harvard College and an MBA from the Kellogg School of Management.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Javier
Macedo Chang</i>. Mr. Macedo joined the company in February 2022 as Corporate Internal Audit Officer. He has 21-years of experience in
internal auditing, internal control, risk management, fraud investigations, financial and operational consulting, and corporate compliance.
He has worked for EY providing advisory services to several multinational companies related to construction, real estate, oil &amp; gas,
mining, and construction sectors, in North, Central and South American countries and Spain. He has also worked at Barrick Gold Corporation
as Regional Capital Projects Audit Manager and at Savia and Cosapi groups leading their internal audit functions. Mr. Macedo currently
holds the following certifications from the Institute of Internal Auditors (USA): Certified Internal Auditor (CIA) and the Certification
in Control Self-Assessment (CCSA). He holds a bachelor&#8217;s degree in Accounting from Universidad del Pacifico (Peru), post-graduate
diplomas in Mining Management from Universidad ESAN (Peru) and in Corporate Governance and Compliance from Universidad del Pacifico (Peru),
and he also holds an Executive MBA from Politecnico Di Milano (Italy).</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Oscar
Pando Mendoza</i>. Mr. Pando joined the company in May 2016 and initially as General Manager of our infrastructure subsidiary Unna Transporte
S.A.C. (formerly &#8220;Concar S.A.C.&#8221;) until 2019. From 2019 to 2021, he served as Regional CFO for our Engineering &amp; Construction
business unit. Mr. Pando currently serves as Vice President of Corporate Control &amp; Planning. Prior to joining the company, Mr. Pando
served in different functional positions in different countries in Latin America and the United States, such as Regional Manager of Corporate
Affairs, CFO, Financial Planning Manager at Philip Morris International, General Manager in different industries such as Services, Fishery
and Consumer Goods, and Bankruptcy Administrator for Doe Run Peru, one of the major restructuring/liquidation cases in Peru. He holds
a degree in Business Administration from the Universidad de Lima and an MBA degree from Georgetown University. Mr. Pando is also member
of the Board of Directors in several of our subsidiaries, including Cumbra Peru S.A., Vial &amp; Vives &#8211; DSD S.A., Unna Energia
S.A. and Viva Negocio Inmobiliario S.A.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Silvana
Perez Yalan</i>. Ms. Perez joined AENZA in 2019 and has served as our Chief Compliance Officer since October 31, 2021. She is responsible
for our company&#8217;s Corporate Compliance Program. Before that, Ms. Perez served as Compliance Program, Ethics, and Training Manager,
from September 2019 in AENZA. She has more than&#160;20 years of experience in corporate governance, legal, contracts, ethics, and implementing
risk and compliance programs at leading multinational companies. Prior to joining the group, she also served as the Chief Corporate Compliance
Officer and General Counsel for Komatsu Mitsui from 2013 to 2019, and Legal Counsel of Telefonica group from 2003 to 2013. She holds
a degree in Law from Pontificia Universidad Catolica del Peru, an LLM (Master of Laws) from The University of Cambridge (United Kingdom)
and a postgraduate degree in Organizational Leadership from Sa&#239;d Business School at The University of Oxford (United Kingdom). She
has attained specialist qualifications from The United Nations System Staff College (UNSSC), International Anti-Corruption Academy (IACA),
AENOR (Madrid) and <i>Universidad del Pac&#237;fico</i> (Peru) in Compliance, Anticorruption, Internal Control, Public Contracts Management,
Infrastructure, and Public Services Regulation. She has taught as a university professor in Corporate, Regulatory and Contractual Law
on both postgraduate and undergraduate degree courses at the most prestigious Law Schools in Peru. She has also been recognized by the
world&#8217;s leading legal directory, The Legal 500, in their General Counsel Powerlist for Peru in 2018.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Manuel
Wu Rocha</i>. Mr. Wu is a civil engineer from the <i>Pontificia Universidad Cat&#243;lica del Peru</i> and holds a Master&#8217;s degree
in business administration from the Universidad de Piura (Peru). He joined the company in 2001 and acted as chief technical officer for
the oil and gas, electricity, infrastructure and sanitation areas of Cumbra from 2003 until 2007. He became manager of purchasing and
logistics for Cumbra in 2007, and general manager of the consortium Lima Actividades Comerciales comprised of Cumbra and Aguas de Barcelona
from 2009 until 2011. Since 2011, he has worked as chief executive officer of L&#237;nea 1 S.A. Mr. Wu is currently Chief Executive
Officer of Highway Concessions.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Reynaldo
Llosa Martinto</i>. Mr. Llosa joined the company in 2014 and has served as the chief executive officer of UNNA Energ&#237;a since February
2014. He holds a degree in mechanical engineering from the University of Houston, as well as an MBA from the Universidad de Piura (Peru).
He has completed several technical and executive programs, including certificate programs at Rice University and the Kellogg School of
Management. He served as the chief executive officer of BPZ Energy from 2010 to 2013. Prior to that, he had worked in Schlumberger for
25 years, the last 15 of which he spent in management positions..</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Javier
Vaca Terron</i>. Mr. Vaca graduated as a Civil Engineer, Channels and Ports from the Universidad Polit&#233;cnica de Madrid in 1996.
He joined the Spanish company, Ferrovial Agroman, participating in the study of international works and directing the execution of projects
in Madrid. In 2004, he completed an Executive MBA at IESE and joined Grupo Assignia as Director of International Production at the construction
company, developing his work mainly in Latin America. In 2007, he was assigned new responsibilities within the Assignia group, as CEO
of another group company, Eductrade, dedicated to foreign trade in the field of Health and Education. In 2014, he returned to the construction
industry, this time directing the Business Development and Studies, Hiring and Institutional Relations Areas of the Spanish FCC. In 2016,
he joined the OHL company as Southern Cone Zone Director, based in Santiago, Chile. In February 2018, he joined AENZA as Regional Manager
of the E&amp;C segment and now serves as Chief Executive Officer of Cumbra.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Rolando
Ponce Vergara</i>. Mr. Ponce joined the company in 1993 and has served as the Chief Executive officer of our subsidiary Viva since 2008,
and as our Chief Real Estate Area Officer since 2014. He holds a degree in civil engineering from Universidad Ricardo Palma (Peru). He
also holds a Master&#8217;s degree in construction and real estate business management from the <i>Pontificia Universidad Cat&#243;lica
de Chile-Polit&#233;cnica </i>de Madrid, Spain. He previously served as manager of Cumbra&#8217;s real estate division. He is currently
a member of the boards of directors of our subsidiaries Viva and Almonte.</span></p><div>

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

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Executive
Commission</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Executive Commission is currently comprised by our Chief Executive Officer (CEO), our Vice President of People, Public Affairs and Shared
Services, our Vice President of Corporate Finance and Business Development, our Vice President of Corporate Control and Planning, our
Corporate Legal Vice President and the Business Segments Vice Presidents for each of the four segments. The Executive Commission evaluates,
at the management level, among other matters, our strategic plan, annual budget and annual investment plan.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Kinship</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">None.</span></p><div>

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

</div><div><a id="a_020"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">B.&#8239;Compensation</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Compensation
of Directors and Executive Officers</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Director
compensation must be approved by a majority of shareholders at our annual shareholders&#8217; meeting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
2022, total compensation paid to our Board of Directors amounted to S/1.67 million, including compensation paid to directors that serve
on our subsidiaries&#8217; Board of Directors. In 2022, total compensation paid to our executive officers amounted to S/20.36 million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
also paid health insurance to three former senior managers of the company, approved by the talent committee. This health insurance policy
is reviewed quarterly by our committees. Under Peruvian law, unless we dismiss someone for justified cause, we are required to pay the
dismissed employee (but not directors) 1.5x annual salary for every year with our company for a period not to exceed eight years. We
are not required to make such payments in the event of voluntary termination. Although we have no ongoing obligation to do so, in the
past we have provided, and in the future, we may provide, such benefits to our executive officers upon their retirement. We have not
set aside or reserved any amounts to provide for pension, retirement, or other similar benefits.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Executive
Compensation Plan</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
establish and pay executive compensation in compliance with applicable labor and tax regulations and corporate governance standards and
in accordance with market conditions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
establish pay scales taking into consideration senior managers&#8217; responsibilities, including the degree of complexity of those responsibilities,
power of decision-making and scope of supervision entrusted.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
fixed salary component of compensation is established for each position based on a pay scale. Fixed salary includes family allowance
and cost of living payments, if applicable. We evaluate senior managers at least once a year to develop action plans in furtherance of
continuously improving management performance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
variable component of compensation is paid to senior managers and other employees for meeting specific goals, and is related both to
our financial results and specific objectives by subsidiary. Variable compensation is typically paid as an annual incentive.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, labor regulation establishes a mandatory profit sharing provision of 5% of our total annual taxable income, to be distributed
among all employees, calculated based on a formula established by law that considers the days worked in the year and remuneration.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
senior managers also receive additional benefits, typically non-pecuniary. The benefits granted include: (i) a vehicle owned and maintained
by our company, with the purpose of facilitating transportation of senior managers in the performance of their functions; (ii) a fuel
allowance to offset transportation costs in the performance of their functions; and (iii) an insurance policy, including work accident
and high risk coverage.</span></p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_021"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">C.
Board Practices</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Board
Committees</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have four board committees comprised of members of our Board of Directors.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Audit
and Compliance Committee</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Audit and Compliance Committee is comprised of the directors Mr. Carlos Rojas Perla (chairman of the committee), Mr. Santiago Hernando
Perez, Mr. Antonio Carlos Valente Da Silva and Mr. Juan Vicente Revilla Vergara (observer member). Mr. Carlos Rojas Perla, Mr. Santiago
Hernando Perez and Mr. Antonio Carlos Valente Da Silva fulfill the independence standards set forth in Rule 10A 3 of the U.S. Exchange
Act and applicable NYSE rules. Mr. Carlos Rojas Perla qualifies as an &#8220;audit committee financial expert&#8221; in accordance with
NYSE standards and applicable SEC rules. Mr. Juan Vicente Revilla Vergara has non-voting observer status, as described in Item 16D.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">These
directors have extensive business and economic experience. Our Audit and Compliance Committee oversees our corporate accounting and financial
reporting process. The Audit and Compliance Committee is responsible for:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">ensuring
the integrity of our financial statements and financial and non-financial reports;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">reviewing
                                            our financial statements and other financial reports and recommending to the Board of Directors
                                            their approval and the submission of the annual financial statements to the shareholders
                                            for approval;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">conducting
                                            the selection process of the external audit firm, submit a recommendation to the Board of
                                            Directors regarding the external auditor so that the Board of Directors may make an informed
                                            proposal to the shareholders over this matter;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">assessing
                                            the performance of the external audit firm with a special emphasis on its independence;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">supervising
                                            and evaluating the external and internal audit processes;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">recommend
                                            to the Board of Directors the appointment or removal of the Corporate Internal Audit Officer
                                            and Corporate Compliance Officer;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">assessing
                                            the efficacy of the governance and internal control practices, as well as the reliability
                                            of the compliance management processes and of the financial and non-financial reports of
                                            the company</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">evaluating
                                            our company&#8217;s compliance with the Board of Director&#8217;s internal regulation, as
                                            well as with general principles of corporate governance;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">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;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">establishing
                                            procedures for the reception, retention and treatment of complaints regarding any breaches
                                            to our code of ethics or internal policies including but not limited to accounting, internal
                                            controls or other auditing matters, including the confidential, anonymous submission by our
                                            employees of concerns regarding questionable accounting or auditing matters;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">supervising
                                            the investigations conducted in relation to complains made through the ethical channel or
                                            any other whistleblower channel available by the company to our employees, suppliers or any
                                            other stakeholders and adopt any corrective necessary measures;</span></td>
</tr></table><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">approving
                                            the internal audit plan;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">reviewing
                                            the findings of the internal audit and monitoring their corresponding remediation plans;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">proposing
                                            to the Board of Directors the approval of the code of ethics and of the company&#8217;s corporate
                                            governance framework and supervising their implementation;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">recommending
                                            to the Board of Directors the approval of policies that are tailored to the nature, size,
                                            risks and complexity of its business in matters related to: (A) ethical management; (B) insider
                                            trading; (C) due diligence of counterparts; (D) preventing money laundering and the financing
                                            of terrorism, corruption and other crimes; (E) managing conflicts of interest; (F) monitoring
                                            compliance of the policies and applicable laws and regulations; and (G) any other matter
                                            necessary to fulfill its purpose;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">supervising
                                            and assessing the compliance function and approving its budget;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">reviewing
                                            the results of the assessment of effectiveness and efficiency tests on control mechanisms
                                            made by internal and external auditors and measuring the impact on residual risks that any
                                            ineffectiveness or inefficiency of control mechanisms may cause;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">proposing
                                            measures and controls for the prevention of crime and the advancement of ethical conduct
                                            within the company;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">informing
                                            the Board of Directors whenever it identifies an inconsistency between the company&#8217;s
                                            strategy and the company&#8217;s policies and propose measures to eliminate such inconsistency;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">supervising
                                            and assessing the transactions entered by the company or its subsidiaries with related counterparties;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">monitoring
                                            the implementation of the compliance training program;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">supervising
                                            the implementation of crime prevention and compliance policies ensuring that management assigns
                                            sufficient resources to that end;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">determining
                                            the periodicity and form by which members of the Board of Directors shall inform any potential
                                            conflicts of interest or any other individual disclosure that is required;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">assessing
                                            and monitoring compliance with regulatory and legal obligations and policies;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">independently
                                            engaging its own counsel and any other advisers it deems necessary to fulfill its functions;
                                            and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">establishing
                                            policies and procedures to pre-approve audit and permissible non-audit services.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Corporate Internal Audit Officer and Corporate Compliance Officer report to this committee. Our Board of Directors has adopted a written
charter for our Audit and Compliance Committee that is included in the Charter of the Board of Directors, which is available on our website
at www.aenza.com.pe.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Environment,
Social and Corporate Governance</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Environment, Social and Corporate Governance Committee is comprised of three directors, one of which is independent under NYSE independence
standards. The current members of the committee are Mrs. Gema Estaban Garrido (chairwoman of the committee), Mr. Pablo Ignacio K&#252;hlenthal
Becker and Mr. Antonio Carlos Valente. The Environment, Social and Corporate Governance Committee is responsible for:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">supervising
                                            and providing opinion to management in relation to the implementation of policies, strategies,
                                            programs, objectives and goals related to corporate sustainability based on the best international
                                            practices and according to our strategic plan;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">identifying
                                            all the resources needed to achieve a successful implementation and execution of corporate
                                            sustainability strategies and practices;</span></td>
</tr></table><div>

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

</div><!-- Field: Page; Sequence: 141; 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 -->137<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">analyzing
                                            and advising management on local, regional and global environmental, social and corporate
                                            governance trends and provide action plans that respond to such trends;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">supervising
                                            and advising management with regards to the identification, assessment and management of
                                            risks and opportunities within the sustainability field considering public policies, regulations
                                            and legislation on the matter;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">promoting
                                            a proactive strategy to establish a relationship with stakeholders, clients, investors, suppliers,
                                            employees and the society in general with the purpose of defining the issues that are material
                                            to the company from a risk and opportunity perspective;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">monitoring
                                            and analyzing social, environmental and corporate governance indicators and report to the
                                            Board of Directors regarding the evolution of such indicators and propose corrective measures
                                            when necessary;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">ensuring
                                            that the strategic plan includes social, environmental and corporate governance initiatives
                                            and indicators and the determination of the financial impact of such indicators;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">identifying
                                            the existence or absence of efficient and innovative internal control systems in social and
                                            environmental matters;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">verifying
                                            compliance with the highest environmental, social and corporate governance standards;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">opining
                                            along with Audit and Compliance Committee on an adequate reporting method for environmental,
                                            social and corporate governance matters according to the best international practices; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">ensuring
                                            that the corporate culture is in line with its purpose and values with transparency for its
                                            stakeholders.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Vice President of Public Affairs, Human Resources, Shared Services and Information Technology reports to this committee. Our Board of
Directors has adopted a written charter for our Environment, Social and Corporate Governance Committee that is included in the Charter
of the Board of Directors, which is available on our website at <span style="text-decoration:underline">www.aenza.com.pe</span>.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Talent
Committee</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Talent Committee is comprised of three directors, one of which is independent in accordance with NYSE independence standards. The current
members of the committee are Mr. Juan Vicente Revilla Vergara (Chairman), Mr. Santiago Hernando Perez and Mr. Esteban Viton Ramirez.
The Talent Committee is responsible for:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">reporting
                                            to our Board of Directors on the appointment and dismissal of senior managers;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0in"></td><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: justify"><span style="font-family: Times New Roman, Times, Serif">advising
                                            the Board of Directors of its recommendations to the shareholders&#8217; meeting on director
                                            appointments, determination of the number of directors, director compensation and appointment
                                            of directors to substitute exiting directors;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><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 0pt 0.25in; text-align: justify; text-indent: -0.25in"></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">proposing
                                            the size and members of board committees to the Board of Directors;</span></td></tr></table><div>

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

</div><!-- Field: Page; Sequence: 142; 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 -->138<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">reviewing
                                            and proposing to the Board of Directors corporate goals and objectives relevant to CEO compensation,
                                            evaluating the CEO&#8217;s performance in light of those goals and objectives, and determining
                                            and approving CEO compensation;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">establishing
                                            compensation arrangements for senior managers in accordance with the financial results of
                                            our company; proposing measures to ensure transparency in the remuneration of directors and
                                            senior managers;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">evaluating
                                            and approving our human resources policies, including succession plans;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">approving
                                            the appointment and termination of managers that report directly to the chief executive officer
                                            (other than managers that report functionally to the Audit and Compliance Committee);</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">approving
                                            corporate policies related to compensation, succession, selection and retention of talent
                                            and the exceptions to such corporate policies;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">evaluating
                                            the performance of the Board of Directors and of management on an annual basis;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">reporting
                                            to our Board of Directors on matters regarding related party transactions that could result
                                            in a conflict of interest; establishing our social responsibility policies;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">appointing
                                            third-party independent compensation consultants, and establishing the compensation of and
                                            overseeing the third-party independent compensation consultants;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">proposing
                                            candidates for the position of chief executive officer to the Board of Directors;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">monitoring
                                            the internal image of the company and proposing to the Board of Directors measures to protect
                                            such image; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">approving
                                            organizational structures and restructuring or redeployment measures of human capital.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
a foreign private issuer, we are not required to maintain a compensation committee that complies with all of the U.S. laws and regulations
and NYSE requirements applicable to U.S. issuers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Board of Directors has adopted a written charter for our Talent Committee that is included in the Charter of the Board of Directors,
which is available on our website at www.aenza.com.pe.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Finance,
Risk and Investment Committee</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Finance, Risk and Investment Committee is comprised of three directors. The current members of the committee are Mr. Pablo Ignacio K&#252;hlenthal
Becker (Chairman), Mr. Gustavo Nickel Buffara de Freitas and Mr. Julio Dittborn Chadwick.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Finance, Risk and Investment Committee is responsible for:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">establishing
                                            our investment policies;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">assessing
                                            the profitability of the company&#8217;s investments;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">proposing
                                            to the Board of Directors the approval of the annual budget and the strategic plan;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">proposing
                                            to the Board of Directors the approval of strategic guidelines;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">approving
                                            and monitoring the liquidity plan and the capitalization or indebtedness of the company;</span></td></tr></table><div>

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

</div><!-- Field: Page; Sequence: 143; 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 -->139<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">proposing
                                            to the Board of Directors the approval of equity contributions, mergers or acquisitions and
                                            any purchase or sale of companies or businesses;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">approving
                                            our annual investment plan;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">analyzing
                                            the projects that would require an investment greater than US$5 million;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">identifying
                                            risk indicators to measure the most relevant risks and monitoring such indicators on a quarterly
                                            basis;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">proposing
                                            to the Board of Directors the approval of the company&#8217;s risk assessment;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">approving
                                            the risk management policy, the risk manual and the risk matrix;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">monitoring
                                            the risk exposure related to associations, corporations or consortia managed with third parties
                                            and inform the Board of Directors of such risks; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ensuring
                                            that the company and its subsidiaries mitigate adequately their risk and that they have in
                                            place business continuity and recovery plans.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Board of Directors has adopted a written charter for our Finance, Risk and Investment Committee that is included in the Charter of the
Board of Directors, which is available on our website at <span style="text-decoration:underline">www.aenza.com.pe</span>.</span></p><div>

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

</div><div><a id="a_022"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">D. Employees</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have developed an extensive and talented team, including more than 1,500 engineers, which gives us the capability and scale to undertake
large and complex projects. We also have access to a network of approximately&#160;43,000 manual laborers throughout Peru that can supplement
our workforce when required by our projects. Moreover, we have the flexibility to engage our own workers on projects outside Peru, avoiding
the need to seek new employees in other countries.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, we had a total of 13,261 full-time employees, including approximately 7,169 manual laborers, a number that fluctuates
depending on our project backlog. At such date, we also worked with 1,406 employees of subcontractors. Occasionally, we employ subcontractors
for particular aspects of our projects, such as carpenters, specialists in elevator installation and specialists in glassworks. We are
not dependent upon any particular subcontractor or group of subcontractors. As of December 31, 2022, 24.3% of our employees worked outside
Peru. The following table sets forth a breakdown of our employees by category as of December 31, 2022.</span></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: justify; text-indent: 0.5in"></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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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            number of manual laborers, who form part of our network of approximately 43,000 manual laborers,
                                            varies in relation to the number and size of projects we have in process at any particular
                                            time.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Includes
                                            engineers, professionals, technical specialists and manual laborers employed by our joint
                                            operations.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Includes
                                            parent company and our subsidiary Qualys S.A.</span></td></tr></table><div>

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

</div><!-- Field: Page; Sequence: 144; 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 -->140<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following chart sets forth the changes of our total employees as of December 31, 2020, 2021 and 2022.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-align: center"><span style="font-family: Times New Roman, Times, Serif">Total
Employees</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><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;<img alt="" src="image_028.jpg"/></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
talent development system has allowed us to develop a team of professionals with the ability to design and implement sophisticated projects.
Our talent management process broadly focuses on attracting, developing and training employees.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have implemented programs to attract young and qualified candidates. Our &#8220;Impulse Trainee&#8221; program offers various types of
internships and training opportunities for engineering students and recent graduates, rewarding the most successful candidates with the
opportunity to work as permanent, full-time employees. Our focus is not only to attract talented people but also to retain them.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Through
the Academy, we offer continuous training and development opportunities through various courses and training programs aimed at each level.
We believe that the knowledge our employees gain through these programs is reflected in the way they work and engage with our customers,
adding value at every step. During 2022, we invested in continuous education, reaching approximately 10 hours of training with an average
investment of US$260 for each employee. We place significant emphasis on instilling our core corporate values of quality, professionalism,
reliability and efficiency on our employees, and on promoting safety, environmental sustainability and social responsibility throughout
the entire organization. Our Code of Conduct and Charter of Ethics regulate the conduct of our employees while promoting the foregoing
values. In addition, our employees participate in ethics seminars on a periodic basis.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Substantially
all of our manual laborers and some of our other employees are members of labor unions. Our practice is generally to extend the benefits
we offer our unionized employees to non-unionized employees. We consider our current relationship with unions to be positive.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
our E&amp;C segment, collective bargaining agreements are negotiated in our operations in Peru at two levels: (i) on an annual basis
between the National Federation of Civil Construction and the Peruvian Chamber of Construction, without our direct involvement; and (ii)
on a per project basis directly between the unions and our project committees, in accordance with such annual agreement. In addition,
some of our personnel in our gas processing plant belongs to the labor union Unicode Workers Union UNNA Energ&#237;a S.A. We currently
have collective bargaining agreements with some of our gas processing plant workers. These collective bargaining agreements are negotiated
on an annual basis.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
relation to our E&amp;C operations in Colombia, we currently do not have any unions or any kind of collective bargaining in our projects,
and for our E&amp;C operations in Chile, the unions are formed for each project and in some of our projects, such as Quebrada Blanca,
we have industry union members.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Safety</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
safeguard the health and safety of our employees and of all the persons present in our operations and services. To that end, we provide
safe work conditions, we manage risks in a timely manner and we promote a culture of prevention, starting from the leadership and commitment
of our senior management.</span></p><div>

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

</div><!-- Field: Page; Sequence: 145; 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 -->141<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
results obtained during 2022 reflect an improvement due to the reduction in the frequency of accidents, achieving an accident incidence
rate of 0.17 accidents per 200,000 hours worked, a significant reduction compared to the previous year.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
safety management process has been strengthened, achieving significant advances to ensure the operation as a whole.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
occupational health and safety management system is certified by the ISO 45001 standard. We also have ISO 14001 certifications regarding
environmental management.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are aware that correct support strengthens management as a whole, for that reason we offered our own personnel and contractors more than
1,137,579 hours of training on Safety, Occupational Health and Environment issues.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have offered our own personnel and contractors more than 1,137,579 hours of training on Safety, Occupational Health and Environmental
issues. Share Ownership.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, persons who are currently members of our Board of Directors and our executive officers did not hold our common
shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
directors and executive officers do not have different voting rights.</span></p><div>

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

</div><div><a id="a_023"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></p><div>



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

</div><div><a id="a_024"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">A.
Major Shareholders</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, our issued and outstanding share capital was comprised of 1,196,979,979 common shares. The following table sets
forth the beneficial ownership of our common shares as of December 31, 2022, based on information provided to us by CAVALI S.A. ICLV,
the Peruvian clearing house (&#8220;CAVALI&#8221;) and The Bank of New York Mellon, as depositary for the holders of ADS, except as set
forth below.</span></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><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; border-bottom: Black 1.5pt solid">Shareholder</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">Number&#160;of<br/> shares</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">Percentage<br/> owned</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IG4 Capital Infrastructure Investments LP<sup>(1)</sup></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">219,138,382</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">18.31</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">AFP PRIMA S.A. (Grupo Cr&#233;dito)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">143,222,423</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11.97</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: -9pt; padding-left: 9pt">AFP INTEGRA S.A. (Sura Group)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">120,405,185</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10.06</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">AFP PROFUTURO S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">138,997,401</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11.61</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: -9pt; padding-left: 9pt">Fratelli Investment Limited</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">110,996,399</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9.27</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">AFP HABITAT</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">98,083,875</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9.19</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: -9pt; padding-left: 9pt">Pacifico Corp S.A.C</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">103,499,728</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.65</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GH Holding Group<sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">61,349,148</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.13</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: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">La Fiduciaria &#8211; FID IG4<sup>(1)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">53,647,119</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.48</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank of New York Mellon, as depositary for the holders of ADS<sup>(3)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,777,910</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.82</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: -9pt; padding-left: 9pt">Other Shareholders</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">113,862,409</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">9.51</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 0.25in">Total</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">1,196,979,979</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">100.00</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr>
  </table><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            June 15, 2021, IG4 Capital Infrastructure Investments LP (&#8220;IG4&#8221;) announced a
                                            tender offer for a total of&#160;107,198,601 common shares equivalent to 12.29% of our outstanding
                                            shares. On August 10, 2021, IG4 purchased a significant shareholding participation amounting
                                            to 23.90% of the total outstanding shares, of which 12.29% was purchased within the tender
                                            offer and additional common shares equivalent to 11.61% of our total outstanding shares were
                                            acquired in transactions outside of the tender offer. Furthermore, on August&#160;12, 2021,
                                            certain shareholders of AENZA signed a trust agreement with IG4, as trustee, and La Fiduciaria
                                            S.A., as fiduciary, whereby IG4 acquired the voting rights of AENZA&#8217;s common shares
                                            representing approximately 8.97% of the total outstanding shares for a period of eight years,
                                            which could be automatically renewed for an additional period of eight years. As of December
                                            31, 2022, IG4 Capital Infrastructure Investments LP control common shares representing a
                                            total of 30.05% of our capital stock, which includes (i) 18.31% of our capital stock held
                                            directly, (ii) voting rights to the 5.13% and 4.48% of our capital stock held by GH Holding
                                            Group and La Fiduciaria &#8211; FID IG4, respectively, and (iii) voting rights to an additional
                                            2.14% of our capital stock pursuant to syndicated agreements between IG4 and certain other
                                            shareholders.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Voting
                                            rights transferred to IG4 as part of the agreement mentioned in note (1) above.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Excluding
                                            AFP PRIMA S.A. and AFP PROFUTURO S.A. beneficial ownership of our common shares as of December
                                            31, 2022.</span></td></tr></table><div>

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

</div><!-- Field: Page; Sequence: 146; 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 -->142<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2021, 14 record holders of our common shares were located in the United States (including Bank of New York Mellon, as
depositary for the holders of ADS), according to CAVALI.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth the changes in beneficial ownership of our common shares from December 31, 2020, to December 31, 2022, based
on information provided to us by CAVALI and The Bank of New York Mellon, as depositary for the holders of ADSs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of December&#160;31, 2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of December&#160;31, 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of December&#160;31, 2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">No.
    of<br/>
    Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">AFP INTEGRA S.A.</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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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">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">53,647,119</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6.15</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">53,647,119</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4.48</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Bank of New York Mellon, as depositary for the holders of ADS<sup>(3)</sup></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">62,943,030</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.22</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,962,175</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6.99</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">33,777,910</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.82</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            June 15, 2021, IG4 Capital Infrastructure Investments LP (&#8220;IG4&#8221;) announced a
                                            tender offer for a total of&#160;107,198,601 common shares equivalent to 12.29% of our outstanding
                                            shares. On August 10, 2021, IG4 purchased a significant shareholding participation amounting
                                            to 23.90% of the total outstanding shares, of which 12.29% was purchased within the tender
                                            offer and additional common shares equivalent to 11.61% of our total outstanding shares were
                                            acquired in transactions outside of the tender offer. Furthermore, on August&#160;12, 2021,
                                            certain shareholders of AENZA signed a trust agreement with IG4, as trustee, and La Fiduciaria
                                            S.A., as fiduciary, whereby IG4 acquired the voting rights of AENZA&#8217;s common shares
                                            representing approximately 8.97% of the total outstanding shares for a period of eight years,
                                            which could be automatically renewed for an additional period of eight years. As of December
                                            31, 2022, IG4 Capital Infrastructure Investments LP control common shares representing a
                                            total of 30.05% of our capital stock, which includes (i) 18.31% of our capital stock held
                                            directly, (ii) voting rights to the 5.13% and 4.48% of our capital stock held by GH Holding
                                            Group and La Fiduciaria &#8211; FID IG4, respectively, and (iii) voting rights to an additional
                                            2.14% of our capital stock pursuant to syndicated agreements between IG4 and certain other
                                            shareholders.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Voting
                                            rights transferred to IG4 as part of the agreement mentioned in note (1) above.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Excluding
                                            AFP PRIMA S.A. and AFP PROFUTURO S.A. beneficial ownership of our common shares as of December
                                            31, 2022.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
major shareholders do not have different voting rights.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
December 2018, our company issued and sold a total of 69,380,402 common shares through a combination of preemptive rights to the company&#8217;s
existing shareholders and a private placement. On April 2, 2019, our company issued and sold 142,483,633 common shares pursuant to a
private placement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
August 13, 2021, AENZA issued bonds convertible into common shares in a total principal amount of US$89.9 million. In accordance with
the terms and conditions of the convertible bonds, holders of convertible bonds in a principal amount equivalent to US$11 million exercised
their conversion rights and on February 28, 2022, we issued 37,801,073 new common shares. Additionally, holders of convertible bonds
in a principal amount equivalent to US$79 million exercised their conversion rights and, on March 31, 2022, we issued an additional 287,261,051
new common shares. Therefore, our capital stock has increased from S/871,917,855 to S/1,196,979,979. After these conversions, the convertible
bonds have been fully cancelled.</span></p><div>

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

</div><div><a id="a_025"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">B.
Related Party Transactions</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Peruvian
Law Concerning Related Party Transactions</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Peruvian
law sets forth certain restrictions and limitations on transactions with certain related parties.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Valuation:
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 non-related 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:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">The
directors and managers of our company cannot, without the prior authorization of the Board of Directors, (i) receive in the form of a
loan money or assets of our company; or (ii) use, for their own benefit or for the benefit of related parties, assets, services or credits
of our company.</span></td>
</tr></table><div>

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

</div><!-- Field: Page; Sequence: 147; 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 -->143<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">The
execution of agreements that involve at least 5% of the assets of our 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).</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">The
execution of agreements with a party controlled by our 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 determined
by <i>Resoluci&#243;n SMV N 029-2018-SMV-01</i>).</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Independent
review: 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 such parties involved.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Terms
and conditions: As a general policy, we do not enter into transactions with directors and executive 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.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Related
Party Transactions</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
enter into certain related party transactions in the ordinary course of our business. No such transactions in effect during 2022 were
material to our company or, to our knowledge, to any such related party, nor were any such transactions unusual in their nature or condition.
See Note 11 to our audited annual consolidated financial statements included in this annual report.</span></p><div>

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

</div><div><a id="a_026"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">C.
Interests of Experts and Counsel</span></p><div>

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

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

</div><div><a id="a_027"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif">ITEM 8. FINANCIAL INFORMATION</span></p><div>



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

</div><div><a id="a_028"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">A. Consolidated
Statements and Other Financial Information.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">See
Item 18 of this annual report on Form 20-F.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Legal
and Administrative Proceedings</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
company, certain of our subsidiaries, and certain of our former directors and senior managers, have been charged in connection with criminal
and civil investigations relating to certain of our projects in connection with our association with Odebrecht and in connection with
our alleged participation in the alleged &#8220;construction club&#8221; during the period 2004 to 2016, as well as administrative proceedings
initiated by INDECOPI related to these and other matters arising from conduct during the period from 2002 to 2016. See also &#8220;Item
3.D. Key Information&#8212;Risk Factors&#8212;Risks Related to Key Developments.&#8221; These proceedings have led to significant changes
in our corporate governance structure and the adoption of measures to address compliance matters. Below we describe the most material
proceedings involving the company:</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Criminal
Investigations Derived from Projects Developed in Partnership with Odebrecht</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
2018, the Peruvian criminal prosecutor charged our company and our engineering and construction subsidiary, Cumbra, as criminal defendants
in connection with the IIRSA South (tranche II) project concession, and the Peruvian First National Preparatory Investigation Court (<i>Primer
Juzgado de Investigaci&#243;n Preparatoria Nacional</i>) included our company and Cumbra in its criminal investigation. Separately,
in connection with these investigations, in December 2018, the Peruvian First National Preparatory Investigation Court also resolved
to include our company and Cumbra as civilly responsible third parties in the investigations related to the IIRSA South (tranche II)
project concession and Cumbra as a civilly responsible third party in the investigations related to Tranches 1 and 2 of the Lima Metro.</span></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: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 148; 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 -->144<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Additionally,
Peruvian prosecutors have included Jos&#233; Gra&#241;a Mir&#243; Quesada, the former Chairman of our company, in an investigation
for the crime of collusion, and Hernando Gra&#241;a Acu&#241;a, a former board member of our company and former chairman of our subsidiary
Cumbra, for the crime of money laundering against the Peruvian government, each in connection with the IIRSA South (tranche II) project
concession, in which we participated with Odebrecht. Gonzalo Ferraro Rey, the former Chief Infrastructure Officer of our company, has
also been included in an investigation for the crime of money laundering in connection with the same project. In addition, Jos&#233;
Gra&#241;a Mir&#243; Quesada and Hernando Gra&#241;a Acu&#241;a, as well as Juan Manuel Lambarri, the former chief executive
officer of our subsidiary Cumbra, have been charged in connection with Tranches 1 and 2 of the Lima Metro. On February 9, 2022, the Peruvian
press reported that Peruvian prosecutorial authorities entered into plea agreements with Jos&#233; Gra&#241;a Mir&#243; Quesada
and Hernando Gra&#241;a Acu&#241;a. On January 3, 2023, the plea agreement with Jos&#233; Gra&#241;a Mir&#243; Quesada received
judicial approval and on January 18, 2023, the plea agreement of Hernando Gra&#241;a Acu&#241;a received judicial approval. These
plea agreements are confidential under Peruvian law and we, therefore, do not know their content, however, they may include information
related to wrongdoing or knowledge of improper behavior while Jos&#233; Gra&#241;a Mir&#243; Quesada and Hernando Gra&#241;a
Acu&#241;a were at the company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
understand that Peruvian prosecutors had initiated an investigation with respect to the Chavimochic project. Neither the company nor
any of its affiliates or personnel were subject to investigation and therefore we have limited information. However, the Chavimochic
investigation has subsequently been closed and archived without any further action.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
information on the Chavimochic project, see &#8220;Item 5 - Key Information&#8221;.</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Criminal
Investigations in Relation to the Construction Club</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
July 11, 2017, INDECOPI initiated an investigation against several Peruvian construction companies (including Cumbra), about the existence
of an alleged cartel called the Construction Club.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
February 11, 2020, the subsidiary Cumbra was notified by the TS of the Free Competition Defense Commission of INDECOPI with a resolution
announcing a sanctioning administrative procedure involving a total of 35 companies and 28 natural persons, for alleged anticompetitive
conduct in the market of Public Works.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
November 17, 2021, the Commission imposed a fine of approximately S/67 million against Cumbra, which is currently being challenged and
is pending resolution by the final administrative instance within the INDECOPI Court. As of December 31, 2022, Cumbra recorded an estimated
provision amounting to S/52.4 million (as of December 31, 2021, a present value equivalent to S/52.6 million was recorded).The resulting
contingency from these matters has been included in the settlement and cooperation agreement with Peruvian prosecutorial authorities.</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Final
Collaboration and Benefits Agreement (Acuerdo Preparatorio de Colaboraci&#243;n Eficaz y Beneficios)</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
May 21, 2021, the Company entered into a Collaboration and Benefits Agreement with a special team of Peruvian prosecutors covering the
investigations related to corruption offenses of officials and related personnel, in which the company Odebrecht and others would have
incurred (the &#8220;Prosecutor&#8217;s Office&#8221;) and with the ad hoc Public Prosecutor&#8217;s Office for investigations and processes
related to crimes related to corruption of officials, money laundering and related activities (the &#8220;Attorney General&#8217;s Office&#8221;)
allegedly committed by the Odebrecht company and others.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
September 15, 2022, the Final Collaboration and Benefits Agreement was entered into between the Peruvian Public Prosecutor&#8217;s Office,
the Attorney General&#8217;s Office and the Company, whereby AENZA accepted that they were utilized by certain former executives to commit
illicit acts in a series of periods until 2016, and committed to pay a civil compensation to the Peruvian Government of approximately
S/488.9 million (approximately S/333.3 million and US$ 40.7 million, respectively) calculated according to the formulae established by
Law 30737.</span></p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">According
to the Final Collaboration and Benefits Agreement, payment shall be made within twelve years at a legal interest rate in <i>soles</i>
and dollars (3% and 1% annual interest as of December 31, 2022, respectively). The Company also undertakes to establish a series of guarantees
after the approval (by which the judge verifies that the Final Collaboration and Benefits Agreement is in accordance with the law) of
the Final Collaboration and Benefits Agreement, composed of i) a trust agreement that includes shares issued by a subsidiary of the Company;
ii) mortgage on a property owned by the Company; and iii) a guarantee account with funds equivalent to the annual installment for the
following year. Among other conditions, the Final Collaboration and Benefits Agreement includes a restriction against AENZA and its subsidiaries,
Cumbra and Unna Transporte, participating in public construction and road maintenance contracts for two years from the approval of the
Final Collaboration and Benefits Agreement. The other member companies of the Corporation are not subject to any impediment or prohibition
to contract with the Peruvian Government. As of December 31, 2022, the Company recognized in its financial statements the total liabilities
associated with the Final Collaboration and Benefits Agreement as S/488.9 million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, and as of the reporting date of the consolidated financial statements, in the opinion of the Company&#8217;s Management
and legal advisors, the civil compensation covers the total contingency to which the Company is exposed to as a result of the investigations.
Nevertheless, the Final Collaboration and Benefits Agreement enforceability is subject to court approval and its terms and conditions
are subject to confidentiality provisions.</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Investigations
and Administrative Process initiated by INDECOPI in relation to the Construction Club</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
July 11, 2017, INDECOPI initiated an investigation against several Peruvian construction companies (including Cumbra), about the existence
of an alleged cartel called the Construction Club.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
February 11, 2020, the subsidiary Cumbra was notified by the TS of the Free Competition Defense Commission of INDECOPI with a resolution
announcing a sanctioning administrative procedure involving a total of 35 companies and 28 natural persons, for alleged anticompetitive
conduct in the market of Public Works.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
November 17, 2021, the Commission imposed a fine of approximately S/67 million against Cumbra, which is currently being challenged and
is pending resolution by the final administrative instance within the INDECOPI Court. As of December 31, 2022, Cumbra recorded an estimated
provision amounting to S/52.4 million (as of December 31, 2021, a present value equivalent to S/52.6 million was recorded).The resulting
contingency from these matters has been included in the settlement and cooperation agreement with Peruvian prosecutorial authorities.</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Investigations
and Administrative Proceeding initiated by INDECOPI for Anti-Competitive Practices in the Labor Market in the Construction Sector</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
February 7, 2022, Cumbra and UNNA Transporte were notified pursuant to INDECOPI Resolution 038-2021/DLC-INDECOPI dated December 28, 2021,
that the antitrust authority initiated a sanctioning administrative procedure for the alleged execution of a horizontal collusive practice
in the form of concerted distribution of suppliers in the labor market in the construction worker industry nationwide, during the period
from 2011 to 2017.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
April 7, 2022, Cumbra and UNNA Transporte submitted a proposal for a cease and desist agreement for the early termination of the administrative
sanctioning procedure, in which they (i) acknowledged the alleged conduct, (ii) committed to maintain during 2022, 2023 and 2024, a compliance
program with free competition rules, and (iii)&#160;agreed to pay S/2.7 million in two installments (one after 60 days and the second
after 12 months). Pursuant to Resolution No. 054-2022/CLC-INDECOPI dated August 19, 2022, the Commission for the Defense of Free Competition
of INDECOPI approved the proposed cease and desist commitment and concluded the sanctioning procedure. As of December 31, 2022, the company
estimated a provision amounting to S/1.4 million recognized as of December 31, 2022 (S/4.8 million as of December 31, 2021) related to
this proceeding.</span></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>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
May 9, 2023, our subsidiaries Cumbra and Unna Transporte were notified by INDECOPI, with Resolution 052-2023/CLC-INDECOPI, which formally
concludes the administrative sanctioning procedure in first instance for the alleged horizontal collusive practice in the form of concerted
distribution of suppliers in the market for hiring workers in the construction sector.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
this regard, by Resolution No. 054-2022/CLC-INDECOPI of August 19, 2022, the Commission for the Defense of Free Competition of INDECOPI
approved the cessation of the proposed commitment. According to the established schedule, the Subsidiaries have paid the first installment
corresponding to 50% of the amount of the compensation in November 2022 and the next installment, for the remaining 50%, will be paid
no later than November 15, 2023; the amount thereof is duly provisioned in the financial statements. Likewise, the Subsidiaries are complying
with their commitment to maintain a compliance program, with supervision of INDECOPI.</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Complaint
related to the Talara Refinery Project</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, Cumbra Peru S.A. had a lawsuit pending against TRT for approximately US$78 million as compensation for damages
suffered as a result of various contractual breaches. In turn, TRT filed a counterclaim for approximately US$81 million alleging that
Cumbra had breached the sub-contract entered into between the two companies. On December 28, 2020, TRT executed two letters of guarantee
issued by Banco Santander, the first for US$16 million for Fidelity Performance and the second letter of guarantee for US$ 7.7 million
for advance payment of work, despite the fact that the obligations guaranteed by the letter of guarantee were being litigated in the
process described in this paragraph. As of December 31, 2021, the balance of this concept at face value amounted to US$31.6 million,
equivalent to S/125.8 million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
December 2022, we reached an agreement with TRT, to put an end to the claims of both parties. As a result of this agreement, we impaired
collection rights of US$29.6 million, equivalent to S/113 million (see Note 12-J.1 to our audited annual consolidated financial statements).
Also, we were granted the right to receive payments for outstanding invoices in an amount of US$10.3 million before January 31, 2023.
As of the date of this report, we have collected the full amount agreed.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Dividends
and Dividend Policy</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Dividend
Policy</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
current dividend policy, adopted on March 29, 2016, is to distribute between 30% and 40% of the net profit from the preceding year, as
long as we hold such net profit on a consolidated basis, subject to contractual restrictions on our indebtedness. Holders of our common
shares are entitled to receive dividends on a pro rata basis in accordance with their respective number of shares held. Our dividend
policy can be modified by a favorable vote of a majority of our shareholders and any changes become effective 30 days after approval.
Dividends will not be distributed in advance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Article
23 of our by-laws establishes that dividends distribution must be approved by our shareholders during the annual shareholders&#8217;
meeting. The recommendation of our Board of Directors is required for the distribution of interim dividends, which must be subsequently
ratified at a shareholders&#8217; meeting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Under
Peruvian law, companies may distribute up to 100% of their profit (after payment of income tax expense) subject to a&#160;10% legal reserve
until the legal reserve equals 20% of the total value of their capital stock. According to Article&#160;40 of the Peruvian Corporate
Law, in order to distribute dividends, profits must be determined in accordance with the individual financial statements of our company.
Under the terms of the agreement with the Prosecutor&#8217;s Office and with the Attorney General&#8217;s Office, we will be restricted
to distribute dividends until the payment of 40% of the civil penalty is complete.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
any case, the resolution for the distribution of dividends must necessarily observe the restrictions and commitments contained in the
financing agreements entered into by the Company, and in particular, in the Final Collaboration and Benefits Agreement entered into by
AENZA S.A.A. with the Ad Hoc Public Prosecutor&#8217;s Office on September 15, 2022, according to which:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Dividends
may not be distributed until at least 40% of the civil reparation has been paid; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Once
the 40% threshold mentioned in the previous paragraph has been exceeded, for each sol or dollar destined to the payment of dividends,
the Company must amortize in the same amount the payment of the civil reparation.</span></td>
</tr></table><div>

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

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

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    </div><!-- Field: /Page --><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Payment
of Dividends</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Dividends
are paid to holders of our common 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 are
distributed pro rata.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Certain
of our debt or other contractual obligations may restrict our ability to pay dividends. For example, we will not be able to make any
dividend payments until all outstanding amounts under the Financial Stability Framework Agreement are repaid. In addition, the indentures
of the senior secured notes issued by L&#237;nea 1 and the corporate bonds issued by Norvial contain certain customary covenants, including
restrictions on our and our subsidiaries&#8217; ability to pay dividends if we are in default under the agreement, and the corporate
bonds of Cumbra impose a limitation on Cumbra&#8217;s ability to distribute dividends to us. Our rights over our dividends in Unna Energ&#237;a
(formerly GMP S.A.), Red Vial 5 S.A. (formerly Norvial SA.) and Linea 1 (formerly GyM Ferrov&#237;as S.A.), have been assigned and
transferred to a trust as collateral securing a bridge loan facility. The release of such dividends in our favor is conditioned on the
fulfillment of certain covenants included in the trust agreement, including, among others, payment of debt service. &#8220;See Item 5.B.
Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8212;Indebtedness.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Holders
of common 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 ten years from the original dividend payment date.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Previous
Dividend Payments</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">No
dividends were declared or paid from 2020-2022 for our common shares.</span></p><div>

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

</div><div><a id="a_029"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">B. Significant
Changes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Except
as disclosed in &#8220;Item 5. Operating and Financial Review and Prospects&#8212; Key Developments&#8221; and Note 36 to our audited
annual consolidated financial statements included in this annual report, we have not experienced any significant changes since the date
of our audited annual consolidated financial statements included in this annual report.</span></p><div>

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

</div><div><a id="a_030"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif">ITEM 9. THE OFFER AND LISTING</span></p><div>



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

</div><div><a id="a_031"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">A.&#160;Offer and Listing Details</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
ADSs</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
ADSs are listed on the NYSE under the symbol &#8220;AENZ.&#8221; On July 29, 2013, we completed our initial equity offering in the United
States of 19,534,884 ADSs, representing 97,674,420 common shares. On March 31, 2023, the closing price on the NYSE was US$2.54 per ADS.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
November 2, 2020, the annual shareholders&#8217; meeting of the company approved the change of the company&#8217;s name from Gra&#241;a
y Montero S.A.A. to AENZA S.A.A. effective November 12, 2020, our common shares and ADSs were tradeable on the Lima Stock Exchange and
the NYSE, under the ticker symbols &#8220;AENZ&#8221; and &#8220;AENZAC1&#8221;, respectively.</span></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: justify; 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: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
November 9, 2022, we announced our plan to change the ratio of our ADSs to our common shares (the &#8220;ADS Ratio&#8221;) from the current
ADS Ratio of one (1) ADS to five (5) common shares, to a new ADS Ratio of one (1) ADS to fifteen (15) common shares (the &#8220;ADS Ratio
Change&#8221;). On November 22, 2022, the ADS Ratio Change became effective.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
the company&#8217;s ADS holders, the ADS Ratio Change had the same effect as a one-for-three reverse share split. Effective as of November
22, 2022, ADS holders were required to surrender and exchange every three (3) existing ADSs then held for one (1) new ADS. The Bank of
New York Mellon (the &#8220;Depositary&#8221;), as the depositary bank for the company&#8217;s ADSs program, arranged for the exchange
of current ADSs for new ADSs. The company&#8217;s ADSs continue to be traded on the New York Stock Exchange under the ticker symbol &#8220;AENZ.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">No
fractional new ADSs were issued in connection with the ADS Ratio Change. Instead, fractional entitlements to new ADSs were aggregated
and sold by the Depositary and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes
and expenses) were distributed to the applicable ADS holders by the Depositary. The ADS Ratio Change had no impact on the company&#8217;s
underlying common shares, and no common shares were issued or cancelled in connection with the ADS Ratio Change.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
a result of the ADS Ratio Change, the company&#8217;s ADS trading price was expected to increase proportionally; however, there can be
no assurance that the ADS trading price after the ADS Ratio Change will be equal to or greater than three (3) times the ADS trading price
before the change.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
Common Shares</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
common shares are registered in the Public Registry of Securities held with the Peruvian Securities Commission and are listed on the
Lima Stock Exchange under the symbol &#8220;AENZAC1.&#8221; On March 31, 2023, the closing price on the Lima Stock Exchange was S/0.66
per common share. As of March 31, 2023, 14 record holders of our common shares were located in the United States, according to CAVALI.</span></p><div>

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

</div><div><a id="a_032"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">B.
Plan of Distribution</span></p><div>

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

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

</div><div><a id="a_033"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">C.
Markets</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Trading
in the Peruvian Securities Market</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Lima
Stock Exchange</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, there were 259 companies listed on the Lima Stock Exchange. Established in&#160;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. In 2021, Lima Stock Exchange Group - Holding Company - was created. As of December 31, 2022, the
Lima Stock Exchange Group 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. 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 a share capital of S/13,010,000, comprised of 13,010,000 common shares
of par value S/1.00 each.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Trading
on the Lima Stock Exchange is primarily done on an electronic trading system that became operational in August 1995. From the second
Sunday of March through the first Sunday of November 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.-2:52 p.m. (trading); 2:52 p.m.-3:00 p.m. (after-market sales); and 3:02 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).</span></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: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Substantially
all of the transactions on the Lima Stock Exchange are traded on the electronic system. 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, the Lima Stock Exchange imposes a 15-minute suspension on trading when the price of a security varies on a single day by
more than&#160;15% for Peruvian companies and 30% for non-Peruvian companies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Certain
information regarding trading on the Lima Stock Exchange is set forth in the table below:</span></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><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-left: 0.125in; padding-bottom: 1.5pt">&#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">2018</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">2019</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">2020</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><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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Market capitalization (in millions of soles)<sup>(1)</sup> </span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">481,081</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">537,389</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">599,918</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">593,664</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">541,275</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Volume (in millions of soles) </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20,975</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">18,154</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20,942</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">22,677</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14,179</td><td style="text-align: left">&#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">Average daily trading volume (in millions of soles) </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">84</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">72</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">82</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">90</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">57</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">End-of-period
                                            figures for trading on the Lima Stock Exchange.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
stock market capitalization of companies listed on the Lima Stock Exchange was US$141.7 billion at the end of 2022, compared to US$162.0
billion, US$165.5 billion and US$148.5 billion at the end of 2019, 2020 and&#160;2021, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Total
market volume in 2022 was US$3.7 billion, reflecting a 34.6% decrease compared with 2021. Equity market volume, which represented 72.4%
of total market volume, ended the 2022 year at US$2.7 billion, 38.3% lower than the previous year. The repo market, which represented
5.4% of total market volume, reported volume of US$199.48 million in 2022, reflecting a decrease of 33.8%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
total number of operations in the market in 2022 decreased by 20.0%, closing the year at 129,690 operations. The number of operations
in the equity market in 2021 increased by 41.1% to 162,205 operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
2022, the S&amp;P/BVL Peru General Index (<i>&#205;ndice S&amp;P/BVL Peru General</i>) reached 21,330.33 points, increasing 1.04% compared
to 2021. In 2021, it reached 21,111.73 points, increasing 1.39% compared to 2020, and in 2020, it reached 20,822.15 points, increasing
1.44% compared to 2019.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Regulation
of the Peruvian Securities Market</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
regulatory framework for the Peruvian securities market is established in the Securities Market Law approved by Legislative Decree No.
861, as amended (<i>Ley del Mercado de Valores</i>), and the resolutions issued from time to time by the Peruvian Securities Commission.
The purpose of the Securities Market Law is to promote the ordered development and transparency of the Peruvian securities markets and
provide adequate protection for investors and the principles under which the Peruvian securities market is intended to operate. The Securities
Market Law contains the general rules for: (i) primary and secondary public offerings of securities; (ii) public offering of securities
for acquisitions and sales; (iii) local and international offerings, including simultaneous offerings; (iv) the Public Registry of Securities
(<i>Registro P&#250;blico del Mercado de Valores</i>); (v) reporting obligations of material information (hechos de importancia) by
the issuers of securities recorded in the Public Registry of Securities and by the entities that are subject to the regulation and supervision
of the Peruvian Securities Commission; (vi) the enforcement of insider trading; (vii) privileged information and confidentiality regulations
and prohibitions against price manipulation; (viii) the broker-dealers; (ix) the Lima Stock Exchange; (x) CAVALI (the settlement and
registry entity for transactions executed on the Lima Stock Exchange); (xi) other entities that are required to be registered at the
Peruvian securities market Public Registry of Securities; (xii) capital market instruments and operations, including securitizations;
and (xiii) mutual funds and investments funds publicly placed and their respective management companies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Peruvian securities market is regulated and supervised by the Peruvian Securities Commission (<i>Superintendencia del Mercado de Valores</i>),
a governmental entity reporting to the Peruvian Ministry of Economy and Finance, with functional, administrative, economic, technical
and budgetary autonomy. The Peruvian Securities Commission is governed by the Superintendent, designated by the Peruvian Ministry of
Economy and Finance, and by a five-member Board of Directors convened by the Superintendent (who acts as Chairman of the board). The
other four members are appointed by the government under applicable legislation. The Peruvian Securities Commission issues from time
to time resolutions which provide specific regulations or may impose sanctions in cases of violations of the Securities Market Law or
the resolutions issued by the Peruvian Securities Commission.</span></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>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Peruvian Securities Commission, in order to achieve the Securities Market Law&#8217;s purposes, has broad regulatory and supervisory
powers, including (i) issuing general mandatory rules; (ii) supervision and oversight of compliance with applicable legislation (including
the power to order inspections and require the submission of information and documentation by entities that are under its jurisdiction
and summon and interrogate any person that may contribute to its investigations); (iii) imposing sanctions; (iv) managing the Peruvian
securities market public registry; (v) verifying that public offerings meet filing requirements and that the securities subject to such
offerings are duly recorded at the Peruvian securities market public registry of securities; (vi) authorizing the incorporation and functioning
of entities under its scope of supervision; and (vii) monitoring the content and accuracy of the financial and other information that
is filed with the Peruvian Securities Commission. The Peruvian Securities Commission is responsible for the enactment, interpretation
and enforcement of rules and regulations issued under the Securities Market Law.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Disclosure
Obligations</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">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), 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: (i) financial information, including unaudited interim financial statements on a quarterly basis (which are
not required to be subject to limited review by external auditors), and audited annual consolidated financial statements on an annual
basis, and (ii) material information relating to the issuer and its activities that may significantly affect the price, offering or trading
of the issued securities, and in general, all the information that may be relevant for investors to be able to make investment decisions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
order to comply with the foregoing disclosure obligations, issuers must disclose information to the Peruvian Securities Commission and,
if the securities are listed, with the Lima Stock Exchange as soon as practicable but not later than the day on which the event took
place or the issuer became aware of such information.</span></p><div>

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

</div><div><a id="a_034"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">D.&#160;Selling
Shareholders</span></p><div>

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

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

</div><div><a id="a_035"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">E.
Dilution</span></p><div>

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

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

</div><div><a id="a_036"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">F.
Expenses of the Issue</span></p><div>

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

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

</div><div><a id="a_037"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif">ITEM 10. ADDITIONAL INFORMATION</span></p><div>



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

</div><div><a id="a_038"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">A.
Share Capital</span></p><div>

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

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

</div><div><a id="a_039"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">B.&#160;Memorandum
and Articles of Association</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
information set forth in Exhibit 1.01, &#8220;By-Laws of the Registrant, as currently in effect&#8221; is incorporated herein by reference.</span></p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_040"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">C.&#160;Material
Contracts</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">CS
Peru Infrastructure Loan</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
July 31, 2019, the company entered into a medium-term loan credit agreement for US$35 million (equivalent to S/112.9 million) with CS
Peru Infrastructure Holdings LLC, the proceeds of which were used as working capital for the company and its subsidiaries, Cumbra and
Adexus. The term of the loan was three years, with quarterly installments of principal beginning on the 18th month. On February 28, 2020,
the company and the initial lender signed an amendment, waiver and consent in respect of this event of default, in consideration for
a prepayment by the company of US$10 million, together with accrued interest and a make-whole premium. After this payment, the principal
amount outstanding under the term loan was US$22 million. In August 2021, the total amount outstanding was paid in full.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
more information, see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8212;Indebtedness.&#8221;
This agreement and the amendment thereto have been incorporated by reference as Exhibit 10.01 to this annual report.</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Financial
Stability Framework Agreement</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
July 2017, the Company and its subsidiaries (Cumbra, Construyendo Pa&#237;s S.A., Vial y Vives - DSD and Concesionaria V&#237;a Expresa
Sur S.A.) signed a Financial Stability Framework Agreement with the following financial institutions: Scotiabank Per&#250; S.A., Banco
Internacional del Per&#250; S.A.A., Banco BBVA Per&#250; S.A., Banco de Cr&#233;dito del Per&#250; S.A., Citibank del Per&#250;
S.A. and Citibank N.A. The objectives of the Financial Stability Framework Agreement were: to guarantee Cumbra a syndicated revolving
line of credit for working capital, a non-revolving line of credit to finance repayment commitments subject to performance bonds; to
guarantee lines of credit for the issuance of performance bonds and to commit to maintain the existing letters of credit issued to Cumbra&#8217;s
requirements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">At
December 31, 2021, the Company was in compliance with the obligations and covenants established in the Financial Stability Framework
Agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
March 29, 2022, S/28.2 million and US$0.3 million corresponding to the total balance of the direct debt of the Financial Stability Framework
Agreement (US$ 7.4 million, equivalent to S/29.5 million, as of December 31, 2021) were paid, and the line of credit for the issuance
of letters of guarantee remains in place. This agreement and the amendment thereto have been incorporated by reference as Exhibit 10.05
to this annual report.</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">GSP
Concession and Subordination Arrangements</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
November 2015, we acquired a 20% interest in GSP and obtained a 29% interest in CCDS through its subsidiary Cumbra Peru.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
July 22, 2014, GSP signed a Concession Agreement with the Peruvian Government to build, operate, and maintain a natural gas pipeline
to meet the demand of cities in the south of Peru. Additionally, GSP signed an engineering, procurement, and construction agreement with
CCDS.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
made an investment of US$242.5 million in GSP and had to assume 20% of the performance bond established in the Concession Agreement for
US$262.5 million and 21.49% of the guarantee for a bridge loan of US$600 million. On January 24, 2017, the MEM announced the early termination
of the Concession Agreement under Clause 6.7 thereof, for not having provided evidence of the financial closing within the contractual
term resulting in the immediate enforcement of the performance bond.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
events described in the previous paragraph caused management to recognize an impairment from 2016 to 2019 of its total investment (US$242.5
million), as well as the account receivable resulting from the execution of the counter-guarantees granted by AENZA in favor of the entity
issuing the guarantees: for US$52.5 million corresponding to the performance bond and US$129 million corresponding to the corporate guarantee
on the bridge loan granted to GSP. According to the Concession Contract, the guarantees were paid on behalf of GSP, therefore, AENZA
recognized the right to collect from GSP US$181.5 million, which was recorded in 2016 as accounts receivable from related parties. Likewise,
Cumbra Peru recognized the value of accounts receivable from CCDS as US$73.5 million and lost profits as US$10 million, which correspond
to receivables from GSP. See Note 11 to our audited annual consolidated financial statements included in this annual report for the balance
of the account receivable from GSP.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
October 11, 2017, the agreement deed for the delivery of the assets of the South Peruvian gas pipeline concession between GSP and MEM
was signed. The assets include the works, equipment, facilities and engineering studies provided for the execution of the project.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Upon
termination of the Concession Contract, and in accordance with the provisions of Clause 20 thereof, the Peruvian State was obligated
to hire an internationally recognized auditing firm to calculate the VCN, and to call up to three auctions on GSP&#8217;s assets. However,
to date, the Peruvian State has failed to comply with these contractual obligations. The amount of the VCN was calculated at US$2,602
million by an independent auditing firm hired by GSP as of December 31, 2016. This figure was subsequently adjusted to US$2,110 million,
as a result of variations in the balances related to the works carried out by the consortium, which in turn is reported in its audited
financial statements as of December 31, 2017.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
December 21, 2018, the company asked the Peruvian Government for direct treatment and requested the payment of the VCN in favor of GSP.
On October 18, 2019, the company filed with the CIADI an arbitration request. On December 27, 2019, the company withdrew the arbitration
request in compliance with a preliminary collaboration and benefits agreement signed with the Attorney General&#180;s Office and Ad-hoc
Public Prosecutor&#8217;s Office on the same date (see Note 1 to our audited annual consolidated financial statements included in this
annual report). Withdrawing the arbitration request before CIADI does not result in the loss of collection rights of the company against
GSP and does not restrict, limit, or impede GSP from asserting its rights against the Peruvian Government.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
company and its internal and external legal advisors consider that the payment owed by the Government to GSP for the VCN are not within
the withholding scope under Law 30737 that ensures the immediate payment of civil compensation in favor of the Peruvian State in cases
of corruption and related crimes, since this payment does not include any profit margin and/or does not correspond to the sale of assets
related to the project, but to a reimbursement for the investment made by the concessionaire.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 4, 2017, GSP entered into a bankruptcy proceeding before INDECOPI. GSP has claims recognized by INDECOPI of US$0.4 million
and US$169.3 million, the latter held in trust in favor of GSP&#8217;s creditors. It also has indirectly recognized claims for US$11.8
million. On the other hand, the claim of Cumbra is indirectly recognized in INDECOPI through <i>Consorcio Constructor Ductos del Sur
</i>for an amount of US$88.7 million. As of the date of this report, GSP is in the process of liquidation and AENZA is chairing the Board
of Creditors.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
April 11, 2023, a liquidation agreement (the &#8220;Liquidation Agreement&#8221;) was approved, which delimits the framework for the
liquidator&#8217;s work. The Liquidation Agreement includes the granting of powers to the liquidator with respect to representation, administrative,
contractual and other relevant powers that allow him to comply with the obligations for which he was appointed, as well as the actions
he is allowed to take in order to recover GSP&#8217;s assets and in accordance with the mechanisms set forth in the General Law of the Insolvency
System. On April 13, 2023, and under the powers granted to him by the Liquidation Agreement, the Liquidator requested that the MEM initiate
the direct treatment procedure stipulated in the Concession Contract. For more information regarding the amounts recognized, see Note
11 to our audited annual consolidated financial statements included in this annual report.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the net value of the accounts receivable from GSP is approximately US$142.4 million (equivalent to S/542.3 million)
compared to US$161.9 million (equivalent to S/643.9 million) as of December 31, 2021, which comprises the recognition in the following
entities of the Corporation: i) AENZA S.A.A. holds US$63.9 million (equivalent to S/243. 2 million), discounted to present value net
of impairment and the effect of the exchange difference, compared to US$81.1 million (equivalent to S/322.6 million) as of December 31,
2021; and ii) Cumbra Peru holds US$78.6 million (equivalent to S/299.2 million) discounted to present value net of the effect of the
exchange difference compared to US$80.8 million (equivalent to S/321.3 million) as of December 31, 2021.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
company&#8217;s management maintains the recovery estimate at 8 years, applying a discount rate of 5.85%, compared to recovery term of 8 years
with a discount rate of 2.73% as of December 31, 2021. These estimates generated during 2022 a present value effect of approximately
S/72.2 million, compared to S/32.8 million during 2021, which has been recognized in the consolidated statement of income under the caption
&#8220;Financial income and expenses - loss from present value&#8221;, see Note 26.B to our audited annual consolidated financial statements
included in this annual report.</span></p><div>

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">Based
on management&#8217;s assessment and in conjunction with the opinion of the internal legal department and external legal counsel, the estimate
of recoverability, impairment allowances and the net recognized value of the account receivable from GSP as of December 31, 2021 and
2022 is reasonable and sufficient as of the reporting date of the Corporation&#8217;s consolidated financial statements, see also Notes 5.A.iv
and 11 to our audited annual consolidated financial statements included in this annual report.</span></p><div>

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</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Convertible
Bonds</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
August 13, 2021, AENZA issued bonds convertible into common shares in a total principal amount of US$89.9 million. The bonds mature in
February 2024, bear interest at a rate of 8%, and are payable quarterly. Pursuant to the terms and conditions of the convertible bonds,
they may be converted into shares as of the sixth month from the date of issuance. In accordance with the terms and conditions of the
convertible bond, holders of convertible bonds in a principal amount equivalent to US$11 million, exercised their conversion rights,
and, on February 28, 2022, we issued 37,801,073 new common shares. Additionally, on March 31, 2022, holders of convertible bonds in a
principal amount equivalent to US$78,970,000 exercised their conversion rights. As a consequence, we issued&#160;287,261,051 new common
shares. Therefore, our capital stock has increased from S/871,917,855 to S/1,196,979,979. After these conversions, the convertible bonds
have been fully cancelled.</span></p><div>

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</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Bridge
Loan</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
March 17, 2022, the company entered into a bridge loan credit agreement for up to US$120 million, with a group of financial entities
comprised by <i>Banco BTG Pactual S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Instituci&#243;</i>n de Banca
M&#250;ltiple, Grupo Financiero HSBC, and Natixis, New York Branch. The financing will be repaid over a period of 18 months, and will
be secured, subject to the fulfillment of certain precedent conditions, by a flow trust (first lien), a trust over the shares of Viva
Negocio Inmobiliario S.A. (second lien), and a pledge on our shares in Unna Energ&#237;a S.A. (first lien). On April 5, 2022, the loan
was disbursed and we have used the proceeds to repay certain of our financial and other obligations. This agreement has been incorporated
by reference as Exhibit 10.02 to this annual report.</span></p><div>

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</div><div><a id="a_041"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">D.&#160;Exchange
Controls</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">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 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 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 rates through any
member of the Peruvian banking system and transfer such foreign currency outside Peru without restriction.</span></p><div>

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</div><div><a id="a_042"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">E.&#160;Taxation</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Peruvian
Tax Considerations</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following is a general summary of material Peruvian tax matters under Peruvian law, as in effect on the date of this annual report and
describes the principal tax consequences of ownership of ADSs and common shares by non-resident individuals or entities (&#8220;Non-Peruvian
Holders&#8221;). Legislative, judicial or administrative changes or interpretations may, however, be forthcoming. Any such changes or
interpretations could affect the tax consequences to holders of ADSs and common shares and could alter or modify the conclusions set
forth herein. This summary is not intended to be a comprehensive description of all of the tax considerations that may be relevant to
a decision to make an investment in the ADSs or common shares. In addition, it does not describe any tax consequences arising under the
laws of any taxing jurisdiction other than Peru or applicable to an individual or entity resident of Peru or to a person with a permanent
establishment in Peru.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
purposes of Peruvian taxation:</span></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; text-align: justify">
<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: justify"><span style="font-family: Times New Roman, Times, Serif">individuals
are residents of Peru, if they are Peruvian nationals who have established their place of residence in Peru or if they are foreign nationals
with a permanence of more than&#160;183 days in Peru in any 12-month period (in the latter case, 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</span></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; text-align: justify">
<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: justify"><span style="font-family: Times New Roman, Times, Serif">legal
entities are residents of Peru if they are established or incorporated in Peru.</span></td>
</tr></table><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cash
Dividends and Other Distributions</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Cash
dividends paid to Non-Peruvian Holders with respect to common shares and amounts distributed with respect to ADSs have been subject to
Peruvian withholding income tax expense at a rate of 5% since 2017. As a general rule, the distribution of additional common shares representing
profits, the 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 all shareholders, will not be subject
to Peruvian income tax expense or withholding taxes.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Capital
Gains</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to Article 6 of the Peruvian income tax expense law, individuals and domiciled entities in Peru are subject to Peruvian income tax expense
on their worldwide income while non-domiciled entities &#8211; including branches, agencies (<i>agencias</i>), and permanent establishment
(<i>establecimientos permanentes</i>) of non-domiciled entities &#8211; are subject to Peruvian income tax expense only on their Peruvian
source income.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Peruvian
income tax expense law 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 expense. Under current Peruvian income tax expense law, capital gains resulting
from the disposal of ADSs that represent shares issued by Peruvian entities are considered Peruvian source income and therefore are subject
to Peruvian income tax expense. Peruvian income tax expense law also provides that the taxable income resulting from the disposal of
securities is equal to the difference between the sale price of the securities (which may not be less than their fair market value) and
their tax basis.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Notwithstanding
the foregoing, capital gains resulting from the disposal of ADSs or the beneficial interest in ADSs that represent shares issued by a
Peruvian entity are not considered Peruvian source income, and therefore are not subject to Peruvian income tax expense.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">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 expense rate of either 5% or 30%, depending on where the transaction takes place. If the transaction is consummated
in Peru, any capital gain will be subject to an income tax expense rate of 5%; and if the transaction is performed outside of Peru, any
capital gain will be subject to a 30% income tax expense rate. Peruvian income tax expense law regulations have stated with respect to
the transfer of common shares, that transactions are deemed to be consummated in Peru if the common shares are transferred through the
Lima Stock Exchange.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">From
2016 through December 31 of 2022, pursuant to the Law 30341 and amendments, capital gains resulting from a transfer of: (i) Common shares
and investment shares, (ii) ADSs and Global Depositary Receipts (GDRs), (iii) Exchange Trade Funds (ETF) units that have underlying shares
and/or securities representing debt, (iv)&#160;representative securities of debt, (v) Certificates of participation in mutual funds for
investment in securities, (vi)&#160;Certificates of participation in investment Funds in Rent of Real Property (FIRBI) and certificates
of participation in Trustee of Securitization for Investment in Rent of Real Estate (FIBRA), and (vii) Negotiable invoices, will be exempt
from income tax expense, provided, however, that the following conditions are met:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">With
respect to (i), (ii) and convertible bonds:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
transfer must be performed through a centralized trading mechanism supervised by the Securities Market Superintendence;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
any 12-month period, neither the seller or any person related to him must dispose of more than&#160;10% of the total number of common
shares issued by the company through one or more simultaneous or successive operations; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(c)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
shares must have a &#8220;market presence&#8221;, meaning that transactions in respect of those shares for a value exceeding six Tax
Units (currently, S/4,950.00 per Tax Unit).</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">With
respect to (iii), (iv), (v) and (vi):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
transfer must be performed through a centralized trading mechanism supervised by the Securities Market Superintendence; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
shares must have a &#8220;market presence,&#8221; meaning that transactions in respect of those shares for a value exceeding six Tax
Units (currently, S/4,950.00 per Tax Unit).</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">With
respect to (vii), the transfer must be performed through a centralized trading mechanism supervised by the Securities Market Superintendence.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Any
gain resulting from the conversion of ADSs into common shares or common shares into ADSs will not be subject to taxation in Peru.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Likewise,
it is important to note that if after applying the exemption, the issuer delisted the securities from the Registry of the Lima Stock
Exchange, in whole or in part, in an act or progressively, within the next 12 months after the disposal is made, the exemption that is
applied to the securities unlisted is lost.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">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 par value of such common shares; (iii) for other common shares received free of any payment,
tax basis will be: (x) zero or the cost borne by the transferor, in the case of individuals and (y) the fair market value at the time
of the acquisition, in the case of entities; 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 the 30% Peruvian income tax expense would apply to the total sale price.
Under Peruvian income tax expense law, tax basis certification is granted by the Peruvian tax authorities within 30 business days after
the filing of the corresponding application. If the Peruvian tax authorities do not respond within the abovementioned period, the tax
basis calculation will be deemed automatically approved.</span></p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
any transaction relating to Peruvian securities through the Lima Stock Exchange, CAVALI will act as withholding agent of the Peruvian
income tax expense. If the purchaser is a resident in Peru and the sale is not performed through the Lima Stock Exchange, the purchaser
will act as withholding agent. In other cases, the transferor shall be obliged to self-assess the tax and pay it to the Peruvian tax
authorities within the first 12 business days of the month following the transfer. Nevertheless, from January 1, 2023 to December 31,
2023, Law 31662, the income tax expense exemption applicable to capital gains derived from the transfer of shares through the Stock Market
(provided that the conditions established in Law 30341 and its amendments are met), applies only to individuals and marriages in the
community of property. This exemption applies only to capital gains up to a threshold of 100 Tax Units of the capital gain generated
in each fiscal year (currently, S/4,950.00 per Tax Unit). Thus, this new rule excluded the exemption applicable to domiciled and non-domiciled
entities that were only in force as of December 31, 2022.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Other
Considerations</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">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, fees payable
to the Peruvian Securities Commission, brokers&#8217; fees (about&#160;0.05% to 0.50% of value sold by legal entities) 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.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">United
States Federal Income Tax Considerations</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following summary describes certain U.S. federal income tax consequences to a U.S. Holder (as defined below) of the ownership and disposition
of our ADSs and common shares. This summary deals only with ADSs and common shares held as capital assets (generally, property held for
investment). As used herein, the term &#8220;U.S. Holder&#8221; means a beneficial owner of ADSs or common shares that is for U.S. federal
income tax purposes:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">an
individual who is a citizen or resident of the United States;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">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;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">an
estate the income of which is subject to United States federal income taxation regardless of its source; or</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
trust if it (i) 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 (ii) has a valid election in effect under applicable United States
Treasury regulations to be treated as a United States person.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">This
summary does not represent a detailed description of the United States federal income tax consequences applicable to you in light of
your particular circumstances and does not address 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:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
dealer in securities or currencies;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
financial institution;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
regulated investment company;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
real estate investment trust;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">an
insurance company;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; 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 0pt 1.5in; text-align: justify; text-indent: -0.5in"></p><div>

</div><!-- Field: Page; Sequence: 161; 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 -->157<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
tax-exempt organization;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
person holding our ADSs or common shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
trader in securities that has elected the mark-to-market method of accounting for your securities;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
person liable for alternative minimum tax;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
person who owns or is deemed to own 10% or more of our stock (by vote or value);</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
person required to accelerate the recognition of any item of gross income with respect to our ADSs or common shares as a result of such
income being recognized on an applicable financial statement;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
partnership or other pass-through entity for United States federal income tax purposes; or</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
person whose &#8220;functional currency&#8221; is not the U.S. dollar.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
discussion below is based upon the provisions of the 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 than the consequences under
the foregoing authorities. In addition, this summary is based, in part, upon representations made by the depositary to us and assumes
that the deposit agreement, and all other related agreements, will be performed in accordance with their terms.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our ADSs or common
shares, 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 partner of a partnership holding our ADSs or common shares, you should consult your tax advisors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">This
summary does not address the effects of the federal tax on net investment income or other U.S. federal tax consequences (such as U.S.
federal estate or gift tax consequences), and does not address the effects of any state, local or non-U.S. tax laws. If you are considering
the purchase of our ADSs or common shares, you should consult your own tax advisors concerning the U.S. federal income tax consequences
to you in light of your particular situation as well as any consequences arising under other U.S. federal tax laws and the laws of any
other taxing jurisdiction.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Except
as specifically noted below under &#8220;&#8212;Passive Foreign Investment Company,&#8221; the following discussion assumes we will not
be a passive foreign investment company (a &#8220;PFIC&#8221;) for U.S. federal income tax purposes.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ADSs</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
you hold ADSs, for U.S. 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 U.S. federal income
tax.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Taxation
of Dividends</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
gross amount of distributions, other than certain pro rata distributions of common shares, 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 U.S. federal income tax principles.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; 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: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">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 U.S. 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 (but not below
zero), 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 U.S. federal income tax principles. Therefore, you should expect that a distribution
will generally be reported as a dividend. Such dividends (including any 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 generally will not be eligible for the dividends received deduction allowed to corporations under the Code.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Subject
to applicable limitations (including a minimum holding period requirement), dividends received by non-corporate U.S. 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-U.S.
corporation is 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 (and if such corporation is
neither a PFIC in the current year nor the most recently completed taxable year (as discussed below under &#8220;<i>Passive Foreign Investment
Company</i>&#8221;)). U.S. Treasury Department guidance indicates that our ADSs, which are listed on the NYSE, will be considered readily
tradable on an established securities market in the United States. Based on existing guidance, it is not entirely clear whether our common
shares will be considered readily tradable on an established securities market in the United States because only the ADSs, not the underlying
common shares, are listed on a securities market in the United States. 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. Additionally,
even if we are a qualified foreign corporation, the reduced rates on dividends will apply only if such dividends are paid with respect
to the ADSs that a non-corporate U.S. holder has held for at least 61 days during the 121-day period beginning 60 days before the &#8220;ex-dividend
date.&#8221; 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 particular
circumstances.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">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 U.S. source ordinary income or loss.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Subject
to certain conditions and limitations and the Foreign Tax Credit Regulations (as defined below), Peruvian withholding taxes on dividends
may be treated as foreign taxes eligible for credit against your U.S. 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, in certain circumstances, if you have held the ADSs or common shares for less than a specified minimum period
during which you are not protected from risk of loss, or are obligated to make payments related to the dividends, you will not be allowed
a foreign tax credit for any Peruvian withholding taxes imposed on dividends paid on the ADSs or common shares. In addition, Treasury
regulations that apply to taxes paid or accrued in taxable years beginning on or after December 28, 2021 (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 U.S. foreign tax credit, you may be able to deduct Peruvian withholding
taxes on dividends, subject to generally applicable limitations under U.S. law (including that a U.S. Holder is not eligible for a deduction
for foreign income taxes paid or accrued in a taxable year if such U.S. 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 Foreign Tax Credit Regulations and the availability of the foreign tax credit or
a deduction under your particular circumstances.</span></p><div>

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

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Taxation
of Capital Gains</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
U.S. federal income tax purposes, you will recognize taxable gain or loss on any sale 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. Such gain or loss will generally be capital gain or loss. Capital gains of non-corporate U.S. 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.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Any
gain or loss recognized by you will generally be treated as U.S. source gain or loss for foreign tax credit purposes. 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 U.S. source), unless you
can apply the credit (subject to applicable limitations) against U.S. federal income tax payable on other income from foreign sources.
In such case, however, the non-creditable Peruvian income tax may reduce the amount realized on the 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, including the effect of the Foreign Tax Credit Regulations and the availability of the foreign tax credit under
your particular circumstances.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Passive
Foreign Investment Company</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Based
on the past and projected composition of our income and assets and the valuation of our assets, we do not believe that we were a PFIC
for our most recent taxable year and we do not expect to become a PFIC in the current taxable year or the foreseeable future, although
there can be no assurance in this regard. In general, we will be a PFIC for U.S. federal income tax purposes for any taxable year in
which, after applying certain look-through rules, (i) at least 75% of our gross income is passive income, or (ii) at least 50% of the
value (generally determined based on a quarterly average) of our assets is attributable to assets that produce or are held for the production
of passive income. For this purpose, passive income generally includes dividends, interest, royalties and rents (other than royalties
and rents derived in the active conduct of a trade or business and not derived from a related person). The determination of whether we
are a PFIC is made annually. Accordingly, it is possible that we may become a PFIC in the current or any future taxable year due to changes
in our income or asset composition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
we are a PFIC for any taxable year during which you hold our ADSs or common shares, you could be subject to additional U.S. federal income
taxes on gain recognized with respect to our ADSs or common shares and on certain distributions, plus an interest charge on certain taxes
treated as having been deferred under the PFIC rules. In addition, non-corporate U.S. 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. Although the determination of whether we are a
PFIC is made annually, if we are a PFIC for any taxable year in which you hold our ADSs or common shares, we would generally continue
to be treated as a PFIC with respect to you for all succeeding years during which you hold the ADSs or common shares, even if we ceased
to meet the threshold requirements for PFIC status during such years. However, if we cease to be a PFIC, you can avoid the continuing
impact of the PFIC rules by making a special election to recognize gain as if your ADSs or common shares had been sold on the last day
of the last taxable year during which we were a PFIC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">You
will generally be required to file Internal Revenue Service Form 8621 if you hold our ADSs or common shares in any year in which we are
classified as a PFIC. If we were to be classified as a PFIC, certain elections may be available that would result in alternative treatments
(such as mark-to-market or qualified electing fund treatment) of the ADSs or common shares. U.S. Holders should consult their tax advisors
to determine whether any of these elections would be available and, if so, what the consequences of the alternative treatments would
be in their particular circumstances. U.S. Holders should note, however, that we do not intend to comply with such reporting requirements
necessary to permit U.S. Holders to elect to treat the Company as a qualified electing fund. You are urged to consult your tax advisors
concerning the U.S. federal income tax consequences of holding our ADSs or common shares if we are considered a PFIC in any taxable year,
including the potential availability and effect of any elections which would provide for alternative treatment.</span></p><div>

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</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Information
with respect to Foreign Financial Assets</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">U.S.
Holders that are individuals (and, to the extent provided in regulations, certain entities) that own &#8220;specified foreign assets,&#8221;
including possibly the ADSs or common shares, with an aggregate value in excess of $50,000 at the end of the taxable year or $75,000
at any time during the taxable year are generally required to file IRS Form 8938 with information regarding such assets. Depending on
the circumstances, higher threshold amounts may apply. Specified foreign financial assets include any financial accounts maintained by
foreign financial institutions, as well as any of the following, but only if they are not held in accounts maintained by financial institutions:
(i) stock and securities issued by non-U.S. person, (ii) financial instruments and contracts held for investment that have non-U.S. issuer
or counterparties, and (iii) interests in non-U.S. entities. If a U.S. Holder is subject to this information reporting regime, the failure
to timely file IRS Form 8938 may subject the U.S. Holder to penalties. In addition to these requirements, U.S. Holders may be required
to annually file FinCEN Report 114 (Report of Foreign Bank and Financial Accounts) with the U.S. Department of Treasury. U.S. Holders
are thus encouraged to consult their U.S. tax advisors with respect to these and other reporting requirements that may apply to their
acquisition of the common ADSs and common shares.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Information
Reporting and Backup Withholding</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
general, information reporting will apply to dividends in respect of our ADSs or common shares and the proceeds from the sale or other
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 are an exempt recipient. Backup withholding may apply to such payments if you fail to provide a taxpayer identification number
or certification of exempt status or fail to report in full dividend and interest income.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit
against your U.S. federal income tax liability provided the required information is furnished to the Internal Revenue Service in a timely
manner. Information reporting requirements may apply regardless of whether withholding is required. U.S. Holders should consult their
own tax advisors about any additional reporting requirements that may arise as a result of their purchasing, holding or disposing of
ADSs or common shares. Significant penalties can apply if a U.S. Holder is required to disclose its ADSs or common shares and fails to
do so.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>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 U.S. federal income tax laws, of an investment in our ADSs or common shares.</i></span></p><div>

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

</div><div><a id="a_043"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">F.&#160;Dividends
and Paying Agents</span></p><div>

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

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

</div><div><a id="a_044"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">G.&#160;Statement
by Experts</span></p><div>

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

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

</div><div><a id="a_045"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">H.&#160;Documents
on Display</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are subject to the informational requirements of the U.S. Securities Exchange Act of 1934, or the Exchange Act. Accordingly, we are required
to submit reports and other information to the SEC, including annual reports on Form 20-F and reports on Form 6-K. In addition, the SEC
maintains an Internet website at http://www.sec.gov, from which you can electronically access these materials.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; 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: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
a foreign private issuer, we are required to file with the SEC annual reports on Form 20-F, but we are not subject to the same disclosure
requirements as a domestic U.S. registrant under the Exchange Act. For example, we are not required to prepare and issue quarterly reports.
However, we have furnished, and intend to continue to furnish, our shareholders with quarterly reports containing unaudited financial
data for the first three quarters of each fiscal year. In addition, as a foreign issuer, we are not subject to the proxy rules under
Section 14 of the Exchange Act and our officers and directors are subject to Section 16 of the Exchange Act relating to insider short-swing
profit disclosure and recovery regime.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
send the depositary a copy of all notices that we give relating to meetings of our shareholders or to distributions to shareholders or
the offering of rights and a copy of any other report or communication that we make generally available to our shareholders. The depositary
makes all these notices, reports and communications that it receives from us available for inspection by registered holders of ADSs at
its office. The depositary mails copies of those notices, reports and communications to you if we ask the depositary to do so and furnish
sufficient copies of materials for that purpose.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
file financial statements and other periodic reports with the Peruvian Securities Commission in Peru. 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,
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
unaudited interim financial statements on a quarterly basis (which are not required to be subject to limited review), and audited annual
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.</span></p><div>

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

</div><div><a id="a_046"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">I.&#160;Subsidiary
Information</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">See
the Notes 2.B and 6 to our audited annual consolidated financial statements included in this annual report for a description of our subsidiaries.</span></p><div>

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

</div><div><a id="a_047"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are exposed to a number of market risks arising from our normal business activities, including the possibility that changes in currency
exchange rates or interest rates will adversely affect future cash flows and profit or the value of our financial assets and liabilities.
From time to time, we enter into derivative transactions to hedge against foreign currencies and interest rate fluctuations. For further
information regarding our market risk, see Note 4 to our audited annual consolidated financial statements included in this annual report.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Exchange
Rate Risk</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are exposed to market risk associated with changes in foreign currency exchange rates. Our revenues and costs, and our assets and liabilities,
are denominated in soles, U.S. dollars, Chilean pesos and, to a lesser extent, other currencies. In 2022, we estimate that 39.3%, 43.8%
and 16.9% of our revenues were denominated in soles, U.S. dollars and other currencies (principally Chilean pesos), respectively, while
55.8%, 25.9% and 18.3% of our cost of sales during the year were denominated in soles, U.S. dollars and other currencies. In addition,
as of December 31, 2022, 51.8%, 47.3% and 1.0% of our total debt was denominated in soles, U.S. dollars and other currencies, respectively.
If, at December 31, 2022, the sol had strengthened/weakened by 2% against the U.S. dollar, with all other variables remaining constant,
or pre-tax profit for the year would have increased/decreased by US$1.2 million (US$0.1 million in 2021 and S/0.8 million in 2020).</span></p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Interest
Rate Risk</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
may from time to time incur variable interest rate indebtedness, and accordingly our Financial expenses are affected by changes in interest
rates. Based upon our indebtedness as of December 31, 2022, the variable interest rate indebtedness outstanding is as follows:</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Linea
1 Senior Secured Notes. </i>On February 2015, L&#237;nea 1 issued a total of S/629 million (US$184.3 million) Series A Senior Secured
VAC-Indexed Notes due 2039, with an annual interest rate of 4.75% plus adjustments for inflation. As of December 31, 2022, L&#237;nea
1 had S/630.0 million (US$164.9 million) outstanding under these notes.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Bridge
Loan</i>. On March 17, 2022, the company entered into a bridge loan credit agreement for up to US$120 million, with a group of financial
entities comprised by <i>Banco BTG Pactual S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Instituci&#243;n de
Banca M&#250;ltiple, Grupo Financiero HSBC</i>, and Natixis, New York Branch. The financing will be repaid over a period of 18 months.
On April 5, 2022, the loan was disbursed and we used the proceeds to repay certain of our financial and other obligations.</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Commodity
Price Risk</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are exposed to market risk associated with changes in commodity prices, primarily for oil, steel and cement, which in aggregate represented
a majority of our total input cost in 2022. We do not have long-term contracts for the supply of these key inputs. Based upon our consumption
of these inputs during 2022, a 10% increase/decrease in the prices of each of oil, steel and cement would have increased/decreased our
costs of sales by S/3.8 million, S/0.9&#160;million and S/3.2 million, respectively. However, based on our production of oil during 2022,
a 10% increase/decrease in the price of oil would have increased or decreased our revenues by S/38.2 million.</span></p><div>

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

</div><div><a id="a_048"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></p><div>

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

</div><div><a id="a_049"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">A.&#160;Debt
Securities</span></p><div>

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

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

</div><div><a id="a_050"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">B.&#160;Warrants
and Rights</span></p><div>

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

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

</div><div><a id="a_051"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">C.&#160;Other
Securities</span></p><div>

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

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

</div><div><a id="a_052"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">D.&#160;American
Depositary Shares</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Fees
and Expenses</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
depositary 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 are cancelled or reduced for any other
reason, US$5.00 or less 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.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following additional charges shall be incurred by the ADS 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 ADSs or the deposited securities or a distribution of ADSs), whichever is applicable:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; 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 0pt 1.5in; text-align: justify; text-indent: -0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
fee of US$0.05 or less per ADS for any cash distribution made pursuant to the deposit agreement;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">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 ADSs
(which fee may be charged on a periodic basis during each calendar year and shall be assessed against holders of ADSs 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);</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
fee for the 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 sale of securities, the delivery of deposited securities or otherwise in connection with the depositary&#8217;s
or the 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);</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">a
fee for the distribution or sale of securities pursuant to paragraph 10 of the deposit agreement, such fee being in an amount equal to
the 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;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">stock
transfer or other taxes and other governmental charges;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">cable
and facsimile transmission and delivery charges incurred at your request in connection with the deposit or delivery of common shares;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">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</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></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: justify"><span style="font-family: Times New Roman, Times, Serif">expenses
of the depositary in connection with the conversion of foreign currency into U.S. dollars.</span></td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
depositary has agreed to reimburse us for certain expenses we incur that are related to establishment and maintenance of the ADS 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.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
2022, the depositary reimbursed us for expenses in an aggregate amount of US$125,527.35 (S/472,610.47).</span></p><div>

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


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

</div><div><a id="a_053"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; text-transform: uppercase">Part
II.</span></p><div>

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

</div><div><a id="a_054"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif">ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></p><div>



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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">CS
Peru Infrastructure Loan</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Due
to the impact of the COVID-19 pandemic on the company&#8217;s results of operations, during the third and fourth quarters of 2020 and
the first and second quarters of 2021, the company was in default under the CS Peru Infrastructure Loan for failing to maintain its maximum
Leverage Ratio (as defined therein). On December 23, 2020, the company and the initial lender signed a waiver and consent agreement in
respect of the initial default. The subsequent defaults were resolved during 2021 because we repaid in full the loan on August 13, 2021.</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Norvial
Corporate Bonds</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Due
to the impact of the COVID-19 pandemic and government measures to curb the spread of the virus, including the temporary suspension of
tolls in Peru pursuant to Law 31018, on our subsidiary Norvial&#8217;s results of operations, during the second quarter of 2020, Norvial
was in default under its corporate bonds for failing to maintain its Debt Service Coverage Ratio (as defined therein). On August 5, 2020,
the general assembly of bondholders granted a waiver in respect of the prior default. Norvial is currently in compliance with its financial
covenants.</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Financial
Stability Framework Agreement</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
July 2017, the Company and its subsidiaries (Cumbra, Construyendo Pa&#237;s S.A., Vial y Vives - DSD and Concesionaria V&#237;a Expresa
Sur S.A.) signed a Financial Stability Framework Agreement with the following financial institutions: Scotiabank Per&#250; S.A., Banco
Internacional del Per&#250; S.A.A., Banco BBVA Per&#250; S.A., Banco de Cr&#233;dito del Per&#250; S.A., Citibank del Per&#250;
S.A. and Citibank N.A. The objectives of the Financial Stability Framework Agreement were: to guarantee Cumbra a syndicated revolving
line of credit for working capital, a non-revolving line of credit to finance repayment commitments subject to performance bonds; to
guarantee lines of credit for the issuance of performance bonds and to commit to maintain the existing letters of credit issued to Cumbra&#8217;s
requirements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">At
December 31, 2021, the Company was in compliance with the obligations and covenants established in the Financial Stability Framework
Agreement.</span></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
March 29, 2022, S/28.2 million and US$0.3 million corresponding to the total balance of the direct debt of the Financial Stability Framework
Agreement (US$ 7.4 million, equivalent to S/29.5 million, as of December 31, 2021) were paid, and the line of credit for the issuance
of letters of guarantee remains in place. Santander Loan</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
maturity of a short-term loan from Banco Santander to our subsidiary Cumbra was extended until September 30, 2022. As of the date of
this annual report, Cumbra has deposited the full principal amount under the Santander Loan Agreement in the Santander Payment Account
of the Guarantee and Management Trust Agreement dated March 28, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
more information, see &#8220;Item 5.B. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8212;Indebtedness.&#8221;</span></p><div>

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

</div><div><a id="a_055"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Material
Modifications to the Rights of Security Holders</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">None.</span></p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Use
of Proceeds</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
December 2018, our company issued and sold a total of 69,380,402 common shares to certain of our company&#8217;s existing shareholders
that exercised preemptive rights in accordance with Peruvian law and pursuant to a private placement. On April 2, 2019, our company issued
and sold 142,483,633 common shares pursuant to the private placement, of which: (i) 55,291,877 shares were paid in full and (ii) 87,191,786
shares were paid 50% on such date with 50% paid on June 1, 2019. In total, our company issued and sold 211,864,065 common shares with
the proceeds used to reduce debt, to pay our vendors and for working capital for one of our company&#8217;s subsidiaries.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
August 13, 2021, AENZA issued bonds convertible into common shares in a total principal amount of US$89.9 million. The bonds mature in
February 2024, bear interest at a rate of 8%, and are payable quarterly. Pursuant to the terms and conditions of the convertible bonds,
they may be converted into shares as of the sixth month from the date of issuance. In accordance with the terms and conditions of the
convertible bonds, holders of convertible bonds in a principal amount equivalent to US$11 million exercised their conversion rights and
on February 28, 2022, we issued 37,801,073 new common shares. Additionally, holders of convertible bonds in a principal amount equivalent
to US$79 million exercised their conversion rights and, on March 31, 2022, we issued an additional&#160;287,261,051 new common shares.
After these conversions, the convertible bonds have been fully cancelled.</span></p><div>

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

</div><div><a id="a_056"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
15. CONTROLS AND PROCEDURES</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">CONTROLS
AND PROCEDURES</span></p><div>

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

</div><div><a id="a_057"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">A.&#160;Disclosure
Controls and Procedures</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: 0; text-align: justify; text-indent: 0.5in">Management, with the participation
of our company&#8217;s Chief Executive Officer and Vice President of Corporate Control and Planning, performed an evaluation of the effectiveness
of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended
(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 Vice President of Corporate Control and Planning , 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 Vice President of Corporate Control and Planning concluded that, as of December 31,
2022, our disclosure controls and procedures were not effective due to the existence of the material weaknesses in internal control over
financial reporting described below.</p><div>

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

</div><div><a id="a_058"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">B.&#160;Management&#8217;s
Annual Report on Internal Control Over Financial Reporting</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Management
is responsible for establishing and maintaining adequate internal control over financial reporting for our company as such term is defined
by Exchange Act rules 13(a)-15(f) and 15(d)-15(f). Our company&#8217;s system of internal control over financial reporting is designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with IFRS <span>and includes those policies and procedures that: (i) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the Company&#894; (ii) 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 our management and directors&#894; and (iii) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial
statements</span>. 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.</span></p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of our annual and interim consolidated financial statements will not be prevented
or detected on a timely basis.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Management,
with the participation of the Chief Executive Officer and Vice President of Corporate Control and Planning under the oversight of the
board of directors <span>evaluated the effectiveness of our internal control over financial reporting
as of December 31, 2022, using the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on this evaluation, management concluded that our internal control over financial reporting
was not effective as of December 31, 2022, because of the following material weaknesses identified in our internal control over financial
reporting.</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.3pt; text-align: justify; text-indent: -17.3pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; "><span>Our information technology general
controls (ITGCs) related to our information technology (IT) systems were ineffective. Therefore, our automated process-level controls and
manual controls dependent upon the accuracy and completeness of information derived from those IT systems were also ineffective, because
they could have been adversely impacted.; and</span></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.3pt; text-align: justify; text-indent: -17.3pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; ">With
regards to compliance with IFRS 15 &#8211; Revenue Recognition (IFRS 15), we did not effectively design and implement process-level control
activities related to the recognition of revenue and costs within our engineering and construction segment.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.3pt; text-align: justify; text-indent: -17.3pt"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Management
concluded that these material weaknesses were primarily due to:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; ">With
regards to our control environment, our resources did not have the necessary expertise and accountability for the design, implementation,
operation, and documentation of certain internal controls over financial reporting and IT systems.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.3pt; text-align: justify; text-indent: -17.3pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; ">Our
risk assessment process did not identify relevant risks of material misstatement related to recognition of revenue and costs within our
engineering and construction segment and ITGCs.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.3pt; text-align: justify; text-indent: -17.3pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; ">Our
structures, reporting lines, authorities and responsibilities regarding ITGCs and their impact on process-level controls were not appropriately
established. Thus, our information and communication process that identified and assessed the controls necessary to ensure the reliability
of the information used in financial reporting and that communicated relevant information about roles and responsibilities for internal
control over financial reporting, was not effective.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.3pt; text-align: justify; text-indent: -17.3pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; ">Our
assessment of the operation of internal control over financial reporting, including monitoring activities, the continued appropriateness
of control design and level of supporting documentation was not effective.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
revenue-related control deficiencies resulted in immaterial misstatements to revenue, cost of sales, deferred revenue, work in progress,
accounts receivable and accounts payable that have been corrected in our consolidated financial statements as of and for the years ended
December 31, 2021, and 2020. However, these control deficiencies created a reasonable possibility that a material misstatement to our
annual consolidated financial statements would not be prevented or detected on a timely basis. Therefore, management concluded that the
deficiencies represent material weaknesses in our internal control over financial reporting and our internal control over financial reporting
was not effective as of December 31, 2022.</span></p><div>

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

</div><div><a id="a_059"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">C.&#160;Report
of the Independent Registered Public Accounting Firm on Internal Control over Financial Reporting</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in">Emmerich, C&#243;rdova
y Asociados S. Civil. de R.L. (a member firm of KPMG and formerly Caipo y Asociados S. Civil. de R.L.), our independent registered public
accounting firm, which audited and reported on the consolidated financial statements as of and for the year ended December 31, 2022 contained
in this annual report on Form 20-F, has issued an adverse opinion on the effectiveness of our internal control over financial reporting.
Emmerich, C&#243;rdova y Asociados S. Civil. de R.L. (a member firm of KPMG and formerly Caipo y Asociados S. Civil. de R.L.)&#8217;s
report appears on page F-2 of this annual report on Form 20-F.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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


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

</div><div><a id="a_060"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">D.&#160;Remediation
Plan</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the material
weaknesses mentioned in Section B above, management, with oversight of the Audit Committee of the Board of Directors, has begun to implement
steps to remediate the material weaknesses. Our efforts include the following actions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Enhancing
our control environment by having sufficient trained staff, holding them accountable and having appropriate structures and reporting
lines to enhance our information and communication processes.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Enhancing
policies and procedures to improve our risk assessment in the engineering and construction segment and updating our revenue recognition
and cost policies and related accounting processes and internal controls in order comply with IFRS 15.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Developing
a detailed remediation plan to remediate the ITGC deficiencies including: (i) restructuring the IT organization with the aim of assuring
trained and accountable personnel; (ii) defining and implementing a specific ITGC matrix for legacy systems to align them to our current
IT objectives; and (iii) enhancing control procedures to assure proper access control and segregation of duties across our IT systems.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Implementing
a Financial Committee, under the oversight of the Audit Committee, to regularly monitor for changes to IFRS, and, if applicable, the
application of those changes to timely evaluate potential risks of material misstatement to our consolidated financial statements and
the need to effectively design, implement and operate process-level controls in response to those risks of material misstatement.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 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: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Strengthening
our overall monitoring of internal control over financial reporting.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Company will continue to monitor and assess our remediation activities to remediate these material weaknesses as soon as practicable.</span></p><div>

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

</div><div><a id="a_061"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">E.&#160;Changes
in Internal Control Over Financial Reporting</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">No
changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred
during the quarter ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.</span></p><div>

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

</div><div><a id="a_062"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
16. [RESERVED]</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_063"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Board of Directors has determined that Mr. Carlos Rojas as our Audit and Compliance Committee, qualifies as an &#8220;audit committee
financial expert,&#8221; as defined in the instructions to Item 16A of Form 20-F. Our Board of Directors has also determined that Mr.
Rojas fulfills the independence standards set forth in Rule 10A-3 of the U.S. Exchange Act.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_064"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
16B. CODE OF BUSINESS CONDUCT AND ETHICS</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are committed to responsible, honest, transparent and ethical conduct. Our management system enables us to communicate our corporate
values and principles to all levels of the organization, offers a confidential reporting mechanism <i>(canal &#233;tico)</i>, and has
a governance structure, independent from management, to investigate and remedy potential breaches of our code.</span></p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have adopted a code of business conduct and it applies to our directors, officers, employees and any other party that represents AENZA
in any activity. Our code of business conduct is available on our website www.aenza.com.pe. Information on our website is not incorporated
by reference in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
we make any substantive amendment to the code of business conduct or if we grant any waiver, including any implicit waiver, from a provision
of the code of business conduct that applies to our chief executive officer, VP of Corporate Finance and Business Development or Vice
President of Corporate Control and Planning, we will disclose the nature of such amendment or waiver in our website or in our next Form
20-F to be filed with the SEC to the extent required under applicable rules. During the year ended December&#160;31, 2022, no such amendment
or waiver was granted.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_065"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Audit
and Non-Audit Fees</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth the fees billed to us by our former independent registered public accounting firm, Moore Assurance S.A.S.
(a member firm of Moore Global Network Limited), in connection with its audit of our annual consolidated financial statements for
the fiscal year ended December 31, 2021, which are included in this report and by our current independent registered public
accounting firm, Emmerich, C&#243;rdova y Asociados S. Civil. de R.L. (a member firm of KPMG and formerly Caipo y Asociados
S. Civil. de R.L.), in connection with its audit of our annual consolidated financial statements for the fiscal year ended December
31, 2022, which are included in this report.</span></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><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">For&#160;the&#160;year&#160;ended<br/>
December&#160;31,</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">177</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Tax fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">All other fees</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">459.7</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 9pt">Total fees</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,612.5</td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,515</td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table><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: justify; text-indent: 0.5in">(i) In the years ended December 31, 2021 and December 31, 2022, respectively, the Company paid S/1,154.9 thousand and S/1,403.9 thousand
to Ernst &amp; Young Asesores Empresariales S. Civil de R.L. and Ernst &amp; Young Consultores S. Civil de R.L., in relation to tax advisory
and consulting services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) In 2023, the
Company paid S/1,623.5 thousand in fees to Moore Assurance S.A.S. (a member firm of Moore Global Network Limited) in relation to
consent letters and revision of the Financial Statements for each of the two fiscal years ended December 31, 2020 and December 31,
2021.</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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Audit
fees in the table above are the aggregate fees billed and billable by our independent auditor in connection with the audit of, or
audit procedures in connection with, our annual consolidated financial statements and review of our internal controls. As of the
date of this annual report, all fees invoiced to us by our previous independent registered public accounting firm, Moore Assurance
S.A.S. (a member firm of Moore Global Network Limited) and our current independent registered public accounting firm, Emmerich,
C&#243;rdova y Asociados S. Civil. de R.L. (a member firm of KPMG and formerly Caipo y Asociados S. Civil. de R.L.), in connection
with its respective services rendered to us have been paid or agreed for payment.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Audit Committee is responsible for the oversight of the independent auditors and has established pre-approval procedures for the engagement
of our registered public accounting firm for audit and non-audit services. Services can only be contracted if they are approved by the
Audit Committee, they comply with the restrictions provided under applicable rules and they do not jeopardize the independence of our
auditors. All services provided by our prior independent auditor for our fiscal years ended December 31, 2020 and 2021 and by current
independent auditor for our fiscal year ended December 31, 2022 were pre-approved by our Audit Committee.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 -->169<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><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><div><a id="a_066"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Audit and Compliance Committee is comprised by the directors Mr. Carlos Rojas Perla (chairman of the committee), Mr. Santiago Hernando
Perez, Mr. Antonio Carlos Valente Da Silva and Mr. Juan Vicente Revilla Vergara.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
disclose that, with respect to the current membership of Mr. Juan Vicente Revilla Vergara on our Audit Committee, the company has relied
on the exemption from the independence requirements provided by Rule&#160;10A&#160;3(b)(1)(iv)(D) of the Securities and Exchange Act
of 1934, as amended. Pursuant to said rule, a member of the Committee who is an affiliate of the foreign private issuer or a representative
of such an affiliate that has only observer status on, and is not a voting member or the chair of, the audit committee, and neither the
member nor the affiliate is an executive officer of the foreign private issuer, may be exempted from the independence requirement. Mr.
Juan Vicente Revilla Vergara meets the requirements of Rule 10A 3(b)(1)(iv)(D).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
reliance on the exemption provided by Rule 10A 3 of the Exchange Act, with respect to Mr. Juan Vicente Revilla Vergara, would not materially
adversely affect the ability of our Audit and Compliance Committee to act independently.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_067"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_068"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><b>Previous independent registered public accounting
firm</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The company is obliged to
elect on an annual basis its principal accountant. The election takes place at the annual shareholders&#8217; meeting. The audit committee
submitted to the board of directors their proposal for the election of the principal accountant for fiscal year 2022. The board of directors,
at its meeting held on March 4, 2022, agreed to propose to the annual shareholders&#8217; meeting of March 31, 2022, the option to choose
among two candidates. At the referred annual shareholders&#8217; meeting held on March 31, 2022, Emmerich, C&#243;rdova y Asociados
S. Civil. de R.L. (a member firm of KPMG and formerly Caipo y Asociados S. Civil. de R.L.) was elected as principal accountant for the
fiscal year 2022. As a consequence, Moore Assurance S.A.S. (a member firm of Moore Global Network Limited) was replaced as our independent
registered public accounting firm on March 31, 2022. Such replacement became effective upon completion by Moore Assurance S.A.S. of its
procedures on the company&#8217;s financial statements as of and for the year ended December 31, 2021 and the filing of the annual report
for fiscal year 2021 filed with the SEC on May 16, 2022.</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: justify; text-indent: 0.5in">The reports of Moore Assurance
S.A.S. on the company&#8217;s consolidated financial statements for each of the two fiscal years ended December 31, 2020 and December
31, 2021, respectively, did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty,
audit scope or accounting principle.</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: 0; text-align: justify; text-indent: 0.5in">In connection with the audits
of the company&#8217;s consolidated financial statements for each of the two fiscal years ended December 31, 2020 and December 31, 2021,
and in the subsequent interim period through May 16, 2022, there have been no disagreements with Moore Assurance S.A.S. on any matter
of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction
of Moore Assurance S.A.S. would have caused Moore Assurance S.A.S. to make reference to the matter in their report. There were no &#8220;reportable
events&#8221; as that term is described in Item16F(a)(1)(v) of Form 20-F, except for the material weakness reported in Item 15 of the annual report for fiscal year 2021 filed with the SEC on May 16, 2022.</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: 0; text-align: justify; text-indent: 0.5in">We have requested that Moore
Assurance S.A.S. furnish us with a letter addressed to the SEC stating whether it agrees with the above statements. A copy of that letter,
dated May 16, 2022, is filed as Exhibit 8.02 filed herewith.&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">New
independent registered public accounting firm</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
shareholders&#8217; meeting engaged Emmerich, C&#243;rdova y Asociados S. Civil. de R.L. (a member firm of KPMG and formerly Caipo
y Asociados S. Civil. de R.L.) as our new independent registered public accounting firm as of March 31, 2022. During the fiscal
years ended December 31, 2021 and 2020 and through March 31, 2022, we did not consult with Emmerich, C&#243;rdova y Asociados S.
Civil. de R.L. (a member firm of KPMG and formerly Caipo y Asociados S. Civil. de R.L. regarding either (i) the application of
accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered
on our financial statements, and neither a written report was provided to us or oral advice was provided that Emmerich,
C&#243;rdova y Asociados S. Civil. de R.L. concluded was an important factor considered by us in reaching a decision as to the
accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement, as that term is
defined in Item 16F(a)(1)(iv) of Form 20-F or a reportable event as that term is defined in Item 16F(a)(1)(v) of Form
20-F.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_069"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
16G. CORPORATE GOVERNANCE</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are a &#8220;foreign private issuer&#8221; within the meaning of the NYSE corporate governance standards. Under NYSE 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.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">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 NYSE&#8217;s
listing standards.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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 -->170<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><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: justify; text-indent: 0.5in">The
NYSE listing standards provide that the Board of Directors of a U.S. listed company must have a majority of independent directors. Under
Peruvian corporate governance practices, a Peruvian company is not required to have a majority of independent members on its Board of
Directors. Our Audit Committee is comprised of independent directors under SEC rules applicable to foreign private issuers.</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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
listing standards for the NYSE also require that U.S. listed 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 such committees, which may be composed partially or entirely of non-independent directors. Accordingly, we do not
have a nominating/corporate governance committee and a compensation committee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, NYSE 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, accordingly, we do not have such meetings.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
NYSE&#8217;s listing standards also require U.S. listed companies to adopt and disclose corporate governance guidelines. In July
2002, 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;Principles of Good Governance for Peruvian
Companies.&#8221; These principles are disclosed on the Peruvian Securities Commission web page http://www.smv.gob.pe and the Lima
Stock Exchange web page http://www.bvl.com.pe. Although we have implemented a number of these measures and have been selected
to form 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.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_070"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
16H. MINE SAFETY DISCLOSURE</span></p><div>

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

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

</div><div><a id="b_001"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">ITEM 16I. <span style="font-family: Times New Roman, Times, Serif">DISCLOSURE
REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not applicable.&#160;</span></p><div>

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

</div><div><a id="a_071"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
17. FINANCIAL STATEMENTS</span></p><div>

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

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

</div><div><a id="a_072"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
18. FINANCIAL STATEMENTS</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">See
our consolidated financial statements beginning at page F-1 of this annual report. See also Oil and Gas Supplementary Schedules beginning
on page S-1.</span></p><div>

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

</div><!-- Field: Page; Sequence: 175; 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 -->171<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_073"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ITEM
19. EXHIBITS</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
agreements and other documents filed as exhibits to this annual report are not intended to provide factual information or other disclosure
other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose.
In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific
context of the relevant agreement or document and for the benefit of the other parties to the agreements and they may not describe the
actual state of affairs as of the date they were made or at any other time.</span></p><div>

</div><p style="margin-top: 0; margin-bottom: 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="border-bottom: Black 1.5pt solid; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit Number</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1.5pt solid; width: 90%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.01****</span></td>
    <td>&#160;</td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312521162643/d106587dex101.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By-Laws of the Registrant, as currently in effect</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.01**</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1080275/000101915518000357/granadep.htm">Registrant&#8217;s Form of American Depositary Receipt</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.02**</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1080275/000101915518000357/granadep.htm">Deposit Agreement, dated as of December 31, 2018, among the Registrant, The Bank of New York Mellon, as depositary, and all owners and holders from time to time of American depositary shares issued thereunder</a></span></td></tr>

<tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.01</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex8-01_aenzasaa.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries of the Registrant</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.02</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex8-02_aenzasaa.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moore Assurance S.A.S. Letter</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.01***</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312520168063/d862224dex1001.htm">Credit Agreement, dated as of July 31, 2019, by and between Aenza, as borrower, and CS Peru Infrastructure Holdings LLC, as initial lender.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.01.1***</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312520168063/d862224dex10011.htm">Amendment, Waiver and Consent, dated as of February 28, 2020, by and between Aenza, as borrower, and CS Peru Infrastructure Holdings LLC, as initial lender.</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.01.2****</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312521162643/d106587dex10012.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver and Consent Agreement, dated December 23, 2020, by and between Aenza, as borrower, and CS Peru Infrastructure Holdings LLC, as initial lender.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.02</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex10-02_aenzasaa.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit Agreement, dated as of March 17, 2022, by and between Aenza, as borrower, and Banco BTG Pactual S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC, and Natixis, New York Branch, as lenders.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.03*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex1004.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Section 20 of Concession Agreement, dated as of July 22, 2014, by and among the Peruvian Ministry of Energy and Mines, as contracting authority and the concessionaire party thereto.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.04*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex1005.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Memorandum of Understanding, dated as of September 26, 2017, by and among Aenza, Negocios de Gas S.A., Enag&#225;s S.A., Odebrecht S.A., and Inversiones en Infraestructura de Transporte por Ductos S.A.C.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.04.1*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex100511.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Rights Subordination Agreement, dated as of April 29, 2016, by and among Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enag&#225;s, S.A., Aenza, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., and Gasoducto Sur Peruano S.A.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.04.1.1*</span></td>
    <td>&#160;</td>
    <td style="padding-left: -0.125in; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex100511.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Addendum No. 1, dated as of June 24, 2016, to the Rights Subordination Agreement, dated as of April 29, 2016, by and among, inter alia, Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enag&#225;s, S.A., Aenza, Cumbra, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., Gasoducto Sur Peruano S.A., Odebrecht Per&#250; Ingenier&#237;a y Construcci&#243;n S.A.C., and Constructora Norberto Odebrecht S.A., Sucursal del Per&#250;.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.04.1.2*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex100512.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Addendum No. 2 and Assignment Agreement, dated as of August&#160;11, 2016, to the Rights Subordination Agreement, dated as of April 29, 2016, by and among, inter alia, Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enag&#225;s, S.A., Aenza, Cumbra, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., Gasoducto Sur Peruano S.A., Odebrecht Per&#250; Ingenier&#237;a y Construcci&#243;n S.A.C., and Constructora Norberto Odebrecht S.A., Sucursal del Per&#250;.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.04.1.3*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex100513.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Modification to Addendum No. 2 and Assignment Agreement, dated as of October 25, 2016, to the Rights Subordination Agreement, dated as of April 29, 2016, by and among, inter alia, Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enag&#225;s, S.A., Aenza, Cumbra, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., Gasoducto Sur Peruano S.A., Odebrecht Per&#250; Ingenier&#237;a y Construcci&#243;n S.A.C., and Constructora Norberto Odebrecht S.A., Sucursal del Per&#250;.</span></a></td></tr>

<tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.05*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex1003.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Financial Stability Framework Agreement, dated as of July 31, 2017, by and among, inter alia, Aenza, as borrower, and Scotiabank Per&#250; S.A.A., Banco Internacional del Per&#250; S.A.A., BBVA Banco Continental, Banco de Cr&#233;dito del Per&#250;, Citibank del Per&#250; S.A. and Citibank, N.A., as lenders.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.06***</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312520168063/d862224dex1005.htm">Description of Securities Registered Pursuant to Section 12 of the Exchange Act</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.01</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex12-01_aenzasaa.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.02</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex12-02_aenzasaa.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Vice President of Corporate Control and Planning pursuant to Section 302 of the Sarbanes-Oxley Act</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.01*****</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex13-01_aenzasaa.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.02*****</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex13-02_aenzasaa.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Vice President of Corporate Control and Planning pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101. INS</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Instance Document</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101. SCH</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Schema Document</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101. CAL</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101. DEF</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101. LAB</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101. PRE</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>

<tr style="vertical-align: top; ">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)</span></td></tr>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><!-- Field: Rule-Page --><div style="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="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"><span style="font-family: Times New Roman, Times, Serif">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Incorporated
                                            herein by reference to the Registrant&#8217;s Form 20-F filed with the SEC on May 15, 2018.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">**</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Incorporated
                                            herein by reference to the Registrant&#8217;s registration statement on Form F-6 filed with
                                            the SEC on December 10, 2018.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">***</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Incorporated
                                            herein by reference to the Registrant&#8217;s Form 20-F filed with the SEC on June 25, 2020.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">****</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Incorporated
                                            herein by reference to the Registrant&#8217;s Form 20-F filed with the SEC on May 17, 2021.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">*****</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">This
                                            certification will not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Exchange
                                            Act (15 U.S.C. &#167;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.</span></td></tr></table><div>


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




</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>




</div><!-- Field: Page; Sequence: 176; 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 -->172<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"></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 colspan="2">AENZA S.A.A.</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 5%">&#160;</td>
    <td style="width: 35%">&#160;</td>
    <td style="width: 60%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>By:</td>
    <td style="border-bottom: Black 1.5pt solid">/s/ Andre Mastrobuono </td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>Name:</td>
    <td>Andre Mastrobuono</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>Title:</td>
    <td>Chief Executive Officer</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>By:</td>
    <td style="border-bottom: Black 1.5pt solid">/s/ Oscar Pando Mendoza</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>Name:</td>
    <td>Oscar Pando Mendoza</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>Title:</td>
    <td>Vice President of Corporate Control and Planning</td>
    <td>&#160;</td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">Date:
May 15, 2023</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"></p><div>


</div><!-- Field: Page; Sequence: 177; 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 -->173<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">Supplementary
Data (Unaudited)</span></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">Oil
and Gas Producing Activities</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic&#160;932, &#8220;Extractive Activities-Oil
and Gas,&#8221; and regulations of the U.S. Securities and Exchange Commission (SEC), our company has included certain supplemental disclosures
about its oil and gas exploration and production operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">All
information in the following supplemental disclosures related to Blocks I, III, IV and V.</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Reserve
                                            Quantity Information</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">UNNA
Energ&#237;a S.A.&#8217;s net proved reserves in the fields in which they operate and changes in those reserves for operations are
disclosed below. The net proved reserves represent our company&#8217;s best estimate of proved oil and natural gas reserves. For 2020,
2021, and 2022, reserve estimates have been evaluated by its technical staff (reservoir engineers and geoscience professionals) and submitted
to its Reserve Development Committee. The estimates for all years presented conform to the definitions found in FASB ASC paragraph 932-10-65-1
and Rule 4-10(a) of Regulation&#160;S-X.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Proved
oil reserves are those quantities of oil, which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty
to be economically producible, based on prices used to estimate reserves, from a given date forward from known reservoirs, and under
existing economic conditions, operating methods, and government regulation prior to the time at which contracts providing the right to
operate expire, unless evidence indicates that renewal is reasonably certain.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
term &#8220;reasonable certainty&#8221; implies a high degree of confidence that the quantities of oil actually recovered will equal
or exceed the estimate. To achieve reasonable certainty, our company&#8217;s engineers and independent petroleum consultants relied on
technologies that have been demonstrated to yield results with consistency and repeatability. The technologies and economic data used
to estimate our company&#8217;s proved reserves include, but are not limited to, well logs, geologic maps, seismic data, well test data,
production data, historical price and cost information and property ownership interests.</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">PROVED
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"></p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-style: italic; text-align: left; text-indent: -0.125in">Enhanced oil recovery</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Proved
                                            reserves estimated in oil and gas properties located in Blocks III, IV and V (Talara and
                                            Paita) under one service contracts and two license contracts with Perupetro. The rights to
                                            produce hydrocarbons expire in October 2023 for Block V and April 2045 for Blocks III and
                                            IV. The proved reserves estimated in this report constitute all of the proved reserves under
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            revisions in reserve estimates are based on new information obtained as a result of drilling
                                            activities and workovers. During 2021 and 2022, proved developed reserves of crude oil increased
                                            due to drilling activities in Block III and Block IV.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
                                            of December 31, 2021, the associated gas reserves were 55,326 MMCF. As of December 31, 2022,
                                            the associated gas reserves were 24,001 MMCF.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Gas
                                            reserves as of December 31, 2022 were lower than gas reserves as of December 31, 2021 due
                                            to the inability to monetize gas available in Block III and considering only the volume of
                                            gas contracted from Gasnorp of 1,606 MMSCF of proved reserves.</span></td></tr></table><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>RESERVE
QUANTITY INFORMATION<br/>
FOR THE YEAR ENDED DECEMBER 31, 2020 </i></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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">
    <td>&#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>
    <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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Proved undeveloped reserves</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; ">
    <td style="font-style: italic">Beginning of year </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">18,301</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">15,931</td><td style="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"><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"><span style="font-family: Times New Roman, Times, Serif"><i>RESERVE
QUANTITY INFORMATION<br/>
FOR THE YEAR ENDED DECEMBER 31, 2021</i></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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">Total</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="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Peru</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#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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  <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; text-align: left">Proved undeveloped reserves</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)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif"><i>RESERVE
QUANTITY INFORMATION<br/>
FOR THE YEAR ENDED DECEMBER 31, 2022</i></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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">
    <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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    <td colspan="2" style="text-align: center">&#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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    <td style="text-align: left">&#160;</td><td style="text-align: right">11,345</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,226</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-align: left">Proved undeveloped reserves</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; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">12,656</td><td style="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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 179; 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 -->175<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">B.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Capitalized
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth the capitalized costs relating to our company&#8217;s crude oil and natural gas producing activities for the
years indicated:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#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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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">121,657</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; ">
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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">10,767</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">11,920</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">&#8212;</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">&#8212;</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="text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left">Total Proved Properties</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">121,657</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">146,052</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Unproved properties</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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="text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left">Total Property, Plant and Equipment</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">45,257</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">95,727</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">121,657</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#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">(17,774</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">(36,672</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">(45,426</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">(32,378</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; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Net capitalized costs</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">27,482</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">59,054</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">C.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Costs
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth costs incurred related to our company&#8217;s oil and natural gas activities for the years indicated:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</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">&#8212;</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>
    <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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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#8212;</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; 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">(44,612</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; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">86,314</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">(24,107</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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  </table><div>

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

</div><!-- Field: Rule-Page --><div style="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"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
                                            company has not incurred in any cost related to Oil and Gas property acquisition for all
                                            years presented.</span></td></tr></table><div>

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

</div><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"><span style="font-family: Times New Roman, Times, Serif">D.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Results
                                            of Operations for Oil and Natural Gas Producing Activities</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
results of operations for oil and natural gas producing activities, excluding overhead costs and interest expenses, are as follows for
the years indicated:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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="18" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total Peru</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <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></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#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="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(31,431</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#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">(2,099</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,571</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,791</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,180</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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  <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="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">(7,979</td><td style="font-style: italic; text-align: left">)</td><td style="font-style: italic">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,831</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(252</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,439</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="font-weight: bold; text-align: left">Results of operations from producing activities</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">602</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">11,480</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>

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

</div><!-- Field: Rule-Page --><div style="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"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Income
                                            after deductions for UNNA Energ&#237;a S.A.&#8217;s share of government royalties according
                                            to contract obligations. There are no sales or transfers to our company&#8217;s other operations.</span></td></tr></table><div>

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

</div><!-- Field: Page; Sequence: 180; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 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: justify; 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"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
                                            2018, the Peruvian government retained the legal tax rate at 29.5%. In 2019, the legal tax
                                            rate was 30.25%. In 2020, 2021, and 2022, the legal tax rate was 29.5%.</span></td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">E.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Standardized
                                            Measure of Discounted Future Net Cash Flows</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
standardized measure of discounted future net cash flows, related to the proved reserves is based on estimates of net proved reserves
and the period during which they are expected to be produced. Future cash inflows are computed by applying the twelve-month period unweighted
arithmetic average of the price as of the first day of each month within that twelve-month period, unless prices are defined by contractual
arrangements, after royalty share of estimated annual future production from proved oil and gas reserves.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Future
production and development costs to be incurred in producing and further developing the proved reserves are based on year end cost indicators.
Future Income tax expenses are computed by applying year end statutory tax rates.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following chart shows standardized measures of discounted future net cash flows for the periods indicated:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"></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">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right">2,041,128</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%; font-weight: bold">&#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">(722,422</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,063,655</td><td style="text-align: left">)</td><td style="font-weight: bold">&#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">(338,141</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(52,800</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(34,192</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(102,402</td><td style="text-align: left">)</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">(62,683</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(41,343</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">46,571</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">122,935</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">225,528</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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><!-- Field: Rule-Page --><div style="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"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
                                            oil volumes, per barrel prices after deductions of UNNA Energia S.A.&#8217;s share government
                                            royalties used in determining future cash inflows for the years ended December 31, 2018,
                                            2019, 2020, 2021 y 2022 were US$49.82, US$64.72, US$38.06, US$38.48 and US$46.68 respectively.
                                            For gas volumes, gas price is linked to the oil price according to the gas purchase contract.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Production
                                            costs and developments costs relating to future production of proved reserves are based on
                                            the continuation of existing economic conditions. Future estimated decommissioning costs
                                            are included.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Taxation
                                            is computed using the appropriate year-end statutory corporate income tax rates.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Future
                                            net cash flows from oil production are discounted at 10% regardless of assessment of the
                                            risk associated with its production activities.</span></td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">F.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Changes
                                            in Standardized Measure of Discounted Future Net Cash Flows</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following chart shows changes in standardized measures of discounted future net cash flows for the periods indicated:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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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    <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>
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    <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></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#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">(132,783</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(82,263</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(110,821</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(133,913</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(53,324</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(15,668</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(54,441</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(20,671</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(68,095</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(55,359</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,137</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">154,531</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19,893</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">(86,314</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">72,852</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">(53,612</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">90,931</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">99,822</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">87,508</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">58,757</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">91,413</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">427</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,250</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,277</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(26,809</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(22,988</td><td style="text-align: left">)</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">(886</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,213</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,643</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">162,417</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">56,773</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">71,512</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">46,571</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">122,935</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">225,528</td><td style="font-weight: bold; text-align: left"><p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">&#160;</p></td></tr>
  </table><div>




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

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

</div><!-- Field: Page; Sequence: 181; 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 -->177<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">EXHIBIT
INDEX</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></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="border-bottom: Black 1.5pt solid; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit Number</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1.5pt solid; width: 90%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.01****</span></td>
    <td>&#160;</td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312521162643/d106587dex101.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By-Laws of the Registrant, as currently in effect</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.01**</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1080275/000101915518000357/granadep.htm">Registrant&#8217;s Form of American Depositary Receipt</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.02**</span></td>
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<tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.01</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.02</span></td>
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  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.01***</span></td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.01.2****</span></td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.02</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex10-02_aenzasaa.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit Agreement, dated as of March 17, 2022, by and between Aenza, as borrower, and Banco BTG Pactual S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC, and Natixis, New York Branch, as lenders.</span></a></td></tr>
  <tr style="vertical-align: top; ">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex1004.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Section 20 of Concession Agreement, dated as of July 22, 2014, by and among the Peruvian Ministry of Energy and Mines, as contracting authority and the concessionaire party thereto.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex1005.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Memorandum of Understanding, dated as of September 26, 2017, by and among Aenza, Negocios de Gas S.A., Enag&#225;s S.A., Odebrecht S.A., and Inversiones en Infraestructura de Transporte por Ductos S.A.C.</span></a></td></tr>
  <tr style="vertical-align: top; ">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex100511.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Rights Subordination Agreement, dated as of April 29, 2016, by and among Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enag&#225;s, S.A., Aenza, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., and Gasoducto Sur Peruano S.A.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="padding-left: -0.125in; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex100511.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Addendum No. 1, dated as of June 24, 2016, to the Rights Subordination Agreement, dated as of April 29, 2016, by and among, inter alia, Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enag&#225;s, S.A., Aenza, Cumbra, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., Gasoducto Sur Peruano S.A., Odebrecht Per&#250; Ingenier&#237;a y Construcci&#243;n S.A.C., and Constructora Norberto Odebrecht S.A., Sucursal del Per&#250;.</span></a></td></tr>
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex100512.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Addendum No. 2 and Assignment Agreement, dated as of August&#160;11, 2016, to the Rights Subordination Agreement, dated as of April 29, 2016, by and among, inter alia, Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enag&#225;s, S.A., Aenza, Cumbra, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., Gasoducto Sur Peruano S.A., Odebrecht Per&#250; Ingenier&#237;a y Construcci&#243;n S.A.C., and Constructora Norberto Odebrecht S.A., Sucursal del Per&#250;.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex100513.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Modification to Addendum No. 2 and Assignment Agreement, dated as of October 25, 2016, to the Rights Subordination Agreement, dated as of April 29, 2016, by and among, inter alia, Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enag&#225;s, S.A., Aenza, Cumbra, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., Gasoducto Sur Peruano S.A., Odebrecht Per&#250; Ingenier&#237;a y Construcci&#243;n S.A.C., and Constructora Norberto Odebrecht S.A., Sucursal del Per&#250;.</span></a></td></tr>

<tr style="vertical-align: top; ">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312518164453/d506693dex1003.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Financial Stability Framework Agreement, dated as of July 31, 2017, by and among, inter alia, Aenza, as borrower, and Scotiabank Per&#250; S.A.A., Banco Internacional del Per&#250; S.A.A., BBVA Banco Continental, Banco de Cr&#233;dito del Per&#250;, Citibank del Per&#250; S.A. and Citibank, N.A., as lenders.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1572621/000119312520168063/d862224dex1005.htm">Description of Securities Registered Pursuant to Section 12 of the Exchange Act</a></span></td></tr>
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    <td style="text-align: justify"><a href="f20f2022ex12-01_aenzasaa.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex12-02_aenzasaa.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Vice President of Corporate Control and Planning pursuant to Section 302 of the Sarbanes-Oxley Act</span></a></td></tr>
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    <td style="text-align: justify"><a href="f20f2022ex13-02_aenzasaa.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of the Vice President of Corporate Control and Planning pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act</span></a></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Instance Document</span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Schema Document</span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
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    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
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    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
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    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>

<tr style="vertical-align: top; ">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)</span></td></tr>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 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="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Incorporated
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">**</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Incorporated
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">****</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Incorporated
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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">
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 182; 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 -->178<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>AENZA S.A.A. and Subsidiaries</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: 14pt Times New Roman, Times, Serif; margin: 0pt 0">Consolidated Financial Statements</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"><b>As of December 31, 2020, 2021 and 2022</b></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; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; width: 90%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Content</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="white-space: nowrap; border-bottom: Black 1.5pt solid; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 91%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#g_007">Report of Independent Registered Public Accounting Firm for year ended December 31, 2022 Financial Statements (Emmerich, C&#243;rdova y Asociados S. Civil de R.L.; PCAOB ID : 2282; Location: Lima, Peru)</a></span></td>
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    <td style="vertical-align: bottom; white-space: nowrap; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#g_008">Report of Independent Registered Public Accounting Firm for year ended December 31, 2020 and December 31, 2021 Financial Statements (MOORE ASSURANCE SAS; PCAOB ID : 6006; Location: Bogot&#225;, Colombia)</a></span></td>
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    <td style="vertical-align: bottom; white-space: nowrap; text-align: center">F-7</td></tr>

<tr style="vertical-align: top; ">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; ">
    <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 style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#g_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Other
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    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#g_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Changes in Equity</span></a></td>
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  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#g_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows</span></a></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">F-16</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#g_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the Consolidated Financial Statements</span></a></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center">F-17<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> - F-129</span></td></tr>
  </table><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="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.5in">S/</td>
  <td style="text-align: center; width: 0.25in">=</td>
  <td style="width: 0.75in">Sol</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>US$</td>
  <td style="text-align: center">=</td>
  <td> US dollar</td>
    <td>&#160;</td></tr>
</table><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>

</div><!-- Field: Page; Sequence: 184; Options: NewSection; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</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><div><a id="g_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Report of Independent Registered Public Accounting
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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">To the Stockholders and Board of Directors</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AENZA 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-align: justify"><b><i>Opinion on the Consolidated Financial Statements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
    statement of financial position of AENZA S.A.A. and subsidiaries (the &#8220;Company&#8221;) as of December 31, 2022, the related consolidated
    statements of income, comprehensive income, changes in equity, and cash flows for the year then ended, and the related notes (collectively,
    the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects,
    the financial position of the Company as of December 31, 2022, and the results of its operations and its cash flows for the year then
    ended, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board
    (IASB).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 (2013) issued by the Committee of Sponsoring
    Organizations of the Treadway Commission, and our report dated May 15, 2023 expressed an adverse opinion on the effectiveness of the Company&#8217;s
    internal control over financial reporting.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements are the
    responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these consolidated financial statements
    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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 the consolidated
    financial statements are free of material misstatement, whether due to error or fraud. Our audit 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 audit 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 audit provides
    a reasonable basis for our opinion.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The critical audit matters communicated below
    are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated
    to the audit committee and that: (1) relate 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 critical audit matters 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
    matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Valuation of the trade account receivable
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed in Notes 5(a)(iv), 11(b) and 14(a)(i)
    to the consolidated financial statements, the Company has a 20% investment in Gasoducto Sur Peruano S.A. (GSP), which entered into a concession
    agreement with the Peruvian Government in 2014. In January 2017, The Peruvian Ministry of Energy and Mines early terminated the agreement
    due to the fact that GSP did not accredit the financial closure within the contractual term. In December 2017, GSP started bankruptcy
    proceedings, in which the Company was part of the GSP&#8217;s creditors. In addition, the Liquidation Agreement of GSP was approved by
    the Board of Creditors to execute this proceeding, by which GSP believes it can recover the net carrying amount (NCA) of the concession
    assets from the Peruvian Government and, as a consequence, the Company expects to recover the accounts receivable. The Company had an
    account receivable from GSP for S/ 542.3 million, net, as of December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We identified the assessment of the valuation
    of the trade account receivable from GSP as a critical audit matter. Subjective auditor judgment was required to evaluate the Company&#8217;s
    assessment of the recoverable amount of this trade account receivable due to the possible course of actions the Board of Creditors could
    elect and the timing for their execution. In addition, the assessment of the discount rate used in the determination of the trade accounts
    receivable from GSP required specialized skills and knowledge. In this type of complex and long-term proceedings, the Company&#180;s
    key assumptions, such as, the recoverability of the NCA of the concession assets and the term of recovery, may vary in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are the primary procedures we performed
    to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related
    to the Company&#8217;s assessment of the recovery of this trade account receivable from GSP. We evaluated the Company&#8217;s and its
    external legal advisors&#8217; assessment of the early termination of the concession agreement, and the corresponding conclusions that
    impacted the assessed recoverable amount of the trade account receivable. We evaluated the report from the Company&#8217;s external legal
    advisors with respect to the recovery process executed by the Board of Creditors. We involved legal professionals with specialized skills
    and knowledge, who assisted in the evaluation of the expected term of recovery used by the Company. We involved valuation professionals
    with specialized skills and knowledge, who assisted in the assessment of the discount rate used by the Company at December 31, 2022 by
    developing an independent range of discount rates and comparing those to the amounts used by the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Provisions for civil reparation and the
    sanctioning administrative process</span></i></p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed in Notes 1(c) and 21(a) to the consolidated
    financial statements, as of December 31, 2022, the Company recorded a provision for civil reparation for S/ 488.9 million that corresponds
    to a legal contingency related to the participation of the Company and two of its subsidiaries as minority partners in developed infrastructure
    projects in Peru, with companies belonging to the Odebrecht Group and construction projects related to the Construction Club. As result
    of the criminal investigations conducted by the Public Ministry, on September 15, 2022 the Company subscribed the final Plea Agreement
    with the Public Prosecutor&#8217;s Office and the Attorney General&#8217;s Office, establishing the amount of the civil reparation to
    the Peruvian State. The Plea Agreement enforceability is subject to court approval by the Peruvian Justice Court. Additionally, as of
    December 31, 2002, the Company recorded a provision for contingencies for S/ 52.4 million in relation to the sanctioning administrative
    process conducted by Peruvian National Institute for the Defense of Fee Competition and the Intellectual Property Protection (INDECOPI)
    related to the Construction Club, for which the Company is awaiting the rule in the final INDECOPI&#8217;s administrative instance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We identified the evaluation of the provisions
    for civil reparation and the sanctioning administrative process as a critical audit matter. Subjective auditor judgment was required to
    evaluate the Company&#8217;s determination of the probable compensation for the civil reparation to the Peruvian State and the probable
    penalty as a result of the INDECOPI&#8217;s sanctioning administrative process due to the complexity, uncertainty and length of the legal
    and administrative processes.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are the primary procedures we performed
    to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related
    to these provisions for contingencies. We evaluated the report of the external legal advisors of the Company in relation to their assessment
    of the Plea Agreement and the INDECOPI&#8217;s sanctioning administrative process. We read the Plea Agreement subscribed on September
    15, 2022, between the Public Prosecutor&#8217;s Office, Attorney General&#8217;s Office, and the Company, and we compared the amounts
    described in the Plea Agreement and the amounts recognized in the consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Revenue recognition for engineering and
    construction contracts with customers </span></i></p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed in Note 2.W to the consolidated financial
    statements, the Company recognizes revenue from engineering and construction contracts with customers over time using the output method
    to measure the physical percentage-of-completion, which is based on surveys of performance by the Company&#8217;s experts. The Company
    recorded S/ 2,451 million of revenue from construction contracts for the year ended December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We identified the evaluation of revenue recognition
    for engineering and construction contracts with customers as a critical audit matter. Evaluating the Company&#8217;s determination of
    the physical percentage-of-completion based on surveys of performance by the Company&#8217;s specialist involved a high degree of subjective
    auditor judgment. Specialized skills and knowledge were also required to evaluate the Company&#8217;s determination of the physical percentage
    of completion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are the primary procedures we performed
    to address this critical audit matter. We evaluated the professional qualifications and the knowledge, skills, and ability of the Company&#8217;s
    specialists involved in measuring the contract&#8217;s physical percentage-of-completion. For a sample of construction revenue, we (i)
    inspected contracts signed between the Company and customers to evaluate the effects on revenue recognition of the relevant contractual
    conditions, (ii) analyzed the underlying documentation for the revenue recognized, (iii) interviewed and inspected documentation prepared
    by project personnel and (iv) involved professionals with specialized skills and knowledge in engineering, who assisted in the evaluation
    of the physical percentage-of-completion of the sample of construction revenue based on information provided by the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Emmerich, C&#243;rdova y Asociados S. Civil
    de R.L.</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&#8217;s auditor
    since 2022. Lima, Peru</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 15, 2023</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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 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>Report of Independent Registered Public Accounting
    Firm</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">To the Stockholders and Board of Directors<br/>
    AENZA S.A.A.:</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Opinion on Internal Control Over Financial
    Reporting </i></b></p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited AENZA S.A.A. and subsidiaries&#8217;
    (the &#8220;Company&#8221;) internal control over financial reporting as of December 31, 2022, based on criteria established in Internal
    Control &#8211; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission&#8221;. In
    our opinion, because of the effect of the material weaknesses, described below, on the achievement of the objectives of the control criteria,
    the Company has not maintained effective internal control over financial reporting as of December 31, 2022, based on criteria established
    in Internal Control &#8211; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also have audited, in accordance with the standards
    of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company
    as of December 31, 2022, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for the
    year then ended , and the related notes (collectively, the consolidated financial statements), and our report dated May 15, 2023 expressed
    an unqualified opinion on those consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there
    is a reasonable possibility that a material misstatement of the company&#8217;s annual or interim financial statements will not be
    prevented or detected on a timely basis. The following material weaknesses have been identified and included in management&#8217;s
    assessment:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information technology general controls (ITGCs) related to the Company&#8217;s information technology (IT) systems were ineffective.
Therefore, the automated process-level controls and manual controls dependent upon the accuracy and completeness of information derived
from those IT systems were also ineffective, because they could have been adversely impacted; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify; text-indent: -17pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
regards to compliance with IFRS 15 &#8211; <i>Revenue Recognition</i> (IFRS 15), the Company did not effectively design and implement
process-level control activities related to the recognition of revenue and costs within the engineering and construction segment.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify; text-indent: -17pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
    material weaknesses were primarily due to:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
regards to the Company&#8217;s control environment, the Company&#8217;s resources did not have the necessary expertise and accountability
for the design, implementation, operation, and documentation of certain internal controls over financial reporting and IT systems.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify; text-indent: -17pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s risk assessment process did not identify relevant risks of material misstatement related to recognition of revenue and
costs within the engineering and construction segment and ITGCs.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify; text-indent: -17pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s structures, reporting lines, authorities and responsibilities regarding ITGCs and their impact on process-level controls
were not appropriately established. Thus, the Company&#8217;s information and communication process that identified and assessed the
controls necessary to ensure the reliability of the information used in financial reporting and that communicated relevant information
about roles and responsibilities for internal control over financial reporting, was not effective.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify; text-indent: -17pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s assessment of the operation of internal control over financial reporting, including monitoring activities, the continued
appropriateness of control design and level of supporting documentation was not effective.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify; text-indent: -17pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2022
    consolidated financial statements, and this report does not affect our report on those consolidated financial statements.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 of internal control over financial reporting
    included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,
    and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included
    performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis
    for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Definition and Limitations of Internal Control
    Over Financial Reporting </i></b></p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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-align: justify">&#160;</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Emmerich, C&#243;rdova y Asociados S. Civil
    de R.L.</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&#8217;s auditor
    since 2022. Lima, Peru</p><div>
    </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 15, 2023</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" name="dei:AuditorName">Emmerich, Cordova y Asociados S. Civil de R.L.,</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PCAOB ID: <ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">2282</ix:nonNumeric></p><div>

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

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

</div><!-- Field: Page; Sequence: 189; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 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"><b><img alt="" src="image_029.jpg"/></b></p><div>

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

</div><div><a id="g_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INDEPENDENT AUDITOR&#8217;S REPORT</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>To the Shareholders and Directors </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>AENZA S.A.A. and Subsidiaries</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: justify"><b>Report of Independent Registered Public Accounting
Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>To the Board of Directors and Shareholders
of Aenza S.A.A. and its subsidiaries </b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Opinions on the Financial Statements and
Internal Control over Financial Reporting </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
statements of financial position of Aenza S.A.A. and its subsidiaries (the &#8220;Company&#8221;) as of December 31, 2021, the related
consolidated statements of income, comprehensive income, changes in equity, and cash flows for each of the two years in the period ended
December 31, 2021, and the related notes. We also have audited the Company&#8217;s internal control over financial reporting as of December
31, 2021, based on criteria established in Internal Control - Integrated Framework (2013), issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). In our opinion, the financial statements present fairly, in all material respects, the financial position
of the Company as of December 31, 2021 and the results of its operations and their cash flows for each of the two years in the period
ended December 31, 2021, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting
Standards Board. Also, in our opinion, the Company did not maintain, in all material respects, effective internal control over financial
reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013), issued by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) because material weaknesses in internal control over financial reporting
existed as of that date related to deficiencies in the operational effectiveness of controls over SOX compliance. A material weakness
is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The material
weaknesses referred to above are described in the Management Report on Internal Control over Financial Reporting appearing under Item
15. We considered these material weaknesses in determining the nature, timing, and extent of audit tests applied in our audit of the 2021
consolidated financial statements, and our opinion regarding the effectiveness of the Company&#8217;s internal control over financial
reporting does not affect our opinion on those consolidated financial statements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Emphasis of Certain Matters</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></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"><b><i>1.</i></b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As discussed in Note 1 to the financial statements, Aenza S.A.A., in the so-called Lava Jato case, participated as a minority partner, directly and/or through subsidiaries and other entities with companies of the Odebrecht Group for the development of six projects of infrastructure; Cumbra Per&#250; S.A. and Unna Transporte S.A.C. (formerly Concar S.A.C) (both subsidiaries of AENZA S.A.A.) were included in the criminal investigation that the Peruvian authorities have been carrying out for the alleged crime of corruption in relation to the Construction Club. Based on the Agreement entered into with the Prosecutor&#8217;s Office and the Attorney General&#8217;s Office on May 21, 2021, the Company registered in the financial statements as of December 31, 2021, the present value of the provision for the amount of S/240.1 million. The specific terms and conditions of the aforementioned Agreement are subject to judicial approval. Additionally, the National Institute for the Defense of Free Competition and the Protection of Intellectual Property of Peru (INDECOPI), has incorporated Cumbra Per&#250; S.A. in some administrative sanctioning procedure related to the Construction Club and has incorporated Cumbra Peru S.A. and Unna Transporte S.A.C. in some administrative sanctioning procedure related to the labor recruitment market in the construction sector. The company and its legal advisors estimate that the fine related to the Construction Club amounts to S/52.6 million and that the fine related to the labor recruitment market in the construction sector amounts to S/4.8 million, which have been registered in the financial statements as of December 31, 2021. Management of the Company cannot rule out the possibility of finding, in the future, adverse evidence, nor does it rule out that the authorities or third parties find, in the future, adverse evidence not currently known regarding other projects developed during the period under investigation.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.55pt 0pt 20.25pt; text-align: justify; text-indent: -21.4pt">&#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"><b><i>2.</i></b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As indicated in Notes 12 and 15 to the consolidated financial statements, the Company has an account receivable from Gasoducto Sur Peruano (associate) for S/ 643.8 million as of December 31, 2021. Gasoducto Sur Peruano entered into a bankruptcy process due to the early termination of the concession contract with the Peruvian government to build, operate and maintain the transportation system for natural gas pipelines; this process is in the creditors&#8217; recognition stage that will form the creditors&#8217; assembly. Based on the preliminary plea agreement signed with the Peruvian authorities, the Company desisted from requesting arbitration for the collection of that debt; however, according to the opinion of its legal advisors, the Company considers that Gasoducto Sur Peruano can exercise its right to collect from the Peruvian State for the net book value of the concession assets and thus recover the corresponding accounts receivable</span></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="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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><img alt="" src="image_029.jpg"/><i>&#160;</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis for Opinion </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s management is responsible
for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment
of the effectiveness of internal control over financial reporting included in the &#168;Management&#8217;s Report on Internal Control over
Financial Reporting&#8221; referred to above. Our responsibility is to express an opinion on these financial statements and the Company&#8217;s
internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (&#8220;PCAOB&#8221;) 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 financial statements are free of material misstatement, whether due to error or fraud, and whether
effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial
statements included performing procedures to assess the risks of material misstatement of the 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 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 financial statements. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our
audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide
a reasonable basis for our opinions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Definition and Limitations of Internal Control
Over Financial Reporting </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness in 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-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Critical Audit Matters </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The critical audit matters communicated below
are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated
to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii)
involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters 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 matters
below, providing a separate opinion on the critical audit matters or on the accounts or disclosures to which they relate.</p><div>

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




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

</div><!-- Field: Page; Sequence: 191; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><img alt="" src="image_029.jpg"/>&#160;</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Provision for civil reparation </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in note 22 to the consolidated financial
statements, as of December 31, 2021, the company has registered a legal contingency for civil reparation amounting to S/240.1 million.
That value corresponds to a probable compensation related to the participation of the Company and its subsidiaries as minority partners
in certain entities that developed infrastructure projects in Peru with companies belonging to the Odebrecht group and the projects associated
with the Construction Club. As indicated in notes 1 and 22, the Company recognized the civil compensation provisions based on the projects
that have been reviewed with the Ad Hoc Prosecutor, the formulas established in Law 30737, and the conditions based on the Agreement entered
into with the Prosecutor&#8217;s Office on May 21, 2021.The use of estimates and judgments based on the negotiations developed during
the plea agreement process is required by management to determine its provision. The principal considerations for our determination that
performing procedures related to the legal provision of civil reparation is a critical audit matter are (i) the important judgments that
may arise once the final plea agreement is signed, which led to (ii) a high degree of auditor judgment, subjectivity, and the effort in
performing procedures related to the provision of civil reparation. Addressing the matter involved performing procedures and evaluating
audit evidence in relation to forming our overall opinion on the consolidated financial statements. These procedures included: (i) holding
meetings with management to understand the process of updating the value of the registered civil reparation provision; (ii) requesting
written and verbal communications from the general management and the audit committee on this matter; (iii) reading and evaluating the
responses to our inquires made to the company&#8217;s legal advisor for matters related to the plea agreement process that could have
an impact on determining the updated present value of the estimated liability as of December 31, 2021; (iv) evaluating the competence
and capabilities of the external legal counsel that assessed the likelihood of loss and the estimate of the outflow of resources; (v)
reviewing and testing the assumptions used in updating the present value of the provision based on . and (vi) testing the mathematical
accuracy of the data that supports the calculation of the provision.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Valuation of account receivable related
to Gasoducto Sur Peruano </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in notes 12 and 15 to the consolidated
financial statements, Aenza S.A.A. as of December 31, 2021, has an account receivable from an associated entity, Gasoducto Sur Peruano
(hereinafter GSP), for S/643.8 million. GSP entered into a bankruptcy process due to the early termination of the concession contract
with the Peruvian government to build, operate and maintain the transportation system through natural gas pipelines. This process is in
the recognition stage of the creditors that will make up the Board of Creditors. As described in the emphasis paragraph of this report,
based on the preliminary plea agreement signed with the Peruvian authorities, the Company withdrew from requesting arbitration for the
collection of this debt; however, according to the opinion of its legal advisors, the Company believes GSP can exercise its right to collect
from the Peruvian State for the Net Book Value of the concession assets and in this way recover the corresponding accounts receivable.
The use of estimates and based judgments to calculate the amount of the account receivable that can be recovered is required by management
to determine whether its related provision should be adjusted. The principal considerations for our determination that performing procedures
related to updating the collection right to GSP is a critical audit matter are (i) the significant judgment of management in determining
whether the receivable was impaired, which led to (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures
related to the value recorded as a collection right from GSP as of December 31, 2021, as well as the uncertainty about the final outcome
of the resolution that exists in this type of process due to its long duration and complexity, so the estimates made by the company&#8217;s
management based on the opinions of its advisors could vary in the future. Addressing the matter involved performing procedures and evaluating
audit evidence in relation to forming our overall opinion on the consolidated financial statements. These procedures included: (i) conducting
meetings with management to understand the process of updating the GSP collection right developed by the corporate financial management
and the corporate accounting management of the Company, (ii) reading and evaluating the responses to our inquires made to y the company&#8217;s
legal advisor on this matter and (iii) obtaining and evaluating the assumptions used in the calculations made by management regarding
the updated valuation of the GSP collection right as of December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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; text-align: justify"><img alt="" src="image_029.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Uncertainty in determining the value of
provision related to sanctioning administrative process by a Peruvian regulatory entity</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in note 1 to the consolidated financial
statements, on February 11, 2020, the subsidiary Cumbra Peru S.A. was notified by the Technical Secretary (the &#8220;TS&#8221;) of the
Commission for the Defense of Free Competition (the &#8220;Commission&#8221;) of the Peruvian National Institute for the Defense of Free
Competition and the Protection of Intellectual Property (&#8220;INDECOPI&#8221;) with the resolution that begins a sanctioning administrative
procedure that involves a total of 35 companies and 28 natural persons, for alleged anti-competitive conduct in the market for public
works. The resolution does not include the assignment of responsibilities or the result of the administrative sanctioning procedure, which
will be determined at the end of the aforementioned procedure. The proceeding has concluded its evidentiary stage and the TS has recommended
that the Commission impose a fine which amount has been objected. The decision of the Commission will conclude the first instance of the
proceeding and can be appealed before the Tribunal of INDECOPI. As described in note 22 to the consolidated financial statements, the
Company has recognized a provision in the amount of S/52.6 million, the result of a calculation based on its external advisor&#8217;s
assessment of the case. Additionally, as described in note 22 to the consolidated financial statements, on February 7, 2022, both subsidiaries,
Cumbra Peru S.A. and Unna Transporte S.A.C, were both notified that INDECOPI resolved to initiate an administrative sanctioning procedure
regarding the alleged horizontal collusive practice in the modality of concerted sharing of suppliers in the market of hiring workers
in the construction sector at national level between the years 2011 and 2017. As of December 31, 2021, the Company and its legal advisors
have estimated a provision of S/4.8 million. The principal considerations for our determination that performing procedures relating to
sanctioning administrative process provision is a critical audit matter are (i) the uncertainty in determining the present value of the
sanction, so the estimates made by Management, based on the opinions of its legal advisors, could vary in the future, which led to (ii)
a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management&#8217;s significant assumptions
related to the estimated liability recognized as a consequence of their alleged connection to the Construction Club and the sanctioning
administrative procedure for the alleged execution of a horizontal collusive practice Addressing the matter involved performing procedures
and evaluating audit evidence in relation to forming our overall opinion on the consolidated financial statements. These procedures included:
(i) holding meetings to understand management&#8217;s process of updating the present value of the estimated liability recognized for
its connection to the Construction Club, and the sanctioning administrative procedure for the alleged execution of a horizontal collusive
practice (ii) reading and evaluating the responses to our inquires made to the company&#8217;s legal advisor for matters related to this
legal claim and (iii) evaluating the assumptions used to determine the amount provisioned based on its external advisor&#8217;s assessment
of the case as of December 31, 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Impairment assessment of certain accounts
receivable, other assets and contingencies</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in note 13 to the consolidated financial
statements, Aenza S.A.A. through its subsidiary Cumbra Peru S.A. maintains a lawsuit filed against a customer for an approximate amount
of US$78 million for damages suffered as a result of various contractual breaches. Tecnicas Reunidas Talara, the defendant, has filed
a counterclaim for an approximate amount of US$81 million, alleging that Cumbra Peru S.A. would have breached the subcontract entered
into between the two (hereinafter the &#8220;Arbitration Process&#8221;). On December 28, 2020, Tecnicas Reunidas enforced two letters
of guarantee issued by Banco Santander, for US$16 million for Performance and the second letter for advance payment for US$7.7 million,
despite the fact that the obligations guaranteed by the letter of guarantee were being litigated in the process described in this paragraph.
As of December 31, 2021, the balance of this item at nominal value amounts to US$17.3 million equivalent to S/68.6 million (at present
value the balance amounts to US$14.8 million equivalent to S/63.8 million). The principal considerations for our determination that performing
procedures related to unbilled receivables, funds held as collateral, other accounts receivable, and liabilities to cover possible contingencies
is a critical audit matter are (i) uncertainty about the outcome of the resolution that exists in this type of process, long and complex,
from a legal and economic point of view, so that the estimates made by Management, based on the opinions of its legal advisors, could
vary in the future which led to (ii) a high degree of subjectivity in the auditor&#8217;s judgment for the performance of audit procedures.
Addressing the matter involved performing procedures and evaluating audit evidence in relation to forming our overall opinion on the consolidated
financial statements. These procedures included, among others: (i) understanding the process adopted by Cumbra Peru S.A. to assess the
recovery capacity of said assets and evaluating the design and implementation and operational effectiveness of the key controls related
to these aspects; (ii) reading the Minutes of the engineering and construction committees and the Regional engineering and construction
management, as well as the reading of Important Facts related to this process, communicated by the Corporation; (iii) reading and evaluating
the responses to our inquiries made to the Company&#180;s local and foreign legal advisors; (iv) evaluating the analysis of the recovery
of financial assets developed by Management and the defense technical team in the arbitration process; (v) evaluating the recognition
of liabilities, to cover possible contingencies related to the arbitration process (Backcharge) carried out by Management and (vi) evaluating
assumptions used in calculating accounting estimates of the Corporation, related to the updating of collection rights, impairment of financial
assets, as well as the calculation of the amortized cost for financial assets and liabilities related to the arbitration process.</p><div>

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


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 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: justify"><img alt="" src="image_029.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue and costs recognition from construction
contracts with customers </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in notes 7 and 26 to the consolidated
financial statements, a large part of the company&#8217;s income and costs corresponds to contracts for construction services in which
income is recognized by the degree of progress or degree of completion method. The principal considerations for our determination that
performing procedures related to the assessment of revenue and costs recognition from construction contracts with customers is a critical
audit matter are (i) the recognition of the revenue, costs and the results of these contracts requires a high degree of judgment on the
part of Management and control of the estimates made and the deviations that may occur throughout the duration of the contracts. These
estimates consider all the costs and income related to the contracts, including any additional costs to those initially budgeted, the
risks or claims that are in dispute, as well as the additional ones that are in the process of negotiation or even in the claim process,
insofar as it is considered highly probable that there is no significant reversal when the inherent uncertainty is resolved, either because
there is an approval by the client or because there are technical and / or legal reports that support it which led to (ii) a high degree
of subjectivity in the auditor&#8217;s judgment for the performance of audit procedures. Addressing the matter involved performing procedures
and evaluating audit evidence in relation to forming our overall opinion on the consolidated financial statements. These procedures included,
among others: (i) evaluation of the design and implementation of the key controls related to the income and cost recognition process considering
that performance obligation is satisfied over the time using the output method; (ii) reviewing of the company&#8217;s construction contracts
to evaluate the most significant estimates used in the recognition of income and costs; (iii) obtaining the supporting documentation for
these estimates and the evidence of the judgments made, where appropriate by Management, such as: review of works control panels, quarterly
planning, analysis of income and cost gaps, calculations and estimates of advances in the performance obligations, review of supporting
documentation for additional works, as well as reading the income and cost recognition policies; (iv) performing visits by an expert to
the constructions sites; (v) analyzing contracts to identify relevant contractual mechanisms, such as penalties and evaluating whether
these clauses have been adequately reflected in the Company&#8217;s consolidated financial statements and (vi) evaluating the provisions
recognized at the close of the 2021 financial year related to the contracts, which includes verifying that the main obligations and their
level of risk are reasonably reflected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Determination of depreciation, depletion,
amortization and impairment of long-lived assets </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in notes 16 and 17 to the consolidated
financial statements, the computation of the units-of-production method, which is used in the determination of depreciation, depletion
and amortization (DD&amp;A) of property, plant and equipment related to exploration and production and Natural Gas Treatment Plant, as
well as in the determination of future cash flows used in the impairment analysis of long-lived assets, is dependent upon the estimation
related to oil and gas reserves. The principal considerations for our determination that performing procedures relating to the determination
of depreciation, depletion and amortization and impairment of long-lived assets is a critical audit matter are (i) the significant judgment
by management, including the estimation of oil and gas reserves used to calculate the DD&amp;A and perform the impairment analysis management
uses internal reservoir engineers (hereinafter &#8220;specialists&#8221;) when estimating the reserves, which are determined based on
geological, technical and economic factors. Estimates of oil and gas reserves depend upon a number of variable factors and key assumptions,
including, quantities of oil and gas that are expected to be recovered, the timing of the recovery, production levels, operating and capital
costs to be incurred, sales price, among others, which led to (ii) a high degree of subjectivity in the auditor&#8217;s judgment for the
performance of audit procedures and evaluating management&#8217;s significant assumptions related to the inherent technical engineering
nature of the reserves estimation process, which requires the use of specialists in the performance of the assessment, including in the
determining the reasonableness of management&#8217;s key assumptions previously identified. Addressing the matter involved performing
procedures and evaluating audit evidence in relation to forming our overall opinion on the consolidated financial statements. These procedures
included, among others: (i) obtaining an understanding, evaluated the design, and tested the operating effectiveness of controls over
the Company&#8217;s process to calculate the DD&amp;A and to perform its impairment analysis, including management&#8217;s controls over
the completeness and the accuracy of the financial data provided to the internal specialists for use in estimating oil and gas reserves
and methodology used to develop such estimates; (ii) evaluating the estimated quantity of oil and gas reserves expected to be recovered
used to calculate the DD&amp;A and in the impairment calculation, we obtained the reports from internal specialists hired by management
and evaluated the competency and objectivity of the specialists through the consideration of their professional qualifications, experience
and their use of accepted industry practices; (iii) evaluating the completeness and accuracy of the financial data and inputs described
above, which were used by the specialists in estimating oil and gas reserves by agreeing them to the DD&amp;A and cash flows used in impairment
analysis; (iv) for proved undeveloped reserves, we evaluated management&#8217;s development plan for compliance with the SEC rule that
undrilled locations are scheduled to be drilled within five years, unless specific circumstances justify a longer time, by assessing consistency
of the development projections with the Company&#8217;s drill plan and the availability of capital relative to the drill plan and (v)
testing the mathematical accuracy of the DD&amp;A computations and reviewed the model of impairment analysis of long-lived assets by assessing
the consistency between the estimation of oil and gas reserves prepared by the specialists with volumes of reserves included in the projected
financial information, among other procedures</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moore Assurance S.A.S.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PCAOB ID: 6006 Bogot&#225;, Colombia</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We served as the Company&#8217;s auditor from
2017 to May 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: #FDFDFD">May 16, 2022, except
for note 2.AA. &#8220;Immaterial correction of balances previously submitted as of December 31, 2021&#8221; as to which the date is May
15, 2023.</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"></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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="g_001"></a></div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Consolidated Statement of Financial Position </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021 and 2022</span></td></tr>
  </table><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-size: 9pt; vertical-align: bottom">
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-style: italic">In thousands of soles</td>
    <td style="font-size: 9pt; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">Note</td><td style="font-size: 9pt; padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&#160;</td><td style="font-size: 9pt; padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td colspan="2" style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td colspan="2" style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td colspan="2" style="font-size: 9pt">&#160;</td><td style="font-size: 9pt">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td colspan="2" style="font-size: 9pt">&#160;</td><td style="font-size: 9pt">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt; width: 1%">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; ">
    <td style="font-size: 9pt; text-align: left">Other accounts receivable, net</td>
    <td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 9pt; text-align: left">Inventories, net</td>
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; ">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="aenz:NonCurrentPrepaidExpenses" scale="3" unitRef="pen">23,607</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font-size: 9pt; vertical-align: bottom; ">
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
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    <td style="font-size: 9pt">&#160;</td>
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    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentProperty" scale="3" unitRef="pen">61,924</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
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    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">303,170</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">284,465</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
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    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="3" unitRef="pen">50,207</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">23</td><td style="font-size: 9pt; padding-bottom: 1.5pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="pen">276,346</ix:nonFraction></td><td style="font-size: 9pt; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="pen">295,638</ix:nonFraction></td><td style="font-size: 9pt; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-size: 9pt; font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentAssets" scale="3" unitRef="pen">3,016,978</ix:nonFraction></td><td style="font-size: 9pt; padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; ">
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    <td style="font-size: 9pt">&#160;</td>
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    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Assets" scale="3" unitRef="pen">5,837,131</ix:nonFraction></td><td style="font-size: 9pt; padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Assets" scale="3" unitRef="pen">5,921,280</ix:nonFraction></td><td style="font-size: 9pt; padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 9pt; font-weight: bold; text-align: left">&#160;</td>
    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; font-weight: bold">&#160;</td>
    <td style="font-size: 9pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; font-weight: bold; text-align: right">&#160;</td><td style="font-size: 9pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; font-weight: bold">&#160;</td>
    <td style="font-size: 9pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; font-weight: bold; text-align: right">&#160;</td><td style="font-size: 9pt; font-weight: bold; text-align: left">&#160;</td></tr>
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; ">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">17</td><td style="font-size: 9pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; ">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">19</td><td style="font-size: 9pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">11</td><td style="font-size: 9pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; ">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilitiesCurrent" scale="3" unitRef="pen">94,958</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">20</td><td style="font-size: 9pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentPayables" scale="3" unitRef="pen">754,981</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentPayables" scale="3" unitRef="pen">705,442</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; ">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">21</td><td style="font-size: 9pt; padding-bottom: 1.5pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherShorttermProvisions" scale="3" unitRef="pen">155,545</ix:nonFraction></td><td style="font-size: 9pt; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherShorttermProvisions" scale="3" unitRef="pen">132,926</ix:nonFraction></td><td style="font-size: 9pt; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-size: 9pt; font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" unitRef="pen">2,280,492</ix:nonFraction></td><td style="font-size: 9pt; padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" unitRef="pen">2,640,126</ix:nonFraction></td><td style="font-size: 9pt; padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; ">
    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; ">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">17</td><td style="font-size: 9pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="3" unitRef="pen">338,560</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="3" unitRef="pen">305,631</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 9pt">Bonds</td>
    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">18</td><td style="font-size: 9pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="aenz:BondsNonCurrent" scale="3" unitRef="pen">1,191,084</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="aenz:BondsNonCurrent" scale="3" unitRef="pen">792,813</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; ">
    <td style="font-size: 9pt; text-align: left">Trade accounts payable</td>
    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">19</td><td style="font-size: 9pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPayables" scale="3" unitRef="pen">9,757</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 9pt; text-align: left">Other accounts payable</td>
    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">20</td><td style="font-size: 9pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentFinancialLiabilities" scale="3" unitRef="pen">92,369</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentFinancialLiabilities" scale="3" unitRef="pen">102,319</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; ">
    <td style="font-size: 9pt; text-align: left">Accounts payable to related parties</td>
    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">11</td><td style="font-size: 9pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccountsPayableToRelatedPartiesNonCurrent" scale="3" unitRef="pen">50,712</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccountsPayableToRelatedPartiesNonCurrent" scale="3" unitRef="pen">27,293</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">21</td><td style="font-size: 9pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherLongtermProvisions" scale="3" unitRef="pen">329,497</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherLongtermProvisions" scale="3" unitRef="pen">569,027</ix:nonFraction></td><td style="font-size: 9pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; ">
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    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; font-style: italic; text-align: center">23</td><td style="font-size: 9pt; padding-bottom: 1.5pt; font-style: italic; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="font-size: 9pt; 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">98,407</ix:nonFraction></td><td style="font-size: 9pt; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="font-size: 9pt; 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">128,308</ix:nonFraction></td><td style="font-size: 9pt; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 9pt; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total non-current liabilities</td>
    <td style="font-size: 9pt">&#160;</td>
    <td style="font-size: 9pt; text-align: center">&#160;</td><td style="font-size: 9pt; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-size: 9pt; font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="pen">2,100,629</ix:nonFraction></td><td style="font-size: 9pt; padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 9pt; font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
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    <td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt; text-align: right">&#160;</td><td style="font-size: 9pt; text-align: left">&#160;</td><td style="font-size: 9pt">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font-size: 9pt; vertical-align: bottom; ">
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  <tr style="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>



</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Notes from 7 to 119 are an integral part of these consolidated
financial statements.</i></p><div>

</div><p style="font: 7pt 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: 195; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- 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><div><a id="g_002"></a></div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; padding-right: 5.4pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Consolidated Statement of Profit or Loss </span></td></tr>
  <tr>
    <td style="padding-right: 5.4pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2020, 2021 and 2022</span></td></tr>
  </table><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"></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; ">
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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 style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GrossProfit" scale="3" unitRef="pen">277,382</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-style: italic; text-align: left">&#160;</td><td style="font-style: italic; text-align: right">25</td><td style="font-style: italic; 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; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <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>
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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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  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#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-indent: -0.125in; padding-left: 0.125in">&#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>
  <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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Notes from 7 to 119 are an integral part of these consolidated financial
statements.</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"></p><div>

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

</div><div><a id="g_003"></a></div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
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  <tr>
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  <tr>
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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; 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Notes from 7 to 119 are an integral part of these consolidated financial
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

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

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

</div><div><a id="g_004"></a></div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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</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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    <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; 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-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>
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    <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><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>
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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-104">-</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-109">-</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-110">-</div></td><td style="text-align: left">&#160;</td></tr>
  <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-112">-</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)">
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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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</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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Notes from 7 to 119 are an integral part of these consolidated financial
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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"></p><div>

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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"></p><div>

</div><div><a id="g_005"></a></div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
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  <tr>
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  <tr>
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</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)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Impairment of accounts receivable and other accounts receivable</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Debt condonation</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: center">27</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="aenz:DebtCondonation" scale="3" unitRef="pen">9,451</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-174">-</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="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Impairment of property, plant and equipment</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: center">25</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-175">-</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="aenz:ImpairmentPropertyPlantAndEquipment" scale="3" unitRef="pen">8,088</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Impairment of intangible assets</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: center">16</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-176">-</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-177">-</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="-3" format="ixt:num-dot-decimal" name="aenz:ImpairmentOfIntangibleAssets" scale="3" unitRef="pen">2,530</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Other comprehensive income recycled</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"><div style="-sec-ix-hidden: hidden-fact-178">-</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-179">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Other provisions</td><td>&#160;</td>
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    <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:AdjustmentsForProvisions" scale="3" unitRef="pen">126,896</ix:nonFraction></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-left: 0.125in; text-indent: -0.125in; text-align: left">Change in the fair value of the liability for put option</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="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForFairValueGainsLosses" scale="3" unitRef="pen">245</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-180">-</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-181">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Renegotiation of liability for acquisition of non-controlling Morelco</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: center">27</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-182">-</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="aenz:RenegotiationOfLiabilityForAcquisitionOfNoncontrollingMorelco" scale="3" sign="-" unitRef="pen">70,322</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="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Financial expense, net</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="aenz:FinancialExpensesnet" scale="3" unitRef="pen">225,212</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">Impairment of investment</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: center">27.C</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="aenz:ImpairmentOfInvestment" scale="3" unitRef="pen">38</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-183">-</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="-3" format="ixt:num-dot-decimal" name="aenz:ImpairmentOfInvestment" scale="3" unitRef="pen">14,804</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Incremental cost accrued</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="c4" decimals="-3" format="ixt:num-dot-decimal" name="aenz:IncrementalCostAccrued" scale="3" unitRef="pen">8,875</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-184">-</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-185">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Incremental cost of acquiring interest in joint operation</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"><div style="-sec-ix-hidden: hidden-fact-186">-</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="aenz:IncrementalCostOfAcquiringInterestInJointOperation" scale="3" unitRef="pen">12,732</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-187">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Share of the profit and loss of associates and joint ventures accounted for using the equity method</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: center">14.A and B</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:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod" scale="3" unitRef="pen">770</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:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod" scale="3" sign="-" unitRef="pen">861</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="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod" scale="3" unitRef="pen">1,907</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">Reversal of provisions</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: center">21</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="aenz:ReversalOfProvisions" scale="3" unitRef="pen">33,264</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="aenz:ReversalOfProvisions" scale="3" unitRef="pen">13,027</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="aenz:ReversalOfProvisions" scale="3" unitRef="pen">11,930</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Disposal (reversal) of assets</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="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" scale="3" unitRef="pen">8,895</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="ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" scale="3" unitRef="pen">2,410</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="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" scale="3" unitRef="pen">137</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Profit on sale of property, plant and equipment</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="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" scale="3" unitRef="pen">2,322</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:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" scale="3" unitRef="pen">3,937</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" scale="3" unitRef="pen">3,889</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Loss on remeasurement of accounts receivable and accounts 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="c4" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LossOnRemeasurementOfAccountsReceivableAndAccountsPayable" scale="3" sign="-" unitRef="pen">25,888</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="aenz:LossOnRemeasurementOfAccountsReceivableAndAccountsPayable" scale="3" unitRef="pen">106,613</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="-3" format="ixt:num-dot-decimal" name="aenz:LossOnRemeasurementOfAccountsReceivableAndAccountsPayable" scale="3" unitRef="pen">87,477</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-decoration: underline; font-weight: bold; text-align: left">Net variations in assets and 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><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="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Trade accounts receivable</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="c4" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TradeAccountsReceivableAndWorkingInProgress" scale="3" unitRef="pen">209,400</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="aenz:TradeAccountsReceivableAndWorkingInProgress" scale="3" sign="-" unitRef="pen">143,190</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TradeAccountsReceivableAndWorkingInProgress" scale="3" sign="-" unitRef="pen">336,106</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Other accounts receivable</td><td>&#160;</td>
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    <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:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" scale="3" sign="-" unitRef="pen">50,680</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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  <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-left: 0.125in; text-indent: -0.125in; text-align: left">Other accounts payable</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Other accounts payable to related parties</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Other provisions</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Interest paid</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Payments for purchases of intangible assets - Concessions</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-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash provided by operating activities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">INVESTING ACTIVITIES</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><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="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Proceeds from sale of property, plant and equipment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Interest received</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Dividends received</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Acquisition of investment property</td><td>&#160;</td>
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    <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:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" scale="3" unitRef="pen">98</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:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" scale="3" unitRef="pen">152</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" scale="3" unitRef="pen">53</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Acquisition of intangible assets</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="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="3" unitRef="pen">46,767</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:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="3" unitRef="pen">53,808</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="3" unitRef="pen">159,512</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">Loss of deconsolidation of investment</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)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">FINANCING ACTIVITIES</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><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Borrowing received</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Bonds issued</td><td style="font-style: italic">&#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-left: 0.125in; text-indent: -0.125in">Amortization of leases</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: center">17.F</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Amortization of bonds issued</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="c4" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AmortizationOfBondsIssued" scale="3" unitRef="pen">37,981</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="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Payment for debt transaction costs</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"><div style="-sec-ix-hidden: hidden-fact-192">-</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:PaymentsForDebtIssueCosts" scale="3" unitRef="pen">5,681</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsForDebtIssueCosts" scale="3" unitRef="pen">13,736</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Dividends paid to non-controlling interest</td><td style="font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: center">32</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:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" scale="3" unitRef="pen">82,412</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:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" scale="3" unitRef="pen">25,693</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" scale="3" unitRef="pen">34,477</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Cash received (return of contributions) from non-controlling shareholders</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="c4" decimals="-3" format="ixt:num-dot-decimal" name="aenz:CashReceivedFromNoncontrollingShareholders" scale="3" unitRef="pen">15,725</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="aenz:CashReceivedFromNoncontrollingShareholders" scale="3" unitRef="pen">27,104</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="aenz:CashReceivedFromNoncontrollingShareholders" scale="3" unitRef="pen">36,879</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Acquisition or sale of interest in a subsidiary of non-controlling shareholders, net</td><td style="font-style: italic">&#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-193">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#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="aenz:ProceedsFromRepaymentsFromChangesInOwnershipInterestsInSubsidiaries" scale="3" unitRef="pen">33,232</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td>&#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-194">-</div></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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash (applied to) provided by financing activities</td><td>&#160;</td>
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    <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">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="3" sign="-" unitRef="pen">225,637</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#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">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="3" sign="-" unitRef="pen">50,425</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#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"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="3" unitRef="pen">126,463</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">(Net decrease) net increase in cash</td><td>&#160;</td>
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    <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:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" scale="3" sign="-" unitRef="pen">64,346</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:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" scale="3" unitRef="pen">55,894</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="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" scale="3" sign="-" unitRef="pen">38,049</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Exchange difference</td><td>&#160;</td>
    <td style="text-align: center">&#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:EffectOfExchangeRateChangesOnCashAndCashEquivalents" scale="3" unitRef="pen">1,116</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="-3" format="ixt:num-dot-decimal" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" scale="3" sign="-" unitRef="pen">1,575</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Cash and cash equivalents at the beginning of the year</td><td>&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold">&#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"><ix:nonFraction contextRef="c15" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" scale="3" unitRef="pen">950,701</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#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"><ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" scale="3" unitRef="pen">900,168</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#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"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" scale="3" unitRef="pen">957,178</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Cash and cash equivalents at the end of the year</td><td style="padding-bottom: 4pt; font-style: italic">&#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; 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"><i>Notes from 7 to 119 are an integral part of these consolidated financial statements.</i></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"></p><div>

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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><div><a id="g_006"></a></div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>

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




</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">1.
General Information</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_2" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_1"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">A.
Incorporation and Operations</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_3" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AENZA S.A.A., (hereinafter the &#8220;Company&#8221; or &#8220;AENZA&#8221;)
is the parent of the AENZA Corporation that includes the Company and its subsidiaries (hereinafter, the &#8220;Corporation&#8221;) and
is mainly engaged in its investments in the different companies of the Corporation. In addition, the Company provides strategic and functional
services and office leases to the companies of the Corporation. The Company registered office is at Av. Petit Thouars 4957, Miraflores,
Lima.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_4" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation is a conglomerate of companies
whose operations encompass different business activities such as engineering and construction, energy, infrastructure (public concession
ownership and operation) and real estate business. See details of the Corporation&#8217;s operating segments in Note 7.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_5" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_4"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">B.
Authorization for the Financial Statements Issuance</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_6" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements for the
year ended December 31, 2022 have been prepared and issued with authorization of Management and approved by the Board of Directors on
May 15, 2023 and will be presented for consideration and approval to the General Shareholders&#8217; Meeting that will be held within
the terms established by Law. In Management&#8217;s opinion, the financial statements as of December 31, 2022, will be approved without
any modifications.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_7" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements for the
year ended December 31, 2021 were prepared and issued with the authorization of Management and approved by the Board of Directors on March
4, 2022 and were approved by the General Shareholders&#8217; Meeting on March 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_8" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As indicated in note 2.AA, from the date the financial
statements for the year ended December 31, 2021 were submitted to the shareholders for approval, the Company revised the balances previously
presented as of December 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_9" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The revised consolidated financial statements
for the year ended December 31, 2021 have been prepared and issued with the authorization of Management and the Board of Directors on
May 15, 2023 and will be submitted for consideration and approval by the General Shareholders&#8217; Meeting to be convened promptly.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_10" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_9"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">C.
Compliance with laws and regulations</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_11" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company is involved in a series of criminal investigations conducted by the Public Ministry of Peru and administrative proceedings
conducted by the National Institute for the Defense of Competition and Protection of Intellectual Property (INDECOPI, for its
Spanish Acronym) based on events that occurred between years 2003 and 2016. Such situations led to significant changes in the
Company&#8217;s corporate governance structure, the opening of independent investigations and the adoption of measures to
address and clarify these situations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_12" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Criminal investigations derived from projects
developed in partnership with companies of the Odebrecht Group</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_13" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Lava Jato case, the Company participated as
a minority partner in six infrastructure projects with Odebrecht Group, directly or through its subsidiaries, in entities or consortia.
The resulting contingency from these proceedings has been determined in the Plea Agreement (&#8220;the Agreement&#8221;) signed with the
Peruvian Public Prosecutor&#8217;s Office and Attorney General&#8217;s Office and includes the following projects: IIRSA Sur Tranches
2 and 3, IIRSA Norte, the Electric Train Construction Project (Tranches 1 and 2) and Gasoducto Sur Peruano (GSP)</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_14" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Criminal investigations in relation to the
Construction Club case</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_15" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cumbra Peru S.A. has been included, along
with other construction companies, in the criminal investigation that the Public Ministry of Peru has been carrying out for the
alleged crime of corruption of officials in relation to the so-called &#8216;Construction Club&#8217;. The resulting contingency
from these proceedings has been determined in the Agreement with the Peruvian Public Prosecutor&#8217;s Office and the Attorney
General&#8217;s Office.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_16" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, at the end of February 2020, the
Public Ministry of Peru requested Unna Transporte S.A.C., be included in such criminal investigation. That request was approved in
October 2021. Just like other executives of other construction companies, a former commercial manager of Cumbra Peru S.A., a former
president of the Board of Directors, a former Director, and the former Corporate General Manager of the Company have been included
in these criminal investigations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_17" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s Management cannot guarantee
the finding nor rule out the possibility of authorities or third parties finding additional adverse evidence not currently known with
respect to other projects executed during the period under investigation. If applicable, these new facts could be included in the Agreement
entered into with the Peruvian Public Prosecutor&#8217;s Office and the Attorney General&#8217;s Office.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>


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  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and 2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_18" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Final Plea Agreement </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_19" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 21, 2021, <ix:nonNumeric contextRef="c69" name="aenz:TrustAgreementDescription">the Company entered into an Agreement
with the Special Team of Peruvian prosecutors who are committed to full dedication to the knowledge of investigations related to corruption
offenses of officials and related personnel, in which the company Odebrecht and others would have incurred (the &#8220;Prosecutor&#8217;s
Office&#8221;) and with the ad hoc Public Prosecutor&#8217;s Office for investigations and processes related to crimes corruption of officials,
money laundering and related activities allegedly committed by the Odebrecht company and others (the &#8220;Attorney General&#8217;s Office&#8221;).</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_20" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 15, 2022, <ix:nonNumeric contextRef="c70" name="aenz:FinalPleaAgreementDescription">the Agreement was
entered into between the Peruvian Public Prosecutor&#8217;s Office, the Attorney General&#8217;s Office and the Company, whereby
AENZA S.A.A. accepted they were utilized by certain former executives to commit illicit acts in a series of periods until 2016, and
committed to pay a civil compensation to the Peruvian Government of approximately S/ 488.9 million (approximately S/ 333.3 million and
US$ 40.7 million, respectively) calculated according to the formulae established by Law 30737.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_21" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the Agreement, payment shall be
made within twelve (12) years at a legal interest rate in soles and dollars (<ix:nonFraction contextRef="c71" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DiscountRateUsedInPreviousMeasurementOfFairValueLessCostsOfDisposal" scale="-2" unitRef="pure">3</ix:nonFraction>% and <ix:nonFraction contextRef="c72" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DiscountRateUsedInPreviousMeasurementOfFairValueLessCostsOfDisposal" scale="-2" unitRef="pure">1</ix:nonFraction>% annual interest as of December 31, 2022,
respectively). The Company also undertakes to establish a series of guarantees after the approval (by which the judge verify that
the agreement are in accordance with Law) of the Agreement, composed of i) a trust agreement that includes shares issued by a
subsidiary of the Company, ii) mortgage on a property owned by the Company, and iii) a guarantee account with funds equivalent to
the annual installment for the following year. Among other conditions, the Agreement includes a restriction for AENZA S.A.A. and
subsidiaries Cumbra Peru S.A. and Unna Transporte S.A.C. to participate in public construction and road maintenance contracts for 2
years from the approval of the Agreement. The other member companies of the Corporation are not subject to any impediment or
prohibition to contract with the Peruvian Government. As of December 31, 2022, the Company recognized in its financial statements
the total liabilities associated to the Agreement for S/<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:OtherLiabilities" scale="6" unitRef="pen">488.9</ix:nonFraction> million (Note 21.a) recognizing an expense of S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:RecognizingExpense" scale="6" unitRef="pen">258.3</ix:nonFraction> million
under &#8220;Other Income and Expenses&#8221; and an exchange difference income of S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:OtherIncomeExpense" scale="6" unitRef="pen">9.5</ix:nonFraction> million under &#8220;Financial
Expenses&#8221; in 2022 (Note 26.A) (As of December 31, 2021, the balance was S/<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="aenz:OutstandingBalance" scale="6" unitRef="pen">240.1</ix:nonFraction> million).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_22" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, and as of the reporting
date of the consolidated financial statements, in the opinion of the Company&#8217;s Management and legal advisors, the civil compensation
covers the total contingency to which the Company is exposed to as a result of the investigations revealed since 2017. Nevertheless, the
Agreement enforceability is subject to court approval and its terms and conditions are subject to confidentiality provisions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_23" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investigations and administrative process initiated
by INDECOPI in relation to the Construction Club case</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_24" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 11, 2017, the INDECOPI initiated an investigation
against several Peruvian construction companies (including Cumbra Peru S.A.), about the existence of an alleged cartel called the Construction
Club.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_25" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 11, 2020, the subsidiary Cumbra Peru
S.A. was notified by the Technical Secretariat (the &#8220;TS&#8221;) of the Free Competition Defense Commission of INDECOPI with the
resolution that begins a sanctioning administrative procedure involving a total of 35 companies and 28 natural persons, for alleged anticompetitive
conduct in the market of Public Works.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_26" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 17, 2021, the Commission imposed a
fine of approximately S/<ix:nonFraction contextRef="c73" decimals="-6" format="ixt:num-dot-decimal" name="aenz:CommissionAmount" scale="6" unitRef="pen">67</ix:nonFraction> million against Cumbra Peru S.A., which is currently being challenged and is pending of resolution by the final
administrative instance within the INDECOPI Court. As of December 31, 2022, Cumbra Peru S.A. recorded an provision amounting
to S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:EquivalentOfPresentValue" scale="6" unitRef="pen">52.4</ix:nonFraction> million (as of December 31, 2021 a present value equivalent to S/<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:EquivalentOfPresentValue" scale="6" unitRef="pen">52.6</ix:nonFraction> million was recorded).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_27" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investigations and administrative process initiated
by INDECOPI in relation to the labor recruitment market</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_28" id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 7, 2022, Cumbra Peru S.A. and Unna
Transporte S.A.C. were notified with Resolution 038-2021/CLC-INDECOPI, by means of which the National Directorate of Research and Promotion
of Free Competition of INDECOPI decided to initiate an administrative sanctioning procedure regarding the alleged horizontal collusive
practice in the modality of concerted sharing of suppliers in the market of hiring workers in the construction sector at national level
from 2011 to 2017.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 7, 2022, Cumbra Peru S.A. and Unna Transporte
S.A.C. proposed a cease-and-desist agreement for the early termination of the sanctioning administrative procedure, where they (i) accepted
the alleged conduct, (ii) committed to comply with a free competition rules compliance program during years 2022, 2023, and 2024, and
(iii) committed to paying a compensation amounting to S/ <ix:nonFraction contextRef="c74" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensation" scale="6" unitRef="pen">2.7</ix:nonFraction> million in two installments (the first one within 60 days after the notification
of the Resolution approving the cessation undertaking and the second one within 12 months). By means of Resolution 054-2022/CLC-INDECOPI
dated August 19, 2022, the INDECOPI approved the proposed cease-and-desist agreement and concluded the sanctioning procedure.</p></ix:continuation><div>


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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and 2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">2.
Basis of Preparation and Significant Accounting Policies</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant accounting policies applied to prepare the consolidated
financial statements are detailed below. These policies have been applied consistently to all years presented in these consolidated financial
statements; unless otherwise indicated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Going concern
basis of accounting</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">Management
continues to have a reasonable expectation that the Corporation has adequate resources to continue in operation for a reasonable
period of time and that the going concern basis of accounting remains appropriate. Following the Post Covid stabilization process
initiated in 2021, the Corporation was able to regain operational control of all its operations in 2022. As of December 31, 2022
AENZA&#8217;s consolidated backlog amounted to S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:BacklogAmount" scale="6" unitRef="pen">5,327.6</ix:nonFraction> million (US$<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:BacklogAmount" scale="6" unitRef="usd">1,394.7</ix:nonFraction> million). Corporation believes that backlog provides
visibility for potential growth in the coming years and that is strategically targeted to key end-markets such as mining,
infrastructure, power, energy and real estate. As a leading Peruvian conglomerate in Infrastructure, Energy, Real Estate, and
Engineering &amp; Construction segments with a diversified and difficult-to-replicate portfolio of best-in-class assets and an
attractive growth strategy, the Corporation is well-positioned to capitalize upon the significant infrastructure deficit and other
business opportunities in Latin America.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended 2022, the
Corporation&#8217;s current assets as of December 31, 2022 were S/<ix:nonFraction contextRef="c2" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentAssets" scale="6" unitRef="pen">2,792</ix:nonFraction> million and the Corporation&#8217;s cash and cash
equivalents were S/<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:OtherCashAndCashEquivalents" scale="6" unitRef="pen">917.6</ix:nonFraction> million. As of December 31, 2022, Corporation had a total outstanding indebtedness of S/<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="aenz:OutstandingAmount" scale="6" unitRef="pen">1,690.7</ix:nonFraction> million
(US$<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="aenz:OutstandingAmount" scale="6" unitRef="usd">442.6</ix:nonFraction> million). In 2022, the Corporation recognized a loss of the year of S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:RecognizedLoss" scale="6" unitRef="pen">362.1</ix:nonFraction> million, which were affected primarily by
non-recurring costs in relation to past projects in the E&amp;C segment and the provision related to the Plea Agreement signed on
September 15, 2022. For the year ended December 31, 2022, the Company recognized in its financial statements the total liabilities
associated with the Plea Agreement recognizing an expense of S/<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="aenz:OtherLiabilitiesAmount" scale="6" unitRef="usd">258.3</ix:nonFraction> million. In this sense AENZA is committed to pay a civil
compensation to the Peruvian Government of approximately S/<ix:nonFraction contextRef="c75" decimals="-5" format="ixt:num-dot-decimal" name="aenz:CompensationAmount" scale="6" unitRef="pen">488.9</ix:nonFraction> million. Additionally, on March 17, 2022, the Corporation entered
into a bridge loan credit agreement for up to US$<ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="aenz:LoanAmount" scale="6" unitRef="usd">120</ix:nonFraction> million that matures in October 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The appropriateness of the going concern basis
of accounting is dependent on the continued availability of borrowings. Management has the ability to take the following mitigation actions
to preserve liquidity and optimize the Group&#8217;s cash flow:</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><p style="margin: 0pt 0pt 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify">- Reducing non-essential
capital expenditures and deferring or cancelling discretionary spend;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><p style="margin: 0pt 0pt 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify">- Financial restructuring,
including a short-term and long-term structural solutions and capital increase.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Based on these factors, Management
has a reasonable expectation that the Corporation has adequate resources headroom.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_1" escape="true" name="ifrs-full:ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">A.
Basis of preparation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_2" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>i.
Basis of accounting</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_3" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The consolidated financial statements
of the Company and its Subsidiaries have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by
the International Accounting Standard Board (IASB) effective as of December 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_4" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>ii.
Basis of measurement</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_5" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">These consolidated financial
statements have been prepared on the historical cost basis, according to the Corporation&#8217;s accounting records, except for derivative financial
instruments and investment property, which are measured at fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_6" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iii.
Responsibility for the information</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_7" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information contained in these financial statements
is the responsibility of the Management of the Corporation that expressly states that all the principles and criteria included in the
IFRSs as issued by the IASB, effective as of December 31, 2021 and 2022, have been applied.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_8" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iv.
Functional and presentation currency</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#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="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_9" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">These consolidated financial
statements are presented in soles (S/), which is the Corporation&#8217;s functional currency. All amounts have been rounded to the nearest
thousand, unless otherwise indicated. The functional currencies of the Subsidiaries domiciled in Chile and Colombia are CLP (Chilean Pesos)
and COP (Colombian Pesos), respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#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="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_10" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>v.
Use of judgments and estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_11" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing these consolidated financial statements,
Management has made judgments and estimates that affect the application of the accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are recognized prospectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and 2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_12" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Judgments</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_13" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information about judgments made in applying accounting
policies that have the most significant effects on the amounts recognized in the consolidated financial statements is included in the
following notes:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_14" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_13"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Revenue
recognition: identification of performance obligations and determination of revenue recognition at a point in time (Note 2.W).</span></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_24" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_15" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_14"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Lease
term: whether the Company and its Subsidiary are reasonably certain to exercise extension options in leases (note 2.Y).</span></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_25" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_16" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_15"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Estimate
of current tax payable and current tax expense in relation to an uncertain tax treatment (Note 2.R).</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_17" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Assumptions and estimation uncertainties</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_18" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information about assumptions and estimation uncertainties
as of December 31, 2021 and 2022, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets
and liabilities is included in the following notes:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_19" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_18"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Measurement
of expected credit losses (ECL) allowance for trade receivables and contract assets: (Note 2.I);</span></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_29" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_20" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_19"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Recognition
and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources (Note
2.T);</span></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_30" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_21" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_20"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Recognition
of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward
can be utilized in previous periods (Note 2.R);</span></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_31" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_22" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_21"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Allowance
for inventory obsolescence (Note 2.J);</span></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_32" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_23" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_22"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Allowance
for useful lives and residual values of property, plant, and equipment (Note 2.L).</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&#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="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_24" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Measurement of fair values</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_25" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A number of the Corporation&#8217;s accounting
policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_26" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has an established control framework
with respect to the measurement of fair values. If third party information, such as broker quotes or pricing services, is used to measure
fair values, then the Company assesses the evidence obtained from the third parties to support the conclusion that these valuations meet
the requirements of IFRS, including the level in the fair value hierarchy in which the valuations should be classified. The Company regularly
reviews significant unobservable inputs and valuation adjustments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_27" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When measuring the fair value of an asset or a
liability, the Corporation uses observable market data as far as possible. Fair values are categorized into different levels in a fair
value hierarchy based on the inputs used in the valuation techniques as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_28" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_27"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.75in">Level 1:</td>
  <td style="text-align: justify">Measurement based on quoted
prices in active markets for identical assets or liabilities.</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&#160;</td>
  <td>&#160;</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>Level 2:</td>
  <td style="text-align: justify">Measurement based on inputs
other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&#160;</td>
  <td>&#160;</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>Level 3:</td>
  <td style="text-align: justify">Measurement based on inputs
for the asset or liability that are not based on observable market data (i.e. unobservable inputs, generally based on internal estimates
and assumptions of the Corporation).</td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 203; 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">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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and 2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><ix:continuation continuedAt="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_29" id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the inputs used to measure the fair value of
an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its
entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.</p><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="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><ix:continuation id="_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Corporation recognizes transfers
between levels of the fair value hierarchy at the end of the reporting period during the period which the change occurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">B.
Consolidation of financial statements</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>i.
Subsidiaries</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b>&#160;</b></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_3" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company &#8216;controls&#8217; an entity when
it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from
the date on which control commences until the date on which control ceases.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_4" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Business acquisition-related costs are expensed
as incurred. Balances, income, and expenses from transactions between Corporation companies are eliminated. Profits and losses resulting
from inter-group transactions that are recognized as assets are also eliminated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_5" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>ii.
Business Combinations</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_6" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation accounts for business combinations
using the acquisition method when control is transferred to the Corporation. The consideration transferred in the acquisition is generally
measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain
on a bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iii.
Non-controlling interests</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#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_8" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">For each business combination,
the Corporation shall select between measuring the non-controlling interests in the acquiree at fair value or at their proportionate share
of the acquiree&#8217;s identifiable net assets at the acquisition date. Changes in the Corporation&#8217;s interest in a subsidiary that
do not result in a loss of control are accounted for as equity transactions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#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_9" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iv.
Associates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_10" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Associates are those entities in which the Corporation
has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement
in which the Corporation has joint control, whereby the Corporation has rights to the net assets of the arrangement, rather than rights
to its assets and obligations for its liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_11" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interests in associates and the joint venture
are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial
recognition, the consolidated financial statements include the Corporation&#8217;s share of the profit or loss and OCI of equity-accounted
investees, until the date on which significant influence or joint control ceases.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and 2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>v.
Joint arrangements</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_13" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under IFRS 11, investments in joint arrangements
are classified as either a joint operation or as a joint venture depending upon each investor&#8217;s rights and obligations arising from the
arrangement. The Corporation has assessed the nature of its joint arrangements and determined that they are joint ventures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_14" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Joint ventures are accounted for using the equity
method. Under the equity method, interest in joint ventures is initially recognized at cost and adjusted thereafter to recognize the Corporation&#8217;s
share of post-acquisition profits and losses, as well as movements in other comprehensive income. When the Corporation&#8217;s share in
the losses of a joint venture equals or exceeds its interest in such joint venture (including any long-term share that is substantially
part of the Corporation&#8217;s net investment in the joint venture), the Corporation does not recognize additional losses, unless it
has assumed obligations or made payments on behalf of the joint ventures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_15" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unrealized gains on transactions between the Corporation
and its joint ventures are eliminated to the extent of the Corporation&#8217;s interest in such joint ventures. Unrealized losses are
also eliminated, unless the transaction provides evidence of an impairment of the transferred asset. Gains arising from the application
of the equity of accounting method are recognized in the consolidated statement of profit or loss and other comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_16" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Corporation, joint operations mainly relate
to consortia (entities without legal personality) created for the development of construction contracts. Considering that the only objective
of this type of consortium is to develop a specific project, all revenue and costs are included within revenue from construction activities
and cost of construction activities, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_17" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>vi.
Changes in ownership interest in a subsidiary that do not result in a loss of control</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_18" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transactions with non-controlling shareholders
that do not result in loss of control are accounted for as equity transactions, i.e. as transactions with owners in their capacity as
owners. The difference between the fair value of any consideration paid and the relevant share acquired of the carrying amount of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals of shares to non-controlling shareholders are also recorded
in equity at the time of disposal.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>vii.
Disposal of subsidiaries</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_20" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Corporation loses control of a subsidiary,
any interest retained in said entity is remeasured at its fair value at the date it loses control of the subsidiary, and any change in
respect to the carrying amount is recognized in profit or loss. Subsequently, said fair value is considered the initial carrying amount
for purposes of accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously
recognized in other comprehensive income in respect of that entity are accounted for as if the Corporation had directly disposed of the
related assets or liabilities. This means that the amount previously recognized in other comprehensive income could be reclassified to
profit or loss for the year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_21" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>viii.
Transactions eliminated on consolidation</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intra-group balances and transactions, and any
unrealized income and expenses arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with
equity-accounted investees are eliminated against the investment to the extent of the Corporation&#8217;s interest in the investee. Unrealized
losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">C.
Foreign currency translation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>i.
Functional and presentation currency</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements are presented
in soles (S/), which is the Corporation&#8217;s functional and presentation currency. All subsidiaries, joint arrangements, and associates
use the Peruvian sol as their functional currency, except for foreign subsidiaries, for which the functional currency is the currency
of the country in which they operate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and 2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>ii.
Transactions and balances</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transactions in foreign currency are translated
into functional currency at the exchange rates at the dates of the transactions or the valuation date in the case of items that are remeasured.
Foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the statement of profit or loss,
except when deferred in other comprehensive income. Foreign exchange gains and losses of all monetary items are included in the statement
of other comprehensive income under &#8216;Exchange difference, net&#8217;.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exchange differences arising from foreign currency
loans granted by the Company to its subsidiaries are recognized in profit or loss both in the consolidated financial statements of the
Company and in the separate financial statements of the subsidiaries. In the consolidated financial statements, such exchange differences
are recognized in other comprehensive income and are reclassified to profit or loss in the event of the disposal of the subsidiary or
debt repayment to the extent such loans qualify as part of the &#8220;net investment in a foreign operation.&#8221;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iii.
Corporation companies</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The results and financial position of the Corporation
entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the Corporation&#8217;s
presentation currency are translated into the presentation currency as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_8"><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: 0.25in"></td><td style="width: 0.35in; text-align: left">(i)</td><td style="text-align: justify">assets and liabilities for each statement of financial position
are translated at the closing rate at the date of that consolidated statement of financial position;</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_71" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_9"><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: 0.25in"></td><td style="width: 0.35in; text-align: left">(ii)</td><td style="text-align: justify">income and expenses for each statement of profit or loss
are translated at the average exchange rate (unless this average is not a reasonable approximation of the cumulative effect of the rates
prevailing on the transaction dates, in which case income and expenses are translated at the rate prevailing on the date of the transaction);</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="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_10"><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: 0.25in"></td><td style="width: 0.35in; text-align: left">(iii)</td><td style="text-align: justify">capital is translated by using the historical exchange rate
for each capital contribution made; and</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_73" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_11"><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: 0.25in"></td><td style="width: 0.35in; text-align: left">(iv)</td><td style="text-align: justify">all resulting exchange differences are recognized as separate
components in other comprehensive income, under &#8216;Translation of net investment in foreign operations&#8217;.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><ix:continuation id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill and fair value adjustments arising from
the acquisition of a foreign operation are treated as assets and liabilities of the foreign entity and are translated at the closing exchange
rate. Exchange differences are recognized in other comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">D.
Operating segments</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating segments are reported in a manner consistent
with the internal reporting provided to the Corporation&#8217;s Management.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><ix:continuation id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there are changes in the internal organization
in a manner that causes the identification of operating segments to change, the Corporation shall restate the comparative information
for earlier periods unless the information is not available.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 206; 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">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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><ix:nonNumeric contextRef="c0" continuedAt="aenz_PublicServicesConcessionAgreementsPolicyTextBlock-c0_cont_1" escape="true" name="aenz:PublicServicesConcessionAgreementsPolicyTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">E.
Public service concessions</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><ix:continuation continuedAt="aenz_PublicServicesConcessionAgreementsPolicyTextBlock-c0_cont_2" id="aenz_PublicServicesConcessionAgreementsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concession agreements entered into between the
Corporation and the Peruvian government whereby the Corporation, acting in its capacity as concessionaire, assumes obligations for the
construction and improvement of infrastructure, and which qualify as public service concessions are accounted as defined by IFRIC 12 <i>Service
Concession Arrangements</i>. Under these arrangements, the government controls and regulates the infrastructure services provided by the
Company and establishes to whom these services are to be provided and at what prices. The concession agreement establishes the obligation
to return the infrastructure to the grantor at the end of the concession term or when there is any expiration event. This feature gives
the grantor the control over the risks and rewards of the residual value of the assets at the end of the concession term. For this reason,
the Company will not recognize infrastructure as part of its premises, plant, and equipment. The consideration to be received from the
Peruvian government for public infrastructure construction or improvement activities is recognized as a financial asset, intangible asset,
or both, as set forth below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_PublicServicesConcessionAgreementsPolicyTextBlock-c0_cont_3" id="aenz_PublicServicesConcessionAgreementsPolicyTextBlock-c0_cont_2"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">i.</td><td style="text-align: justify">It is recognized as a financial asset to the extent that
it has an unconditional contractual right to receive cash or another financial asset either because the government guarantees to pay
specified or determinable amounts or because the government covers the shortfall between the amounts received, as concessionaire, from
users of the public service and specified or determinable amounts. These financial assets are initially recognized at fair value, and,
subsequently, at amortized cost (financial asset model).</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -21.25pt">&#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="aenz_PublicServicesConcessionAgreementsPolicyTextBlock-c0_cont_4" id="aenz_PublicServicesConcessionAgreementsPolicyTextBlock-c0_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: 0.25in"></td><td style="width: 0.25in; text-align: left">ii.</td><td style="text-align: justify">It is recognized as an intangible asset to the extent that
the agreement provides the Corporation with a contractual right to charge users for public services rendered. The resulting intangible
asset measured at cost is amortized as described in Note 2.M (intangible asset model).</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -21.25pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><ix:continuation id="aenz_PublicServicesConcessionAgreementsPolicyTextBlock-c0_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: 0.25in"></td><td style="width: 0.25in; text-align: left">iii.</td><td style="text-align: justify">It is recognized as a financial asset and an intangible asset
when the Corporation is paid partly by a financial asset and partly by an intangible asset (bifurcated model).</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><ix:nonNumeric contextRef="c0" continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_1" escape="true" name="aenz:FinancialLiabilitiesPolicyTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">F.
Financial instruments</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_2" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>i.
Recognition and initial measurement</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_3" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade accounts receivable are initially recognized
when they are originated. All other financial assets and financial liabilities are initially recognized when the Corporation becomes a
party to the contractual provisions of the instrument.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_4" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A financial asset (unless it is a trade account
receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not
measured at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. An
account receivable without a significant financing component is initially measured at the transaction price.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_5" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>ii.
Classification and subsequent measurement</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_6" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_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: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Financial
assets</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_7" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On initial recognition, assets are classified
as measured at amortized cost or Fair Vale Through Profit and Loss (&#8220;FVTPL&#8221;). The classification depends on the purpose for
which the financial assets were acquired based on the Company&#8217;s business model for managing the financial assets and the characteristics
of the contractual cash flows of the financial asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_8" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management determines the classification of its
financial assets at the date of initial recognition and reevaluates this classification as of the date of each consolidated financial
statement closing. As of December 31, 2021 and 2022, the Company only holds financial assets at amortized cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_9" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A financial asset is measured at amortized cost
if both of the following conditions are met and is not measured at FVTPL:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_10" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_9"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: justify">It is held within a business model whose objective is to
hold the financial assets to collect contractual cash flows; and</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_93" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_11" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_10"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">-</td><td style="text-align: justify">Its contractual terms 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 0; text-align: justify">&#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="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_12" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All financial assets not classified as measured
at amortized cost or fair value through other comprehensive income as described above are measured at FVTPL.
This includes all derivative financial assets that are not cash flow hedge. On initial recognition, the Corporation may irrevocably designate
a financial asset that otherwise meets the requirements to be measured at amortized cost or at fair value through other comprehensive
income as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch or recognition that
would otherwise arise.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 207; 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">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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_13" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Subsequent measurement and gains and losses:</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_14" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_13"><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: 30%">Financial assets at FVTPL</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">Financial assets at amortized cost</td>
    <td style="text-align: justify">These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses, and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. &#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">Debt investments at FVOCI</td>
    <td style="text-align: justify">These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_15" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation classified its financial assets
at amortized cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_16" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_15"><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: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Financial
liabilities</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_17" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities are classified as measured
at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative
or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses,
including any interest expense, and are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized
cost using the effective interest method. Interest income and foreign exchange gains and losses are recognized in profit or loss. Any
gain or loss on derecognition is also recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_18" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iii.
Derecognition</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_19" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financial assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_20" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation derecognizes a financial asset
when the contractual rights to the cash flows from financial asset expire, or it transfers the rights to receive the contractual cash
flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it
neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred
asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_21" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation enters into transactions whereby
it transfers assets recognized in its consolidated statement of financial position, but retains either all or substantially all of the
risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_22" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financial liabilities</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_23" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation derecognizes a financial liability
when its contractual obligations are discharged or canceled, or expire. The Corporation also derecognizes a financial liability when its
terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based
on the modified terms is recognized at fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_24" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On derecognition of a financial liability, the
difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities
assumed) is recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_25" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iv.
Offsetting</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_26" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets and financial liabilities are
offset, and the net amount presented in the consolidated statement of financial position when, and only when, the Corporation currently
has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and
settle the liability simultaneously.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>




</div><div>

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

</div><!-- Field: Page; Sequence: 208; 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">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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_27" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>v.
Derivative financial instruments and hedge accounting</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_28" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivatives are initially measured at fair value.
Subsequent to initial recognition, derivative financial instruments are measured at fair value, and changes therein are generally recognized
in profit or loss. The Corporation designates certain derivatives as hedging instruments to hedge the variability in cash flows associated
with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110"><ix:continuation continuedAt="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_29" id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At inception of designated hedging relationships,
the Corporation documents the risk management objective and strategy for undertaking the hedge. The Corporation also documents the economic
relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging
instrument are expected to offset each other.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111"><ix:continuation id="aenz_FinancialLiabilitiesPolicyTextBlock-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 and 2022, the Corporation
does not hold derivative financial instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">G.
Impairment</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>i.
Financial assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Financial instruments
and contract assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation considers a financial asset to
be nonperforming when contractual payments are more than 365 days past due. However, in certain cases, the Corporation may consider a
financial asset to be nonperforming when internal or external information indicates that it is unlikely that the Corporation will receive
the contractual amounts due before the Company executes the guarantees received. 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 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IFRS 9 <i>Financial Instruments</i> requires that
expected credit losses be recorded for all financial assets, except those carried at FVTPL, estimating them
over twelve months or over the lifetime of the financial instrument (&#8220;lifetime&#8221;). Under this standard, the Company applies
the general approach for trade and other accounts receivable, which requires assessing whether credit risk has significantly increased
to determine whether the loss shall be estimated based on 12 months after the reporting date or during the lifetime of the asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Loss allowances for trade
receivables are always measured at an amount equal to lifetime expected credit loss (&#8220;ECL&#8217;s&#8221;). When determining whether
the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Corporation considers
reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and
qualitative information and analysis, based on the Corporation&#8217;s historical experience and informed credit assessment, loss of the
time value of money and individual analysis of the clients (considering their geographical location).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">At each reporting date,
the Corporation assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is &#8216;credit-impaired&#8217;
when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Evidence that a financial
asset is credit-impaired includes the following observable data:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_8"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">significant
financial difficulty of the issuer or debtor;</span></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_122" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_9"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">a
breach of contract such as a default or being more than 90 and 180 days past due;</span></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_123" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_10"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">it
is probable that the debtor will enter bankruptcy or other financial reorganization; or</span></td>
</tr></table><p style="text-indent: 0.25in; margin-top: 0; margin-bottom: 0">&#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="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_11"><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: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9632;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
disappearance of an active market for a security because of financial difficulties.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">For financial assets
for which the Company has no reasonable expectation of recovering either all or a portion of the outstanding amount, the gross carrying
amount of the financial asset is reduced. This is considered a (partial) derecognition of the financial asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 209; 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">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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The gross carrying amount
of a financial asset is written off when the Corporation has no reasonable expectations of recovering a financial asset in its entirety
or a portion thereof. For individual customers and for corporate customers, the Corporation individually makes an assessment with respect
to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Corporation expects no significant
recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities
in order to comply with the Corporation&#8217;s procedures for recovery of amounts due.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>ii.
Non-financial assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#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="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">At each reporting date,
the Corporation reviews the carrying amounts of its non-financial assets (other than investment property, inventories and deferred tax
assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset&#8217;s recoverable
amount is estimated. Goodwill and intangible assets with an indefinite useful life are tested annually for impairment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#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="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">For impairment testing,
assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent
of the cash inflows of other assets or Cash Generating Unit&#8217;s (&#8220;CGU&#8221;). Goodwill arising from a business combination
is allocated to CGU or group of CGUs that are expected to benefit from the synergies of the combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#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="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The recoverable amount of an asset or CGU is the
greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted
to their present value using an after-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Impairment losses are
recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to
reduce the carrying amounts of the other assets in the CGU on a pro rata basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131"><ix:continuation id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">An impairment loss in
respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset&#8217;s carrying
amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss
had been recognized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">H.
Cash and cash equivalents</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133"><ix:continuation id="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the consolidated statement of financial position
and cash flows, cash and cash equivalents include cash on hand, demand deposits with banks, other highly liquid investments with maturities
of three months or less and bank overdrafts. In the consolidated statement of financial position, bank overdrafts are included in the
balance of other financial liabilities as current liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; margin-left: 0in; text-indent: 0in; text-align: justify">I.
Trade accounts receivable</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade accounts receivable are amounts due from
customers for goods or services sold by the Corporation. If any trade account receivable is expected to be collected within one year,
it is classified as current; otherwise, it is classified as non-current.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade accounts receivable are initially recognized
at transaction value, and subsequently, they are measured at amortized cost using the effective interest method, less any provision for impairment,
except for trade accounts receivable of less than one year that are recorded at face value which is similar to their fair values due to
their short-term maturity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137"><ix:continuation id="_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It includes Management&#8217;s estimates corresponding
to collection rights for services performed but not yet invoiced and/or approved by client, which have been valued using the percentage
of completion method. It corresponds mainly to the Engineering and Construction segment (subsidiaries Cumbra Peru S.A. and Cumbra Ingenieria
S.A.). In the Infrastructure segment, concerning concessions, it corresponds to future collections for public services, mainly represented
by unconditional contractual rights to be received from the Grantor under the financial asset model (Note 2.E)</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 210; 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">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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">J.
Inventories</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_2" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The inventories include land, work-in-progress
and finished buildings related to the real estate activity, materials used in the construction activity, and supplies traded as part of
the exploration and extraction activity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_3" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>i.
Real Estate Activity</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_4" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Land used for the execution of real estate projects is recognized at
acquisition cost. Work-in-progress and finished real estate include the costs of design, materials, direct labor, borrowing costs (directly
attributable to the acquisition, construction, production of the qualifying asset), other indirect costs, and general expenses related
to the construction. The lands used for real estate projects with launch date in future periods are presented as non-current asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_5" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net realizable value is the estimated selling
price in the ordinary course of business, less applicable selling expenses. Annually, the Corporation reviews whether inventories have
been impaired identifying three groups of inventories to measure their net realizable value: i) land bought for future real estate projects
which are compared to their appraisal value, if the acquisition value is higher, a provision for impairment is recognized; ii) land under
construction: in this case impairment is measured based on cost projections; if these costs are higher than selling prices of each real
estate unit, an estimate for impairment is recorded; and iii) finished real estate units: these inventory items are compared to the selling
prices less commercialization costs; if they are higher, a provision for impairment is recorded.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_6" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the reductions in the carrying amount of these
inventories to their net realizable value, a provision is recognized for impairment of inventories with a charge to profit or loss for
the year in which those reductions occur.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_7" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>ii.
Exploration and extraction activities</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_8" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are valued at the lower of
production costs and net realizable value (&#8220;NRV&#8221;), on the basis of the weighted average method. The NRV represents the
value at which it is estimated to realize oil, gas and its derivatives LPG and Saturated Acyclic Hidrocarbons, which is calculated
on the basis of international prices less the discounts usually granted. Miscellaneous supplies, materials, and spare parts are
valued at the lower of cost and replacement value, based on the average method. The cost of inventories excludes financing expenses
and exchange differences. Inventories in transit are recorded at cost, using the specific identification method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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impairment to profit and loss for the cases in which book value exceeds recoverable value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_10" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iii.
Other activities</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_11" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Materials and supplies are recorded at the lower
of cost (by the weighted average method) and their replacement cost. The cost of these items includes freight and non-refundable applicable
taxes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_12" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Impairment of these items is estimated on the
basis of specific analyses performed by Management on their turnover. If it is identified that the carrying amount of inventories of materials
and supplies exceeds their replacement value, the difference is charged to profit or loss in the period in which this situation is determined.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150"><ix:continuation id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management considers that, as of the date of the
consolidated financial statements, it is not necessary to record provisions additional to those recognized in the financial statements
to cover losses due to obsolescence of these inventories.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151"><ix:nonNumeric contextRef="c0" continuedAt="aenz_InvestmentPropertyPolicyTextBlock-c0_cont_1" escape="true" name="aenz:InvestmentPropertyPolicyTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">K.
Investment properties</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152"><ix:continuation continuedAt="aenz_InvestmentPropertyPolicyTextBlock-c0_cont_2" id="aenz_InvestmentPropertyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment properties are shown at cost less their
accumulated depreciation and impairment losses, if any. Subsequent costs attributable to investment properties are capitalized only if
it is probable that future economic benefits will flow to the Company and the cost of these assets can be measured reliably; otherwise,
they are recognized as expenses when incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_InvestmentPropertyPolicyTextBlock-c0_cont_3" id="aenz_InvestmentPropertyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Maintenance and repair expenses are recognized
in profit or loss in the period when they are incurred. If the carrying amount of a property is greater than its estimated recoverable
amount, it is immediately reduced to its recoverable amount.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 211; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154"><ix:continuation continuedAt="aenz_InvestmentPropertyPolicyTextBlock-c0_cont_4" id="aenz_InvestmentPropertyPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is calculated under the straight-line
method at a rate that is considered sufficient to absorb the cost of assets at the end of the useful life and considering their significant
components, with substantially different useful lives (each component is accounted for separately for depreciation purposes and is depreciated
over its separate useful life). The estimated useful lives of those properties range from <ix:nonNumeric contextRef="c76" format="ixt-sec:duryear" name="aenz:PropertiesEstimatedUsefulLives">5</ix:nonNumeric> to <ix:nonNumeric contextRef="c77" format="ixt-sec:duryear" name="aenz:PropertiesEstimatedUsefulLives">50</ix:nonNumeric> years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155"><ix:continuation id="aenz_InvestmentPropertyPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These investment properties have been leased under
operating leases to third parties.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">L.
Property, plant, and equipment</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>i.
Recognition and measurement</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These assets are stated at historical cost less
accumulated depreciation and accumulated losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition
of these items.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assets under construction are capitalized as a
separate component. Upon completion, the cost of these assets is transferred to their definitive category. Replacement units are assets
whose depreciation begins when units are installed for use within the related asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>ii.
Subsequent expenditure</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent expenditures are included in the
carrying amount of the asset or they are recognized as a separate asset, as appropriate, only when it is probable that future
economic benefits will flow to the Corporation, or are likely to extend the estimated useful life of the asset, and the cost of
these assets can be measured reliably. Maintenance and repair expenses are presented in the consolidated statement of profit or loss
in the period when incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iii.
Depreciation</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is calculated using the straight-line
method based on the estimated useful life of the asset. The estimated useful lives are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfEstimatedUsefulLivesTableTextBlock"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_8"><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; width: 88%; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt; width: 1%; font-weight: bold">&#160;</td>
    <td style="padding-bottom: 1.5pt; width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Years</b></span></td><td style="padding-bottom: 1.5pt; width: 1%; font-weight: bold; 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: justify">Machinery and equipment</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="text-align: justify">Furniture and fixtures</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other equipment</td><td>&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation of machinery and equipment, and vehicles
recognized as &#8220;Major equipment&#8221; is calculated based on their hours of use. Under this method, the total number of hours that
the machinery and equipment can operate is estimated and an hourly value is established.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166"><ix:continuation id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The residual value and the useful life of an
asset are reviewed and adjusted, if necessary, at year-end. Profit or loss for the sale of assets are recognized in &#8216;Other
income and expenses&#8217; in the statement of profit or loss. Regarding joint operations that carry out
construction activities, the difference between the proceeds from disposals of fixed assets and their carrying amount is shown
within &#8216;Revenue from construction activities&#8217; and &#8216;cost of construction activities&#8217;, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">M.
Intangible assets</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>i.
Goodwill</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill arises on the acquisition of subsidiaries
and represents the excess of the purchase consideration, the amount of any non-controlling interest in the acquiree and the acquisition-date
fair value of the acquirer&#8217;s previously held equity interest in the acquiree over the fair value of the net identifiable assets.
If the purchase consideration, the amount of any non-controlling interest in the acquiree, and the fair value of the acquirer&#8217;s
previously held equity interest in the acquiree is lower than the fair value of the net assets of the acquired subsidiary, then the difference
is recognized in the statement profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill arising from a business combination is
allocated to each cash-generating unit (CGU), or group of CGUs, that are expected to benefit from the business combination. Goodwill is
monitored at the operating segment level.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill is tested for impairment at least annually
or more often if there is evidence of impairment. Any impairment is recognized as an expense in &#8216;Other income and expenses&#8217;
and cannot be reversed later.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>ii.
Trademarks</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Separately acquired trademarks are shown at historical
cost. Trademarks acquired in a business combination are recognized at fair value at the acquisition date. Management has determined that
these trademarks have indefinite useful lives.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trademark is tested for impairment at least annually or more often
if there is evidence of impairment. Any impairment is recognized as an expense in &#8216;Other income and expenses&#8217;. The carrying
amount written off due to impairment is reviewed at each reporting date to verify possible reversals of the impairment and is recognized
in &#8216;Other income and expenses&#8217;.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iii.
Concession rights</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The intangible asset related to the right to charge
users for the services covered by the concession (Notes 2.E and F) is initially recorded at the fair value of construction or improvement
services and, prior to the beginning of amortization, an impairment test is performed; it is amortized using the straight-line method,
from the date revenue from services starts using the effective period of the concession agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iv.
Contractual customer relationships</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contractual customer relationships are assets
resulting from business combinations that were initially recognized at fair value, determined on the basis of the present value of the
expected net cash flows from such relationships, over a period of time based on the estimated customer tenure (the estimation of useful
life is based on the contract terms which fluctuates between <ix:nonNumeric contextRef="c76" format="ixt-sec:duryear" name="aenz:cutomersEstimationOfUsefulLife">5</ix:nonNumeric> and <ix:nonNumeric contextRef="c77" format="ixt-sec:duryear" name="aenz:cutomersEstimationOfUsefulLife">9</ix:nonNumeric> years). The useful life and the estimate of impairment of these assets
are individually assessed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>v.
Cost of well development</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costs incurred during the development phase associated
with the preparation of the wells for the extraction of hydrocarbons from the lots located in Talara, are capitalized as part of intangible
assets. These costs are amortized over the useful lives of the wells (estimated in remaining periods for Lots I and V and the unit-of-production
method for Lots III and IV), until the end of the term of the contracts with Perupetro. The Lot I contract expired in 2021 and Lot V contract
will expire in 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation has established the Successful
Efforts Method as its policy for the recognition and evaluation of exploration oil assets. During 2021, an exploratory well was drilled
in Block IV, obtaining successful results. In 2022, no exploratory well drilling activities were carried out.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>vi.
Software</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Software development costs that are directly attributable
to the design and testing of identifiable and unique software controlled by the Corporation are recognized as intangible assets when the
following criteria are met:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_17"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">it
is technically feasible to complete the software so that it will be available for use;</span></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_186" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-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; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Management
                                            has the intention to complete the software and use or sell it;</span></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_187" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_19"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">there
is an ability to use or sell the software;</span></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_188" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_20"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">it
can be demonstrated that the software is likely to generate future economic benefits;</span></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_189" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_21"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
technical, financial and other resources necessary to complete the development of the software to enable its use or sale are available;
and</span></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_190" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_22"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">expenses
attributable to the software during its development can be reliably measured.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_24" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other development costs that do not meet these
recognition criteria are recognized in profit or loss as incurred. Development costs previously recognized as an expense are not recognized
as an asset in a subsequent period. Software development costs recognized as assets are amortized over their estimated useful lives, which
range from <ix:nonNumeric contextRef="c76" format="ixt-sec:duryear" name="aenz:AmortizedOverTheirEstimatedUsefulLives">2</ix:nonNumeric> to <ix:nonNumeric contextRef="c77" format="ixt-sec:duryear" name="aenz:AmortizedOverTheirEstimatedUsefulLives">12</ix:nonNumeric> years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 213; 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">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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_25" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>vii.
Surface rights</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192"><ix:continuation id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It refers to the rights held by the subsidiary
Promotora Larcomar S.A. Land use rights are stated at historical cost less amortization and any accumulated impairment losses. The useful
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when it becomes ready for its intended use by Management.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">N.
Trade accounts payable</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade accounts payable are obligations to pay
for goods or services acquired from suppliers in the ordinary course of business. Accounts payable are classified as current liabilities
if payment is to be made in a year or less (or in the normal operating cycle of the business if it is higher); otherwise, they are presented
as non-current liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195"><ix:continuation id="_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts payable are initially recognized at fair
value, and subsequently, they are measured at amortized cost using the effective interest method, except for trade accounts payable of
less than one year that are recorded at face value which is similar to their fair values due to their short-term maturity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196"><ix:nonNumeric contextRef="c0" continuedAt="aenz_DescriptionOfFinancialLiabilitiesAtFVTPLTextBlock-c0_cont_1" escape="true" name="aenz:DescriptionOfFinancialLiabilitiesAtFVTPLTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">O.
Financial liabilities at FVTPL</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197"><ix:continuation id="aenz_DescriptionOfFinancialLiabilitiesAtFVTPLTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities designated at initial recognition
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">P.
Other financial liabilities</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">They correspond to loans and bonds issued by the
Corporation, which are initially recognized at their fair value, net of transaction costs incurred. These financial liabilities are subsequently
recorded at amortized cost. Any resulting difference between the funds received (net of transaction costs) and the redemption value is
recognized in the statement of profit or loss during the loan term using the effective interest method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costs incurred to obtain these financial liabilities
are recognized as transaction costs to the extent that it is probable that a part or the whole loan will be received. In this case, these
charges defer until the loan is received.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">Q.
Borrowing costs</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Borrowing costs are recognized in profit or loss
in the period in which they have been incurred, except for intangible assets and inventories in which the borrowing costs are capitalized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203"><ix:continuation id="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General and specific borrowing costs directly
attributable to acquisitions, construction or development of qualifying assets, which are assets that necessarily take a substantial period
of time (more than twelve months) to get ready for their intended use or sale, are added to the cost of those assets, until such time
as the assets are substantially ready for their intended use or sale. The Corporation suspends the capitalization of borrowing costs during
the periods in which the development of activities of a qualifying asset has been suspended. The income obtained from the temporary investment
of specific borrowings that have not yet been invested in qualifying assets is deducted from the borrowing costs eligible for capitalization.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">R.
Current and deferred income tax</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income tax of the period comprise current and
deferred income tax. Tax is recognized in the statement of profit or loss, except to the extent that it relates to items recognized in
the statement of other comprehensive income or directly in equity. In this case, the tax is also recognized in the statement of other
comprehensive income or directly in equity, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current tax is calculated on the basis of
the tax laws enacted at the date of the statement of financial position in the countries where the Company and its subsidiaries operate
and generate taxable income. Management, where applicable, makes provisions on the amounts expected to be paid to the tax authorities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A provision is recognized for those matters for
which the determination of taxes is uncertain, but it is considered probable that there will be a future outflow of economic resources
to a tax authority. Provisions are measured at the best estimate of the amount expected to be paid. The assessment is based on the tax
judgment of professionals within the Company supported by prior experience in relation to such activities and in certain cases based on
specialized independent tax advice.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 214; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred income tax is recognized on temporary
differences arising from tax basis of assets and liabilities, and their balances in consolidated financial statements. A deferred income
tax asset is only recognized to the extent that it is probable that future taxable profits will be available, against which temporary
differences can be utilized. Deferred income tax is determined using tax rates and legislation enacted as of the date of the consolidated
statement of financial position that are expected to be applied when the deferred tax is realized or paid. A deferred tax asset is only
recognized so far as it is probable that there would be future tax benefits against which temporary differences can be utilized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209"><ix:continuation id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred income tax is provided on temporary differences
arising on investments in subsidiaries and associates, except for deferred tax liability where the timing of the reversal of the temporary
difference is controlled by the Corporation and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax arising from the initial recognition of goodwill is not recognized; likewise, the deferred tax is not recorded if it arises
from the initial recognition of an asset or liability in a transaction that is not a business combination that does not affect the accounting
or tax profit or loss at the time of the transaction.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">S.
Employee benefits</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation recognizes a liability when the
employee has rendered services in exchange for which is entitled to receive future payments and an expense when the Corporation has consumed
the economic benefit from the service rendered by the employee in exchange for the benefits in question.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation determines employee benefits in
accordance with current labor and legal regulations and classifies them as short-term benefits, long-term benefits, and termination benefits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short-term benefits are those other than severance
indemnities, the payment of which is settled in the twelve months following the end of the period in which the employees have rendered
their services; they correspond to current compensation (wages, salaries, and social health contributions), annual and sick leave, profit
sharing and incentives and other non-monetary benefits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Long-term benefits are those benefits to be paid
more than twelve months after the end of the period in which the services have been rendered. As of December 31, 2021 and 2022, the Corporation
did not grant benefits under this category.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Termination benefits are those benefits payable
as a result of: (i) the entity&#8217;s decision to terminate the employee&#8217;s contract before the retirement date, and (ii) the employee&#8217;s decision
to voluntarily accept the termination of the employment relationship.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>i.
Short-term benefits</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Current compensation</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current compensation consists of wages, salaries,
social health contributions, legal bonuses and compensation for length of service (CTS, for its Spanish acronym). Wages, salaries and
social health contributions are paid monthly based on the consideration for services rendered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation entities recognizes the expense
for legal bonuses and their related liabilities under laws and regulations currently in force in Peru, Chile, and Colombia. In Peru, legal
bonuses correspond to two monthly payments which are accrued based on the consideration for the service. There are no legal bonuses in
Chile; in Colombia, it is called service bonus and corresponds to a monthly remuneration per year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compensation for length of service (CTS) corresponds
to the employee&#8217;s indemnity rights which are accrued based on the consideration for the service rendered calculated in accordance with
the legislation in force in each country where the entities comprising the Corporation operate. They are determined as follows: (i) in
Peru, it is equivalent to half the compensation in force at the date of payment and is made through deposit in bank accounts designated
by the workers in the months of May and November of each year; (ii) in Colombia, it is equivalent to <ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="aenz:MonthlyRemuneration" scale="-2" unitRef="pure">8.33</ix:nonFraction>% of the monthly remuneration,
and (iii) in Chile this benefit is not available.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_221"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Annual paid absences</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Personnel&#8217;s annual vacations are recognized
on an accrual basis. The provision for estimated liability corresponding to personnel&#8217;s annual vacations, resulting from services
rendered by the employees, is recorded on the date of the statement of financial position and corresponds to: (i) one month for personnel
in Peru, (ii) fifteen days for personnel in Colombia, and (iii) in the case of Chile, they are subject to the worker&#8217;s seniority
and range from fifteen to thirty days.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Profit sharing and incentives</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The workers&#8217; profit sharing is determined
on the basis of the legal provisions in force in each country where the entities of the Corporation operate, as follows: (i) in Peru,
it is equivalent to <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectFromChangeInTaxRate" scale="-2" unitRef="pure">5</ix:nonFraction>% of the taxable base determined by each Company of the Corporation, in accordance with current income tax legislation,
(ii) in Chile, workers&#8217; profit sharing is a component of the remuneration (equivalent to <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:WagesPerYear" scale="0" unitRef="usdPershares">4.75</ix:nonFraction> minimum wages per year) or <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:RemunerationPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% of
the profit, to be determined by the employer, (iii) in Colombia, these benefits are not provided to employees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>ii.
Termination benefits</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation entities recognize liabilities
and expenses for severance indemnities when they occur, based on the legal provisions in force in each country. Under Peruvian law, compensation
for arbitrary dismissal for personnel with indefinite-term contracts is 1.5 times the monthly compensation for each year worked, up to
a maximum of twelve monthly compensations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227"><ix:continuation id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Colombian legislation, for the first year
worked, the equivalent of 30 days of salary is granted, and from the second year on, the compensation will be the equivalent of 20 days
of salary for each additional year (or the proportion); under the legislation of Chile, the employee receives a compensation of thirty
days of monthly salary for each year worked with a maximum of 330 days.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">T.
Other provisions</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions are recognized when the Corporation
has a present obligation, either legal or constructive, as a result of past events, and when it is probable that an outflow of resources
will be required to settle the obligation and it is possible to reliably estimate its amount. Provisions are reviewed at the end of each
period. If the time value of money is significant, provisions are discounted using a pre-tax rate that reflects, when appropriate, specific
risks of liabilities. The reversal of the discount due to the passage of time results in an increase of the obligation which is recognized
with a charge to the statement of profit or loss as a finance cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contingent obligations are disclosed when their
existence will only be confirmed as a result of future events or when the amount cannot be measured reliably. Contingent assets are not
recognized and are disclosed only if it is probable that the Corporation will generate economic benefits in the future.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Provision for the closure of oil production
wells</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsidiary Unna Energia S.A. recognizes a provision
for the closure of operating units that correspond to the legal obligation to close oil production wells once the production phase has
been completed. At the initial date of recognition, the liability that arises from said obligation is measured at fair value and discounted
to present value, following the valuation techniques established in IFRS 13 <i>Fair Value Measurement; </i>accordingly, the same amount
is simultaneously charged to the intangible account in the statement of financial position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequently, the liability will increase in each
period to reflect the financial cost considered in the initial measurement of the discount, and the capitalized cost will be depreciated
based on the useful life of the related asset. When a liability is settled, the subsidiary recognizes any gain or loss that may arise.
The fair value changes estimated for the initial obligation and interest rates are recognized as an increase or decrease in the carrying
amount of the obligation and related asset, according to IFRIC 1 <i>Changes in Existing Decommissioning, Restoration and Similar Liabilities</i>.
Any reduction in this provision, and therefore, any reduction in the related assets which exceeds the carrying amount of the asset, will
be immediately recognized in the statement of comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234"><ix:continuation id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the review of the obligation resulted in the
need to increase the provision, and as a result, the carrying amount of the related asset also increases, the subsidiary takes into account
whether this increase corresponds to an indication that the asset has become impaired and if so, impairment tests will be conducted (Note
2.G).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_236" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235"><ix:nonNumeric contextRef="c0" continuedAt="aenz_DescriptionOfAccountingPolicyForPutOptionArrangementExplanatory-c0_cont_1" escape="true" name="aenz:DescriptionOfAccountingPolicyForPutOptionArrangementExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">U.
Put option arrangement</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_237" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_236"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForPutOptionArrangementExplanatory-c0_cont_2" id="aenz_DescriptionOfAccountingPolicyForPutOptionArrangementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of a put option contract on the equity
of a subsidiary that allows the shareholder to reallocate its shares in a certain period, the amount payable under the option is initially
recognized at the present value of the reimbursement under &#8216;Other accounts payable&#8217;, directly charged to equity. The charge
to equity is recorded separately as put options subscribed on the non-controlling interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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="aenz_DescriptionOfAccountingPolicyForPutOptionArrangementExplanatory-c0_cont_3" id="aenz_DescriptionOfAccountingPolicyForPutOptionArrangementExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequently, the financial liability is updated
by changes in the assumptions on which the estimation of the expected cash flows is based and by the financial component due to the passage
of time. The effects of this update are recognized in profit and loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_239" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_238"><ix:continuation id="aenz_DescriptionOfAccountingPolicyForPutOptionArrangementExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2021, Cumbra Peru S.A. acquired the entire
non-controlling interest of the subsidiary Morelco S.A.S. As of December 31, 2022, Cumbra Peru S.A. the liability was totally paid.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_240" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_239"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">V.
Capital</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_241" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_240"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common shares are classified as equity and are
determined using the par value of the shares that have been issued.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_242" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_241"><ix:continuation id="_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Incremental costs directly attributable to the
issuance of new shares or options are shown in equity as a deduction of the received amount, net of taxes.</p><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="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_243" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_242"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">W.
Revenue from contracts with customers</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_244" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_243"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from contracts with customers are recognized,
for each performance obligation, either during a period of time or at a point in time, depending on which method best reflects the transfer
of control of the underlying products or services to the obligation of particular performance with the customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_245" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_244"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation recognizes the revenue through
the application of the five steps defined in the regulations: i) identifying the contract with the customer; ii) identifying performance
obligations in the contract; iii) determining the transaction price; iv) allocating the transaction price to performance obligations;
and v) recognizing revenue when (or as) a performance obligation is satisfied.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_246" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_245"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following describes the Corporation&#8217;s policy
of recognition for each type of revenue in line with IFRS 15:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_247" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_246"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>i.
Engineering and construction</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_248" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_247"><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 0.25in; text-indent: 0in; text-align: justify">Revenues from
engineering and construction (E&amp;C) contracts are recognized over time as the customer simultaneously receives and consumes the benefits
provided by the Corporation&#8217;s performance, the Corporation&#8217;s performance creates or enhances an asset that the customer controls as
the asset is created or enhanced; and the Corporation&#8217;s performance does not create an asset with an alternative use. For these reason,
the Corporation accounts for revenue over time by measuring the progress towards complete satisfaction of its performance obligations
under each contract.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_249" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_248"><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 0.25in; text-indent: 0in; text-align: justify">The
Corporation applies the output method to measure the physical percentage-of-completion which is based on surveys of
projects performance by the Corporation&#8217;s experts. The Corporation considers this
method depicts the transfer of control of the goods or services to the customers, as it reflects also an
enforceable right to payment by the Corporation for work performed to date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_250" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_249"><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 0.25in; text-indent: 0in; text-align: justify">The
Corporation assesses whether one or more of the following factors has been satisfied: a) the contract, applicable law or other
evidence provides a legal basis for the modification; b) additional costs were caused by circumstances that were unforeseen on the
date of execution of the contract and not a result of deficiencies incurred by the Corporation&#8217;s performance; c)
modification-related costs are identifiable and considered reasonable in view of the work performed; or d) evidence supporting the
modification is objective and verifiable. When one or more of the foregoing factors is satisfied, the changes to the rights and
obligations in the contract modification are considered by the Corporation to be enforceable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></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">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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_251" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_250"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify">The nature of some contracts, such
as cost plus fee contracts, unit price contracts or similar contracts give rise to variable consideration that may include reimbursable
costs, incentives and penalties. To include variable consideration
related to a contract modification in the estimated transaction price, the Corporation must conclude that it is &#8220;highly probable&#8221;
that a significant revenue reversal will not occur. The Corporation determines the likelihood of revenue reversal occurring (and therefore
whether such price will be recovered) based on an analysis of whether any of the following factors are present: i) contractual entitlement;
ii) past practice with the customer; iii) specific discussions or preliminary negotiations with the customer; or iv) verbal approval by
the customer. If, as a result of such analysis, the Corporation concludes that it is &#8220;highly probable&#8221; that there will not be
a significant reversal of the amount of revenue recognized, it recognizes the variable consideration relating to the contract modification.
When the benefit of the contract cannot be reliably estimated, the associated revenue is recognized to the extent that the costs incurred
are recoverable. Revenue is invoiced upon receipt of customer approval.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_252" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_251"><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 0.25in; text-indent: 0in; text-align: justify">When it is probable that total contract
costs will exceed the related revenue, the expected loss is recognized immediately.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_253" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_252"><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 0.25in; text-indent: 0in; text-align: justify">The Corporation estimates the amount
of revenue to be recognized as variable consideration using judgments and estimates to determine the most probable value, which is expected
to best predict the amount of consideration to which the Corporation will be entitled.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_254" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_253"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>ii.
Real-estate</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_255" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_254"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of real estate &#8211; urban and
industrial lots</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_256" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_255"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue from real estate sale contracts is recognized
when control over the property has been transferred to the client with the delivery record. Revenue is measured based on the price agreed
under the contract. Until this is met, the revenue received will be counted as customer advances. These sales contracts have two performance
obligations: i) the one corresponding to the transfer of the property, which includes the common areas of the building where these real
estates are located, and ii) the one corresponding to the transfer of the common area outside the real estate assets but that are part
of the real estate projects, which are recognized when the common area has been delivered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_257" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_256"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of urban lots</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_258" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_257"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue related to sales of urban lots is recognized
when control over the property is transferred to the customer. Until this is met, the revenue received will be counted as customer advances.
Revenue is measured based on the transaction price agreed under the contract. These sales contracts have a single performance obligation
for the sale of lots, which is executed upon delivery of the sale of the assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_259" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_258"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sale of industrial lots</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_260" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_259"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue related to sales of industrial lots is
recognized when control over the property has been transferred to the customer. Until this is met, the revenue received will be counted
as customer advances. These sales contracts have two performance obligations: i) transfer of the industrial lot and ii) urban authorization
of the industrial lot.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_261" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_260"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iii.
Energy</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_262" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_261"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues from services rendered for oil
and gas extraction, storage and dispatch of fuels and other services</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_263" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_262"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_21" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20"><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Revenues from the rendering of oil and gas extraction, fuel
storage and dispatch and other services rendered are recognized when the full specific service is provided, calculating the service
actually provided as a portion of the total services to be provided. This type of revenue has a single performance obligation, that
is performed when the service is provided at a point in time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 218; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_264" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_263"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_22" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue from the sale of oil and byproducts</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_265" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_264"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_23" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue from the sale of oil and byproducts is
recognized when the control of the assets is transferred to the customer, which is when the goods are delivered. In this type of revenue,
there is a single performance obligation for the sale of oil and byproducts which is enforced at the delivery of the goods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_266" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_265"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_24" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>iv.
Infrastructure</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_267" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_266"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_25" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue from concession services</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_268" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_267"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_26" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue from concession services corresponds to
operation and maintenance services and is recognized according to its nature in the period in which the service is provided. In this type
of revenue, there is a single performance obligation, enforced when the service is provided.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_269" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_268"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_27" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues from toll collection </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_270" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_269"><ix:continuation id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues generated by Red Vial 5 S.A. from
toll collection through vehicle control booths are grouped in three different toll stations, located along the Ancon &#8211; Huacho
&#8211; Pativilca road sections. This type of transactions are recognized at a point of time due to the control is transferred to
the time of toll collection.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_271" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_270"><ix:nonNumeric contextRef="c0" continuedAt="aenz_DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock-c0_cont_1" escape="true" name="aenz:DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">X.
Cost and expense recognition</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_272" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_271"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock-c0_cont_2" id="aenz_DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Engineering and construction contracts</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_273" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_272"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock-c0_cont_3" id="aenz_DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract costs include all the incurred direct costs such as materials,
labor, subcontracting costs, manufacturing and supply costs of equipment, start-up costs, depreciation and amortization, and indirect
costs. Periodically, the Company evaluates the reasonableness of the estimates used in the determination of the total estimated cost of
the contract. If, as a result of this evaluation, the total estimated cost of the project exceeds expected revenues, an adjustment is
made in order to reflect onerous contract and the corresponding effect in profit or loss of the period in which the loss is incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_274" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_273"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock-c0_cont_4" id="aenz_DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost for sale of oil and byproducts</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_275" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_274"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock-c0_cont_5" id="aenz_DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The costs of services provided, and the costs
of sales of oil and byproducts are recognized when incurred, which in this case are incurred at the same time that related revenue is
recognized. Other costs and expenses are recognized as they accrue, regardless of the moment when they are paid, and are recorded in the
accounting periods to which they relate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_276" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_275"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock-c0_cont_6" id="aenz_DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost for concession operation services</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_277" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_276"><ix:continuation id="aenz_DescriptionOfAccountingPolicyForRecognitionOfCostAndExpensesExplanatoryPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The costs for operation and maintenance services
are recognized when incurred, at the same time that related revenue is recognized. Other costs and expenses are recognized as they accrue,
regardless of the moment when they are paid, and are recorded in the accounting periods to which they relate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_278" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_277"><ix:nonNumeric contextRef="c0" continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_1" escape="true" name="aenz:DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">Y.
Leases</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_279" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_278"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_2" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lease contracts are analyzed for the purpose of identifying those containing
the characteristics specified in IFRS 16 <i>Leases (hereinafter IFRS 16)</i> for recognition, measurement, presentation and disclosure.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_280" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_279"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_3" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation evaluates in every lease contract
the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_281" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_280"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_4" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-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; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If
it conveys the right to control the use of an identified asset;</span></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_282" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_281"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_5" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-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; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If
the contract term is longer that twelve months;</span></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_283" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_282"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_6" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-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; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If
the underlying asset amount is a material amount, and,</span></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_284" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_283"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_7" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-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; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">That
the fees to be paid are not entirely variable.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 219; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_285" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_284"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_8" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Leases in which the Corporation is a lessee</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_286" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_285"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_9" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation recognizes a right-of-use asset
and a lease liability at the lease commencement date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_287" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_286"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_10" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The right-of-use asset is initially measured at
the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct
costs incurred. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end
of the lease term. The term of the lease includes the periods covered by an option to extend the contract if the Corporation is reasonably
sure to exercise that option.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_288" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_287"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_11" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The lease liability is the total unpaid installments,
measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising
from a change in an index or rate, if there is a change in the Corporation&#8217;s estimate of the amount expected to be payable under
a residual value guarantee, or if the Corporation changes its assessment of whether it will exercise a purchase, extension or termination
option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_289" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_288"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_12" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the engineering and construction segment, interest
expenses related to leasing contracts of the core business are reported in gross margin; the rest of the Corporation segments reports
them in finance expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_290" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_289"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_13" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating cash flows will be greater since cash
payments for the main portion of the lease debt are classified within the financing activities. Only the portion of the payments that
reflects interest can continue to be presented as operating cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_291" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_290"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_14" id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Leases in which the Corporation is a lessor</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_292" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_291"><ix:continuation id="aenz_DescriptionOfAccountingPolicyForLeasesExplanatoryPolicyTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating leases and assets are included in the
consolidated statement of financial position according to the nature of the asset. Revenues from operating leases are recognized on a
straight-line basis over the term of the lease agreement and the incentives granted to lessees are reduced from rental income. Accordingly,
the Corporation, as lessor, has not changed the recognition of its leases.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_293" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_292"><ix:nonNumeric contextRef="c0" continuedAt="aenz_DescriptionOfAccountingPolicyForDividendDistributionExplanatoryPolicyTextBlok-c0_cont_1" escape="true" name="aenz:DescriptionOfAccountingPolicyForDividendDistributionExplanatoryPolicyTextBlok"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">Z.
Dividend distribution</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_294" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_293"><ix:continuation id="aenz_DescriptionOfAccountingPolicyForDividendDistributionExplanatoryPolicyTextBlok-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividend distribution to the shareholders is recognized
as a liability in the financial statements in the period in which dividends are approved.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 220; 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">F-<!-- 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="text-align: center; margin-top: 0pt; margin-bottom: 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><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_295" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_294"><ix:nonNumeric contextRef="c0" continuedAt="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_1" escape="true" name="aenz:DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">AA.
Immaterial corrections of previously reported balances as of December 31, 2021</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_296" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_295"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_2" id="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the preparation of its consolidated
financial statements, the Corporation identified an error in the interpretation and application of the accounting treatment of revenue
and cost recognition arising from contracts with customers in the engineering and construction segment in prior years. Management of
the Corporation has evaluated and concluded that the correction of this error has resulted in non-material adjustment to the net income
previously reported in the consolidated financial statements as of December 31, 2020 and 2021. It should be noted that the aforementioned
adjustments had no impact on total cash flows from operating, investing or financing activities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_297" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_296"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_3" id="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_2"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">A reconciliation between the previously reported amounts and the revised
amounts as of December 31, 2020 and 2021, and for the years then ended is presented below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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    <td style="text-align: center; vertical-align: top">&#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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    <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="white-space: nowrap; text-align: left">&#160;</td>
    <td style="text-align: center; vertical-align: top">&#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="white-space: nowrap; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_300" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_299"><ix:continuation continuedAt="_DisclosureOfInterimFinancialReportingExplanatory-c0_cont_2" id="_DisclosureOfInterimFinancialReportingExplanatory-c0_cont_1"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_6" id="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<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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    <td style="text-align: center; vertical-align: top">&#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>

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

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#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></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>
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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; 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: center; padding-bottom: 1.5pt">&#160;</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: 4pt">&#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="c93" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Assets" scale="3" unitRef="pen">5,837,131</ix:nonFraction></td><td style="padding-bottom: 4pt; 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">&#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 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></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#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 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></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">&#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 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></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 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></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"><ix:nonFraction contextRef="c91" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayables" scale="3" unitRef="pen">980,767</ix:nonFraction></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: center">&#160;(c)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c93" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="3" unitRef="pen">155,545</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">Other current liabilities</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="c91" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentLiabilities" scale="3" unitRef="pen">1,212,121</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">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#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="c93" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentLiabilities" scale="3" unitRef="pen">1,212,121</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Total current liabilities</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="c91" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" unitRef="pen">2,347,717</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="c92" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" sign="-" unitRef="pen">67,225</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</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="c93" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="3" unitRef="pen">2,280,492</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>&#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 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></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 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></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"><ix:nonFraction contextRef="c91" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="pen">97,367</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="c92" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="pen">1,040</ix:nonFraction></td><td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c93" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="pen">98,407</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">Other non-current liabilities</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="c91" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" unitRef="pen">2,002,222</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">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#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="c93" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" unitRef="pen">2,002,222</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="text-align: left; padding-bottom: 1.5pt">Total non-current liabilities</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="c91" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="pen">2,099,589</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="c92" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="pen">1,040</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#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="c93" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="pen">2,100,629</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Total liabilities</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="c91" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Liabilities" scale="3" unitRef="pen">4,447,306</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="c92" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Liabilities" scale="3" sign="-" unitRef="pen">66,185</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</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="c93" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Liabilities" scale="3" unitRef="pen">4,381,121</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
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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: -0.125in; padding-left: 0.125in">&#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)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#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></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)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss before income tax</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Income tax expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;(c)</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; text-align: left">Loss from continuing operations</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="c94" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossFromContinuingOperations" scale="3" sign="-" unitRef="pen">173,420</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="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="c96" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossFromContinuingOperations" scale="3" sign="-" unitRef="pen">198,254</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss from discontinued operations</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <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="c96" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossFromDiscontinuedOperations" scale="3" sign="-" unitRef="pen">16,924</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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss for the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <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="c96" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" sign="-" unitRef="pen">215,178</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <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>
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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; 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 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></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-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <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; ">
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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: -0.125in; padding-left: 0.125in">&#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)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center; padding-bottom: 1.5pt">&#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-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>
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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; ">
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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-bottom: 1.5pt">&#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-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>
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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; ">
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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"><ix:nonFraction contextRef="c99" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncome" scale="3" unitRef="pen">5,773</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <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">(<ix:nonFraction contextRef="c99" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="3" sign="-" unitRef="pen">861</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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss before income tax</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c97" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LossBeforeIncomeTax" scale="3" sign="-" unitRef="pen">46,614</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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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></ix:continuation></ix:continuation></ix:continuation><div>

</div><div>

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

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_307" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_306"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_13" id="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Segment information by geographic area&#160;</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

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

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_308" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_307"><ix:continuation id="aenz_ScheduleOfSegmentInformationByGeographicAreaTableTextBlock-c0_cont_1"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_14" id="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_13"><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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</div><div>

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

</div><!-- Field: Page; Sequence: 224; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="width: 100%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></td></tr>
  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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)">
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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>&#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>
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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; ">
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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>
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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; 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="text-align: left">Reclassification to other accounts receivable by Concesionaria V&#237;a Expresa Sur</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>


</div><div>



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

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_311" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_310"><ix:continuation continuedAt="_DisclosureOfCashFlowStatementExplanatory-c0_cont_2" id="_DisclosureOfCashFlowStatementExplanatory-c0_cont_1"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_17" id="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_16"><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">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left"></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></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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  <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></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; ">
    <td style="text-align: left">Trade accounts payable</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other accounts payable</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c99" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" scale="3" unitRef="usd">73,966</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">Other variations</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="c97" decimals="-3" format="ixt:num-dot-decimal" name="aenz:OtherVariations" scale="3" sign="-" unitRef="usd">257,166</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-240">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</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="c99" decimals="-3" format="ixt:num-dot-decimal" name="aenz:OtherVariations" scale="3" sign="-" unitRef="usd">257,166</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">Net cash provided by operating activities</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="c97" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" unitRef="usd">194,508</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"><div style="-sec-ix-hidden: hidden-fact-241">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</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="c99" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" unitRef="usd">194,508</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#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: 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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">INVESTING ACTIVITIES</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">&#160;</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">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</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">&#160;</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">Net cash applied to investing activities</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="c97" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="usd">88,189</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-242">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</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="c99" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="usd">88,189</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>&#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: 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></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">FINANCING ACTIVITIES</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">&#160;</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">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</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">&#160;</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">Net cash applied to financing activities</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="c97" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="3" sign="-" unitRef="usd">50,425</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-243">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</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="c99" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="3" sign="-" unitRef="usd">50,425</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Net decrease in cash</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-244">-</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">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-245">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Cash and cash equivalents at the beginning of the year</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="c126" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" scale="3" unitRef="usd">900,168</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"><div style="-sec-ix-hidden: hidden-fact-246">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</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="c90" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" scale="3" unitRef="usd">900,168</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><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_312" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_311"><ix:continuation continuedAt="_DisclosureOfFinanceIncomeExplanatory-c0_cont_3" id="_DisclosureOfFinanceIncomeExplanatory-c0_cont_2"><ix:continuation continuedAt="_DisclosureOfCashFlowStatementExplanatory-c0_cont_3" id="_DisclosureOfCashFlowStatementExplanatory-c0_cont_2"><ix:continuation continuedAt="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_18" id="aenz_DescriptionOfAccountingPolicyOfImmaterialErrorCorrectionsOfPreviouslyReportedBalancestextBlock-c0_cont_17"><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">
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to the customer and revenue is recognized using the percentage-of-completion method for each contract through the date of the consolidated
financial statements.</ix:footnote></p></td>
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</div><div>

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

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

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<td style="width: 0.25in; text-align: left"></td><td style="text-align: justify">Revenue from additional work resulting from a modification or instruction received from the customer
                                                 to make a change in the scope of work, price, or both will result in an increase in contract revenue which is also recognized using
                                                 the percentage-of-completion method when the Corporation concludes that it is highly probable that there will not be a significant
                                                 reversal of such revenue. Before the immaterial correction, the Corporation recognized a lower proportion of this additional revenue
                                                 at the date of the consolidated financial statements depending on the status or stage in the process of obtaining formal, written
                                                 approval for the additional work. After the immaterial correction, the Corporation recognized additional revenue based on the percentage of completion of the additional work, as long as the
                                                 Corporation can conclude from its dealings with its clients that it is highly probable that there will not be a significant reversal
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</div><div>

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</div><div>

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<td style="width: 0.25in; text-align: left">(c)</td><td style="text-align: justify">Corresponds to the recognition of the tax effects related
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</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><ix:continuation continuedAt="aenz_StandardsAmendmentsAndInterpretationOfInternationalFinancialReportingStandardsTextBlock-c0_cont_3" id="aenz_StandardsAmendmentsAndInterpretationOfInternationalFinancialReportingStandardsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following standards and interpretations and
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</div><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><ix:continuation id="aenz_StandardsAmendmentsAndInterpretationOfInternationalFinancialReportingStandardsTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These accounting pronouncements issued but not
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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the use of derivative and non-derivative financial instruments, and investment of liquidity surplus, as well as financial risks; all of
which are regularly supervised and monitored.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_3" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_2"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">A.
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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; text-align: justify">The Corporation&#8217;s activities expose it to
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</div><div>

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</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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>(a)
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</div><div>

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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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>(i)
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</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; text-align: justify">Foreign exchange risk is the risk that the fair
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</div><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; text-align: justify">The Corporation is exposed to foreign exchange
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</div><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
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  <tr>
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  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_18" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation assumes foreign exchange risk
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</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; text-align: justify">For the periods ended December 31, 2020, 2021
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_20" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_19"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfCorporationsExchangeGainsAndLossesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</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; text-align: justify">If, as of December 31, 2022, the U.S. Dollars,
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</div><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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_24" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation&#8217;s foreign currency translation
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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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>(ii)
Price risk</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</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; text-align: justify">The Corporation is exposed to the risk of hydrocarbon
price fluctuations which impacts on the selling price of the products that it commercializes, which are significantly affected by changes
in global economic conditions, resource availability, and the cycles of related industries. Management considers reasonable these possible fluctuations in the
hydrocarbons prices, based in the Corporation&#8217;s economic market environment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</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; text-align: justify">If, as of December 31, 2022, the oil price had increased/decreased
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million in 2021). This analysis assumes that all other variables remain constant. If, as of December 31, 2022, the oil price had increased/decreased
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million in 2021).</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_28" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>(iii)
Fair-value and cash-flow interest rate risk</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</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; text-align: justify">Interest rate risk is the risk that the fair value
or future cash flows of a financial instrument will fluctuate due to changes in market interest rates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</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; text-align: justify">The Corporation&#8217;s interest rate risk arises
mainly from its long-term financial liabilities. Variable rate long-term financial liabilities expose the Corporation to cash-flow interest
rate risk. Fixed-rate financial liabilities expose the Corporation to fair-value interest rate risk.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_31" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation assumes the interest rate risk,
due to they do not use financial derivative instruments for mitigate variations in the interest rate risk.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_32" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sensitivity to a reasonably possible
change in interest rates is shown below. With all other variables held constant, the Corporation&#8217;s income before income taxes
would be affected by the impact on variable rate borrowings. For the period ended December 31, 2022 and 2021 the impact on income
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million and S/<ix:nonFraction contextRef="c143" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughChangesInModelsOrRiskParametersFinancialAssets" scale="6" unitRef="pen">2.1</ix:nonFraction> million, respectively, in 2021). The assumed movement in basis points related to the interest rate sensitivity
analysis is based on the current market environment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>(b)
Credit risks</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_34" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk is the risk that a counterparty will
not meet its obligations under a financial instrument or commercial contract, resulting in a financial loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_35" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk for the Corporation arises from
its operating activities due to credit exposure to customers and from its financial activities, including deposits with banks and
financial institutions, foreign exchange transactions, and other financial instruments. The maximum exposure to credit risk for the
consolidated financial statements as of December 31, 2022 and 2021 is represented by the sum of cash and cash equivalents (Note 9), trade
accounts receivable (Note 10), other accounts receivable (Note 12) and accounts receivable from related parties (Note 11).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_36" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Customer credit risk is managed by Management
subject to the Corporation&#8217;s established policies, procedures and control related to customer credit risk management. The credit quality
of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined based on this assessment.
The maximum credit risk exposure at the reporting date is the carrying value of each class of financial assets disclosed in Note 10.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</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; text-align: justify">The Corporation assesses the concentration of
risk with respect to trade accounts receivable as low risk because sales are not concentrated in small customer groups and no customers
account for <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:CorporationsRevenuesPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% or more of the Corporation&#8217;s revenues.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>




</div><div>

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

</div><!-- Field: Page; Sequence: 229; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
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  <tr>
    <td style="font-weight: bold; font-size: 10pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></td></tr>
  <tr>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020, 2021 and
    2022</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><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; text-align: justify">Management monitors the credit risk of other receivables
on an ongoing basis and assesses those receivables that show evidence of impairment to determine the required allowance for doubtful accounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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; text-align: justify">Concerning loans to related parties, the Corporation
has measures in place to ensure the recovery of these loans through the controls maintained by the Corporate Finance Management and the
performance evaluation conducted by the Board of Directors (Note 11).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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; text-align: justify">Management does not expect the Corporation
to incur any losses from the performance of these counterparties, except for the ones already recorded in the consolidated financial
statements.</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_41" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b><i>(c)
Liquidity risk</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_42" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prudent liquidity risk management implies holding
enough cash and cash equivalent, and financing available through a proper number of credit sources, and the ability to close positions
in the market. Historically, the Corporation&#8217;s cash flows from operations have enabled it to meet its obligations. The Corporation has
implemented various actions to reduce its exposure to liquidity risk and has developed a Financial Plan based on several steps, which
were designed with a commitment to compliance within a reasonable period of time. The Financial Plan is intended to meet the various obligations
at the Company and Corporation entities levels.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_43" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporate Finance Office monitors the cash
flow projections made on liquidity requirements of the Corporation to ensure it exists sufficient cash to meet operational needs so that
the Corporation does not breach borrowing limits or covenants, where applicable, on any of its borrowing facilities. Less significant
financing transactions are controlled by the Finance Management of each subsidiary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_44" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such forecasting takes into consideration the
Corporation&#8217;s debt financing plans, covenant compliance, compliance with ratio targets in the statement of financial position and,
if applicable, with external regulatory or legal requirements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_45" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the Company has significant
current payment obligations arising from the Plea Agreement (Note 1.C) and the Bridge Loan (Note 17.A.i). For this purpose, Management
is developing a financial plan with the aim of covering the short-term part of these obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_46" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash surplus on the amounts required for the administration
of working capital are invested in checking accounts that generate interest and time deposits, selecting instruments with appropriate
maturities or sufficient liquidity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_47" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below analyzes the Corporation&#8217;s
financial liabilities grouped according to the remaining period from the date of the statement of financial position to the date of maturity.
The amounts disclosed in the table below are the contractual undiscounted cash flows, which include interest to be accrued according to
the established schedule.</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_48" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_47"><ix:nonNumeric contextRef="c0" continuedAt="aenz_DisclosureOfUndiscountedCashFlowsFinancialLiabilitiesExplanatoryTableTextBlock-c0_cont_1" escape="true" name="aenz:DisclosureOfUndiscountedCashFlowsFinancialLiabilitiesExplanatoryTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_50" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_49"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">B.
Capital management</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_51" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation&#8217;s objective in managing
capital is to safeguard its ability to continue as going concern in order to generate returns to its shareholders, benefits to stakeholders,
and keep an optimal capital structure to reduce capital cost. Since 2017, due to the situation of the Corporation, Management has monitored
deviations that might cause the non-compliance of covenants and may hinder renegotiation of liabilities (Note 17.A). In special situations
and events, the Corporation identifies potential deviations, requirements and establishes a plan.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_52" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation may adjust the amount of dividends
payable to shareholders, return capital to shareholders, issue new shares or sell assets to reduce its debt to maintain or adjust the
capital structure.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_53" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation monitors its capital based
on the leverage ratio. This ratio is calculated as net debt divided by the sum of net debt plus equity. The net debt corresponds to
the total financial liabilities (including current and non-current indebtedness) adding the provision for civil compensation less
cash and cash equivalents. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_54" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_53"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 and 2022, the leverage
ratio is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_55" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_54"><ix:nonNumeric contextRef="c0" continuedAt="aenz_DisclosureOfGearingRatioTableTextBlock-c0_cont_1" escape="true" name="aenz:DisclosureOfGearingRatioTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_56" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_55"><ix:continuation id="aenz_DisclosureOfGearingRatioTableTextBlock-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify"><ix:footnote id="ix_6_footnote" xml:lang="en-US">The provision for civil compensation is included in other
provisions (Note 21).</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 id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_56"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">During the years ended December 31, 2021 and 2022, there were no changes
in the objectives, policies or processes related to capital management.</p></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">5.
Use of Judgments and Estimates</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&#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 0; text-align: justify">The estimates and judgments used are continuously
evaluated and are based on historical experience and other factors, including the reasonable expectation of occurrence of future events
depending on the circumstances.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">A.
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation makes estimates and assumptions
regarding the future. Resulting accounting estimates very rarely will be the same as the actual results. The following are the estimates
and assumptions that have significant risk as to produce a material adjustment to the balances of assets and liabilities for next periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 231; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31,  2020, 2021 and 2022</p><div>

</div><p style="margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>i. Impairment testing of goodwill and other finite useful-life fixed assets and indefinite useful-life intangible assets</i></b></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Impairment testing is undertaken annually to determine
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policy described in Note 2.G. For this purpose, goodwill is allocated to the different CGUs to which it relates while other indefinite
useful-life intangible assets are assessed individually.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_7" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The recoverable amounts of the CGU and of other
indefinite useful-life intangible assets have been determined based on the higher of their value-in-use or fair value less costs to sell.
This testing requires the exercise of Management&#8217;s professional judgment to analyze any potential indicators of impairment such
as the use of estimates in determining the value in use, including preparing future cash flows, macro-economic forecasts as well as defining
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_8" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Corporation experiences a significant drop
in revenues or a drastic increase in costs or changes in other factors, the fair value of their business units might decrease. If Management
determines that the factors reducing the fair value of the business units are permanent, those economic factors will be taken into consideration
to determine the recoverable amount of those business units and therefore, goodwill, as well as other indefinite useful-life intangible
assets may be deemed to be impaired, which could result in write-off being necessary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_9" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of these evaluations, as of
December 31, 2021 and 2022, no provision for goodwill impairment was identified (Note 16.A) and; as of December 31, 2022, the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_10" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 and 2022, the
Corporation conducted a sensitivity analysis increasing or decreasing the assumptions of gross margin, discount rate, and revenue
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</div><div>

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

</div><!-- Field: Page; Sequence: 232; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31,  2020, 2021 and 2022</p><div>


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

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_12" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2022, if the gross margin, discount rate, and
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_14" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Trademarks</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_16" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_15"><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In 2021, if the revenue growth rate, discount rate and perpetual growth
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_17" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>ii. Taxation</i></b></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_18" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Determination of the tax obligations and expenses
requires interpretations of the applicable tax legislation. The Corporation has professional advice on legal tax matters before making
any decision on tax matters.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_19" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities are calculated
based on the temporary differences arising between the taxable basis of assets and liabilities and the respective amounts stated in the
financial statements of each entity comprising the Corporation, using the tax rates in effect in each of the years in which the difference
is expected to reverse. Any change in tax rates will affect the deferred tax assets and liabilities. This change will be recognized in
the consolidated statement of profit or loss in the period in which the change takes effect.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_20" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets are recognized only to the
extent that it is probable that future taxable profits will be available against which temporary differences and tax losses can be used.
For this purpose, the Corporation takes into consideration all available information, including factors such as historical data, projected
income, current operations, and tax planning strategies. A tax benefit related to a tax position is only recognized if the benefit will
be realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_21" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The income tax for the year includes Management&#8217;s
evaluation of the amount of taxes to be paid in uncertain tax positions, where the liabilities have not yet been agreed with the tax administration.
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_22" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>iii. Percentage of completion revenue recognition</i></b></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_23" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue from services based on construction contracts
are recognized by the percentage of completion method, according to the output method (Note 2.W.i). The Corporation applies the output
method to measure the physical percentage-of-completion which is based on surveys of projects performance by the Corporation&#8217;s experts.
The Corporation considers this method depicts the transfer of control of the goods or services to the customers, as it reflects also an
enforceable right to payment by the Corporation for work performed to date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_24" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_23"><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Costs directly related to a specific contract includes: labor costs
at the construction site (including construction supervision), costs of materials used in construction, depreciation costs of equipment
used in the contract, design and technical assistance costs directly related to the contract, among others (Note 2.X). However, any expected
and likely cost overruns related to the contract over total expected income under the contract is recognized as expense immediately. In
addition, any change in the estimates under the contract is recognized as a change in accounting estimates in the period in which the
change is made and future periods, if applicable. In certain construction contracts, the terms of these agreements allow to retain an
amount to customers until construction is completed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31,  2020, 2021 and 2022</p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_25" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, 2021 and 2022, a sensitivity
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iii) industry, iv) infrastructure, v) mining, vi) oil &amp; gas, vii) water and sewage, and viii) various services, as shown below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_26" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_25"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfSensitivityAnalysisWasPerformedConsideringIncreasedecreaseCorporationsGrossMargins"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_27" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Provision for decommissioning and well closure</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_28" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provision for decommissioning and well closure
is an obligation established by law for all operators. Accordingly, it is more likely than not that an outflow of resources will be required
to settle the obligation and it is possible to reliably estimate its amount. The operator is responsible for this activity to the extent
that the wells have been worked during the contract period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_29" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 and 2022, the estimate
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_30" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_29"><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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<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
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</div><div>

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to be retired in the future, which is shown in intangible assets item in the consolidated statement of financial position. The provision
is recognized at the present value of the expected disbursements in local and foreign currency to settle the obligation using the Peruvian
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_32" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c2" name="aenz:PretaxDiscountRate">The pre-tax discount rates used for the calculation
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passage of time and from reviews conducted either at the date of occurrence or the amount of the present value of the originally estimated
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_34" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_33"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfInternalCreditExposuresExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31,  2020, 2021 and 2022</p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_35" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>iv. Impairment of investment in associate and account receivable to Gasoducto Sur Peruano S.A. </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_36" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a consequence of the termination of the concession
agreement signed between Gasoducto Sur Peruano S.A. (hereinafter &#8220;GSP&#8221;) and the Peruvian State (Note 14.A), in 2019 the Company impaired the full value
of its investment in GSP.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_37" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of the accounts receivable to GSP (Note 11 and Note 14),
the Management has determined its recoverability under the following assumptions: (i) the amount that GSP will recover as a result of
a possible public auction y (ii) the liquidation of the company via the GSP Creditor&#180;s meeting.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_38" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable related to GSP as of December
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_39" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The calculation of the impairment estimate adheres
to a process of liquidation of GSP in accordance with Peruvian legislation, according to which the value of the asset to be recovered
is used first to cover the payments of liabilities in the different categories of creditors and the remainder, if it is the case, to cover
the payment to the shareholders, taking into account the existing subordination agreements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_40" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2018, in relation to the amount to be recovered
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the Net Carrying Amount (NCA) of the Concession assets. This amount represented a minimum payment to be obtained by GSP based on a public
auction to be set up for the adequate transfer of the Concession&#8217;s assets to a new concessionaire, under the relevant contractual
terms and conditions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_41" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beginning 2019, the recovery of NCA estimated by Management equals
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the formation of the Creditors&#8217; Meeting, the approval of the settlement plan, the presentation of the arbitration claim, as well
as the entire arbitration process.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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has pointed as chairman of the Creditors&#8217; Meeting. On April 11, 2023, the Creditors&#8217; Meeting approved with <ix:nonFraction contextRef="c200" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" scale="-2" unitRef="pure">77</ix:nonFraction>% of the votes,
the Liquidation Agreement, which establishes the liquidator&#8217;s framework. Likewise, on April 12, 2023, the liquidator (Alva Legal
Asesoria Empresarial S.A.C.) has notarially requested the initiation of the Direct Treatment procedure with the Ministry of Energy and
Mines in accordance with the rules of the Concession Contract. The Company considers that the term of <ix:nonNumeric contextRef="c201" format="ixt-sec:durwordsen" name="aenz:TotalTerm">eight years</ix:nonNumeric> for the recovery of
the investment is adequate, considering the possibility of an arbitration process and the time it will take to execute the award. See
assumptions and recognized values in Note 14.A.i. The Company&#8217;s management maintains the recovery estimate in <ix:nonNumeric contextRef="c202" format="ixt-sec:duryear" name="aenz:EstimatedTermPeriod">8</ix:nonNumeric> years, applying
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_43" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_42"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> B. Significant judgments in applying accounting policies</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_44" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Consolidation of entities in which the Corporation
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</div><div>

</div><ix:nonNumeric contextRef="c0" name="aenz:contractualAgreementPercentage"><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_45" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation owns some direct and indirect
subsidiaries in which it has control, even having less than 50% of the voting rights. These entities are mainly related to indirect subsidiaries
in the real estate business owned through Viva Negocio Inmobiliario S.A.C., having control over relevant activities affecting the subsidiaries&#8217;
returns, even though the Corporation holds interest between 30% and 50%. Additionally, the Corporation has <i>de facto </i>control by
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</div><div>

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</div><div>

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the nature of the contracts signed with one or more parties. If the Corporation is not determined to have control or joint control but
has rights to the assets and obligations for the liabilities under the arrangement, the Corporation recognizes its assets, liabilities,
income and expenses and its interest in any jointly controlled assets or liabilities and any income or expenses arising from the arrangement
as a joint operation in accordance with IFRS 11 <i>Joint Arrangements</i> (Note 2.B.v).</p></ix:continuation><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: 235; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- 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"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31,  2020, 2021 and 2022</p><div>


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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 6. <span style="font-size: 10pt">Interests in Other Entities </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>



</div><div>

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the accounts of the Company and its subsidiaries. Additionally, the consolidated financial statements include interests in joint operations
in which the Company or certain subsidiaries have joint control with their partners (Note 2.B).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_3" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_2"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> A. Main subsidiaries</p><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>



</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_5" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
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    <td style="width: 20%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Country</b></span></td>
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    <td style="width: 50%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic activity</b></span></td></tr>
  <tr style="vertical-align: top; ">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; ">
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    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_6" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
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  <tr style="vertical-align: top">
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    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; ">
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    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
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    <td>&#160;</td></tr>
  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; ">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; ">
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
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    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promotores Asociados de Inmobiliarias S.A.</span></td>
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  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 236; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- 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"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31,  2020, 2021 and 2022</p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_7" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table shows the Corporation&#8217;s subsidiaries and
related interest as of December 31, 2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_8" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory"><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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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <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; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">- Morelco S.A.S.</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: -9pt; padding-left: 9pt">- GyM Chile S.p.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-255">-</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; text-indent: -9pt; padding-left: 9pt">- Vial y Vives - DSD S.A.</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: -9pt; padding-left: 9pt">- Cumbra Inversiones Colombia S.A.S.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-258">-</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)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">- Ecologia Tecnologia Ambiental S.A.C.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">- GM Ingenieria y Construccion de CV</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-264">-</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: -9pt; padding-left: 9pt">- GM Ingenieria Bolivia S.R.L.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-indent: -9pt; padding-left: 9pt">Energy:</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; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Unna Energia S.A.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">- Oiltanking Andina Services S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-267">-</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: -9pt; padding-left: 9pt">- Transportadora de Gas Natural</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; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Comprimido Andino S.A.C.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-268">-</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"><ix:nonFraction contextRef="c214" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">100.00</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-269">-</div></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: -9pt; padding-left: 9pt">Infrastructure:</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; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Unna Transporte S.A.C.</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-270">-</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="c215" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">100.00</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-271">-</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: -9pt; padding-left: 9pt">Tren Urbano de Lima S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c216" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">75.00</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-272">-</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="c216" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">75.00</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: -9pt; padding-left: 9pt">Carretera Andina del Sur S.A.C</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-273">-</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-274">-</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: -9pt; padding-left: 9pt">Red Vial 5 S.A.</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c218" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByNoncontrollingInterests" scale="-2" unitRef="pure">33.00</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Carretera Sierra Piura S.A.C.</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c219" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldBySubsidiaries" scale="-2" unitRef="pure">0.04</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="c219" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">100.00</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-275">-</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: -9pt; padding-left: 9pt">Concesionaria Via Expresa Sur S.A.</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c220" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldBySubsidiaries" scale="-2" unitRef="pure">1.11</ix:nonFraction></td><td style="text-align: left">%</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-276">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Real Estate:</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: -9pt; padding-left: 9pt">Viva Negocio Inmobiliario S.A.C.</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>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c221" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">99.54</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Parent company operations:</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: -9pt; padding-left: 9pt">Qualys S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c222" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">100.00</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; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Agenera S.A.</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: -9pt; padding-left: 9pt">Inversiones en Autopistas S.A.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Cam Holding S.p.A.</td><td>&#160;</td>
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</div><div>

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

</div><!-- Field: Page; Sequence: 237; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- 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"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31, 2020, 2021 and 2022</p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_9" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the Corporation&#8217;s
subsidiaries and related interest as of December 31, 2021:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_10" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_9"><ix:continuation id="_DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory-c0_cont_1"><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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    <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">-</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">- Vial y Vives - DSD S.A.</td><td>&#160;</td>
    <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="text-align: left">- Cumbra Inversiones Colombia S.A.S.</td><td>&#160;</td>
    <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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    <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; ">
    <td style="text-align: left">Cumbra Ingenieria S.A.</td><td>&#160;</td>
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    <td style="text-align: left">- Ecologia Tecnologia Ambiental S.A.C.</td><td>&#160;</td>
    <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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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</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">-</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">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold">Energy:</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">Unna Energia S.A.</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c237" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">95.00</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">- Oiltanking Andina Services S.A.</td><td>&#160;</td>
    <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="text-align: left">- Transportadora de Gas Natural</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; ">
    <td style="text-align: left">&#160;&#160;Comprimido Andino S.A.C.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Infrastructure:</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><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">Unna Transporte S.A.C.</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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tren Urbano de Lima S.A.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Carretera Andina del Sur S.A.C</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Red Vial 5 S.A.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Carretera Sierra Piura S.A.C.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Concesionaria Via Expresa Sur S.A.</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c245" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">100.00</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Real Estate:</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">Viva Negocio Inmobiliario S.A.C.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c246" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">56.22</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="c246" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldBySubsidiaries" scale="-2" unitRef="pure">43.32</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="c246" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">99.54</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="c246" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByNoncontrollingInterests" scale="-2" unitRef="pure">0.46</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Parent company operations:</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">Qualys S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c247" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">100.00</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</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="c247" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">100.00</ix:nonFraction></td><td style="text-align: left">%</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; ">
    <td style="text-align: left">Promotora Larcomar S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c248" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">46.55</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</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="c248" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">46.55</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="c248" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByNoncontrollingInterests" scale="-2" unitRef="pure">53.45</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">Negocios del Gas S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c249" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">99.99</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="c249" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldBySubsidiaries" scale="-2" unitRef="pure">0.01</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="c249" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">100.00</ix:nonFraction></td><td style="text-align: left">%</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; ">
    <td style="text-align: left">Agenera S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c250" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">99.00</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="c250" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldBySubsidiaries" scale="-2" unitRef="pure">1.00</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="c250" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">100.00</ix:nonFraction></td><td style="text-align: left">%</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)">
    <td style="text-align: left">Inversiones en Autopistas S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c251" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">1.00</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="c251" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldBySubsidiaries" scale="-2" unitRef="pure">99.00</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="c251" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">100.00</ix:nonFraction></td><td style="text-align: left">%</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; ">
    <td style="text-align: left">Cam Holding S.p.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c252" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">100.00</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</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="c252" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfCommonSharesHeldByTheGroup" scale="-2" unitRef="pure">100.00</ix:nonFraction></td><td style="text-align: left">%</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>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_11" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_10"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">B. Public service concessions</p><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_12" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation has public service concessions.
When applicable, the income attributable to the construction or restoration of infrastructure has been accounted for by applying the models
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_13" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In all Corporation&#8217;s concessions, the infrastructure
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</div><div>

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</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_14" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Find below the concessions held by the Corporation
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</div><div>

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</div><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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31, 2020, 2021 and 2022</p><div>


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




</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_16" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_15"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> C. Hydrocarbon and gas contracts</p><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_17" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the subsidiary Unna Energia
S.A. has mainly three contracts signed with Perupetro S.A. In 2021, it had four contracts signed with Perupetro S.A. and one contract
signed with ENEL, as indicated below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_18" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>i. Service
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_19" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This contract was signed with Perupetro S.A. in
1993 for a period of twenty years. In March 2010 the Extension Agreement to the oil services contract was signed until October 2023. The
lot is located in the provinces of Talara and Contralmirante Villar, departments of Piura and Tumbes, Grau region, northeastern Peru.
As of December 31, 2022, the Company held a total of 95 wells of which 39 wells were active and 56 wells were inactive (as of December
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_20" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>ii. License
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_21" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subscribed with Perupetro S.A. in March 2015 for
a period of thirty years for oil, and forty years for non-associated natural gas counted from April 5, 2015, the date corresponding to
the start of operations. The lot is located in the provinces of Talara and Paita, Grau region, northeastern Peru. As of December 31, 2022,
the Company held a total of 505 wells of which 172 wells were active and 333 wells were inactive (as of December 31, 2021 it held 498
wells of which 134 wells were active and 364 wells were inactive).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_22" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>iii. License
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_23" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subscribed with Perupetro S.A. in March 2015 for
a period of thirty years for oil, and forty years for non-associated natural gas counted from April 5, 2015, the date corresponding to
the start of operations. The lot is located in the provinces of Talara and Contralmirante Villar, department of Piura and Tumbes, Grau
region, northeastern Peru. As of December 31, 2022, the Company had a total of 578 wells of which 361 wells were active and 217 wells
were inactive (as of December 31, 2021 it had 528 wells of which 337 wells were active and 191 wells were inactive).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_24" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>iv. Service
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_25" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract terminated on December 26, 2021, signed
in 1991 by Cavelcas del Peru S.A. (CAVELCAS) and Perupetro S.A. for a period of twenty years. On July 31, 1995 CAVELCAS made the assignment
of the contractual position for 100% of the participation to the Company, the latter assuming the technical, economic and financial responsibility
of the operations. In March 2010 an extension agreement was signed for this contract until December 2021. To date, the Company is in the
process of obtaining the approval of the Abandonment Plan, in order to execute the activities under its responsibility due to the termination
of the Contract.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_26" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>v.  Contract
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_27" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 16, 2014, Petroperu S.A. signed contracts
for the operation of the North and Central hydrocarbon supply terminals with the subsidiary Unna Energia S.A. and Oiltanking Peru S.A.C.,
for the provision of reception, storage and dispatch services for a term of twenty years from the date of signing the contracts, for which
the Terminales del Peru Consortium was formed, which began operating on September 2, 2014. Unna Energia S.A. is the operator and
both consortium members exercise joint control of the business and have a 50% shareholding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31, 2020, 2021 and 2022</p><div>


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

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_29" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, 2021 and 2022, the Corporation
participates in 41, 39 and 38 joint operations with third parties, respectively. The table below lists the main joint operations in which
the Corporation participates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_30" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_29"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfJointOperationsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c284" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></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">- Consorcio Lima Actividades Comerciales Sur</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c285" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</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="c286" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</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="c287" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">- Consorcio Lima Actividades Sur</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c288" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</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="c289" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</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="c290" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></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">- Consorcio Rio Urubamba</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c291" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</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="c292" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</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="c293" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">- Consorcio Alto Cayma</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c294" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">49</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="c295" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">49</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="c296" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">49</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></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">- Consorcio La Gloria</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c297" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">49</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="c298" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">49</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="c299" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">49</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">- Consorcio Norte Pachacutec</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c300" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">49</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="c301" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">49</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="c302" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">49</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></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">- Consorcio Italo Peruano</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c303" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">48</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="c304" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">48</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="c305" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">48</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">- Consorcio Vial Quinua</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c306" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">46</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="c307" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">46</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="c308" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">46</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></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">- Consorcio Constructor Ductos del Sur</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c309" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">29</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="c310" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">29</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="c311" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">29</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">- Consorcio Constructor Chavimochic</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c312" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">27</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="c313" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">27</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="c314" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">27</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></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">- Consorcio Inti Punku</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c315" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">49</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="c316" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">49</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="c317" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">49</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">- Consorcio Pasco</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c318" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">1</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="c319" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">1</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="c320" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">1</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></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">Unna Energia S.A.</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: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">- Consorcio Terminales</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c321" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</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="c322" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</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="c323" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></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">- Terminales del Peru</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c324" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</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="c325" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</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="c326" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Unna Transporte S.A.C.</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: 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">- Consorcio Ancon-Pativilca</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c327" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">67</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-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"><div style="-sec-ix-hidden: hidden-fact-286">-</div></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">- Consorcio Peruano de Conservacion</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c330" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</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="c331" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</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="c332" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">50</ix:nonFraction></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></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">- Consorcio Manperan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c333" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" unitRef="pure">67</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; ">
    <td style="text-align: left">- Consorcio Vial ICAPAL</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">- Consorcio Vial Sullana</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">- Consorcio Obras Viales</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; ">
    <td style="text-align: left">- Consorcio GMI- Haskoningdhv</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">- Consorcio Supervisor Ilo</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">- Consorcio Poyry-GMI</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">- Consorcio Internacional Supervision Valle Sagrado</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">- Consorcio Ecotec - GMI - PIM</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">- Consorcio Ribereno Chinchaycamac</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">- Consorcio Ecotec - GMI</td><td>&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_31" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All joint agreements listed above are operated
in Peru.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 241; 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">F-<!-- 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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31, 2020, 2021 and 2022</p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_32" id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main activities of the joint operations correspond
to:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfInterestsInOtherEntitiesExplanatory-c0_cont_32"><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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    <td style="border-bottom: Black 1.5pt solid; width: 64%; font-weight: bold; text-align: center">Economic activity</td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left">AENZA S.A.A.</td><td>&#160;</td>
    <td style="text-align: left">Construction, operation, and maintenance of the raw sewage treatment plant of La Chira to the south of Lima. The purpose of the project is to face enviromental problems of Lima, due to raw sewage flowing into the sea. <br/></td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left">Cumbra Peru S.A.</td><td>&#160;</td>
    <td style="text-align: left">Consortiums created only to come into construction contracts. <br/></td></tr>
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    <td style="vertical-align: top; text-align: left">&#160;</td><td>&#160;</td>
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  </table></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOperatingSegmentsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 7. Operating Segments</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_2" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating segments are reported consistently with
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by the Corporate General Manager. This Committee acts as the maximum authority in operations decision making and is responsible for allocating
resources and assessing the performance of each operating segment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_3" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation&#8217;s segments are assessed
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_4" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As set forth under IFRS 8, reportable segments
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_5" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income derived from operations abroad (Chile and
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_6" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inter-segmental sale transactions are made at
prices similar to those that would have been agreed to with non-related third parties. Revenues from external customers reported are measured
in a manner consistent with the basis of preparation of the statement of profit or loss. Sale of goods are related to real estate segment.
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_7" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Corporation&#8217;s sales and accounts receivable
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_8" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation has determined four reportable
segments. These operating segments are components of a company about which separate financial information is available that is regularly
evaluated by the Corporate Governance Board (&#8220;CODM&#8221;) in deciding how to allocate resources and assess performance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_9" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operations of Corporation in each reportable
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_10" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_9"><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">
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engineering services such as architectural planning, structural, civil and design engineering for advanced specialties including process
design, simulation, and environmental services, as well as construction at three divisions: i) civil works, such as the construction
of hydroelectric power stations and other large infrastructure facilities; (ii) electromechanical construction, such as concentrator
plants, oil and natural gas pipelines, and electric transmission lines; iii) building construction, such as offices, residential buildings,
hotels, and affordable housing projects, shopping centers, and industrial facilities.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">Energy: This segment includes oil exploration, exploitation,
production, treatment, and trade in four oil deposits, separation and trade of natural gas and its byproducts at the gas processing plant,
as well as the construction and assembly of oil facilities or those linked to the oil and gas industry. It also includes storage and
dispatch of fuel and oil byproducts.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&#160;</p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(c)</td><td style="text-align: justify">Infrastructure: The Corporation has long-term concessions
or similar contractual arrangements in Peru for three highways with tolls, Lima Metro, a sewage treatment plant in Lima, and operation
and maintenance services for infrastructure assets.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(d)</td><td style="text-align: justify">Real Estate: The Corporation mainly develops and sells properties
for low- and middle-resource sectors, which are experiencing a significant increase in available income, as well as luxury properties
to a lesser degree. It also develops commercial spaces and offices.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_14" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The CODM uses the Adjusted EBITDA (earnings before
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_15" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_14"><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Adjusted EBITDA is not a measurement of results based on International
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_17" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_16"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfOperatingIncomelossBeforeIncomeTaxesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_18" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The adjusted EBITDA with non recurring items
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</div><div>

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</div><div>

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

</div><!-- Field: Page; Sequence: 243; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- 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"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31, 2020, 2021 and 2022</p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_20" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table shows the Corporation&#8217;s financial statements
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_21" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Operating segments financial position</b></p></ix:continuation><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_23" id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_22"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfOperatingSegmentsFinancialPositionTextBlock-c0_cont_1" escape="true" name="aenz:ScheduleOfOperatingSegmentsFinancialPositionTextBlock"><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">&#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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  <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"><div style="-sec-ix-hidden: hidden-fact-302">-</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)">
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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-307">-</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-308">-</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="c396" decimals="-3" format="ixt:num-dot-decimal" name="aenz:NonCurrentPrepaidExpenses" scale="3" sign="-" unitRef="pen">510</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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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-309">-</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-310">-</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-311">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Investments in associates and joint ventures</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-312">-</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-313">-</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-314">-</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="c394" decimals="-3" format="ixt:num-dot-decimal" name="aenz:InvestmentsInAssociatesAndJointVentures" scale="3" unitRef="pen">5,443</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="c396" decimals="-3" format="ixt:num-dot-decimal" name="aenz:InvestmentsInAssociatesAndJointVentures" scale="3" sign="-" unitRef="pen">1,538,815</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="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Investment property, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-315">-</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-316">-</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-317">-</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-318">-</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-319">-</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="c394" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentProperty" scale="3" unitRef="pen">22,416</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="c395" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentProperty" scale="3" unitRef="pen">42,558</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="c396" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentProperty" scale="3" sign="-" unitRef="pen">1,963</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:InvestmentProperty" scale="3" unitRef="pen">63,011</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Property, plant and equipment, net</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c391" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">7,056</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="c393" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">181</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="c394" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">6,845</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="c395" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">1,653</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="c396" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" sign="-" unitRef="pen">8,998</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="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Intangible assets and goodwill, net</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-320">-</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="c394" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="pen">733</ix:nonFraction></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; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold">Liabilities.-</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><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; 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; ">
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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="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-344">-</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-345">-</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-346">-</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-347">-</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-348">-</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)">
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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"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31, 2020, 2021 and 2022</p><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"></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)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Prepaid expenses</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Total current assets</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Long-term trade accounts receivable, net</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-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; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Long-term accounts receivable from related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c397" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherReceivablesDueFromRelatedParties" scale="3" unitRef="pen">299,268</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-357">-</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="c399" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherReceivablesDueFromRelatedParties" scale="3" unitRef="pen">15,858</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="c400" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherReceivablesDueFromRelatedParties" scale="3" unitRef="pen">42</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="c401" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherReceivablesDueFromRelatedParties" scale="3" unitRef="pen">14,015</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-358">-</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="c403" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherReceivablesDueFromRelatedParties" scale="3" unitRef="pen">602,004</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="c404" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherReceivablesDueFromRelatedParties" scale="3" sign="-" unitRef="pen">388,795</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Prepaid expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-359">-</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="c398" decimals="-3" format="ixt:num-dot-decimal" name="aenz:NonCurrentPrepaidExpenses" scale="3" unitRef="pen">826</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="c399" decimals="-3" format="ixt:num-dot-decimal" name="aenz:NonCurrentPrepaidExpenses" scale="3" unitRef="pen">14,549</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="c400" decimals="-3" format="ixt:num-dot-decimal" name="aenz:NonCurrentPrepaidExpenses" scale="3" unitRef="pen">1,731</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="c401" decimals="-3" format="ixt:num-dot-decimal" name="aenz:NonCurrentPrepaidExpenses" scale="3" unitRef="pen">632</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-360">-</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="c403" decimals="-3" format="ixt:num-dot-decimal" name="aenz:NonCurrentPrepaidExpenses" scale="3" unitRef="pen">65</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="c404" decimals="-3" format="ixt:num-dot-decimal" name="aenz:NonCurrentPrepaidExpenses" scale="3" sign="-" unitRef="pen">510</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="c2" decimals="-3" format="ixt:num-dot-decimal" name="aenz:NonCurrentPrepaidExpenses" scale="3" unitRef="pen">17,293</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Other long-term accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c397" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentReceivables" scale="3" unitRef="pen">101,366</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="c398" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentReceivables" scale="3" unitRef="pen">89,782</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-361">-</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-362">-</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="c401" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentReceivables" scale="3" unitRef="pen">7,346</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="c402" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentReceivables" scale="3" unitRef="pen">55,347</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="c403" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentReceivables" scale="3" unitRef="pen">31,889</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">-</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="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentReceivables" scale="3" unitRef="pen">285,730</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Inventories, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-363">-</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-364">-</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-365">-</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-366">-</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-367">-</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="c402" decimals="-3" format="ixt:num-dot-decimal" name="aenz:NonCurrentInventoriesNet" scale="3" unitRef="pen">65,553</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-368">-</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-369">-</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="-3" format="ixt:num-dot-decimal" name="aenz:NonCurrentInventoriesNet" scale="3" unitRef="pen">65,553</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Investments in associates and joint ventures</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c397" decimals="-3" format="ixt:num-dot-decimal" name="aenz:InvestmentsInAssociatesAndJointVentures" scale="3" unitRef="pen">975</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="c398" decimals="-3" format="ixt:num-dot-decimal" name="aenz:InvestmentsInAssociatesAndJointVentures" scale="3" unitRef="pen">12,049</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-370">-</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-371">-</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-372">-</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="c402" decimals="-3" format="ixt:num-dot-decimal" name="aenz:InvestmentsInAssociatesAndJointVentures" scale="3" unitRef="pen">2,752</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="c403" decimals="-3" format="ixt:num-dot-decimal" name="aenz:InvestmentsInAssociatesAndJointVentures" scale="3" unitRef="pen">1,509,790</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="c404" decimals="-3" format="ixt:num-dot-decimal" name="aenz:InvestmentsInAssociatesAndJointVentures" scale="3" sign="-" unitRef="pen">1,510,650</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="c2" decimals="-3" format="ixt:num-dot-decimal" name="aenz:InvestmentsInAssociatesAndJointVentures" scale="3" unitRef="pen">14,916</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Investment property, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-373">-</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-374">-</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-375">-</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="c400" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentProperty" scale="3" unitRef="pen">1,507</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-376">-</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="c402" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentProperty" scale="3" unitRef="pen">19,823</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="c403" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentProperty" scale="3" unitRef="pen">40,594</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-377">-</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="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentProperty" scale="3" unitRef="pen">61,924</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Property, plant and equipment, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c397" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">102,822</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="c398" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">176,596</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="c399" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">6,193</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="c400" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">848</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="c401" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">150</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="c402" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">7,531</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="c403" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">1,286</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="c404" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" sign="-" unitRef="pen">10,961</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="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="pen">284,465</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Intangible assets and goodwill, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c397" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="pen">131,431</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="c398" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="pen">363,066</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="c399" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="pen">274,597</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="c400" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="pen">238</ix:nonFraction></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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold">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>
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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>
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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; ">
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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="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-404">-</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-405">-</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="c403" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentProvisions" scale="3" unitRef="pen">491,463</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-406">-</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="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentProvisions" scale="3" unitRef="pen">569,027</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <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"><ix:nonFraction contextRef="c398" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="pen">53,242</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"><div style="-sec-ix-hidden: hidden-fact-407">-</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="c400" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="pen">58,396</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"><div style="-sec-ix-hidden: hidden-fact-408">-</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-409">-</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-410">-</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-411">-</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="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="pen">128,308</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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    <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"><ix:nonFraction contextRef="c401" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" unitRef="pen">24,733</ix:nonFraction></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>
    <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"><ix:nonFraction contextRef="c402" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" unitRef="pen">10,852</ix:nonFraction></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>
    <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"><ix:nonFraction contextRef="c403" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" unitRef="pen">876,043</ix:nonFraction></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>
    <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">(<ix:nonFraction contextRef="c404" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" sign="-" unitRef="pen">285,810</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</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"></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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- 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"><b>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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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  <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; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Profit (Loss) from discontinuing operations</td><td style="padding-bottom: 1.5pt">&#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"></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>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#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)">
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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)">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss from discontinuing operations</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><div>

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

</div><!-- Field: Page; Sequence: 247; Value: 1 --><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>AENZA S.A.A. and Subsidiaries </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 31, 2020, 2021 and 2022</p><div>


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

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

</div><!-- Field: Page; Sequence: 248; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- 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="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>

</div><p style="margin: 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; ">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>



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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 8. Financial Instruments</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_2" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>A. Financial instruments by category </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_3" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets related to concession
agreements are shown in the consolidated statement of financial position as &#8217;short-term trade accounts receivable&#8217; and
&#8216;long-term trade accounts receivable&#8217;.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_4" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, the classification of financial
assets and liabilities by category is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_5" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory"><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="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><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></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Financial assets according to the consolidated statement of financial position</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Loans and accounts receivable at amortized cost:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">- Cash and cash equivalents</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" name="ifrs-full:CashAndCashEquivalents" scale="3" unitRef="pen">957,178</ix:nonFraction></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">- Trade accounts receivable and other accounts receivable (excluding non-financial
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">- Financial assets related to concession agreements (ii)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">- Accounts receivable from related parties</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:AmountsReceivableRelatedPartyTransactions" scale="3" unitRef="pen">664,714</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; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="aenz:FinancialAsset" scale="3" unitRef="pen">3,694,450</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 4pt; font-weight: bold">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>





</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_6" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_5"><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_2" id="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_1"><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"><i>In thousands of soles</i></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><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></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Financial liabilities according to the consolidated statement of financial position</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Other financial liabilities at amortized cost:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">- Bank loans and other financial entities</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="c457" decimals="-3" format="ixt:num-dot-decimal" name="aenz:BankLoansAndOtherFinancialEntities" scale="3" unitRef="pen">509,557</ix:nonFraction></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">- Finance leases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c457" decimals="-3" format="ixt:num-dot-decimal" name="aenz:FinanceLease" scale="3" unitRef="pen">9,836</ix:nonFraction></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">- Lease liability for right-of-use asset</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c457" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LeasesLiabilityForRightofuseAsset" scale="3" unitRef="pen">60,507</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="c458" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LeasesLiabilityForRightofuseAsset" scale="3" unitRef="pen">59,085</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>- Bonds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c457" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Bond" scale="3" unitRef="pen">1,260,922</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="c458" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Bond" scale="3" unitRef="pen">869,913</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>- Trade and other accounts payable excluding non-financial
    liabilities) (iii)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c457" decimals="-3" format="ixt:num-dot-decimal" id="ix_27_fact" name="ifrs-full:TradeAndOtherPayables" scale="3" unitRef="pen">1,178,830</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="c458" decimals="-3" format="ixt:num-dot-decimal" id="ix_28_fact" name="ifrs-full:TradeAndOtherPayables" scale="3" unitRef="pen">1,207,739</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">- Accounts payable to related parties</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="c457" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmountsPayableRelatedPartyTransactions" scale="3" unitRef="pen">101,716</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="c458" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmountsPayableRelatedPartyTransactions" scale="3" unitRef="pen">80,781</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="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#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"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="aenz:FinancialLiabilitie" scale="3" unitRef="pen">3,121,368</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#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"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="aenz:FinancialLiabilitie" scale="3" unitRef="pen">3,038,326</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Other financial 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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">- Other provisions (iv)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right"><ix:nonFraction contextRef="c457" decimals="-3" format="ixt:num-dot-decimal" id="ix_29_fact" name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" scale="3" unitRef="pen">576,194</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right"><ix:nonFraction contextRef="c458" decimals="-3" format="ixt:num-dot-decimal" id="ix_30_fact" name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" scale="3" unitRef="pen">541,345</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_7" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_6"><ix:continuation id="_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory-c0_cont_2"><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: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td> <td style="text-align: justify"><ix:footnote id="ix_7_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following non-financial assets are excluded: advances to suppliers for S/<ix:nonFraction contextRef="c450" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAdvancesToSuppliers" scale="6" unitRef="pen">53.7</ix:nonFraction> million and tax receivable for S/<ix:nonFraction contextRef="c451" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentValueAddedTaxReceivables" scale="6" unitRef="pen">141.9</ix:nonFraction> million (S/<ix:nonFraction contextRef="c452" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAdvancesToSuppliers" scale="6" unitRef="pen">31.4</ix:nonFraction> million and S/<ix:nonFraction contextRef="c452" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentValueAddedTaxReceivables" scale="6" unitRef="pen">133.4</ix:nonFraction> million, respectively, as of December 31, 2021).</span></ix:footnote></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td> <td style="text-align: justify"><ix:footnote id="ix_8_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It&#8217;s included in the trade accounts receivable item.</span></ix:footnote></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td> <td style="text-align: justify"><ix:footnote id="ix_9_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following non-financial liabilities are excluded: advances received from customers for S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AdvancesReceivedFromCustomer" scale="6" unitRef="pen">365.7</ix:nonFraction> million, taxes payable for S/<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ExciseTaxPayables" scale="6" unitRef="pen">165.8</ix:nonFraction> million, Salaries and other personnel payable for S/<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="aenz:SalariesAndOtherPersonnelPayable" scale="6" unitRef="pen">99.2</ix:nonFraction> million and others for S/<ix:nonFraction contextRef="c453" decimals="-5" format="ixt:num-dot-decimal" name="aenz:SalariesAndOtherPersonnelPayable" scale="6" unitRef="pen">6.2</ix:nonFraction> million (S/<ix:nonFraction contextRef="c454" decimals="-5" format="ixt:num-dot-decimal" name="aenz:SalariesAndOtherPersonnelPayable" scale="6" unitRef="pen">322.7</ix:nonFraction> million, S/<ix:nonFraction contextRef="c455" decimals="-6" format="ixt:num-dot-decimal" name="aenz:SalariesAndOtherPersonnelPayable" scale="6" unitRef="pen">124</ix:nonFraction> million, S/<ix:nonFraction contextRef="c456" decimals="-5" format="ixt:num-dot-decimal" name="aenz:SalariesAndOtherPersonnelPayable" scale="6" unitRef="pen">126.5</ix:nonFraction> million and S/<ix:nonFraction contextRef="c3" decimals="-5" format="ixt:num-dot-decimal" name="aenz:SalariesAndOtherPersonnelPayable" scale="6" unitRef="pen">8.2</ix:nonFraction> million, respectively, as of December 31, 2021).</span></ix:footnote></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td> <td style="text-align: justify"><ix:nonNumeric contextRef="c0" name="aenz:AdministrativeFeeDescription">Includes civil compensation to Peruvian Government S/488.9 million
and administrative process INDECOPI for S/52.4 million (S/486.1 million and S/55 million, respectively, as of December 31, 2021; additionally,
shareholder class action lawsuits in the Eastern District Court of New York for S/35.1 million)</ix:nonNumeric>.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 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="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_8" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>B. Credit quality of financial assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_9" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The credit quality of financial assets that are
neither past due nor impaired can be assessed with reference to external risk ratings, if any, or based on historical information on the
default rates of their counterparties (Note 4.A.(b)).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_10" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, the credit quality of financial
assets is shown below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_11" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" continuedAt="_InformationAboutCreditQualityOfNeitherPastDueNorImpairedFinancialAssets-c0_cont_1" escape="true" name="ifrs-full:InformationAboutCreditQualityOfNeitherPastDueNorImpairedFinancialAssets"><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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_12" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_11"><ix:continuation id="_InformationAboutCreditQualityOfNeitherPastDueNorImpairedFinancialAssets-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify"><ix:footnote id="ix_11_footnote" xml:lang="en-US">The difference between the balances shown and the balances
of the consolidated statement of financial position correspond to cash and remittances in transit (Note 9).</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_13" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For banks in Peru, these risk ratings are obtained
from the risk rating agencies authorized by the SBS. For banks in Chile, ratings are obtained from the risk rating agencies authorized
by the Comision para el Mercado Financiero &#8211; CMF (Financial Market Commission) of Chile (Fitch Chile Clasificadora de Riesgo Ltda.
And ICR International Credit Rating Cia Clasificadora de Riesgo Ltda.). For banks in Colombia, ratings are obtained from the following
financial institutions: Fitch Ratings, Value and Risk Rating S.A., BRC Standard and Poor&#8217;s Rating, and Technical I of BRC Investor
Services S.A. SCV.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_14" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The credit quality of customers is assessed in
three categories (internal classification):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_15" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_14"><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">
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<tr style="vertical-align: top">
    <td>&#160;</td>
<td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
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<tr style="vertical-align: top">
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<td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
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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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  <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></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">&#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="padding-left: 3.5pt">&#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">C</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; padding-left: 3.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; padding-left: 3.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_17" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_16"><ix:continuation id="_DisclosureOfDepositsFromCustomersExplanatory-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify"><ix:footnote id="ix_12_footnote" xml:lang="en-US">The account receivable from related parties does not include
the balance receivable from Gasoducto Sur Peruano S.A.</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 id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total balance of trade accounts receivable
and accounts receivable from related parties is subject to the terms and conditions of the respective contract. They have not been renegotiated.</p></ix:continuation><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: 250; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- 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="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 9. Cash and Cash Equivalents</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_2" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, this caption comprises:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_3" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="aenz_DisclosureOfTimeDepositsExplanatory-c0_cont_1" escape="true" name="aenz:DisclosureOfTimeDepositsExplanatory"><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)">
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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></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Banco de la Nacion</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; 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_4" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current accounts are denominated in local and
foreign currency, deposited in local and foreign banks with a high credit rating (Note 8.B) and are freely available. These accounts
earn interest at market rates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_5" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation maintains unrestricted trust accounts
in local and foreign banks for the management of funds for specific uses that are classified as: i) operating funds and consortium funds
for the exclusive management of project cash flows; and ii) reserve and guarantee funds for the payment of bonds issued and other obligations
of the Corporation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_6" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_5"><ix:continuation continuedAt="aenz_DisclosureOfTimeDepositsExplanatory-c0_cont_2" id="aenz_DisclosureOfTimeDepositsExplanatory-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; text-align: justify">
<td style="width: 0.25in; text-align: left">a.</td><td style="text-align: justify"><ix:footnote id="ix_13_footnote" xml:lang="en-US">Time deposits have maturities lower than ninety (90) days
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_7" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfTimeDepositsExplanatoryTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td>
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entities</b></span></td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest<br/>
rate</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="width: 1%">&#160;</td>
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
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    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td><ix:nonNumeric contextRef="c519" name="aenz:FinancialEntites"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banco Santander - Chile</span></ix:nonNumeric></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-448; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c521" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepositsFromBanks" scale="3" unitRef="pen">22,317</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unna Energia S.A.</span></td>
    <td>&#160;</td>
    <td><ix:nonNumeric contextRef="c522" name="aenz:FinancialEntites"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banco Internacional del Peru S.A.A.</span></ix:nonNumeric></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c524" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepositsFromBanks" scale="3" unitRef="pen">15,471</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td><ix:nonNumeric contextRef="c525" name="aenz:FinancialEntites"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banco de Credito del Peru&#160;S.A.</span></ix:nonNumeric></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AENZA S.A.A.</span></td>
    <td>&#160;</td>
    <td><ix:nonNumeric contextRef="c528" name="aenz:FinancialEntites"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banco de Credito del Peru&#160;S.A.</span></ix:nonNumeric></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c529" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepositsFromBanks" scale="3" unitRef="pen">100,583</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-449; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td><ix:nonNumeric contextRef="c531" name="aenz:FinancialEntites"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BBVA Banco Continental&#160;S.A.</span></ix:nonNumeric></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-450; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td><ix:nonNumeric contextRef="c534" name="aenz:FinancialEntites"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banco de Credito del Peru&#160;S.A.</span></ix:nonNumeric></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 4.5pt double; text-align: right">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 4.5pt double; text-align: right">&#160;</td>
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    <td>&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_8" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_7"><ix:continuation id="aenz_DisclosureOfTimeDepositsExplanatory-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; text-align: justify">
<td style="width: 0.25in; text-align: left">b.</td><td style="text-align: justify"><ix:footnote id="ix_14_footnote" xml:lang="en-US">The trust accounts with reserve funds for the payment of
bonds issued and other obligations of the Corporation are as follows</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="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_9" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_8"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfPaymentOfBondsIssuedAndOtherObligationsTableTextBlock"><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"><i>In thousands of soles</i></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; 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt">Cash and cash equivalents do not represent a significant credit or
interest rate risk; therefore, their carrying amounts approximate their fair value.</p></ix:continuation><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: 251; 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">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="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>

</div><p style="margin: 0">&#160;</p><div>


</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 10. Trade Accounts Receivable, net</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, this account comprises:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="aenz_DisclosureOfDetailedInformationOfTradeAccountsReceivablesExplanatory-c0_cont_1" escape="true" name="aenz:DisclosureOfDetailedInformationOfTradeAccountsReceivablesExplanatory"><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">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <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; ">
    <td style="text-align: left">Contract assets &#8211; Subsidiaries (b)</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-455">-</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-456">-</div></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; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 and 2022, trade accounts
receivable are denominated in local and foreign currency, have current maturities, do not accrue interest and do not have specific guarantees.
The fair value of current accounts receivable is similar to carrying amount since its average collection period is less than sixty (60)
days.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_5" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, the balance of accounts receivable corresponds to:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_6" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfTradeAccountsReceivableCorresponds-c0_cont_1" escape="true" name="aenz:ScheduleOfTradeAccountsReceivableCorresponds"><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: 76%; text-align: left">Tren Urbano de Lima S.A.</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)">
    <td style="text-align: left">Viva Negocio Inmobiliario S.A.C. (i)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Unna Energia S.A.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cumbra Ingenieria S.A.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Red Vial 5 S.A.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Carretera Andina del Sur S.A.C.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c573" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">12,686</ix:nonFraction></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">Unna Transporte S.A.C.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c575" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">14,439</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="c576" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">9,852</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">Carretera Sierra Piura S.A.C.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c577" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">4,489</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="c578" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">3,439</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Concesionaria La Chira S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c579" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">1,003</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="c580" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">2,290</ix:nonFraction></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">Others</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="c581" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">84</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="c582" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">561</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractualCapitalCommitments" scale="3" unitRef="pen">1,517,938</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractualCapitalCommitments" scale="3" unitRef="pen">1,802,451</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_7" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The balances of trade accounts receivable described
above are mainly related to the economic activity detailed in Note 6.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_8" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_7"><ix:continuation id="aenz_ScheduleOfTradeAccountsReceivableCorresponds-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">As of December 31, 2022, invoices receivable mainly correspond to the
sale of a land to SEDAPAL by Inmobiliaria Almonte 2 S.A.C. (located in the district of Lurin, province of Lima, with an area of 209.59
hectares) for S/&#160;<ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="aenz:PaidInInstallmentsAmount" scale="6" unitRef="pen">140</ix:nonFraction> million, which will be paid in seven (7) installments, being the last one in August 2023. As of December 31,
2021, invoices receivable correspond mainly to the sale of land of Inmobiliaria Almonte S.A. for S/ <ix:nonFraction contextRef="c539" decimals="-5" format="ixt:num-dot-decimal" name="aenz:SaleOfLand" scale="6" unitRef="pen">1.7</ix:nonFraction> million, sale of apartments mainly
in the projects Los Parques de Comas for S/ <ix:nonFraction contextRef="c540" decimals="-5" format="ixt:num-dot-decimal" name="aenz:SaleOfApartments" scale="6" unitRef="pen">1.9</ix:nonFraction> million, in the project Los Parques de Huancayo for S/ <ix:nonFraction contextRef="c541" decimals="-5" format="ixt:num-dot-decimal" name="aenz:SaleOfApartments" scale="6" unitRef="pen">1.2</ix:nonFraction> million and in the project
Los Parques de Carabayllo 3 for S/ <ix:nonFraction contextRef="c542" decimals="-5" format="ixt:num-dot-decimal" name="aenz:SaleOfApartments" scale="6" unitRef="pen">3.9</ix:nonFraction> million, rents in the projects Tiendas Linea 1 and Centro Comercial Agustino Plaza for S/ <ix:nonFraction contextRef="c543" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:RentalExpense" scale="6" unitRef="pen">1</ix:nonFraction> million
and S/ <ix:nonFraction contextRef="c544" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:RentalExpense" scale="6" unitRef="pen">0.8</ix:nonFraction> million corresponding to the sale of other apartments.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_9" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_8"><ix:continuation continuedAt="aenz_DisclosureOfDetailedInformationOfTradeAccountsReceivablesExplanatory-c0_cont_2" id="aenz_DisclosureOfDetailedInformationOfTradeAccountsReceivablesExplanatory-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify"><ix:footnote id="ix_15_footnote" xml:lang="en-US">Invoices receivables are recognized net of impairment for
S/<ix:nonFraction contextRef="c545" decimals="-5" format="ixt:num-dot-decimal" name="aenz:RecognizedNetOfImpairment" scale="6" unitRef="pen">44.7</ix:nonFraction> million and discounted at current value for S/&#160;<ix:nonFraction contextRef="c545" decimals="-5" format="ixt:num-dot-decimal" name="aenz:DiscountedAtCurrentValue" scale="6" unitRef="pen">0.7</ix:nonFraction> millions. (S/<ix:nonFraction contextRef="c546" decimals="-5" format="ixt:num-dot-decimal" name="aenz:RecognizedNetOfImpairment" scale="6" unitRef="pen">44.4</ix:nonFraction> million for impairment and S/&#160;<ix:nonFraction contextRef="c546" decimals="-5" format="ixt:num-dot-decimal" name="aenz:DiscountedAtCurrentValue" scale="6" unitRef="pen">0.9</ix:nonFraction> million at current
value as of December 31, 2021).</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></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 0 0pt 0.25in; text-align: justify; text-indent: 0in">As of December 31,
2021 and 2022 the Management performed the assessment of credit risk exposure on trade receivables.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_11" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">Maturity as of 31
of December, 2021 and 2022 is detailed below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_12" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:AnalysisOfAgeOfFinancialAssetsThatArePastDueButNotImpaired"><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; font-style: italic">In thousands of soles</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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">Current</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="c583" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">683,921</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="c584" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">853,531</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Past due up to 30 days</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c585" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">41,222</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="c586" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">29,078</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">Past due from 31 days up to 90 days</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c587" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">11,668</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="c588" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">2,049</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Past due from 91 days up to 120 days</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c589" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">15,814</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="c590" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">1,437</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">Past due from 121 days up to 360 days</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c591" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">7,070</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="c592" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">4,100</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Past due over 360 days</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="c593" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">13,880</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; background-color: rgb(204,238,255)">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_13" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the amount of due debts
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</div><div>

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

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

</div><p style="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_14" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_13"><ix:continuation continuedAt="aenz_DisclosureOfDetailedInformationOfTradeAccountsReceivablesExplanatory-c0_cont_3" id="aenz_DisclosureOfDetailedInformationOfTradeAccountsReceivablesExplanatory-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify"><ix:footnote id="ix_16_footnote" xml:lang="en-US">The Contract Assets by the subsidiaries correspond to documents
related to the estimates for services provided that were not invoiced, valuations under preparation or approval pending. These rights
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_15" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_14"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfUnbilledReceivablesOfSubsidiaries"><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)">
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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"><ix:nonFraction contextRef="c599" decimals="-3" format="ixt:num-dot-decimal" name="aenz:UnbilledReceivables" scale="3" unitRef="pen">10,291</ix:nonFraction></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="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_16" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Find below the Contract Assets corresponding to
subsidiaries grouped by main projects:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</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)">
    <td>&#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">&#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">Cumbra Peru S.A. -&#160;&#160;Jorge Chavez Airport (*)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c613" decimals="-3" format="ixt:num-dot-decimal" id="ix_83_fact" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">25,401</ix:nonFraction></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">Vial y Vives - DSD S.A. - Engineering and Construction Works</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c615" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">207,406</ix:nonFraction></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">Cumbra Peru S.A. - Talara Refinery</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c617" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">62,617</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="c618" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">77,448</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Morelco S.A.S. - Engineering and Construction Works</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c619" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">6,430</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="c620" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">58,075</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">Cumbra Peru S.A. - Concentrator Plant and tunnel of Quellaveco</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c621" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">96,972</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="c622" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">54,996</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Cumbra Ingenieria S.A. - Mina Gold Fields La Cima S.A. Project</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; ">
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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: 1.5pt">&#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; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_18" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_17"><ix:continuation id="aenz_ScheduleOfUnbilledReceivablesOfSubsidiariesGrouped-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify"><ix:footnote id="ix_19_footnote" xml:lang="en-US">The variation at the end of 2022 corresponds to the EPC LAP3
project, related to the increase of activities in the construction of the Jorge Chavez airport terminal (Consorcio Inti Punku).</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><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">F-<!-- 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="text-align: center; margin-top: 0pt; margin-bottom: 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="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_19" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_18"><ix:continuation id="aenz_DisclosureOfDetailedInformationOfTradeAccountsReceivablesExplanatory-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(c)</td><td style="text-align: justify"><ix:footnote id="ix_17_footnote" xml:lang="en-US">The contract assets for concessions correspond to future
collections to the Grantor according to the terms of the concession agreement as detailed below:</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_20" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_19"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfUnbilledReceivablesOfConcessionsCorrespondsToFutureCollectionsForPublicServicesGrantedAccordingToTheFinancialModel"><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-style: italic; border-bottom: Black 1.5pt solid">In thousands of soles</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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Tren Urbano de Lima S.A.</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="c641" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">256,526</ix:nonFraction></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">Red Vial 5 S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c643" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">16,451</ix:nonFraction></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">Carretera Andina del Sur S.A.C.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c645" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">12,667</ix:nonFraction></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">Carretera Sierra Piura S.A.C.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c647" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">4,489</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="c648" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">3,018</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">Concesionaria La Chira S.A.</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="c649" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">620</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="c650" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">2,290</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">&#160;</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"><ix:nonFraction contextRef="c651" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">290,753</ix:nonFraction></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>
    <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"><ix:nonFraction contextRef="c652" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="pen">323,663</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_21" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_20"><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"></td><td style="width: 0.25in; text-align: left">(c.1)</td><td style="text-align: justify">The contract assets from Tren Urbano de Lima S.A. include:
i) the quarterly remuneration to be received by the Concessionaire for the kilometers traveled (PKT) pending settlement by the Grantor;
ii) account receivable from the Peruvian State in the long term, plus accrued interest according to the amortized cost method (Note 2.E).</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_22" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_21"><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"></td><td style="width: 0.25in; text-align: left">(c.2)</td><td style="text-align: justify">The contract assets of Red Vial 5 S.A. corresponds to (i) a claim to
the Ministry of Transportation and Communications (&#8220;MTC&#8221;) related to the application of Clause 9.9 Fare Guarantee of the Concession
Agreement, by means of which the Grantor shall recognize and pay to Red Vial 5 S.A. the corresponding fair difference if a public entity
does not let the Concessionaire collect the respective fare according to the agreement. The amount recorded amounting to S/&#160;<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:CurrentCompensationValue" scale="6" unitRef="pen">13.3</ix:nonFraction>
million corresponds to current compensation value. On January 10, 2023, the arbitral request against the Peruvian Government was made
before the Centro Internacional de Arreglo de Diferencia Relativas a Inversiones - CIADI (International Center to Deal with Investment
Controversies) related to the payment of Fare Guarantee and others related to conservation and maintenance costs, (ii) provisions for supplementary
works for S/&#160;<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ProvisionUsedOtherProvisions" scale="6" unitRef="pen">8.7</ix:nonFraction> million, and (iii) provisions receivable for engineering studies amounting to S/<b>&#160;</b><ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ProvisionAmount" scale="6" unitRef="pen">2.1</ix:nonFraction> million.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_23" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the financial assets related to concession agreements
for disclosure purposes is estimated discounting future contractual cash flows with the long-term sovereign interest risk rate. This measurement
is classified under level 2 hierarchy according with prior description:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_24" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_23"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFairValueOfFinancialAssetsAndFinancialLiabilitiesAndReclassificationExplanatory"><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"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></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">Carrying amount</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="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair value</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>In thousands of soles</i></p>
</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#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><td style="font-weight: bold; padding-bottom: 1.5pt">&#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="font-weight: bold; padding-bottom: 1.5pt">&#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><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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_25" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_24"><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">(d)</td><td style="text-align: justify">The movement of impairment of trade accounts receivable is
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_26" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_25"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfMovementOfImpairmentInTradeAccountsReceivableTableTextBlock-c0_cont_1" escape="true" name="aenz:ScheduleOfMovementOfImpairmentInTradeAccountsReceivableTableTextBlock"><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)">
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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">Exchange difference</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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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_27" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_26"><ix:continuation id="aenz_ScheduleOfMovementOfImpairmentInTradeAccountsReceivableTableTextBlock-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; text-align: justify">
<td style="width: 0.25in; text-align: left"><i>(*)</i></td><td style="text-align: justify"><ix:footnote id="ix_20_footnote" xml:lang="en-US"><i>In 2022 corresponds mainly to write-offs generated in
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Tren Urbano de Lima S.A. for S/&#160;<ix:nonFraction contextRef="c554" decimals="-5" format="ixt:num-dot-decimal" name="aenz:Writeoffs" scale="6" unitRef="pen">3.5</ix:nonFraction> million, and others for S/&#160;<ix:nonFraction contextRef="c555" decimals="-5" format="ixt:num-dot-decimal" name="aenz:Writeoffs" scale="6" unitRef="pen">0.6</ix:nonFraction> million, in 2020 Cumbra Peru for S/<ix:nonFraction contextRef="c556" decimals="-5" format="ixt:num-dot-decimal" name="aenz:Writeoffs" scale="6" unitRef="pen">5.7</ix:nonFraction> million).</i></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="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_28" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management, after evaluating the balances receivable
at the date of the consolidated financial statements, considers that, except for the accounts receivable provisioned, there are no accounts
at risk of uncollectibility.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the opinion of Corporate management, the expected
credit loss allowance and allowance for trade receivables adequately cover the risk of uncollectibility as of December 31, 2021 and 2022.</p></ix:continuation><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: 254; 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">F-<!-- 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="text-align: center; margin-top: 0pt; margin-bottom: 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="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 11. Transactions with Related Parties and Joint Operators</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></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-top: 0pt; margin-bottom: 0pt"> <b>A. Transactions with related parties</b></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 8pt">&#160;</span></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; text-align: justify">The main transactions among Company and its related
parties are summarized as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p></ix:continuation><div>

</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="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; font-style: italic">In thousands of soles</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></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Revenue from sales of goods and services:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">- Joint operations</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="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" scale="3" unitRef="pen">15,903</ix:nonFraction></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; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_5" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>B. Related parties transactions</b></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 8pt">&#160;</span></p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_6" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transactions among related parties are made based
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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; text-align: justify">As of December 31, 2021 and 2022 the balances
at the end of the year were the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_8" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory"><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"><div style="-sec-ix-hidden: hidden-fact-464">-</div></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; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-465">-</div></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; ">
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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="text-align: left">Consorcio Constructor Chavimochic</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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Consorcio TNT Vial y Vives &#8211; DSD Chile Ltda</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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    <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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    <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">Ferrovias S.A.</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-479">-</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="c663" decimals="-3" format="ixt:num-dot-decimal" name="aenz:PayableCurrentPortion" scale="3" unitRef="pen">13,354</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">Peru Piping Spools S.A.C.</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-480">-</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-481">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">&#160;</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"><ix:nonFraction contextRef="c666" decimals="-3" format="ixt:num-dot-decimal" name="aenz:ReceivablesCurrentPortion" scale="3" unitRef="pen">2,711</ix:nonFraction></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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    <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-482">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#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; ">
    <td>&#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)">
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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; ">
    <td style="text-align: left">Gasoducto Sur Peruano S.A. (Note 14.A.i)</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-483">-</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="c671" decimals="-3" format="ixt:num-dot-decimal" name="aenz:ReceivableNoncurrentPortion" scale="3" unitRef="pen">542,392</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-484">-</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">Ferrovias S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-485">-</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="c662" decimals="-3" format="ixt:num-dot-decimal" name="aenz:PayableNoncurrentPortion" scale="3" unitRef="pen">14,690</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-486">-</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="c663" decimals="-3" format="ixt:num-dot-decimal" name="aenz:PayableNoncurrentPortion" scale="3" unitRef="pen">15,054</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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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; text-align: justify">As of December 31, 2021 and 2022, accounts receivable
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maturity in the short term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_10" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The corporation carries out its operations with
related companies under the same conditions as those carried out with third parties; consequently, there are no differences in pricing
policies or in the basis for tax settlement; with respect to payment methods, these do not differ from policies granted to third parties.
Transactions with non-controlling interests are disclosed in Note 34.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 255; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

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

</div><p style="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_11" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>C. Key Management remuneration</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_1" escape="true" name="aenz:OtherAccountsReceivableTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 12. Other accounts receivable, net</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:nonNumeric><div>

</div><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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  <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="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Other minors</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><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_4" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the other short-term accounts
receivable is similar to their carrying amount due to their short-term maturity. The other non-current accounts receivable correspond
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</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_5" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Maximum exposure to credit risk at the reporting
date is the carrying amount of every class of other accounts receivable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_6" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Find below a description and composition of the
main items of the balance of other accounts receivable:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_7" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_6"><ix:continuation continuedAt="aenz_ScheduleOfAccountComprisesTableTextBlock-c0_cont_2" id="aenz_ScheduleOfAccountComprisesTableTextBlock-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">It corresponds to funds held by customers for work contracts
mainly of the subsidiary Cumbra Peru S.A. These deposits are retained by customers to ensure the subsidiary&#8217;s compliance with its
obligations under contracts. The amounts retained will be recovered once the work is completed.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_8" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfGuaranteeDepositsTableTextBlock"><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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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

</div><p style="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

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<td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">Corresponds to additional investments directly related to
modernization, expansion, adaptation to current regulations and other operating or commercial requirements established in the operating
contracts signed between Terminales del Peru and Petroleos del Peru &#8211; Petroperu S.A.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_10" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The additional investments are accredited
based on the inspection report of the contractor, both of the capital invested by the operator and of the compliance with the operational
aspects, technical, safety, environmental and social standards and requirements of the project that is the subject of the additional investment.
In accordance with the contracts for the operation of the North and Central hydrocarbon supply terminals, these accounts receivable from
Petroperu do not generate interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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<td style="width: 0.25in; text-align: left">(c)</td><td style="text-align: justify">As of December 31, 2021 and 2022, corresponds to the following
claims to third parties:</td>
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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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</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_13" id="aenz_OtherAccountsReceivableTextBlock-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; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">(c.1)</td><td style="text-align: justify">Superintendencia Nacional de Aduanas y de Administracion Tributaria
(SUNAT)</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.35pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_14" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.62in; text-align: justify">Corresponds to the
company&#8217;s claim before the Specialized Administrative Court of the Court of Justice of Lima against the Tax Administration for
deductions of investment losses. The balance as of December 31, 2022 is S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:InvestmentLossesBalance" scale="6" unitRef="pen">27.9</ix:nonFraction> million (S/<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:InvestmentLossesBalance" scale="6" unitRef="pen">30.9</ix:nonFraction> million as of December 31, 2021). In
Management&#8217;s opinion and that of legal advisors, this account will be collected in a five-year period, estimated
date for the end of the judicial process.</p><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_15" id="aenz_OtherAccountsReceivableTextBlock-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; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">(c.2)</td><td style="text-align: justify">Ministry of Housing and Mi Vivienda Fund</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:nonNumeric contextRef="c0" name="aenz:TecnicasReunidas"><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_16" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.62in; text-align: justify">Corresponds to a claim in favor of
the Corporation, resulting from the termination of the contract called &#8220;Ciudad Alameda de Ancon&#8221;, signed by VIVA, the Ministry
of Housing and Construction and Sanitation and Fondo Mi Vivienda S.A. As of December 31, 2022 the net amount of the claim corresponds
to its fair value, which amounts to S/ 26 million (S/23 million as of December 31, 2021) and results from the discount of the gross amount
of the claim, to be collected over 11 years, at a rate of 7.99%. The gross amount of the claim amounting to S/ 46.7 million (including
the full amount of the services provided by VIVA in the Ancon Project) is part of the amount of the claim filed by VIVA against the Ministry
of Housing, Construction and Sanitation for the amount of S/ 116.3 million, which also includes an indemnity for damages (consequential
damages and loss of profits). According to Management and legal advisors, it is expected that the amount of the claim will be collected
within a maximum period of 11 years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_17" id="aenz_OtherAccountsReceivableTextBlock-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">
<td style="width: 0.25in"></td><td style="width: 0.35in">(c.3)</td><td style="text-align: justify">Joint Venture</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.62in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_18" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.62in; text-align: justify">As of December 31, 2022 <ix:nonNumeric contextRef="c0" name="aenz:JointVentureDescription">the balance corresponds to the attributions
of proceeds to Cotinavec Montaje Peru S.A.C. for S/13 million, the balance is in the process of arbitration with an estimated date to
be resolution, June 2025 as well as to other accounts receivables for S/7.9 million (S/29 million and S/17.3 million as of December 31,
2021).</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_19" id="aenz_OtherAccountsReceivableTextBlock-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(d)</td><td style="text-align: justify">As of December 31, 2021 and 2022, corresponds to advance
payments to suppliers as following:</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_20" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_19"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfCorrespondsToAdvanceToSuppliersTableTextBlock"><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: 76%; text-align: left">Cumbra Peru S.A. - Aeropuerto Jorge Chavez</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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  <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; text-align: justify">&#160;</p><div>

</div><p style="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

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<td style="width: 0.25in; text-align: left">(f)</td><td style="text-align: justify">As of December 31, 2021 and 2022, correspond to tax credit
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</div><div>

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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-511">-</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-512">-</div></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"><ix:nonFraction contextRef="c707" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ValueAddedTaxReceivables" scale="3" unitRef="pen">8,077</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="c706" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentValueAddedTaxReceivables" scale="3" unitRef="pen">514</ix:nonFraction></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">Unna Transporte S.A.C.</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c709" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ValueAddedTaxReceivables" scale="3" unitRef="pen">5,033</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="c708" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentValueAddedTaxReceivables" scale="3" unitRef="pen">5,333</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"><ix:nonFraction contextRef="c709" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentValueAddedTaxReceivables" scale="3" unitRef="pen">5,033</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-513">-</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-514">-</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">Carretera Andina del Sur S.A.C.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c710" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ValueAddedTaxReceivables" scale="3" unitRef="pen">1,475</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"><div style="-sec-ix-hidden: hidden-fact-515">-</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-516">-</div></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"><ix:nonFraction contextRef="c712" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ValueAddedTaxReceivables" scale="3" unitRef="pen">1,911</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="c713" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ValueAddedTaxReceivables" scale="3" unitRef="pen">3,511</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"><div style="-sec-ix-hidden: hidden-fact-517">-</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-518">-</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">Cumbra Ingenieria S.A.</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-520">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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</div><div>

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<td style="width: 0.25in; text-align: left">(g)</td><td style="text-align: justify">As of December 31, 2021 and 2022, corresponds to income tax
payment on account and balance in favor of the following subsidiaries:</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</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)">
    <td style="text-align: left">Unna Transporte S.A.C.</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; ">
    <td style="text-align: left">Carretera Andina del Sur S.A.C.</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="text-align: left">Tren Urbano de Lima S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c704" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax" scale="3" unitRef="pen">9,990</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">-</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="padding-bottom: 4pt">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_26" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_25"><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">(h)</td><td style="text-align: justify">Cumbra Peru S.A. - Talara Refinery</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_27" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_26"><ix:nonNumeric contextRef="c676" continuedAt="aenz_TecnicasReunidas-c676_cont_1" name="aenz:TecnicasReunidas"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in">As of
December 2022, Cumbra Peru S.A. had a lawsuit pending against Tecnicas Reunidas de Talara S.A.C. (TRT) for approximately US$ 78
million as compensation for damages suffered as a result of various contractual breaches. In turn, Tecnicas Reunidas de Talara
S.A.C. filed a counterclaim for approximately US$ 81 million alleging that Cumbra Peru S.A. had breached the subcontract entered
into between the two companies. On the other hand, on December 28, 2020, Tecnicas Reunidas de Talara S.A.C. executed two letters of
guarantee issued by Banco Santander, the first for US$ 16 million for Fidelity Performance and the second letter of guarantee for
US$ 7.7 million for advance payment of work, despite the fact that the obligations guaranteed by the letter of guarantee were being
litigated in the process described in this paragraph. At December 31, 2021, the balance of accounts receivable from TRT including
executed bond letters amounted to US$ 31.6 million, equivalent to S/ 125.8 million.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_28" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_27"><ix:continuation id="aenz_TecnicasReunidas-c676_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in">In December
2022, the Company signed an agreement with Tecnicas Reunidas de Talara S.A.C., in order to solve claims of both
parties. As a result of this agreement, the Company impaired account receivables rights for US$ 29.6 million equivalent to S/113
million (Note 12-j.1). Also, the Company would receive payments for outstanding invoices for an amount of US$10.3 million
(equivalent to S/36.2 million) before January 31, 2023. As of the closing date of this report, the Company has collected the full
amount agreed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_29" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_28"><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">(i)</td><td style="text-align: justify">As of December 31, 2021 and 2022, corresponds to the settlement
agreement of the Consorcio Panorama signed by Viva Negocio Inmobiliario S.A.C. and Inversiones Maje S.A.C. on December 14, 2018. This
balance includes the return of contributions and profit totaling US$ <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ContributionsAndProfitTotaling" scale="6" unitRef="usd">6.8</ix:nonFraction> million (equivalent to S/&#160;<ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="aenz:ContributionsAndProfitTotaling" scale="6" unitRef="pen">26</ix:nonFraction> million), obtained based on
future sales of the properties held in the Project, which has an estimated collection date of August 2025.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 258; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

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

</div><p style="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="aenz_OtherAccountsReceivableTextBlock-c0_cont_30" id="aenz_OtherAccountsReceivableTextBlock-c0_cont_29"><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"></td><td style="text-align: justify">The movement of impairment of other accounts receivable in
2020, 2021 and 2022 was as follows:</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-style: italic">In thousands of soles</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">Tax credit</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</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: 52%">At January 1, 2020</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">-</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; ">
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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="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c732" decimals="-3" format="ixt:num-dot-decimal" name="aenz:BalanceAtAccountRecivable" scale="3" sign="-" unitRef="pen">95,828</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="c733" decimals="-3" format="ixt:num-dot-decimal" name="aenz:BalanceAtAccountRecivable" scale="3" sign="-" unitRef="pen">102,050</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Write-off</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c734" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DecreaseThroughWriteoffFinancialAsset" scale="3" unitRef="pen">986</ix:nonFraction></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">Exchange difference</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c734" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" scale="3" sign="-" unitRef="pen">2,400</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">Translations adjustments</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">-</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="c734" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesInvestmentProperty" scale="3" sign="-" unitRef="pen">4,927</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="padding-bottom: 4pt; font-weight: bold">At December 31, 2021</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c736" decimals="-3" format="ixt:num-dot-decimal" name="aenz:BalanceAtAccountRecivable" scale="3" sign="-" unitRef="pen">6,222</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c737" decimals="-3" format="ixt:num-dot-decimal" name="aenz:BalanceAtAccountRecivable" scale="3" sign="-" unitRef="pen">123,347</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#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><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>At January 1, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c736" decimals="-3" format="ixt:num-dot-decimal" name="aenz:BalanceAtAccountRecivable" scale="3" sign="-" unitRef="pen">6,222</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</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="c737" decimals="-3" format="ixt:num-dot-decimal" name="aenz:BalanceAtAccountRecivable" scale="3" sign="-" unitRef="pen">123,347</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="c738" decimals="-3" format="ixt:num-dot-decimal" name="aenz:BalanceAtAccountRecivable" scale="3" sign="-" unitRef="pen">129,569</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>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; ">
    <td>Write-off</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c739" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DecreaseThroughWriteoffFinancialAsset" scale="3" unitRef="pen">113,037</ix:nonFraction></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">Exchange difference</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Translations adjustments</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">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><div>

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Transportes S.A.C. for S/0.2 million from Obras de Ingenieria S.A. (Note 25.iii). Also, additions in Aenza S.A.A. recorded in other
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</div><ix:nonNumeric contextRef="c4" name="aenz:AdditionsCorrespondDescription"><ix:continuation id="aenz_OtherAccountsReceivableTextBlock-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, the additions correspond
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S.A. b) Cumbra Peru S/0.9 million (Note 25.iii). Also, estimates recorded in other expenses for S/68.8 million corresponding to
a) Concesionaria Via Expresa Sur S.A. for S/ 55.8 million from the Metropolitan Municipality of Lima for S/49.6 and unused tax
credit for S/6.2 million. b) Cam Holding S.P.A. for S/12.5 million for the guarantee of the sale of Cam Chile S.P.A. c) Other minors for
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_2" id="_DisclosureOfInventoriesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, this caption comprises:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#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="aenz:DisclosureOfInventoriesTableTextBlock"><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; 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="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:CurrentTaxAssetsCurrent" scale="3" unitRef="pen">488,326</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; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_4" id="_DisclosureOfInventoriesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the long-term balance
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S/&#160;<ix:nonFraction contextRef="c745" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:LandAndBuildings" scale="6" unitRef="pen">13.5</ix:nonFraction> million in Barranco in Lima).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 259; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- 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; text-align: justify">&#160;</p><div>

</div><p style="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_5" id="_DisclosureOfInventoriesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Lands</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_6" id="_DisclosureOfInventoriesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This caption includes properties for the development of the following projects of the
subsidiary Viva Negocio Inmobiliario S.A.C.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_7" id="_DisclosureOfInventoriesExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfLandIncludesPropertiesForTheDevelopmentTableTextBlock-c0_cont_1" escape="true" name="aenz:ScheduleOfLandIncludesPropertiesForTheDevelopmentTableTextBlock"><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)">
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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>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_8" id="_DisclosureOfInventoriesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 and 2022, the provision
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_9" id="_DisclosureOfInventoriesExplanatory-c0_cont_8"><ix:continuation continuedAt="aenz_ScheduleOfLandIncludesPropertiesForTheDevelopmentTableTextBlock-c0_cont_2" id="aenz_ScheduleOfLandIncludesPropertiesForTheDevelopmentTableTextBlock-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; text-align: justify">
<td style="width: 0.25in; text-align: left"><ix:nonNumeric contextRef="c0" continuedAt="_InventoryCostFormulas-c0_cont_1" name="ifrs-full:InventoryCostFormulas">(a)</ix:nonNumeric></td><td style="text-align: justify"><ix:continuation continuedAt="_InventoryCostFormulas-c0_cont_2" id="_InventoryCostFormulas-c0_cont_1"><ix:footnote id="ix_24_footnote" xml:lang="en-US">Land of 71.4 hectares corresponding to Inmobiliaria Almonte
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_10" id="_DisclosureOfInventoriesExplanatory-c0_cont_9"><ix:continuation continuedAt="aenz_ScheduleOfLandIncludesPropertiesForTheDevelopmentTableTextBlock-c0_cont_3" id="aenz_ScheduleOfLandIncludesPropertiesForTheDevelopmentTableTextBlock-c0_cont_2"><ix:continuation continuedAt="_InventoryCostFormulas-c0_cont_3" id="_InventoryCostFormulas-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify"><ix:footnote id="ix_25_footnote" xml:lang="en-US">Land located at Calle David Samanez Ocampo N&#176; 140, San
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Pezet S.A.C.</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_11" id="_DisclosureOfInventoriesExplanatory-c0_cont_10"><ix:continuation continuedAt="aenz_ScheduleOfLandIncludesPropertiesForTheDevelopmentTableTextBlock-c0_cont_4" id="aenz_ScheduleOfLandIncludesPropertiesForTheDevelopmentTableTextBlock-c0_cont_3"><ix:continuation continuedAt="_InventoryCostFormulas-c0_cont_4" id="_InventoryCostFormulas-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(c)</td><td style="text-align: justify"><ix:footnote id="ix_26_footnote" xml:lang="en-US">Land located at Calle Paul Harris N&#176; 332 and N&#176; 336,
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_12" id="_DisclosureOfInventoriesExplanatory-c0_cont_11"><ix:continuation id="aenz_ScheduleOfLandIncludesPropertiesForTheDevelopmentTableTextBlock-c0_cont_4"><ix:continuation id="_InventoryCostFormulas-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(d)</td><td style="text-align: justify"><ix:footnote id="ix_27_footnote" xml:lang="en-US">In April 2022, the purchase and sale agreement for the Chimbote
land was terminated through the termination of the 2013 agreement, transferring the land to Urbi Propiedades S.A.C. This resolution resulted
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_13" id="_DisclosureOfInventoriesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Real estate work in progress</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_14" id="_DisclosureOfInventoriesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, </span>this caption comprises
the following projects:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_15" id="_DisclosureOfInventoriesExplanatory-c0_cont_14"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfRealStateWorkInProgressTableTextBlock"><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">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#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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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c758" decimals="-3" format="ixt:num-dot-decimal" name="aenz:RealStateWorkInProgress" scale="3" unitRef="pen">27,235</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">-</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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_16" id="_DisclosureOfInventoriesExplanatory-c0_cont_15"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Corporation capitalized in these works (Note 2.Q), indebtedness
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</div><div>

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

</div><!-- Field: Page; Sequence: 260; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_17" id="_DisclosureOfInventoriesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Finished properties</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_18" id="_DisclosureOfInventoriesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, finished properties comprises
the following real estate projects:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_19" id="_DisclosureOfInventoriesExplanatory-c0_cont_18"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfFinishedPropertiesTableTextBlock"><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">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#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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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c765" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" scale="3" unitRef="pen">7,857</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">Strip Callao</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c766" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" scale="3" unitRef="pen">6,286</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="c767" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" scale="3" unitRef="pen">6,285</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Los Parques del Mar</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c768" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" scale="3" unitRef="pen">13,885</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="c769" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" scale="3" unitRef="pen">4,542</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Huancayo</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c770" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" scale="3" unitRef="pen">7,918</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="c771" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" scale="3" unitRef="pen">4,580</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_20" id="_DisclosureOfInventoriesExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the balance is recognized
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_21" id="_DisclosureOfInventoriesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Construction materials</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_22" id="_DisclosureOfInventoriesExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, construction materials
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_23" id="_DisclosureOfInventoriesExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Goods and supplies</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfInventoriesExplanatory-c0_cont_23"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2021 and 2022, corresponds mainly to batteries,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfJointVenturesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 14. Investments in Associates and Joint Ventures</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_2" id="_DisclosureOfJointVenturesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, this caption comprises:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_3" id="_DisclosureOfJointVenturesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDetailedInformationAboutFinancialAssetsDescribedInParagraph39EaOfIFRS4ForJointVenturesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutFinancialAssetsDescribedInParagraph39EaOfIFRS4ForJointVenturesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_4" id="_DisclosureOfJointVenturesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts recognized in the statement of profit
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_5" id="_DisclosureOfJointVenturesExplanatory-c0_cont_4"><ix:continuation id="_DisclosureOfDetailedInformationAboutFinancialAssetsDescribedInParagraph39EaOfIFRS4ForJointVenturesExplanatory-c0_cont_1"><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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</div><div>

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

</div><!-- Field: Page; Sequence: 261; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- 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="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_6" id="_DisclosureOfJointVenturesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>A. Investments in associates &#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_7" id="_DisclosureOfJointVenturesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Set out in the table below are the associates
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which are held directly by the Corporation. None of the associates are listed companies; therefore, there is no quoted market price available
for their shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_8" id="_DisclosureOfJointVenturesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDetailedInformationAboutInvestmentsInAssociates"><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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_9" id="_DisclosureOfJointVenturesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The movement of investments in associates is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_10" id="_DisclosureOfJointVenturesExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDetailedInformationAboutMovementOfTheInvestmentsInAssociatesTableTextBlock"><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)">
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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">Dividends received</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_11" id="_DisclosureOfJointVenturesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The most significant associates are described as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_12" id="_DisclosureOfJointVenturesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>i. Gasoducto Sur Peruano S.A.</i></b></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_13" id="_DisclosureOfJointVenturesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2015, the Corporation acquired a <ix:nonFraction contextRef="c778" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" unitRef="pure">20</ix:nonFraction>%
interest in Gasoducto Sur Peruano S.A. and obtained a <ix:nonFraction contextRef="c779" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" unitRef="pure">29</ix:nonFraction>% interest in Consorcio Constructor Ductos del
Sur (hereinafter &#8220;CCDS&#8221;) through its subsidiary Cumbra Peru S.A.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_14" id="_DisclosureOfJointVenturesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 22, 2014, GSP signed a concession agreement
with the Peruvian Government to build, operate, and maintain a pipeline transportation system of natural gas to meet the demand of cities
in the south of Peru (hereinafter the &#8220;Concession Agreement&#8221;). Additionally, GSP signed an engineering, procurement and construction
agreement with CCDS.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_15" id="_DisclosureOfJointVenturesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation made an investment of
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_16" id="_DisclosureOfJointVenturesExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Early termination of the Concession Agreement</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_17" id="_DisclosureOfJointVenturesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 24, 2017 the Peruvian Ministry of Energy
and Mines (hereinafter &#8220;MEM&#8221;) notified the early termination of the Concession Agreement under Clause 6.7 for the failure
of the concessionaire to accredit the financial closure within the contractual term, proceeding with the immediate execution of the entirety
of the faithful performance guarantee.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_18" id="_DisclosureOfJointVenturesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The situation described in the previous
paragraph caused Management to recognize the impairment between 2016 and 2019 of its total investment (US$<ix:nonFraction contextRef="c781" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentIncome" scale="6" unitRef="usd">242.5</ix:nonFraction> million), and
required the register of the account receivable resulting from the execution of the counter-guarantees granted by AENZA S.A.A. in
favor of the entity issuing the guarantees: for US$ <ix:nonFraction contextRef="c781" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" scale="6" unitRef="usd">52.5</ix:nonFraction> million corresponding to the performance bond and US$ <ix:nonFraction contextRef="c781" decimals="-6" format="ixt:num-dot-decimal" name="aenz:BridgeLoanAmount" scale="6" unitRef="usd">129</ix:nonFraction> million
corresponding to the corporate guarantee on the bridge loan granted to GSP. According to the Concession Agreement, the guarantees
were paid on behalf of GSP, therefore, AENZA S.A.A. recognized the right to collect from GSP for US$<ix:nonFraction contextRef="c782" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" scale="6" unitRef="usd">181.5</ix:nonFraction> million, which were
recorded in 2016 as accounts receivable from related parties. Likewise, Cumbra Peru recognized the value of accounts receivable from
CCDS for US$<ix:nonFraction contextRef="c781" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" scale="6" unitRef="usd">73.5</ix:nonFraction> million and lost profits for US$<ix:nonFraction contextRef="c781" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates" scale="6" unitRef="usd">10</ix:nonFraction> million, which correspond to receivables from GSP (Note 11) for the balance
of the account receivable from GSP.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><p style="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_19" id="_DisclosureOfJointVenturesExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 11, 2017, the agreement deed for the
delivery of the assets of the south Peruvian gas pipeline concession between GSP and MEM was signed. The assets include the works, equipment,
facilities and engineering studies provided for the execution of the project.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_20" id="_DisclosureOfJointVenturesExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon termination of the Concession
Agreement, and in accordance with the provisions of clause 20 thereof, the Peruvian Government had the obligation to hire an
internationally recognized auditing firm to calculate the Net Book Value (hereinafter &#8220;NBV&#8221;) of the concession assets, and to call up to three auctions on GSP&#8217;s assets. However, to date, the Peruvian State
continues to fail to comply with these contractual obligations. The amount of the VCN was calculated at US$<ix:nonFraction contextRef="c783" decimals="-6" format="ixt:num-dot-decimal" name="aenz:AuditFirmEngagedByGSP" scale="6" unitRef="usd">2,602</ix:nonFraction> million by an
independent auditing firm hired by GSP as of December 31, 2016, this figure was subsequently adjusted to US$<ix:nonFraction contextRef="c783" decimals="-6" format="ixt:num-dot-decimal" name="aenz:SubsequentlyAdjustedAuditingFirmGSP" scale="6" unitRef="usd">2,110</ix:nonFraction> million as a
result of variations in the balances related to the works carried out by the consortium, which in turn is reported in its audited
financial statements as of December 31, 2017.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_21" id="_DisclosureOfJointVenturesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Collection Actions of AENZA S.A.A.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_22" id="_DisclosureOfJointVenturesExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 21, 2018, the Company asked the
Peruvian Government for direct treatment and requested the payment of NBV in favor of GSP. On October 18, 2019, the Company filed
with CIADI an arbitration request. On December 27, 2019 the Company withdrew the arbitration in compliance with a preliminary plea
agreement signed with the Attorney General&#180;s Office and Ad-hoc Peruvian Public Prosecutor&#8217;s Office on the same date
(Note 1). Withdrawing the arbitration before CIADI does not involve the loss of collection rights of the Company against GSP and
does not restrict, limit, or impede GSP from asserting its rights against the Peruvian Government.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_23" id="_DisclosureOfJointVenturesExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and its internal and external legal
advisors consider that the payment owed by the Government to GSP for the NBV are not within the withholding scope under Law 30737 that
ensures the immediate payment of civil compensation in favor of the Peruvian Government in cases of corruption and related crimes, since this
payment does not include any profit margin and/or not correspond to the sale of assets related to the project, but to a reimbursement
for the investment made by the Concessionaire.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_24" id="_DisclosureOfJointVenturesExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bankruptcy of GSP</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_25" id="_DisclosureOfJointVenturesExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 4, 2017, GSP started a bankruptcy proceeding before the
INDECOPI. The Company maintains receivable recognized by INDECOPI of US$<ix:nonFraction contextRef="c784" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AccountsReceivableClaim" scale="6" unitRef="usd">0.4</ix:nonFraction> million and US$<ix:nonFraction contextRef="c785" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:EquityInstrumentsHeld" scale="6" unitRef="usd">169.3</ix:nonFraction> million, the latter held under trust
in favor of the creditors of the Company. In addition, it has indirectly recognized claims of US$<ix:nonFraction contextRef="c786" decimals="-5" format="ixt:num-dot-decimal" name="aenz:RecognizedClaims" scale="6" unitRef="usd">11.8</ix:nonFraction> million. On the other hand, the
debt of Cumbra Peru S.A. is recognized in INDECOPI indirectly through the Constructor Ductos del Sur of US$<ix:nonFraction contextRef="c786" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ConstructorAmount" scale="6" unitRef="usd">88.7</ix:nonFraction> million. As of the date
of this report, GSP is under liquidation and AENZA S.A.A. chairs the Board of Creditors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_26" id="_DisclosureOfJointVenturesExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the Liquidation Agreement was
approved, which defines the framework for the liquidator&#8217;s actions. The Liquidation Agreement includes the granting of powers to the liquidator
with respect to representation, administrative, contractual and other relevant powers that allow him to comply with the obligations for
which he was appointed, as well as the actions he is allowed to take in order to recover GSP&#8217;s assets and in accordance with the mechanisms
set forth in the General Law of the Insolvency System.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_27" id="_DisclosureOfJointVenturesExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 13, 2023, and under the powers granted
to him by the Liquidation Agreement, the Liquidator requested the MEM to initiate the Direct Treatment
procedure stipulated in the Concession Agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_28" id="_DisclosureOfJointVenturesExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Amounts recognized in the consolidated financial
statements (note 11).</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:nonNumeric contextRef="c0" name="aenz:AmountsRecognizedInTheConsolidatedFinancialStatementsDescription"><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_29" id="_DisclosureOfJointVenturesExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the net value of the
account receivable from GSP is approximately US$142.4 million equivalent to S/542.4 million (US$161.9 million equivalent to S/643.9 million
at December 31, 2021), which comprises the recognition in the following entities of the Corporation: i) AENZA S.A.A. holds US$63.9 million
(equivalent to S/243. 2 million) discounted to present value net of impairment and the effect of the exchange difference (US$81.1 million
equivalent to S/322.6 million at December 31, 2021) and; ii) Cumbra Peru S.A. holds US$78.5 million (equivalent to S/299.2 million)
discounted to present value net of the effect of the exchange difference (US$80.8 million equivalent to S/321.3 million at December 31,
2021).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_30" id="_DisclosureOfJointVenturesExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s management maintains the
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December 31, 2021). These estimates generated during 2022 a present value effect of approximately S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:EstimatesAmount" scale="6" unitRef="pen">72.2</ix:nonFraction> million (S/<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:EstimatesAmount" scale="6" unitRef="pen">32.8</ix:nonFraction> million in
2021) which has been recognized in the consolidated statement of profit or loss under the caption &#8220;Financial income and
expenses loss from present value&#8221; (Note 26.B).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_31" id="_DisclosureOfJointVenturesExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on management&#8217;s assessment and in conjunction
with the opinion of the internal legal department and external legal counsel, the estimate of recoverability, impairment allowances and
the net recognized value of the account receivable from GSP as of December 31, 2021 and 2022 is reasonable and sufficient as of the reporting
date of the Corporation&#8217;s consolidated financial statements, see also Notes 5.A.iv and 11.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_32" id="_DisclosureOfJointVenturesExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>ii. Concesionaria Chavimochic S.A.C.</i></b></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_33" id="_DisclosureOfJointVenturesExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
May 2014, Concesionaria Chavimochic S.A.C. (hereinafter the </span>&#8220;<span style="font-family: Times New Roman, Times, Serif">Concessionaire</span>&#8221;<span style="font-family: Times New Roman, Times, Serif">),
in which AENZA has <ix:nonFraction contextRef="c787" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" unitRef="pure">26.5</ix:nonFraction>% of interest, signed an agreement with the Peruvian Government (hereinafter the </span>&#8220;<span style="font-family: Times New Roman, Times, Serif">Concession
Agreement</span>&#8221;<span style="font-family: Times New Roman, Times, Serif">) for the design, construction, operation, and maintenance
of major hydraulic works of Chavimochic Project (hereinafter the &#8220;Project&#8221;). The construction of the work started in 2015
with a concession term of twenty-five (<ix:nonNumeric contextRef="c788" format="ixt-sec:duryear" name="aenz:ConcessionEffectivePeriod">25</ix:nonNumeric>) years and a total investment of about US$&#160;<ix:nonFraction contextRef="c788" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentsInAssociates" scale="6" unitRef="usd">647</ix:nonFraction> million.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_34" id="_DisclosureOfJointVenturesExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the Concession Agreement, the works of the third stage
of the Project were structured in two phases. To date, the works of the first phase (Palo Redondo Dam) are <ix:nonFraction contextRef="c788" decimals="2" format="ixt:num-dot-decimal" name="aenz:ConcessionContractPercentage" scale="-2" unitRef="pure">70</ix:nonFraction>% in progress. However, at
the beginning of 2017, the procedure for early termination of the Concession Agreement was initiated due to the breach of contract by
the Grantor, and all activities were suspended in December 2017. Due to the fact that no agreement was made, the Concessionaire initiated
an arbitration process before the United Nations Commission On International Trade Law (UNCITRAL).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_35" id="_DisclosureOfJointVenturesExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 4, 2022, the Arbitration Court notified
the parties with the award, which provided for the early termination of the Concession Agreement and ordered, among other things, that
the Grantor pay the Concessionaire the amount of US$&#160;<ix:nonFraction contextRef="c789" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ConcessionaireAmount" scale="6" unitRef="usd">25.3</ix:nonFraction> million as a consequence of its failure to provide the Project Control
Delivery, and the execution of <ix:nonFraction contextRef="c790" decimals="2" format="ixt:num-dot-decimal" name="aenz:ExecutionRate" scale="-2" unitRef="pure">70</ix:nonFraction>% of the Performance Bond or the payment of US$&#160;<ix:nonFraction contextRef="c790" decimals="-6" format="ixt:num-dot-decimal" name="aenz:ExecutionPayment" scale="6" unitRef="usd">25</ix:nonFraction> million for the Concessionaire&#8217;s failure to obtain
evidence of financial closing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_36" id="_DisclosureOfJointVenturesExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Despite the requests for exclusion and integration of the award filed
by the Concessionaire, the Court did not issue a decision within the deadline, and the award was consented to. As of December 31, 2022,
an impairment of its total investment amounting to S/&#160;<ix:nonFraction contextRef="c791" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossOnFinancialAssets" scale="6" unitRef="pen">14.5</ix:nonFraction> million was recorded.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>

</div><div>

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

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_37" id="_DisclosureOfJointVenturesExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2023, the Grantor partially executed
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of this report, the Grantor requested the execution of the balance of the Concessionaire&#8217;s performance bond, where AENZA S.A.A. is responsible
for US$ <ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="aenz:PerformanceBondAmount" scale="6" unitRef="usd">2</ix:nonFraction> million. The Concessionaire is currently coordinating the necessary legal actions for the full execution of the award so that
the Grantor complies with the obligations arising therefrom. Likewise, the Concessionaire will initiate legal actions against the Grantor
for what it considers an arbitrary execution of the balance of the performance bond without the arbitration court having granted the possibility
of executing the bond for a higher amount.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_38" id="_DisclosureOfJointVenturesExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>B. Investment in Joint Ventures &#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_39" id="_DisclosureOfJointVenturesExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Set out below are the joint ventures of the Corporation as of December
31:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_40" id="_DisclosureOfJointVenturesExplanatory-c0_cont_39"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfInvestmentsInJointVenturesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="width: 1%">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_41" id="_DisclosureOfJointVenturesExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The movement of investments in joint ventures was as follows: </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_42" id="_DisclosureOfJointVenturesExplanatory-c0_cont_41"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfMovementOfTheInvestmentsInJointVenturesTableTextBlock"><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)">
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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>

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

</div><!-- Field: Page; Sequence: 264; 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">F-<!-- 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="text-align: center; margin-top: 0pt; margin-bottom: 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="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>

</div><p style="margin: 0">&#160;</p><div>


</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_43" id="_DisclosureOfJointVenturesExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table shows the financial information of the main joint
ventures:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfJointVenturesExplanatory-c0_cont_44" id="_DisclosureOfJointVenturesExplanatory-c0_cont_43"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfFinancialInformationForJointVenturesTableTextBlock"><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>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation id="_DisclosureOfJointVenturesExplanatory-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Corporation did not receive dividends from Logistica Quimicos del
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 15. Investment Property, Property, Plant and Equipment, and Right-of-Use Assets</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>A. Investment property, net</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> (i) Investment properties are stated at cost, net of accumulated depreciation
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory"><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>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_4"><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory-c0_cont_2" id="_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify"><ix:footnote id="ix_28_footnote" xml:lang="en-US">The subsidiary Viva Negocio Inmobiliario S.A.C. is owner of &#8220;Agustino
Plaza&#8221; Shopping Center located in the District of El Agustino. The fair value was calculated by an independent appraiser amounted
to S/<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:FairValueOfPropertyPlantAndEquipmentMateriallyDifferentFromCarryingAmount" scale="6" unitRef="pen">70.8</ix:nonFraction> million equivalent to US$<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:FairValueOfPropertyPlantAndEquipmentMateriallyDifferentFromCarryingAmount" scale="6" unitRef="usd">18.4</ix:nonFraction> million as of December 31, 2022 (S/<ix:nonFraction contextRef="c3" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:FairValueOfPropertyPlantAndEquipmentMateriallyDifferentFromCarryingAmount" scale="6" unitRef="pen">59.9</ix:nonFraction> million equivalent to US$<ix:nonFraction contextRef="c3" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:FairValueOfPropertyPlantAndEquipmentMateriallyDifferentFromCarryingAmount" scale="6" unitRef="usd">15</ix:nonFraction> million
as of December 31, 2021 and US$<ix:nonFraction contextRef="c33" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:FairValueOfPropertyPlantAndEquipmentMateriallyDifferentFromCarryingAmount" scale="6" unitRef="usd">14.1</ix:nonFraction> million, equivalent to S/<ix:nonFraction contextRef="c33" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:FairValueOfPropertyPlantAndEquipmentMateriallyDifferentFromCarryingAmount" scale="6" unitRef="pen">51.3</ix:nonFraction> million and, as of December 31, 2020). This investment property has
been leased under an operating lease with third parties. The net carrying amount amounts to S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:CarryingAmounts" scale="6" unitRef="pen">19.8</ix:nonFraction> million (S/&#160;<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:CarryingAmounts" scale="6" unitRef="pen">22.4</ix:nonFraction> million
and S/<ix:nonFraction contextRef="c4" decimals="-5" format="ixt:num-dot-decimal" name="aenz:CarryingAmounts" scale="6" unitRef="pen">24.6</ix:nonFraction> million at December 31, 2021 and 2020, respectively).</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -14.15pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_6" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.05pt">As of December
31, 2021 and 2022 there are liens on the Inter-American Development Bank and Banco de Credito del Peru, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.3pt; text-align: justify; text-indent: -14.15pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_7" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_6"><ix:continuation id="_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><ix:footnote id="ix_29_footnote" xml:lang="en-US">The Company is owner of the property located at Av. Paseo de la Republica
4675, Surquillo. The fair value was calculated by an independent appraiser and amounted to S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:IndependentAppraiserAmount" scale="6" unitRef="pen">73.7</ix:nonFraction> million, equivalent to US$<ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="aenz:IndependentAppraiserAmount" scale="6" unitRef="usd">19</ix:nonFraction> million.
As of December 31, 2022, the carrying amounts to S/<ix:nonFraction contextRef="c3" decimals="-5" format="ixt:num-dot-decimal" name="aenz:NetCarryingAmount" scale="6" unitRef="pen">40.6</ix:nonFraction> million (in December 2021, the Management decided to lease the property transferring
it from &#8216;property, plant, and equipment&#8217; to &#8216;investment property&#8217;. The net carrying amount at the closing of the
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.05pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_8" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.05pt">As of December 31, 2020, 2021 and 2022 the assets present liens related
to the trust with the syndicated line (Note 17.v).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

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

</div><p style="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_9" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_8"><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">(ii)</td><td style="text-align: justify">The net gain from investment properties as of December 31,
2020, 2021 and 2022 consists of the following:</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_10" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfNetGainFromInvestmentPropertiesTextBlock"><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-style: italic; border-bottom: Black 1.5pt solid">In thousands of soles</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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_11" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(iii)</td><td style="text-align: justify">The movement of investment properties and their related accumulated
depreciation for the years ended December 31, 2020, 2021 and 2022 are as follows:</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_12" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><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>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#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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  <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>Additions</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>Reclassifications</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: 1.5pt">At December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>Balance at January 1, 2022</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Additions</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-544">-</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="c876" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" scale="3" unitRef="pen">53</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Disposals</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">Reclassifications</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: 1.5pt">At December 31, 2022</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>&#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><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">&#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>Balance at January 1, 2020</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c854" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAndDepreciations" scale="3" sign="-" unitRef="pen">17,482</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-550">-</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="c881" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAndDepreciations" scale="3" sign="-" unitRef="pen">17,482</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Depreciation charge</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-551">-</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="c858" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="pen">2,413</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-552">-</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="c882" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="pen">2,413</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: 1.5pt">At December 31, 2020</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-553">-</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="c862" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAndDepreciations" scale="3" sign="-" unitRef="pen">19,895</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-554">-</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="c883" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAndDepreciations" scale="3" sign="-" unitRef="pen">19,895</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Balance at January 1, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-555">-</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="c862" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAndDepreciations" scale="3" sign="-" unitRef="pen">19,895</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-556">-</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="c883" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAndDepreciations" scale="3" sign="-" unitRef="pen">19,895</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">Depreciation charge</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-557">-</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="c866" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="pen">4,316</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-558">-</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="c884" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="pen">4,316</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 1.5pt">At December 31, 2021</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-559">-</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="c870" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAndDepreciations" scale="3" sign="-" unitRef="pen">24,211</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-560">-</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="c885" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAndDepreciations" scale="3" sign="-" unitRef="pen">24,211</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>Balance at January 1, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-561">-</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="c870" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAndDepreciations" scale="3" sign="-" unitRef="pen">24,211</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-562">-</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="c885" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAndDepreciations" scale="3" sign="-" unitRef="pen">24,211</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Depreciation charge</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-563">-</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="c874" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="pen">3,971</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-564">-</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="c886" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="pen">3,971</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Disposals</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-565">-</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="c874" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DisposalsAccumulatedDepreciation" scale="3" unitRef="pen">4,240</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-566">-</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="c886" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DisposalsAccumulatedDepreciation" scale="3" unitRef="pen">4,240</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Reclassifications</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-567">-</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="c874" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment" scale="3" unitRef="pen">13,691</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-568">-</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="c886" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment" scale="3" unitRef="pen">13,691</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: 1.5pt">At December 31, 2022</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-569">-</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="c878" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAndDepreciations" scale="3" sign="-" unitRef="pen">37,633</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-570">-</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="c887" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAndDepreciations" scale="3" sign="-" unitRef="pen">37,633</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#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-align: left">Carrying amounts</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; ">
    <td style="font-weight: bold; padding-bottom: 1.5pt">At January 1, 2020</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="c888" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharge" scale="3" unitRef="pen">2,494</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="c889" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharge" scale="3" unitRef="pen">25,820</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="c890" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharge" scale="3" unitRef="pen">12</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="c891" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharge" scale="3" unitRef="pen">28,326</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; padding-bottom: 1.5pt">At December 31, 2020</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="c892" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharge" scale="3" unitRef="pen">2,505</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="c893" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharge" scale="3" unitRef="pen">23,548</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="c894" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharge" scale="3" unitRef="pen">20</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="c895" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharge" scale="3" unitRef="pen">26,073</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; padding-bottom: 1.5pt">At December 31, 2021</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="c896" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharge" scale="3" unitRef="pen">13,188</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="c897" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharge" scale="3" unitRef="pen">49,802</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="c898" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharge" scale="3" unitRef="pen">21</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="c899" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharge" scale="3" unitRef="pen">63,011</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; padding-bottom: 1.5pt">At December 31, 2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><div>

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

</div><!-- Field: Page; Sequence: 266; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_13" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Depreciation of investment properties is distributed in the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_14" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_13"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfDepreciationOfInvestmentPropertyTextBlock-c0_cont_1" escape="true" name="aenz:ScheduleOfDepreciationOfInvestmentPropertyTextBlock"><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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_15" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below are the minimum ranges, maximum ranges and the average of
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_16" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory"><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">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">range</td><td style="font-weight: bold">&#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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_17" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Sensitivity analysis</i></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="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_18" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_17"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a sensitivity analysis of the evaluation of the investment
property in relation to changes in the following factors considered relevant to management:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_19" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_18"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk"><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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_20" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_19"><ix:continuation id="aenz_ScheduleOfDepreciationOfInvestmentPropertyTextBlock-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(iv)</td><td style="text-align: justify">The nominal amounts of future fixed minimum rental income
are as follows (operating leases) of the Corporation&#8217;s investment properties:</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="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_21" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_20"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfNominalAmountsOfFutureFixedMinimumRentalIncomeTextBlock"><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)">
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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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_22" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_21"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fair value of the assets is determined based on the value assigned
by an external appraiser. The external appraiser uses the comparable market method, according to which the fair value of a property is
estimated on the basis of comparable transactions. The unit of comparison applied by the Corporation is the price per square meter.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 267; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></p></div><div>
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</div><p style="margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>


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

</div><p style="margin-top: 0; margin-bottom: 0"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_23" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>B. Property, plant, and equipment, net</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_24" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_23"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The movement of property, plant, and equipment and related accumulated
depreciation for the years ended December 31, 2020, 2021 and 2022 are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><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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  <tr style="vertical-align: bottom; ">
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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">Subsidiary desconsolidation</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-588">-</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; ">
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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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</div><div>

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

</div><!-- Field: Page; Sequence: 268; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- 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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>

</div><p style="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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  <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-633">-</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-indent: -0.125in; padding-left: 0.125in; text-align: left">Subsidiary deconsolidation</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Reclassifications</td><td>&#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; text-align: left">Impairment loss (iii)</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; ">
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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="text-indent: -0.125in; padding-left: 0.125in">Balance at January 1, 2022</td><td>&#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; text-align: left">Depreciation charge</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Sale of assets (ii)</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; ">
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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; padding-bottom: 1.5pt">Translations adjustments</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: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Carrying amounts</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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    <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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</div><div>


</div><!-- Field: Page; Sequence: 269; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes
to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">December 31, 2020,
2021 and 2022</span></p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_27" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_26"><ix:continuation continuedAt="aenz_ropertyPlantAndEquipmentAccountsAndItsRelatedAccumulatedDepreciationTableTextBlock-c0_cont_3" id="aenz_ropertyPlantAndEquipmentAccountsAndItsRelatedAccumulatedDepreciationTableTextBlock-c0_cont_2"><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%"></td><td style="width: 0.25in">(i)</td><td style="text-align: justify"><ix:footnote id="ix_30_footnote" xml:lang="en-US">As of December 31, 2022, additions to property, plant, and equipment correspond mainly to additions to
equipment and work in progress related to well operations for S/&#160;<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:OtherPropertyPlantAndEquipment" scale="6" unitRef="pen">49.9</ix:nonFraction> million, in the Energy sector; additions to various machinery
and equipment for S/&#160;<ix:nonFraction contextRef="c835" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:OtherPropertyPlantAndEquipment" scale="6" unitRef="pen">8</ix:nonFraction> million, in the Engineer and Construction sector; and additions to various equipment and machinery for S/&#160;<ix:nonFraction contextRef="c836" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:OtherPropertyPlantAndEquipment" scale="6" unitRef="pen">3.4</ix:nonFraction>
million, in the real estate segment (as of December 31, 2021, it mainly corresponds to additions to machinery, equipment, vehicles, furniture
and fixtures and buildings totaling S/ <ix:nonFraction contextRef="c837" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:OtherPropertyPlantAndEquipment" scale="6" unitRef="pen">20.2</ix:nonFraction> million, in the Engineering and Construction segment; as well as additions in work in progress,
replacement units, machinery, furniture and fixtures, land and buildings in S/&#160;<ix:nonFraction contextRef="c838" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:OtherPropertyPlantAndEquipment" scale="6" unitRef="pen">16.8</ix:nonFraction> million, in the Energy segment).</ix:footnote></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_28" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_27"><ix:continuation continuedAt="aenz_ropertyPlantAndEquipmentAccountsAndItsRelatedAccumulatedDepreciationTableTextBlock-c0_cont_4" id="aenz_ropertyPlantAndEquipmentAccountsAndItsRelatedAccumulatedDepreciationTableTextBlock-c0_cont_3"><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%"></td><td style="width: 0.25in">(ii)</td><td style="text-align: justify"><ix:footnote id="ix_31_footnote" xml:lang="en-US">During 2022, asset sales were recorded with a disposal cost mainly in machinery, vehicles, furniture
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for S/&#160;<ix:nonFraction contextRef="c836" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets" scale="6" unitRef="pen">0.6</ix:nonFraction> million in the Infrastructure segment (in 2021, S/&#160;<ix:nonFraction contextRef="c840" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets" scale="6" unitRef="pen">4.7</ix:nonFraction> million in machinery and vehicle sales in the Engineering
and Construction segment and S/&#160;<ix:nonFraction contextRef="c841" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipmentCarryingAmountAtCostOfRevaluedAssets" scale="6" unitRef="pen">0.8</ix:nonFraction> million in machinery in the Energy segment).</ix:footnote></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_29" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_28"><ix:continuation id="aenz_ropertyPlantAndEquipmentAccountsAndItsRelatedAccumulatedDepreciationTableTextBlock-c0_cont_4"><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">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_30" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation of fixed assets is distributed in
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_31" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_30"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDepreciationExpenseExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_32" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net carrying amount of machinery and equipment,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_33" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_32"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentAcquiredUnderFinanceLeaseAgreementsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_34" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">In 2022 payments for amortization and interest on finance lease amounting
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_35" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation maintains insurance in force on
its major assets in accordance with policies established by the Corporation&#8217;s management. In the opinion of Corporate Management,
the Corporation&#8217;s insurance policies are consistent with industry practice.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_36" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, 2021 and 2022, the
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effect of S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:LonglivedAssetsForImpairment" scale="6" unitRef="pen"><ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:LonglivedAssetsForImpairment" scale="6" unitRef="pen">10.8</ix:nonFraction></ix:nonFraction> million recognized in 2022 (see paragraph iii). Therefore, it is not necessary to establish a provision for
impairment in addition to that recognized at those dates.</p></ix:continuation><div>


</div><!-- Field: Page; Sequence: 270; 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">F-<!-- 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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_37" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>C. Right-of-use assets, net</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_38" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, 2021 and 2022, the Corporation
recognized right-of-use assets and liabilities as shown in the following table:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_39" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_38"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfQuantitativeInformationAboutRightOfUseAssetsTableTextBlock"><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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  <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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Translations adjustments</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)">
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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-align: left; padding-bottom: 1.5pt">Others adjustments</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>&#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><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"><b>Accumulated
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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>Balance at January 1, 2020</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Depreciation charge</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Disposals</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1000" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAnddepreciationDisposals" scale="3" unitRef="pen">129</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-712">-</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="aenz:AccumulatedImpairmentAnddepreciationDisposals" scale="3" unitRef="pen">2,107</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">Translations adjustments</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="c858" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill" scale="3" sign="-" unitRef="pen">179</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-713">-</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-714">-</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="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill" scale="3" sign="-" unitRef="pen">179</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: 1.5pt">At December 31, 2020</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>Balance at January 1, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c862" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedDepreciationPropertyPlantAndEquipment" scale="3" sign="-" unitRef="pen">24,980</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="c999" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedDepreciationPropertyPlantAndEquipment" scale="3" sign="-" unitRef="pen">12,604</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="c940" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedDepreciationPropertyPlantAndEquipment" scale="3" sign="-" unitRef="pen">7,415</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="c33" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedDepreciationPropertyPlantAndEquipment" scale="3" sign="-" unitRef="pen">44,999</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">Depreciation charge</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c870" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharges" scale="3" sign="-" unitRef="pen">12,589</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c944" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DepreciationCharges" scale="3" sign="-" unitRef="pen">5,755</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="aenz:DepreciationCharges" scale="3" sign="-" unitRef="pen">23,699</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Deconsolidation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c870" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DeconsolidationNet" scale="3" unitRef="pen">14,701</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-715">-</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="c944" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DeconsolidationNet" scale="3" unitRef="pen">2,834</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="aenz:DeconsolidationNet" scale="3" unitRef="pen">17,535</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Disposals</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c866" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairmentAnddepreciationDisposals" scale="3" unitRef="pen">364</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-716">-</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-717">-</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="aenz:AccumulatedImpairmentAnddepreciationDisposals" scale="3" unitRef="pen">364</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Reclassifications</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c866" decimals="-3" format="ixt:num-dot-decimal" name="aenz:ReclassificationsAccumulatedImpairmentAndDepreciation1" scale="3" unitRef="pen">588</ix:nonFraction></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-bottom: 1.5pt">Translations adjustments</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="c866" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill" scale="3" unitRef="pen">92</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"><div style="-sec-ix-hidden: hidden-fact-718">-</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-719">-</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; ">
    <td style="font-weight: bold; padding-bottom: 1.5pt">At December 31, 2021</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>Balance at January 1, 2022</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; 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>&#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><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">&#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)">
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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: 1.5pt">At December 31, 2021</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: 1.5pt">At December 31, 2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>



</div><div>

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

</div><!-- Field: Page; Sequence: 271; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_40" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation expenses for right-of-use assets
have been distributed in the following items of the consolidated statement of profit or loss:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_41" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_40"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDepreciationOfRightOfUseAssetsTableTextBlock"><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="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Note</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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_42" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costs related to the machinery and equipment lease
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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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><!-- Field: Page; Sequence: 272; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 16. Intangible Assets and Goodwill, net</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>



</div><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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  <tr style="vertical-align: bottom; ">
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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; padding-bottom: 1.5pt">Translations adjustments</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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  <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; ">
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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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</div><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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- 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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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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  <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">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-845">-</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-846">-</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)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Balance at January 1, 2022</td><td>&#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">Amortization</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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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-871">-</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-872">-</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)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-875">-</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-881">-</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-883">-</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-885">-</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; font-weight: bold; padding-bottom: 1.5pt">At December 31, 2022</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: 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; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Carrying amounts</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; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">At January 1, 2020</td><td>&#160;</td>
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</div><div>


</div><!-- Field: Page; Sequence: 274; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_5" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>A. Goodwill</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_6" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Corporation&#8217;s Management reviews the performance
of its businesses based on the economic activity performed. As of December 31, the goodwill of cash generating units (CGUs) is distributed
as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_7" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_8" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, goodwill consists of
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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>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_13" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Discount rate</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_14" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discount rate is the cost of capital applied
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_15" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Growth rate</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_16" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market-based and generally in line with projected
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_17" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Perpetual growth rate</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_18" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rate used to calculate the terminal or residual
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_19" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These assumptions have been used for the analysis
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_20" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management determines budgeted gross margins based
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discount rates used are pre-tax, as applicable, and reflect the specific risks associated with the CGUs evaluated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 275; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- 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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_21" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>B. Trademarks</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_22" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
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<ix:nonFraction contextRef="c1013" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" unitRef="pen">42</ix:nonFraction> million (S/ <ix:nonFraction contextRef="c1014" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" unitRef="pen">47.4</ix:nonFraction> million as of December 31, 2021) and Morelco S.A.S. for S/ <ix:nonFraction contextRef="c1015" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" unitRef="pen">20.6</ix:nonFraction> million (S/ <ix:nonFraction contextRef="c1016" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" unitRef="pen">26.1</ix:nonFraction> million as of December 31, 2021).
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_23" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, Vial y Vives &#8211;
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S/&#160;<ix:nonFraction contextRef="c1018" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AdditionalImpairedAmount" scale="6" unitRef="pen">2.5</ix:nonFraction> million. At the end of 2022, the accumulated impairment amounts to S/&#160;<ix:nonFraction contextRef="c1019" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AccumulatedImpairment" scale="6" unitRef="pen">24.6</ix:nonFraction> million.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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determine fair value less costs of sales are the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_25" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_24"><ix:continuation id="_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  </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="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_26" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Discount rate</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_27" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discount rate is the cost of capital applied
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_28" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Growth rate</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_29" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market-based and generally in line with projected
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_30" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Perpetual growth rate</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_31" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rate used to calculate the terminal or residual
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_32" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>C. Concessions</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_33" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, it mainly comprises the intangible
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_34" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_33"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDetailedInformationAboutConcessions"><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; 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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_35" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>D. Well development cost</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_36" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, through is subsidiary Unna
Energia S.A., has been operating and extracting oil from two fields (Lot I and Lot V). Lot V is
operated under a long-term service agreement, under which the Company provides hydrocarbon extraction services to the Government.
Lot I agreement ended in 2021 and Lot V is expiring in October 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_37" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 10, 2014, the Peruvian Government
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million corresponding to the drilling of <ix:nonFraction contextRef="c1021" decimals="0" format="ixt:num-dot-decimal" name="aenz:NumberOfWells" scale="0" unitRef="pure">230</ix:nonFraction> wells in Lot III and <ix:nonFraction contextRef="c1022" decimals="0" format="ixt:num-dot-decimal" name="aenz:NumberOfWells" scale="0" unitRef="pure">330</ix:nonFraction> wells in Lot IV. The drilling work started in November 2016 in Lot
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_38" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The lots are amortized based on the useful lives
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with Perupetro S.A.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_39" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>E. Other assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_40" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mainly corresponds to investments committed in
the subsidiary Unna Energia S.A. through Consorcio TP in the execution of the investment commitment arising from the Central and North
Terminals Operation contracts. At the end of the contract term, Unna Energia S.A. will transfer in favor of the contractor at zero value,
the facilities and goods resulting from the execution of the investment commitment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_41" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>F. Amortization of intangible assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

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</div><div>

</div><ix:continuation id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_42"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfAmortizationOfIntangibleAssets"><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>

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</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_2" id="_DisclosureOfBorrowingsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, this caption includes:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_3" id="_DisclosureOfBorrowingsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory"><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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</div><div>

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

</div><!-- Field: Page; Sequence: 277; Value: 1 --><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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</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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    <td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_7" id="_DisclosureOfBorrowingsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif"><b><i>i. Bridge loan </i></b></span><b><i>&#8211; <span style="font-family: Times New Roman, Times, Serif">AENZA S.A.A.</span></i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_8" id="_DisclosureOfBorrowingsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 17, 2022, the Company entered into
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Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero HSBC, and Natixis, New
York Branch. The financing will be repaid over a period of 18 months, in quarterly interest installments and is secured, subject to
the fulfillment of certain precedent conditions, by a flow trust (first lien), a pledge over the shares in Unna Energia S.A. (first
lien), and a trust on the shares of Viva Negocio Inmobiliario S.A.C. (second lien). On April 5, 2022, the Company received a bridge
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equivalent to S/<ix:nonFraction contextRef="c1147" decimals="-5" format="ixt:num-dot-decimal" name="aenz:TotalFinancingAmount" scale="6" unitRef="pen">463.8</ix:nonFraction> million, which includes principal of S/&#160;<ix:nonFraction contextRef="c1148" decimals="-5" format="ixt:num-dot-decimal" name="aenz:PrincipalAmount" scale="6" unitRef="pen">458.4</ix:nonFraction> million, plus interest and net deferred charges of
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_9" id="_DisclosureOfBorrowingsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the Company has complied
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_10" id="_DisclosureOfBorrowingsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>ii. Unna Energia S.A. Loan</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_11" id="_DisclosureOfBorrowingsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Terminales del Peru (hereinafter &#8220;TP&#8221;),
a joint operation of the subsidiary Unna Energia S.A., has a medium-term loan agreement with Banco de Credito del Peru S.A. (hereinafter
BCP) to finance investments arising from the operation agreement of North and Center terminals for 2015 to 2019 period, available up to
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_12" id="_DisclosureOfBorrowingsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in November 2019, TP signed a loan
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_13" id="_DisclosureOfBorrowingsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the amount recorded for
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_14" id="_DisclosureOfBorrowingsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 and 2022, TP is in compliance
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_15" id="_DisclosureOfBorrowingsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b><i>iii. Viva Negocio Inmobiliario S.A.C.
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_16" id="_DisclosureOfBorrowingsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The balance comprises the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_17" id="_DisclosureOfBorrowingsExplanatory-c0_cont_16"><ix:continuation continuedAt="aenz_ScheduleOfComprisesBankLoansInLocalAndForeignCurrenciesForWorkingCapitalPurposesTableTextBlock-c0_cont_2" id="aenz_ScheduleOfComprisesBankLoansInLocalAndForeignCurrenciesForWorkingCapitalPurposesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 1%">&#160;</td>
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    <td style="width: 1%">&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: center">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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</div><div>

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

</div><!-- Field: Page; Sequence: 278; 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">F-<!-- 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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_18" id="_DisclosureOfBorrowingsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2022 and 2021, the Corporation has no guarantees
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_19" id="_DisclosureOfBorrowingsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>iv. Morelco S.A.S. Bank Loans</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_20" id="_DisclosureOfBorrowingsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The balance comprises the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_21" id="_DisclosureOfBorrowingsExplanatory-c0_cont_20"><ix:continuation id="aenz_ScheduleOfComprisesBankLoansInLocalAndForeignCurrenciesForWorkingCapitalPurposesTableTextBlock-c0_cont_2"><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; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  </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="_DisclosureOfBorrowingsExplanatory-c0_cont_22" id="_DisclosureOfBorrowingsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2021 and 2022, the Corporation has no guarantees
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_23" id="_DisclosureOfBorrowingsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>v. Financial Stability Framework Agreement</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_24" id="_DisclosureOfBorrowingsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2017, the Company and its subsidiaries
(Cumbra Peru S.A., Construyendo Pais S.A., Vial y Vives &#8211; DSD S.A., and Concesionaria Via Expresa Sur S.A.) signed a Financial Stability
Framework Agreement with the following financial entities: Scotiabank Peru S.A.A., Banco Internacional del Peru S.A.A., Banco BBVA Peru
S.A., Banco de Credito del Peru S.A., Citibank del Peru S.A., and Citibank N.A. The objectives of the Financial Stability Framework Agreement
were to guarantee Cumbra Peru S.A. a syndicated revolving line for working capital, a non-revolving line of credit to finance repayment
commitments subject to performance bonds; guarantee lines of credit for the issuance of the performance bond, and undertake to maintain
the existing letters of credit issued at the request of Cumbra Peru S.A.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_25" id="_DisclosureOfBorrowingsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, the Company complied
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_26" id="_DisclosureOfBorrowingsExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 29, 2022, S/&#160;<ix:nonFraction contextRef="c1154" decimals="-5" format="ixt:num-dot-decimal" name="aenz:LineOfCreditFacilityOutstandingBorrowings" scale="6" unitRef="pen">28.2</ix:nonFraction> million and US$&#160;<ix:nonFraction contextRef="c1154" decimals="-5" format="ixt:num-dot-decimal" name="aenz:LineOfCreditFacilityOutstandingBorrowings" scale="6" unitRef="usd">0.3</ix:nonFraction>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_27" id="_DisclosureOfBorrowingsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>vi. Banco Santander Loan</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_28" id="_DisclosureOfBorrowingsExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2020, Tecnicas Reunidas enforced
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subsidiary Cumbra Peru S.A. as guarantee pursuant to a construction agreement. As a result, Cumbra Peru S.A. was granted a short-term
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Cumbra Peru complied with the respective covenant subject to the Loan Agreement with Banco Santander S.A.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_29" id="_DisclosureOfBorrowingsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2022, Cumbra Peru S.A. settled the entire
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_30" id="_DisclosureOfBorrowingsExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>B. Other financial entities</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_31" id="_DisclosureOfBorrowingsExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 29, 2018, the Company and Inversiones Concesiones
Vial S.A.C. (&#8220;BCI Peru&#8221;) came into an investment agreement with the intervention of Fondo de Inversiones BCI NV (&#8220;BCI
Fund&#8221;) and BCI Management Administradora General de Fondos S.A. (&#8220;BCI&#8221; Asset Management&#8221;) to monetize future dividends
from Red Vial 5 S.A. to the Company. Upon the signature of this agreement, the Company had to indirectly transfer its economic rights
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S.A.) to a vehicle specially incorporated for such purposes called Inversiones en Autopistas S.A. The amount of the transaction was US$&#160;<ix:nonFraction contextRef="c1162" decimals="-5" format="ixt:num-dot-decimal" name="aenz:MaturingAmount" scale="6" unitRef="usd">42.3</ix:nonFraction>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_32" id="_DisclosureOfBorrowingsExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, it has been agreed that the Company
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made with the proceeds of BCI Fund (according to different economic calculations) and/or to control changes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_33" id="_DisclosureOfBorrowingsExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the balance of loan
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</div><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_34" id="_DisclosureOfBorrowingsExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>C. Right-of-use-liabilities</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_35" id="_DisclosureOfBorrowingsExplanatory-c0_cont_34"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDetailedInformationAboutLeaseLiabilityForRightOfUseAssetExplanatoryTextBlock"><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">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">Date of</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">rate</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">maturity</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: 45%; text-align: left">AENZA S.A.A.</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: center"><ix:nonNumeric contextRef="c1214" format="ixt-sec:duryear" name="aenz:DateOfMaturity1">2027</ix:nonNumeric></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"><ix:nonFraction contextRef="c1213" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Borrwings" scale="3" unitRef="pen">41,456</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Unna Energia S.A.</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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    <td style="text-align: left">&#160;</td><td style="text-align: center"><ix:nonNumeric contextRef="c1228" format="ixt-sec:duryear" name="aenz:DateOfMaturity1">2026</ix:nonNumeric></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">Cumbra Ingenieria S.A.</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 3.5pt"><ix:nonFraction contextRef="c1231" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">7.40</ix:nonFraction>%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1233" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Borrwings" scale="3" unitRef="pen">427</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="c1231" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Borrwings" scale="3" unitRef="pen">64</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Tren Urbano de Lima S.A.</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 3.5pt"><ix:nonFraction contextRef="c1234" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">10.00</ix:nonFraction>%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center"><ix:nonNumeric contextRef="c1235" format="ixt-sec:duryear" name="aenz:DateOfMaturity1">2023</ix:nonNumeric></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="c1236" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Borrwings" scale="3" unitRef="pen">60</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="c1234" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Borrwings" scale="3" unitRef="pen">17</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">Other minors</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt"><ix:nonFraction contextRef="c1237" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">4.50</ix:nonFraction>%</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center"><ix:nonNumeric contextRef="c1238" format="ixt-sec:duryear" name="aenz:DateOfMaturity1">2037</ix:nonNumeric></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="c1239" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Borrwings" scale="3" unitRef="pen">18</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="c1237" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Borrwings" scale="3" unitRef="pen">144</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">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</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"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Borrwings" scale="3" unitRef="pen">60,507</ix:nonFraction></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>
    <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"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Borrwings" scale="3" unitRef="pen">59,085</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_36" id="_DisclosureOfBorrowingsExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The minimum payments to be made according to their
maturity and current value of obligations for right-of-use liabilities are the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_37" id="_DisclosureOfBorrowingsExplanatory-c0_cont_36"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfFutureMinimumLeasePaymentsExplanatory"><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">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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Up to 1 year</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="c1240" decimals="-3" format="ixt:num-dot-decimal" name="aenz:UndiscountedFutureMinimumLeasePayments" scale="3" unitRef="pen">18,817</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="c1241" decimals="-3" format="ixt:num-dot-decimal" name="aenz:UndiscountedFutureMinimumLeasePayments" scale="3" unitRef="pen">19,075</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">From 1 to 5 years</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1242" decimals="-3" format="ixt:num-dot-decimal" name="aenz:UndiscountedFutureMinimumLeasePayments" scale="3" unitRef="pen">46,288</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="c1243" decimals="-3" format="ixt:num-dot-decimal" name="aenz:UndiscountedFutureMinimumLeasePayments" scale="3" unitRef="pen">55,092</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">Over 5 years</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="c1244" decimals="-3" format="ixt:num-dot-decimal" name="aenz:UndiscountedFutureMinimumLeasePayments" scale="3" unitRef="pen">8,086</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="c1245" decimals="-3" format="ixt:num-dot-decimal" name="aenz:UndiscountedFutureMinimumLeasePayments" scale="3" unitRef="pen">112</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#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"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="aenz:UndiscountedFutureMinimumLeasePayments" scale="3" unitRef="pen">73,191</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="aenz:UndiscountedFutureMinimumLeasePayments" scale="3" unitRef="pen">74,279</ix:nonFraction></td><td style="font-weight: bold; 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">Future financial charges</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="aenz:LeaseLiabilityUndiscountedExcessAmount" scale="3" sign="-" unitRef="pen">12,684</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="c2" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LeaseLiabilityUndiscountedExcessAmount" scale="3" sign="-" unitRef="pen">15,194</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 1.5pt">Current value of right-of-use liabilities</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"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="aenz:PresentValueOfTheLeaseLiabilityForRightofuseAssetObligations" scale="3" unitRef="pen">60,507</ix:nonFraction></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>
    <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"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="aenz:PresentValueOfTheLeaseLiabilityForRightofuseAssetObligations" scale="3" unitRef="pen">59,085</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_38" id="_DisclosureOfBorrowingsExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The current value of obligations for right-of-use liabilities is detailed
as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_39" id="_DisclosureOfBorrowingsExplanatory-c0_cont_38"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDetailedInformationAboutPresentValueOfTheLeaseLiabilityForRightofuseAssetObligationsExplanatory"><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; font-style: italic">In thousands of soles</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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Up to 1 year</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="c1240" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LeaseLiabilityForRightofusesAsset" scale="3" unitRef="pen">14,541</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="c1241" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LeaseLiabilityForRightofusesAsset" scale="3" unitRef="pen">12,879</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">From 1 year to 5 years</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1242" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LeaseLiabilityForRightofusesAsset" scale="3" unitRef="pen">38,136</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="c1243" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LeaseLiabilityForRightofusesAsset" scale="3" unitRef="pen">46,094</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">Over 5 years</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="c1246" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LeaseLiabilityForRightofusesAsset" scale="3" unitRef="pen">7,830</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="c1247" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LeaseLiabilityForRightofusesAsset" scale="3" unitRef="pen">112</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">&#160;</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"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LeaseLiabilityForRightofusesAsset" scale="3" unitRef="pen">60,507</ix:nonFraction></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>
    <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"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="aenz:LeaseLiabilityForRightofusesAsset" scale="3" unitRef="pen">59,085</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_40" id="_DisclosureOfBorrowingsExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>D. Finance leases</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>



</div><div>

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

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_41" id="_DisclosureOfBorrowingsExplanatory-c0_cont_40"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDetailedInformationAboutFinanceLeaseAndOperatingLeaseByLessorExplanatory"><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>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="padding-left: 3.5pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td>&#160;</td></tr>
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</div><div>

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


</div><!-- Field: Page; Sequence: 280; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- 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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_42" id="_DisclosureOfBorrowingsExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The minimum payments to be made according to their
maturity and current value of obligations for finance lease agreements are the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_43" id="_DisclosureOfBorrowingsExplanatory-c0_cont_42"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfMinimumPaymentsUnderFinancialLeasesExplanatory"><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; 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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#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="aenz:FutureFinancialCharges" scale="3" sign="-" unitRef="pen">697</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="c2" decimals="-3" format="ixt:num-dot-decimal" name="aenz:FutureFinancialCharges" scale="3" sign="-" unitRef="pen">38</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><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_44" id="_DisclosureOfBorrowingsExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The current value of obligations for finance lease agreements is detailed
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_45" id="_DisclosureOfBorrowingsExplanatory-c0_cont_44"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDetailedInformationAboutPresentValueOfFinanceLeaseLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <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><td style="font-weight: bold; padding-bottom: 1.5pt">&#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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_46" id="_DisclosureOfBorrowingsExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>E. Fair value</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_47" id="_DisclosureOfBorrowingsExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, the carrying amount and fair value of indebtedness
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_48" id="_DisclosureOfBorrowingsExplanatory-c0_cont_47"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDetailedInformationAboutCarryingAmountsAndMarketValuesOfBorrowingsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_49" id="_DisclosureOfBorrowingsExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, fair values are based
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2 of the fair value accounting hierarchy.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_50" id="_DisclosureOfBorrowingsExplanatory-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>F. Debt movement</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_51" id="_DisclosureOfBorrowingsExplanatory-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The movement in debt for the years ended December 31, 2021 and 2022
are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

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

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_52" id="_DisclosureOfBorrowingsExplanatory-c0_cont_51"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfMovementInDebtTableTextBlock-c0_cont_1" escape="true" name="aenz:ScheduleOfMovementInDebtTableTextBlock"><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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  <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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</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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">December 31, 2020, 2021 and 2022</p><div>


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

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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><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 18. Bonds</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_2" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, this item includes:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_3" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfBondsIssuedExplanatory"><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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_4" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>(a) Tren Urbano de Lima S.A.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_5" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2015, the subsidiary Tren Urbano de
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Internacionales.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_6" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These bonds include the following collateral:
(i) mortgage on the concession of which Tren Urbano de Lima S.A. is the concessionaire, (ii) security interest on the shares of the Concessionaire,
(iii) assignment of the Collection Rights of the Administration Trust, and (iv) a Flow Trust and Reserve Accounts for Debt Service, Operation
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_7" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, an accumulated amortization
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_8" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the balance includes
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_9" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the periods ended December 31, 2020, 2021
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_10" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDebtSecuritiesExplanatory"><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)">
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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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 282; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- 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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2020, 2021 and 2022</span></p><div>


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

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_11" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 and 2022, Tren Urbano
de Lima S.A. complied with the corresponding covenants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_12" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the fair value amounts
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as of December 31, 2021) and corresponds to level 2 of the fair value hierarchy.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_13" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>(b) Red Vial 5 S.A.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_14" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">From
2015 to 2016, the subsidiary Red Vial 5 S.A. issued Corporate Bonds on the Lima Stock Exchange for a total S/<ix:nonFraction contextRef="c1290" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="6" unitRef="pen">365</ix:nonFraction> million. The bonds
mature in January 2027 and bear interest at a rate of <ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" scale="-2" unitRef="pure">8.38</ix:nonFraction>%. As of December 31, 2022, risk rating agencies Moody</span>&#8217;<span style="font-family: Times New Roman, Times, Serif">s
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_15" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the terms of the bond issuance agreement,
this financing is secured by: (i) a trust of flows from the collection rights and flows derived from the Concession, except for flows
corresponding to the Remuneration and the Regulation Fee; (ii) a mortgage on the concession of which Red Vial 5 S.A. is the concessionaire;
(iii) movable guarantees on shares; (iv) assignment of rights on the bank letter of guarantee and any other guarantee granted in the Construction
Agreement; and (v) in general, all those additional guarantees granted in favor of the
secured creditors if applicable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_16" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of the granted funds was to finance
the construction works of the second phase of Red Vial 5 and sales tax related to the execution of project expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_17" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the periods ended December 31, 2020, 2021
and 2022, the movement of this account is the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_18" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_17"><ix:continuation continuedAt="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_2" id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_1"><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="vertical-align: bottom; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; vertical-align: bottom">&#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"><ix:nonFraction contextRef="c1313" decimals="-3" format="ixt:num-dot-decimal" name="aenz:BondsCapitalizedInterest" scale="3" unitRef="usd">24,619</ix:nonFraction></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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  </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="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_19" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2021 and 2022, Red Vial 5 S.A. complied with the
respective covenants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_20" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the fair value of bonds
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December 31, 2021 and 2022, and is within level 2 of the fair value hierarchy.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_21" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>(c) Cumbra Peru S.A.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_22" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the beginning of 2020, the subsidiary Cumbra
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_23" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the first quarter of the year 2020, bonds amounting to US$&#160;<ix:nonFraction contextRef="c1296" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="6" unitRef="usd">7.8</ix:nonFraction>
million (equivalent to S/&#160;<ix:nonFraction contextRef="c1296" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="6" unitRef="pen">25.9</ix:nonFraction> million) were issued with the modality for exchange debt, with respect to its outstanding business
obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_24" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c1297" name="ifrs-full:BorrowingsMaturity">The bonds mature in December 2027 and bear interest
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equivalent to S/&#160;<ix:nonFraction contextRef="c3" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:InterestPayable" scale="6" unitRef="pen">1</ix:nonFraction> million, as of December 31, 2021).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2020, 2021 and 2022</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_25" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the periods ended December 31, 2020, 2021
and 2022, the movement of this account is the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_26" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_25"><ix:continuation id="_DisclosureOfDebtSecuritiesExplanatory-c0_cont_2"><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)">
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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="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_27" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the fair value amounts
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_28" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b><i>(d) AENZA S.A.A.</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_29" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 13, 2021, AENZA S.A.A. issued bonds
convertible into voting common shares (hereinafter the &#8220;Bonds&#8221;). The total amount of issuance was US$<ix:nonFraction contextRef="c1302" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfConvertibleInstruments" scale="6" unitRef="usd">89.9</ix:nonFraction> million, considering
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_30" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bonds were placed at local level and were available
for investors in Peru according to Peruvian legislation. The Bonds mature on February 2024 and bear interest at an annual interest rate
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_31" id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms and conditions of the Bond,
they may be converted into shares from the sixth month of the issuance date, according to the following procedure: 1) the conversion day
is the last business day of each month; 2) the conversion may be total or partial; 3) the conversion notice had to be sent to the Bondholders&#8217;
Representative no later than five (5) business days prior to the conversion date, and 4) the conversion price will be the minimum of (i)
<ix:nonNumeric contextRef="c0" name="ifrs-full:DescriptionOfConversionOfDebtToEquity">US$&#160;0.33 (zero and 33/100 US dollars) per share and (ii) 80% of the average price of transactions occurred thirty (30) days prior
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each bond by the conversion price.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company converted all bonds in common shares in two tranches, the
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was fully capitalized.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><ix:nonNumeric contextRef="c0" continuedAt="aenz_DisclosureOfTradeAccountsPayablesExplanatory-c0_cont_1" escape="true" name="aenz:DisclosureOfTradeAccountsPayablesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 19. Trade Accounts Payable</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">


</p></ix:nonNumeric><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfTradeAccountsPayablesExplanatory-c0_cont_2" id="aenz_DisclosureOfTradeAccountsPayablesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, this caption comprises:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfTradeAccountsPayablesExplanatory-c0_cont_3" id="aenz_DisclosureOfTradeAccountsPayablesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDetailedInformationOfTradeAccountsPayablesExplanatoryTextBlock"><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)">
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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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2020, 2021 and 2022</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfTradeAccountsPayablesExplanatory-c0_cont_4" id="aenz_DisclosureOfTradeAccountsPayablesExplanatory-c0_cont_3"><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"></td><td style="width: 0.25in">(a)</td><td style="text-align: justify">Invoices payable are obligations supported by formal documents. Find below the invoices payable according
to the main projects:</td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfTradeAccountsPayablesExplanatory-c0_cont_6" id="aenz_DisclosureOfTradeAccountsPayablesExplanatory-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"></td><td style="width: 0.25in">(b)</td><td style="text-align: justify">Find below the balances corresponding to the main projects:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

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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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    <td>&#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>
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    <td style="text-align: left">Cumbra Peru S.A. - Aeropuerto Jorge Chavez (i)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Vial y Vives - DSD S.A. - Obras de Ingenieria y construccion</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Cumbra Peru S.A. - Planta Concentradora y tunel Quellaveco</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Morelco S.A.S. - Obras de Ingenieria y Construccion</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">Cumbra Peru S.A. - Planta de Flotacion de Particulas Gruesas</td><td>&#160;</td>
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    <td style="text-align: left">Cumbra Peru S.A. - Proyecto Gasoducto Piura</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="aenz_DisclosureOfTradeAccountsPayablesExplanatory-c0_cont_7"><ix:continuation id="_DisclosureOfSignificantInvestmentsInAssociatesExplanatory-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">
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terminal.</span></ix:footnote></td></tr></table></ix:continuation></ix:continuation><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: 285; Value: 1 --><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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt; font-weight: normal">Notes to the Consolidated Financial Statements </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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</div><div>

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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-928">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<td style="width: 0"></td><td style="width: 0.25in">(a)</td><td style="text-align: justify"><ix:footnote id="ix_34_footnote" xml:lang="en-US">Advances received from customers mainly correspond to the engineering and construction and real estate
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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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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-945">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cumbra Peru S.A. - Concentrator Plant and Quellaveco Tunnel</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-947">-</div></td><td style="text-align: left">&#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">Cumbra Ingenieria S.A. - Mina Gold Fields La Cima S.A. Project</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-951">-</div></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-954">-</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-955">-</div></td><td style="text-align: left">&#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">Cumbra Peru S.A. - Piura Gas Pipeline Project</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-958">-</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-959">-</div></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"><div style="-sec-ix-hidden: hidden-fact-963">-</div></td><td style="text-align: left">&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_6" id="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_5"><ix:continuation continuedAt="aenz_ScheduleOfAdvancesReceivedFromCustomersRelateMainlyToConstructionProjectsTextBlock-c0_cont_2" id="aenz_ScheduleOfAdvancesReceivedFromCustomersRelateMainlyToConstructionProjectsTextBlock-c0_cont_1"><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">(i)</td><td style="text-align: justify"><ix:footnote id="ix_43_footnote" xml:lang="en-US">Corresponds to advances received from Minera Teck for the construction and assembly of the Pebble crushing
mill project, the advances are applied against reimbursable invoices through the approved PDEs. The balance at December 31, 2022 is S/<ix:nonFraction contextRef="c1371" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AdvancesAmount" scale="6" unitRef="pen">91.1</ix:nonFraction>
million (S/<ix:nonFraction contextRef="c1372" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AdvancesAmount" scale="6" unitRef="pen">120.6</ix:nonFraction> million at December 31, 2021).</ix:footnote></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_7" id="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_6"><ix:continuation continuedAt="aenz_ScheduleOfAdvancesReceivedFromCustomersRelateMainlyToConstructionProjectsTextBlock-c0_cont_3" id="aenz_ScheduleOfAdvancesReceivedFromCustomersRelateMainlyToConstructionProjectsTextBlock-c0_cont_2"><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">(ii)</td><td style="text-align: justify"><ix:footnote id="ix_44_footnote" xml:lang="en-US">The movement is due to the advance received in 2022 in Consorcio Inti Punku, for the LAP3 EPC project,
corresponding to the construction of the Jorge Chavez airport terminal, for S/<ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="aenz:AmortizationAmount" scale="6" unitRef="pen">88</ix:nonFraction> million and the amortization of the entire balance of
2021 S/<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AmortizationAmount" scale="6" unitRef="pen">22.8</ix:nonFraction> million.</ix:footnote></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><p style="font-size: 10pt; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>

</div><p style="font-size: 10pt; margin: 0">&#160;</p><div>


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<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(iii)</span></td><td style="text-align: justify"><ix:footnote id="ix_45_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">As of December 31, 2022, advances from customers for the sale of real estate correspond to the following real estate projects: a) Parques de Comas S/74.8 million, b) Parques de Huancayo S/3.6 million, c) Parques de Carabayllo S/5.2 million, d) Parques del Callao S/<ix:nonFraction contextRef="c1373" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:LoansAndAdvancesToCustomers" scale="6" unitRef="pen">1.5</ix:nonFraction> million, e) other minor S/<ix:nonFraction contextRef="c1374" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:LoansAndAdvancesToCustomers" scale="6" unitRef="pen">0.6</ix:nonFraction> million (S/<ix:nonFraction contextRef="c1375" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:LoansAndAdvancesToCustomers" scale="6" unitRef="pen">58.9</ix:nonFraction> million, S/<ix:nonFraction contextRef="c1376" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:LoansAndAdvancesToCustomers" scale="6" unitRef="usd">6.2</ix:nonFraction> million, S/<ix:nonFraction contextRef="c1377" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:LoansAndAdvancesToCustomers" scale="6" unitRef="usd">9</ix:nonFraction> million, S/<ix:nonFraction contextRef="c1378" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:LoansAndAdvancesToCustomers" scale="6" unitRef="usd">3.9</ix:nonFraction> million, S/<ix:nonFraction contextRef="c1379" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:LoansAndAdvancesToCustomers" scale="6" unitRef="usd">2.1</ix:nonFraction> million, as of December 31, 2021, respectively).</span></ix:footnote></td>
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</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_9" id="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_8"><ix:continuation continuedAt="aenz_ScheduleOfAdvancesReceivedFromCustomersRelateMainlyToConstructionProjectsTextBlock-c0_cont_5" id="aenz_ScheduleOfAdvancesReceivedFromCustomersRelateMainlyToConstructionProjectsTextBlock-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; text-align: justify">
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_11" id="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_10"><ix:continuation id="aenz_ScheduleOfAdvancesReceivedFromCustomersRelateMainlyToConstructionProjectsTextBlock-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; text-align: justify">
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</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_12" id="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_11"><ix:continuation continuedAt="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_3" id="aenz_ScheduleOfOtherAccountPayableTextBlock-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">
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</div><div>

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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</div><ix:continuation continuedAt="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_14" id="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_13"><ix:continuation continuedAt="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_4" id="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_3"><ix:continuation continuedAt="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-c0_cont_2" id="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-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">
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</div><ix:continuation continuedAt="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_15" id="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_14"><ix:continuation continuedAt="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_5" id="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_4"><ix:continuation continuedAt="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-c0_cont_3" id="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-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">
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</div><ix:continuation continuedAt="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_16" id="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_15"><ix:continuation continuedAt="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_6" id="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_5"><ix:continuation continuedAt="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-c0_cont_4" id="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-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">
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</div><ix:continuation continuedAt="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_17" id="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_16"><ix:continuation continuedAt="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_7" id="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_6"><ix:continuation continuedAt="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-c0_cont_5" id="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(f)</span></td><td style="text-align: justify"><ix:footnote id="ix_39_footnote" xml:lang="en-US">Agreement signed between the Subsidiary Viva Inmobiliaria S.A. and
Inversiones Sur S.A. regarding the purchase agreement of shares in the amount of US$<ix:nonFraction contextRef="c3" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:AmountsSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities" scale="6" unitRef="usd">4</ix:nonFraction> million, maturing in 2023.</ix:footnote></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation></ix:continuation><div>

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</div><ix:continuation continuedAt="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_18" id="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_17"><ix:continuation continuedAt="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_8" id="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_7"><ix:continuation continuedAt="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-c0_cont_6" id="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-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">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">December 31, 2020, 2021 and 2022</p><div>


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</div><ix:continuation continuedAt="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_19" id="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_18"><ix:continuation continuedAt="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_9" id="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_8"><ix:continuation continuedAt="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-c0_cont_7" id="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-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">
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</div><ix:continuation id="aenz_DisclosureOfOtherAccountsPayabletextBlock-c0_cont_19"><ix:continuation id="aenz_ScheduleOfOtherAccountPayableTextBlock-c0_cont_9"><ix:continuation id="aenz_ScheduleOfTheSalariesAndProfitSharingPayabletextBlock-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">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOtherProvisionsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">21.
Other Provisions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_2" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As of December
31, this item includes:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_3" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfOtherProvisionsTableTextBlock-c0_cont_1" escape="true" name="aenz:ScheduleOfOtherProvisionsTableTextBlock"><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">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">In thousands
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="width: 28%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Legal contingencies (a)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1460" decimals="-3" format="ixt:num-dot-decimal" id="ix_256_fact" name="ifrs-full:NoncurrentProvisions" scale="3" unitRef="pen">246,865</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1461" decimals="-3" format="ixt:num-dot-decimal" id="ix_257_fact" name="ifrs-full:NoncurrentProvisions" scale="3" unitRef="pen">492,268</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1462" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Provisions" scale="3" unitRef="pen">38,182</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1462" decimals="-3" format="ixt:num-dot-decimal" name="aenz:CurrentProvision" scale="3" unitRef="pen">17,492</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#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">Provision for closure
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1464" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Provisions" scale="3" unitRef="pen">82,475</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1465" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Provisions" scale="3" unitRef="pen">68,160</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1464" decimals="-3" format="ixt:num-dot-decimal" name="aenz:CurrentProvision" scale="3" unitRef="pen">20,533</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1465" decimals="-3" format="ixt:num-dot-decimal" name="aenz:CurrentProvision" scale="3" unitRef="pen">11,851</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1464" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentProvisions" scale="3" unitRef="pen">61,942</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1465" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentProvisions" scale="3" unitRef="pen">56,309</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Provisions" scale="3" unitRef="pen">485,042</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_4" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_3"><ix:continuation continuedAt="aenz_ScheduleOfOtherProvisionsTableTextBlock-c0_cont_2" id="aenz_ScheduleOfOtherProvisionsTableTextBlock-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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(a)</span></td><td><ix:footnote id="ix_49_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">Legal contingencies mainly correspond to:</span></ix:footnote></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_5" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Provision
for civil compensation </i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_6" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">It corresponds to a legal contingency estimated by Management for exposure
of the Corporation to a potential indemnity in relation to their participation as minority partners in developed infrastructure projects
in Peru with companies belonging to the Odebrecht Group and the projects related to the Construction Club. As stated in Note 1.C on September
15, 2022, the Agreement was signed, whereby AENZA S.A.A. acknowledges that it was utilized by certain former executives to commit illicit
acts in periods until 2016, and committed to pay a civil compensation to the Peruvian Government of approximately S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:CivilCompensation" scale="6" unitRef="pen">488.9</ix:nonFraction> million. According
to the Agreement, payment shall be made within twelve years at a legal interest rate in soles and US dollars (<ix:nonFraction contextRef="c77" decimals="2" format="ixt:num-dot-decimal" name="aenz:AnnualInterestPercentage" scale="-2" unitRef="pure">3</ix:nonFraction>% and <ix:nonFraction contextRef="c76" decimals="2" format="ixt:num-dot-decimal" name="aenz:AnnualInterestPercentage" scale="-2" unitRef="pure">1</ix:nonFraction>% annual interest
as of December 31, 2022, respectively). The Company also undertakes to establish a series of guarantees after the approval of the Agreement,
composed of (i) a trust agreement that includes shares issued by a subsidiary of the Company, ii) mortgage on a property owned by the
Company, and iii) a guarantee account with funds equivalent to the annual installment for the following year. Among other conditions,
the Agreement includes a restriction for AENZA S.A.A. and subsidiaries Cumbra Peru S.A. and Unna Transporte S.A.C. to participate in public
construction and road maintenance contracts with the Peruvian Government for two years from the approval of the Agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_7" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the Company recognized in its financial statements
the full amount of the liabilities associated with the Agreement for S/&#160;<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:LiabilitiesAssociatedWithTheAgreementAmount" scale="6" unitRef="pen">488.9</ix:nonFraction> million (S/&#160;<ix:nonFraction contextRef="c1448" decimals="-5" format="ixt:num-dot-decimal" name="aenz:LiabilitiesAssociatedWithTheAgreementAmount" scale="6" unitRef="pen">333.3</ix:nonFraction> million and US$&#160;<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:LiabilitiesAssociatedWithTheAgreementAmount" scale="6" unitRef="usd">40.7</ix:nonFraction> million)
in this caption, making a charge to profit or loss of the period, equivalent to the remaining portion of the total imputed value of approximately
S/&#160;<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="aenz:TotalImputedValue" scale="6" unitRef="pen">258.3</ix:nonFraction> million to &#8216;other expenses&#8217; in the consolidated statement of profit or loss (as of December 31, 2021, S/&#160;<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:OtherExpenses1" scale="6" unitRef="pen">164.6</ix:nonFraction>
million and US$&#160;<ix:nonFraction contextRef="c1449" decimals="-5" format="ixt:num-dot-decimal" name="aenz:OtherExpenses1" scale="6" unitRef="usd">18.9</ix:nonFraction> million, equivalent to a total of S/&#160;<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:OtherExpensesEquivalentTotalAmount" scale="6" unitRef="pen">240.1</ix:nonFraction> million) (Note 27).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_8" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Administrative
process INDECOPI</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_9" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_8"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On March 9, 2021, Cumbra Peru S.A. was notified of a &#8220;Final Instruction Report&#8221; prepared by INDECOPI&#8217;s Technical Secretariat in relation with the administrative sanction process imposed on thirty three (33) construction companies and twenty six (26) executives for arranging a coordination system by means of which they illegaly distributed the tenders called by Provias Nacional and other Peruvian governmental entities. On November 15, 2021, INDECOPI&#8217;s Commission, by virtue of Resolution 080-021-CLC-INDECOPI, decided to sanction&#160;&#8211; at first administrative instance &#8211; to such companies and executives, including Cumbra Peru S.A. On December 9, 2021, Cumbra Peru S.A. filed an appeal against such a resolution, impeding its execution, including the payment of the fine imposed and the fulfilment of the correction measures ordered. As of December 31, 2022, the Company and its legal advisors estimated a recognized provision of S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:RecognizedProvisionAmount" scale="6" unitRef="pen">52.4</ix:nonFraction> million (S/<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:RecognizedProvisionAmount" scale="6" unitRef="pen">52.6</ix:nonFraction> million as of December 31, 2021).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66.45pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_10" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_9"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            February 7, 2022, Resolution No. 038-2021/CLC-INDECOPI was notified to Cumbra Peru S.A. and
                                            Unna Transporte S.A.C., by virtue of which INDECOPI&#8217;s National Directorate of Investigation
                                            and Promotion of Free Competition started an administrative sanctioning process for horizontal
                                            alleged collusive practice as agreed distribution of suppliers in market to hire suppliers
                                            belonging to the construction sector nationwide from 2011 to 2017.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_11" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0in">On April 7, 2022, Cumbra Peru S.A. and Unna Transporte S.A.C. proposed
a cease-and-desist letter for the early termination of the sanctioning administrative procedure, where they <ix:nonNumeric contextRef="c1450" name="aenz:AdministrativeProcedureDescription">(i) accepted the alleged conduct,
(ii) committed to complying with a free competition rules compliance program during years 2022, 2023, and 2024, and (iii) committed to
paying a compensation amounting to S/ 2.7 million in two installments (the first one within sixty (60) days after notification of the
Resolution approving the commitment and the second one within twelve (12) months).</ix:nonNumeric> By means of Resolution 054-2022/CLC-INDECOPI dated
August 19, 2022, the Commission for the Defense of Free Competition of INDECOPI approved the proposed cease-and-desist agreement and concluded
the sanctioning procedure.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_12" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Shareholder
class action lawsuits in the Federal Court of the Eastern District of New York</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_13" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">During
the first quarter of 2017, two class action lawsuits were filed against the Company and some former officers by virtue of the Securities
Act before the Federal Court of the East District of New York. On July 2, 2020, the Company signed a final transaction agreement with
the plaintiffs though which the parties commited to settling the class action lawsuits and the Company commits to paying US$&#160;<ix:nonFraction contextRef="c1451" decimals="-6" format="ixt:num-dot-decimal" name="aenz:FinalTransactionPaymentAmount" scale="6" unitRef="usd">20</ix:nonFraction>
million.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_14" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
relation to the agreement, as of December 31, 2021, the Company had paid US$&#160;<ix:nonFraction contextRef="c1452" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AgreementAmountPaid" scale="6" unitRef="usd">6.4</ix:nonFraction> million and US$&#160;<ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="aenz:AgreementAmountPaid" scale="6" unitRef="usd">5</ix:nonFraction> million, which was covered
by the professional liability policy in accordance with the agreement signed with the insurer. It also maintained a provision of US$&#160;<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AgreementProvision" scale="6" unitRef="usd">8.6</ix:nonFraction>
million, equivalent to S/&#160;<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AgreementProvisionPlusInterestAmount" scale="6" unitRef="pen">34.4</ix:nonFraction> million, plus interest. This debt was repaid in full on April 8, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_15" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Other
legal provisions</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_16" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, they correspond to legal contingencies (civil, labor, administrative proceedings and contentious-administrative
proceedings) for an estimated provision of S/ <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:OtherLegalProvisions" scale="6" unitRef="pen">37.5</ix:nonFraction> million (S/ <ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:OtherLegalProvisions" scale="6" unitRef="pen">34.2</ix:nonFraction> million as of December 31, 2021).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_17" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_16"><ix:continuation continuedAt="aenz_ScheduleOfOtherProvisionsTableTextBlock-c0_cont_3" id="aenz_ScheduleOfOtherProvisionsTableTextBlock-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: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(b)</span></td><td><span style="font-family: Times New Roman, Times, Serif">Tax contingencies</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_18" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_17"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Claim processes before SUNAT for S/<ix:nonFraction contextRef="c1453" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ClaimProcessesAmount" scale="6" unitRef="pen">17.1</ix:nonFraction> million corresponding to:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_19" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">AENZA
S.A.A. for year 2016 income tax amounting to S/<ix:nonFraction contextRef="c1148" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">12.6</ix:nonFraction> million; Cumbra Ingenieria S.A. for years 2014 and 2015 income tax amounting to S/<ix:nonFraction contextRef="c548" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">3.2</ix:nonFraction>
million; Consorcio Vial la Quinua for year 2015 income tax amounting to S/<ix:nonFraction contextRef="c1454" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">0.8</ix:nonFraction> million; and Unna Energia S.A. for year 2019 income tax
amounting to S/<ix:nonFraction contextRef="c1455" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">0.5</ix:nonFraction> million.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 289; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p><div>

</div><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_20" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_19"><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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Claims before the Peruvian Court of Law for S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ClaimProcessesAmount" scale="6" unitRef="pen">16.8</ix:nonFraction> million:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_21" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">AENZA
S.A.A. for income tax and general sales tax for the years 1998 through 2012 amounting to S/<ix:nonFraction contextRef="c547" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:GeneralAndAdministrativeExpense" scale="6" unitRef="pen">12.2</ix:nonFraction> million; and Cumbra Peru S.A. for EsSalud
claims for the year 2012 amounting to S/<ix:nonFraction contextRef="c1456" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:GeneralAndAdministrativeExpense" scale="6" unitRef="pen">4.6</ix:nonFraction> million.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_22" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_21"><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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(iii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Appeal process before the Tax Court for S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AppealProcessAmount" scale="6" unitRef="pen">14.3</ix:nonFraction> million:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_23" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cumbra
Ingenieria S.A. for years 2013 and 2016 income tax amounting to S/<ix:nonFraction contextRef="c1457" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">5.7</ix:nonFraction> million; AENZA S.A.A. for years 2014 and 2015 income tax amounting
to S/<ix:nonFraction contextRef="c1458" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">5.4</ix:nonFraction> million; Cumbra Peru S.A. for year 2012 income tax amounting to S/<ix:nonFraction contextRef="c547" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">2.1</ix:nonFraction> million; and Consorcio Constructor Chavimochic for year
2016 income tax amounting to S/<ix:nonFraction contextRef="c314" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">1.1</ix:nonFraction> million.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_24" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_23"><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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(iv)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Non-contentious proceedings for S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:NoncontentiousProceedingsAmount" scale="6" unitRef="pen">5.4</ix:nonFraction> million related to:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_25" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Cumbra
Ingenieria S.A. for S/<ix:nonFraction contextRef="c548" decimals="-5" format="ixt:num-dot-decimal" name="aenz:NoncontentiousProceedingsAmount" scale="6" unitRef="pen">5.3</ix:nonFraction> million; and Carretera Andina del Sur S.A. for S/<ix:nonFraction contextRef="c1459" decimals="-5" format="ixt:num-dot-decimal" name="aenz:NoncontentiousProceedingsAmount" scale="6" unitRef="pen">0.1</ix:nonFraction> million.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_26" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_25"><ix:continuation id="aenz_ScheduleOfOtherProvisionsTableTextBlock-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="width: 0"></td><td style="width: 0.25in"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfNatureOfObligationOtherProvisions-c0_cont_1" name="ifrs-full:DescriptionOfNatureOfObligationOtherProvisions"><span style="font-family: Times New Roman, Times, Serif">(c)</span></ix:nonNumeric></td><td><ix:continuation continuedAt="_DescriptionOfNatureOfObligationOtherProvisions-c0_cont_2" id="_DescriptionOfNatureOfObligationOtherProvisions-c0_cont_1"><span style="font-family: Times New Roman, Times, Serif">Provision for closure - corresponds mainly to:</span></ix:continuation></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_27" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_26"><ix:continuation continuedAt="_DescriptionOfNatureOfObligationOtherProvisions-c0_cont_3" id="_DescriptionOfNatureOfObligationOtherProvisions-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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Provisions
                                            for closure of wells of subsidiary Unna Energia S.A. for S/56.5 million and contractual compliance
                                            with Petroperu for S/3.3 million (as of December 31, 2021, S/71.1 million and S/3.4 million,
                                            respectively);</span></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="_DisclosureOfOtherProvisionsExplanatory-c0_cont_28" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_27"><ix:continuation id="_DescriptionOfNatureOfObligationOtherProvisions-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="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Provision
                                            for costs associated with subsidiary Red Vial 5 S.A., corresponding to the closing of the
                                            concession agreement and costs related to the process of claiming the tariff guarantee for
                                            toll suspension for S/5.6 million (as of December 31, 2021, S/5.1 million).</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_29" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For the periods
ended December 31, 2020, 2021 and 2022, the movement of this caption is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_30" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_29"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfProvisionForclosureCorrespondsTableTextBlock-c0_cont_1" escape="true" name="aenz:ScheduleOfProvisionForclosureCorrespondsTableTextBlock"><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: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Provision</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Legal</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Tax</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">In thousands
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">closure</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">As of January 1, 2020</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1467" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="3" unitRef="pen">10,787</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1468" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="3" unitRef="pen">50,116</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c15" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="3" unitRef="pen">282,495</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">Additions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1469" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionalProvisionsOtherProvisions" scale="3" unitRef="pen">121,404</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1470" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionalProvisionsOtherProvisions" scale="3" unitRef="pen">3,161</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1471" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionalProvisionsOtherProvisions" scale="3" unitRef="pen">2,450</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionalProvisionsOtherProvisions" scale="3" unitRef="pen">127,015</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Present value</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1469" decimals="-3" format="ixt:num-dot-decimal" name="aenz:PresentValueofOtherProvisions" scale="3" unitRef="pen">3,604</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-964; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1471" decimals="-3" format="ixt:num-dot-decimal" name="aenz:PresentValueofOtherProvisions" scale="3" unitRef="pen">2,182</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="aenz:PresentValueofOtherProvisions" scale="3" unitRef="pen">5,786</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">Reversals of provisions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c1469" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:UnusedProvisionReversedOtherProvisions" scale="3" unitRef="pen">30,806</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c1470" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:UnusedProvisionReversedOtherProvisions" scale="3" unitRef="pen">2,458</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-965; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:UnusedProvisionReversedOtherProvisions" scale="3" unitRef="pen">33,264</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Transfers</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1469" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TransfersFromToOtherRetirementBenefitPlans" scale="3" unitRef="pen">1,540</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-966; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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 style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Translation adjustments
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-971; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">As of December 31,
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="3" unitRef="pen">387,993</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1477" decimals="-3" format="ixt:num-dot-decimal" name="aenz:PresentValueofOtherProvisions" scale="3" unitRef="pen">9,780</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="aenz:PresentValueofOtherProvisions" scale="3" unitRef="pen">29,407</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">Transfers</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Compensation" scale="3" sign="-" unitRef="pen">8,541</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Desconsolidation of subsidiary</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">Payments</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c1476" decimals="-3" format="ixt:num-dot-decimal" name="aenz:PaymentsonotherProvisions" scale="3" sign="-" unitRef="pen">916</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#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">Translation adjustments
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-980; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1477" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" scale="3" unitRef="pen">8,022</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">As of December 31,
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">As of January 1, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherProvisions" scale="3" unitRef="pen">485,042</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Additions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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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">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="aenz:PresentValueofOtherProvisions" scale="3" sign="-" unitRef="pen">1,454</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherProvisionsExplanatory-c0_cont_31" id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_30"><ix:continuation id="aenz_ScheduleOfProvisionForclosureCorrespondsTableTextBlock-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; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(*)</span></td><td style="text-align: justify"><ix:footnote id="ix_50_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">In
2022, corresponds mainly to reclassification to other accounts payable for payment obligations, derived from the subscription of the
share purchase agreement between Cumbra Peru S.A. and Stracon S.A., which amount is S/. <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:SharePurchaseAgreement" scale="6" unitRef="pen">4.9</ix:nonFraction> million and the fine corresponding to the
fractionation of the penalty imposed by SUNAFIL, which amount is S/. <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:PenaltyImposedAmount" scale="6" unitRef="pen">0.2</ix:nonFraction> million.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfOtherProvisionsExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, the Corporation and its
external legal advisors concluded the lawsuit proceedings against Tecnicas Reunidas de Talara S.A.C. (TRT) will be favorable for the Company
with no need of a provision as of that date. Subsequently, in November 2022, the Corporation reached a settlement increasing cost by S/<ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="aenz:SettlementAmount" scale="6" unitRef="usd">113</ix:nonFraction>
million with its corresponding settlement in the same period, having a no actual accrual related for this settlement as of December 31,
2022.</p></ix:continuation><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">F-<!-- 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"><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"></p><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">22.
Equity</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_2" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>A.
Capital</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: justify">On February 28, 2022, in accordance with the terms and conditions of
the convertible bond, the holders of <ix:nonFraction contextRef="c1487" decimals="0" format="ixt:num-dot-decimal" name="aenz:ConvertibleBondShares" scale="0" unitRef="shares">11,000</ix:nonFraction> convertible bonds, with a par value of US$<ix:nonFraction contextRef="c1487" decimals="0" format="ixt:num-dot-decimal" name="aenz:ConvertibleBondParValue" scale="0" unitRef="usdPershares">1,000</ix:nonFraction> each and for a principal amount equivalent
to US$<ix:nonFraction contextRef="c1487" decimals="-6" format="ixt:num-dot-decimal" name="aenz:PrincipalAmountCapital" scale="6" unitRef="usd">11</ix:nonFraction> million, excercised their conversion right. The Company issued provisional certificates for <ix:nonFraction contextRef="c1304" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssuedAndFullyPaid" scale="0" unitRef="shares">37,801,073</ix:nonFraction> new voting common shares,
with a par value of S/<ix:nonFraction contextRef="c1304" decimals="2" format="ixt:num-dot-decimal" name="aenz:NewVotingCommonShareParValue" scale="0" unitRef="penPershares">1.00</ix:nonFraction> each, fully subscribed and paid-in. Therefore, the Company increased its capital stock from S/ <ix:nonFraction contextRef="c1488" decimals="0" format="ixt:num-dot-decimal" name="aenz:IncreasedCapitalStockShares" scale="0" unitRef="shares">871,917,855</ix:nonFraction>
to S/ <ix:nonFraction contextRef="c1489" decimals="0" format="ixt:num-dot-decimal" name="aenz:IncreasedCapitalStockShares" scale="0" unitRef="shares">909,718,928</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, on March 31, 2022, holders of <ix:nonFraction contextRef="c1490" decimals="0" format="ixt:num-dot-decimal" name="aenz:ConvertibleBondShares" scale="0" unitRef="shares">78,970</ix:nonFraction> convertible bonds
each for a face value of US$ <ix:nonFraction contextRef="c1490" decimals="0" format="ixt:num-dot-decimal" name="aenz:ConvertibleBondParValue" scale="0" unitRef="usdPershares">1,000</ix:nonFraction> and for a principal amount equivalent to US$<ix:nonFraction contextRef="c1490" decimals="-5" format="ixt:num-dot-decimal" name="aenz:PrincipalAmountCapital" scale="6" unitRef="usd">78.9</ix:nonFraction> million, exercised their conversion right. The Company
converted the bonds and paid the accrued interest to the bondholders. As a result, the Company issued provisional certificates for <ix:nonFraction contextRef="c1491" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssuedAndFullyPaid" scale="0" unitRef="shares">287,261,051</ix:nonFraction>
new common shares. Therefore, the Company&#8217;s capital stock increased from S/<ix:nonFraction contextRef="c1492" decimals="0" format="ixt:num-dot-decimal" name="aenz:IncreasedCapitalStockShares" scale="0" unitRef="shares">909,718,928</ix:nonFraction> to S/<ix:nonFraction contextRef="c1493" decimals="0" format="ixt:num-dot-decimal" name="aenz:IncreasedCapitalStockShares" scale="0" unitRef="shares">1,196,979,979</ix:nonFraction>. After this last operation,
the convertible bonds were paid in full (Note 18.(d)).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
December 1, 2022, the capital increases were registered and the bylaws were amended, confirming that the Company&#8217;s capital amounts
to S/ <ix:nonFraction contextRef="c1494" decimals="0" format="ixt:num-dot-decimal" name="aenz:NumberOfSharesRepresentsCapital" scale="0" unitRef="shares">1,196,979,979</ix:nonFraction>, the par value of the shares is S/ <ix:nonFraction contextRef="c1495" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="penPershares">1.00</ix:nonFraction> each, fully subscribed and paid-off and with voting rights.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, a total of <ix:nonFraction contextRef="c1496" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">130,025,625</ix:nonFraction> shares is represented in ADSs, equivalent to <ix:nonFraction contextRef="c1497" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">8,668,375</ix:nonFraction> ADS at a ratio of <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="aenz:NumberOfEquitySharesPerAmericanDepositoryShares" scale="0" unitRef="penPershares">15</ix:nonFraction> shares per ADS.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2021, a total of <ix:nonFraction contextRef="c1498" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">136,637,740</ix:nonFraction> shares were represented in ADSs, equivalent to <ix:nonFraction contextRef="c1499" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">27,327,548</ix:nonFraction> ADS at a ratio of <ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="aenz:NumberOfEquitySharesPerAmericanDepositoryShares" scale="0" unitRef="penPershares">5</ix:nonFraction> shares per
ADS.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Company&#8217;s shares registered a stock price quotation at the end of the year of S/&#160;<ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="aenz:QuotedSharePrice" scale="0" unitRef="penPershares">0.83</ix:nonFraction> per share
and a trading frequency of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:PercenatgeOfTradingFrequency" scale="-2" unitRef="pure">75</ix:nonFraction>% (S/&#160;<ix:nonFraction contextRef="c3" decimals="2" format="ixt:num-dot-decimal" name="aenz:QuotedSharePrice" scale="0" unitRef="penPershares">1.37</ix:nonFraction> per share and a trading frequency of <ix:nonFraction contextRef="c5" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercenatgeOfTradingFrequency" scale="-2" unitRef="pure">77.27</ix:nonFraction>% as of December 31, 2021).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif"><b>B. Legal Reserve</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_10" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">According
to the Business Companies Act, any company is required to allocate at least <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="aenz:PercentageOfNetProfitTransferredToLegalReserve" scale="-2" unitRef="pure">10</ix:nonFraction>% of its free withdrawal profits to a legal reserve. This
allocation is required until the reserve equals <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="aenz:MaximumLegalReserveAllowedPercentageToPaidInCapital" scale="-2" unitRef="pure">20</ix:nonFraction>% of paid-in capital. In the absence profits or free withdrawal reserves, the legal
reserve may be applied to offset losses and shall be replaced with profits from subsequent fiscal years. This reserve may be capitalized
and its replacement is also mandatory.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_11" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>C.
Voluntary reserve</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_12" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_11"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2021 and 2022, this reserve amounting to S/<ix:nonFraction contextRef="c3" decimals="-4" format="ixt:num-dot-decimal" name="aenz:VoluntaryReserves" scale="6" unitRef="pen"><ix:nonFraction contextRef="c2" decimals="-4" format="ixt:num-dot-decimal" name="aenz:VoluntaryReserves" scale="6" unitRef="pen">29.97</ix:nonFraction></ix:nonFraction> million is related to the excess of legal reserve. This reserve
is over above the requirement to make a reserve until reaching the equivalent of <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="aenz:PaidinCapitalPercentage" scale="-2" unitRef="pure">20</ix:nonFraction>% of the paid-in capital.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_13" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>D.
Share premium</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">This
item includes the excess of total income obtained by shares issued in 2013 in contrast to their face value of S/<ix:nonFraction contextRef="c1500" decimals="-5" format="ixt:num-dot-decimal" name="aenz:IncreaseDecreaseInSharePremium" scale="6" unitRef="pen">1,055.5</ix:nonFraction> million
and those shares issued in 2019 amounting to S/<ix:nonFraction contextRef="c15" decimals="-5" format="ixt:num-dot-decimal" name="aenz:IncreaseDecreaseInSharePremium" scale="6" unitRef="pen">138.1</ix:nonFraction> million.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_15" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_14"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In addition,
this item recognizes the difference between the face value and transaction value for the acquisitions of shares in non-controlling interests.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>E.
Retained earnings</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Dividends
distributed to shareholders, other than domiciled legal entities, are subject to rates of <ix:nonFraction contextRef="c1501" decimals="3" format="ixt:num-dot-decimal" name="aenz:DividendRatePercentage" scale="-2" unitRef="pure">4.1</ix:nonFraction>% (profits until 2014), <ix:nonFraction contextRef="c1502" decimals="3" format="ixt:num-dot-decimal" name="aenz:DividendRatePercentage" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c1503" decimals="3" format="ixt:num-dot-decimal" name="aenz:DividendRatePercentage" scale="-2" unitRef="pure">6.8</ix:nonFraction></ix:nonFraction>% (2015 and 2016
profits) and <ix:nonFraction contextRef="c1504" decimals="3" format="ixt:num-dot-decimal" name="aenz:DividendRatePercentage" scale="-2" unitRef="pure">5.0</ix:nonFraction>% (2017 profits onwards) for income tax charged to such shareholders. Said tax is withheld and settled by the Company.
Dividends for fiscal years 2021 and 2022 were not distributed (Note 32).</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDeferredTaxesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">23.
Deferred Income Tax</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_2" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As of December
31, deferred income tax is classified by its estimated reversal term as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_3" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfTaxLosstextBlock-c0_cont_1" escape="true" name="aenz:ScheduleOfTaxLosstextBlock"><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">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax asset:</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Reversal
    expected in the following twelve months</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Reversal
    expected after twelve months</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Reversal
    expected in the following twelve months</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Reversal
    expected after twelve months</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cumbra Peru S.A.</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1505" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="pen">29,075</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1506" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="pen">149,418</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c595" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="pen">178,493</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1507" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="pen">72,489</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#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">AENZA S.A.A.</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1509" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="pen">6,958</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1510" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="pen">39,893</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1511" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="pen">46,851</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1512" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="pen">10,157</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1513" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="pen">48,944</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#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">Viva Negocio Inmobiliario S.A.C.</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1514" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="pen">3,697</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_4" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_3"><ix:continuation id="aenz_ScheduleOfTaxLosstextBlock-c0_cont_1"><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">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><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 0"><span style="font-family: Times New Roman, Times, Serif">The gross
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_6" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfMovementOfTheDeferredIncomeTaxtextBlock"><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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</div><div>


</div><!-- Field: Page; Sequence: 292; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 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-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><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 0"><span style="font-family: Times New Roman, Times, Serif">The movement
of deferred tax assets and liabilities in the year, without considering the offsetting of balances, is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_8" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfMovementOfDeferredTaxAssetsAndLiabilitiestextBlock-c0_cont_1" escape="true" name="aenz:ScheduleOfMovementOfDeferredTaxAssetsAndLiabilitiestextBlock"><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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</div><ix:continuation id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_8"><ix:continuation id="aenz_ScheduleOfMovementOfDeferredTaxAssetsAndLiabilitiestextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    December&#160;31,<br/> 2022</b></span></td><td style="text-align: center; font-weight: bold"><span style="font-size: 10pt"><b>&#160;</b></span></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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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1041; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1641" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="pen">29,418</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1045; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1646" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="pen">45,997</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1647" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" unitRef="pen">5,596</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1046; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1047; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1648" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="pen">51,593</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1048; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1050; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1653" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="pen">13,993</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c1654" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" sign="-" unitRef="pen">2,407</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1051; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1052; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1655" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="pen">11,586</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1053; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c1657" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="pen">9,508</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1055; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1057; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1060; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1061; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c1663" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" sign="-" unitRef="pen">1,177</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1068; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</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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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c1687" decimals="-3" format="ixt:num-dot-decimal" name="aenz:DeferredTaxAssetsRelatingToReclassificationOfPriorYear" scale="3" sign="-" unitRef="pen">15,116</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">Total</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
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  </table></ix:continuation></ix:continuation><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 293; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></p></div><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">24.
Revenue from contracts with customers</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_2" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31, the Corporation&#8217;s income is derived principally from:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_3" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfCorporationsIncomeIsDerivedPrincipally"><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#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: left">Services rendered</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:RevenueFromRenderingOfServices" scale="3" unitRef="pen">936,485</ix:nonFraction></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; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Revenue from contracts with customers</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="aenz:RevenueFromContractsWithCustomer" scale="3" unitRef="pen">3,185,553</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="aenz:RevenueFromContractsWithCustomer" scale="3" unitRef="pen">4,141,398</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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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_4" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-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; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">A.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Revenues
from contracts with customers are mainly broken down by:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_5" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory"><table cellpadding="0" cellspacing="0" style="font: 7pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: italic 7pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 9pt">For the year ended December
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    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 9pt">Engineering and construction</span></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td><td style="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: italic 7pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 9pt">In
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 294; Value: 1 --><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-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_6" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-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; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">B.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
balances of contract assets and liabilities are mainly comprised for:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_7" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="srt:ScheduleOfCondensedFinancialStatementsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_8" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Contract
assets refer primarily to rights to consideration for work performed but not billed at the reporting date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_9" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Contract liabilities refer mainly to advance consideration received
from customers whose income is recognized over time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_10" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The movement in contract liabilities as of December 31, 2021 and 2022
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_11" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfMovementInContractLiabilitiesTableTextBlock"><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">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="aenz:InitialBalanceinShares" scale="3" unitRef="pen">307,839</ix:nonFraction></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; 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="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_12" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_11"><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Revenue from contract liabilities recognized as of December 31, 2022
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_13" id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_12"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The composition of the portfolio of projects pending to be executed
(&#8220;backlog&#8221;) refers to the expected future income from signed contracts. The detail by operating segments as of December 31,
2022, and the dates on which they are estimated to be carried out, is shown in the following table:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfRevenueFromContractsWithCustomersExplanatory-c0_cont_13"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfOperatingSegments"><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; 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></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfExpensesByNatureExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">25.
Costs and Expenses by Nature</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_2" id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For the years
ended December 31, the detail of this item is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_3" id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="aenz_CostsAndExpensesByNatureTableTextBlock-c0_cont_1" escape="true" name="aenz:CostsAndExpensesByNatureTableTextBlock"><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: right">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#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; 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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    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</table><p style="margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 295; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></p></div><div>
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</div><p style="margin: 0">&#160;</p><div>

</div><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_5" id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_4"><ix:continuation id="aenz_CostsAndExpensesByNatureTableTextBlock-c0_cont_2"><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">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Cost</td><td style="font-weight: bold">&#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">
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">of goods</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">Administrative</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-style: italic; text-align: left">In thousands of soles</td><td style="text-align: center; font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">Note</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">and services</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">expenses</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">2022</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 53%; text-align: left">Salaries, wages and fringe benefits (i)</td><td style="text-align: center; width: 1%">&#160;</td>
    <td style="width: 9%; text-align: center">&#160;</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">Services provided by third-parties</td><td style="text-align: center">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Purchase of goods</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#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"><div style="-sec-ix-hidden: hidden-fact-1277">-</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">Other management charges (ii)</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#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="text-align: left">Impairment of accounts receivable (iii)</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>Amortization</td><td style="text-align: center; font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: center">16</td><td style="font-style: italic; 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">Depreciation&#160;&#160;(iv)</td><td style="text-align: center; font-style: italic">&#160;</td>
    <td style="font-style: italic; text-align: center">15</td><td style="font-style: italic; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>Taxes</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</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="c2013" decimals="-3" format="ixt:num-dot-decimal" name="aenz:Taxes" scale="3" unitRef="pen">16,479</ix:nonFraction></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-bottom: 1.5pt">Impairment of property, plant and equipment</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</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="padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_6" id="_DisclosureOfExpensesByNatureExplanatory-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: 14.2pt"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(i)</span></td><td><span style="font-family: Times New Roman, Times, Serif">For the years ended December 31, salaries, wages and fringe benefits
comprises the following:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_7" id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="aenz_SalariesWagesAndFringeBenefitsCompriseTableTextBlock-c0_cont_1" escape="true" name="aenz:SalariesWagesAndFringeBenefitsCompriseTableTextBlock"><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-style: italic; border-bottom: Black 1.5pt solid">In thousands of soles</td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">Note</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td style="width: 11%; text-align: center">&#160;</td><td style="width: 1%">&#160;</td>
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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">85,010</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">Social contributions</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">57,225</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">Employee&#8217;s severance indemnities</td><td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_8" id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_7"><ix:continuation id="aenz_SalariesWagesAndFringeBenefitsCompriseTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(*)</span></td><td style="text-align: justify"><ix:footnote id="ix_51_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">The average number of employees of the Corporation during 2021 and 2022 was <ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AverageNumberOfEmployees" scale="0" unitRef="Employees">18,028</ix:nonFraction> and <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AverageNumberOfEmployees" scale="0" unitRef="Employees">16,211</ix:nonFraction>, respectively.</span></ix:footnote></td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_10" id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfWorkersProfitSharingInTheIncomeStatementTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_11" id="_DisclosureOfExpensesByNatureExplanatory-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">
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of arbitration processes in the subsidiary Cumbra Peru S.A. for S/41.6 million (S/38.1 million with Empresa de Generacion Electrica Machupichu
S.A, S/2.8 million with SEDAPAL S.A., and S/0.7 million with the Irrigation Subsectoral Program - PSI, as indicated in (Note 20.c) b)
in the subsidiary Unna Energia S.A. for S/85.2 million as a consequence of the increase in the royalty rate in accordance with the license
contracts of lots III and IV, resulting from the 17% increase in oil production and the 36% increase in the price. In 2022 production
was 225.6 thousand barrels at an average price per barrel of US$93.24 (In 2021 production was 192.4 thousand barrels at an average price
per barrel of US$68.73).</ix:continuation></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"></p><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_12" id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_11"><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: 14.2pt"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(iii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For the years ended December 31, impairment of accounts receivable
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_13" id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ImpairmentOfAccountsReceivableTableTextBlcok"><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><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_14" id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_13"><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: 14.2pt"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(iv)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
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</div><div>

</div><ix:continuation id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_14"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DepreciationComprisesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_2" id="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>A.
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_3" id="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For the years
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</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 297; 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">F-<!-- 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="text-align: center; margin-top: 0pt; margin-bottom: 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-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 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"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_5" id="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfFinancialExpensesTableTextBlock"><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">
    <td style="font-weight: bold">Financial expenses:</td><td>&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_6" id="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
</b></span><b><span style="font-family: Times New Roman, Times, Serif">Interests for present value of financial assets or liabilities</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_7" id="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfLossForPresentValueOfFinancialAssetsOrLiabilities-c0_cont_1" escape="true" name="aenz:ScheduleOfLossForPresentValueOfFinancialAssetsOrLiabilities"><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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    <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="c33" decimals="-3" format="ixt:num-dot-decimal" id="ix_266_fact" name="aenz:LossForPresentValueOfFinancialAssetOrLiability" scale="3" sign="-" unitRef="pen">4,552</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; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">&#160;</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"><ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TotalFinancialAssetOrLiability" scale="3" unitRef="pen">28,182</ix:nonFraction></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><div>

</div><ix:continuation continuedAt="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_8" id="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_7"><ix:continuation continuedAt="aenz_ScheduleOfLossForPresentValueOfFinancialAssetsOrLiabilities-c0_cont_2" id="aenz_ScheduleOfLossForPresentValueOfFinancialAssetsOrLiabilities-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; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">a.</span></td><td style="text-align: justify"><ix:footnote id="ix_52_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">In
2022, corresponds mainly to the adjustment of the account receivable of the subsidiary Viva Negocio Inmobiliario S.A. for the present
value of the receivable from the Ministry of Housing, Construction and Sanitation of the Ancon Project for S/<ix:nonFraction contextRef="c2018" decimals="-6" format="ixt:num-dot-decimal" name="aenz:ConstructionAndSanitationExpenses" scale="6" unitRef="pen">8</ix:nonFraction> million at a discount
rate of <ix:nonFraction contextRef="c2018" decimals="4" format="ixt:num-dot-decimal" name="aenz:ConstructionDiscountRate" scale="-2" unitRef="pure">7.99</ix:nonFraction>%. (S/ <ix:nonFraction contextRef="c2019" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ConstructionAndSanitationExpenses" scale="6" unitRef="pen">1.7</ix:nonFraction> million at a discount rate of <ix:nonFraction contextRef="c2019" decimals="2" format="ixt:num-dot-decimal" name="aenz:ConstructionDiscountRate" scale="-2" unitRef="pure">8</ix:nonFraction>% as of December 31, 2021). In 2020 corresponds to the present value adjustment
of the account receivable from Gasoducto Sur Peruano S.A. for S/<ix:nonFraction contextRef="c2020" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:OtherReceivables" scale="6" unitRef="pen">22.9</ix:nonFraction> million, due to the variation in the discount rate applied, which
decreased from <ix:nonFraction contextRef="c2021" decimals="4" format="ixt:num-dot-decimal" name="aenz:AccountReceivableDiscountRate" scale="-2" unitRef="pure">2.48</ix:nonFraction>% to <ix:nonFraction contextRef="c2022" decimals="4" format="ixt:num-dot-decimal" name="aenz:AccountReceivableDiscountRate" scale="-2" unitRef="pure">1.65</ix:nonFraction>% in 2020.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_9" id="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_8"><ix:continuation continuedAt="aenz_ScheduleOfLossForPresentValueOfFinancialAssetsOrLiabilities-c0_cont_3" id="aenz_ScheduleOfLossForPresentValueOfFinancialAssetsOrLiabilities-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; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">b.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Mainly
correspond to:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_10" id="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_9"><ix:continuation continuedAt="aenz_ScheduleOfLossForPresentValueOfFinancialAssetsOrLiabilities-c0_cont_4" id="aenz_ScheduleOfLossForPresentValueOfFinancialAssetsOrLiabilities-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="aenz_IntercompanyLoanDescription-c0_cont_1" name="aenz:IntercompanyLoanDescription"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">(i)
Adjustment to the present value of the account receivable from Gasoducto Sur Peruano S.A. for S/72.2 million, due to the variation in
the discount rate applied, which increased from 2.73% to 5.86% (S/32.8 million due to an increase in the rate from 1.65% to 2.73% as
of December 31, 2021).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_11" id="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_10"><ix:continuation continuedAt="aenz_ScheduleOfLossForPresentValueOfFinancialAssetsOrLiabilities-c0_cont_5" id="aenz_ScheduleOfLossForPresentValueOfFinancialAssetsOrLiabilities-c0_cont_4"><ix:continuation continuedAt="aenz_IntercompanyLoanDescription-c0_cont_2" id="aenz_IntercompanyLoanDescription-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">(ii)
Adjustment to the fair value of the BCI loan in Inversiones en Autopistas S.A. for S/16.6 million due to the variation of the discount
rate applied, which increased from 8.39% to 9.97% (S/12.4 million for rate increase from 6.45% to 8.39% as of December 31, 2021).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_11"><ix:continuation id="aenz_ScheduleOfLossForPresentValueOfFinancialAssetsOrLiabilities-c0_cont_5"><ix:continuation id="aenz_IntercompanyLoanDescription-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">(iii)
Present value of the account receivable from Inversiones Majes S.A. in Viva Negocio Inmobiliario S.A. for S/5 million at an applied discount
rate of 8%.</span></p></ix:continuation></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"></p><div>

</div><!-- Field: Page; Sequence: 298; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"></p><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">27.
Other Income and Expenses</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_2" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">For the years
ended December 31, these items include the following:</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="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_3" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfOtherIncomeAndExpensesNetTableTextBlock-c0_cont_1" escape="true" name="aenz:ScheduleOfOtherIncomeAndExpensesNetTableTextBlock"><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><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></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)">
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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: 1.5pt">&#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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    <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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Net cost of fixed assets disposal</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Asset impairment (c)</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" id="ix_277_fact" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLoss" scale="3" unitRef="pen">20,371</ix:nonFraction></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">Disposal of property, plant and equipment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Renegotiation of contract with suppliers</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Valuation of well abandonment</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">Others</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"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MiscellaneousOtherOperatingExpense" scale="3" unitRef="pen">4,480</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">&#160;</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"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherExpenseByNature" scale="3" unitRef="pen">216,742</ix:nonFraction></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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Other income and expenses</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">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" sign="-" unitRef="pen">181,182</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_4" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_3"><ix:continuation continuedAt="aenz_ScheduleOfOtherIncomeAndExpensesNetTableTextBlock-c0_cont_2" id="aenz_ScheduleOfOtherIncomeAndExpensesNetTableTextBlock-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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><ix:footnote id="ix_54_footnote" xml:lang="en-US">As of December 31, 2021, the subsidiary Cumbra Peru S.A. renegotiated the terms of the put option arrangement signed with the minor shareholder Morelco S.A.S. at the acquisition of asset. This renegotiation ended with the signature of a new acquisition agreement for US$<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AcquisitionAgreementAmount" scale="6" unitRef="usd">15.4</ix:nonFraction> million, superseding the original put option arrangement. Therefore, the Company recognized S/<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ValuationAmount" scale="6" unitRef="pen">70.3</ix:nonFraction> million in &#8220;Other income &#8211; Change in contract of the call option&#8221; in 2021. Also, there was a prepayment discount of S/<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:Prepayments" scale="6" unitRef="pen">3.7</ix:nonFraction> million in 2022. (Note 20.i).</ix:footnote> </span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_5" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_4"><ix:continuation continuedAt="aenz_ScheduleOfOtherIncomeAndExpensesNetTableTextBlock-c0_cont_3" id="aenz_ScheduleOfOtherIncomeAndExpensesNetTableTextBlock-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: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(b)</span></td><td style="text-align: justify"><ix:footnote id="ix_55_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">As of December 31, 2022, it corresponds to: i) Penalty imposed by INDECOPI&#180;s Technical Secretariat for S/<ix:nonFraction contextRef="c2023" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AmountOfPenaltyImposed" scale="6" unitRef="pen">0.3</ix:nonFraction> million. ii) Income tax penalties for S/<ix:nonFraction contextRef="c2024" decimals="-5" format="ixt:num-dot-decimal" name="aenz:IncomeTaxPenalties" scale="6" unitRef="pen">13.1</ix:nonFraction> million, AENZA S.A.A. for S/<ix:nonFraction contextRef="c2025" decimals="-6" format="ixt:num-dot-decimal" name="aenz:IncomeTaxPenalties" scale="6" unitRef="pen">1</ix:nonFraction> million, Cumbra Peru S.A. for S/<ix:nonFraction contextRef="c2026" decimals="-5" format="ixt:num-dot-decimal" name="aenz:IncomeTaxPenalties" scale="6" unitRef="pen">7.4</ix:nonFraction> million and Cumbra Ingenieria S.A. for S/<ix:nonFraction contextRef="c2027" decimals="-5" format="ixt:num-dot-decimal" name="aenz:IncomeTaxPenalties" scale="6" unitRef="pen">4.7</ix:nonFraction> million. iii) Penalty imposed by OSITRAN on Tren Urbano de Lima S.A. for S/<ix:nonFraction contextRef="c2028" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AmountOfPenaltyImposed" scale="6" unitRef="pen">3.2</ix:nonFraction> million, iv). Provision of labor proceedings of subsidiary Red Vial 5 S.A. amounting to S/&#160;<ix:nonFraction contextRef="c257" decimals="-5" format="ixt:num-dot-decimal" name="aenz:SubsidiaryAmount" scale="6" unitRef="pen">1.6</ix:nonFraction> million. As of December 31, 2021, it mainly corresponds to the penalty imposed by INDECOPI&#8217;s Technical Secretariat to Cumbra Peru S.A. for S/<ix:nonFraction contextRef="c2029" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AmountOfPenaltyImposed" scale="6" unitRef="pen">28.1</ix:nonFraction> million and Unna Transporte S.A.C. for S/<ix:nonFraction contextRef="c2030" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AmountOfPenaltyImposed" scale="6" unitRef="pen">2.4</ix:nonFraction> million (Note 21.a); additionally, income tax penalties in AENZA S.A.A. for S/<ix:nonFraction contextRef="c2031" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AdditionalIncomeTaxPenalty" scale="6" unitRef="pen">18.2</ix:nonFraction> million, Cumbra Peru S.A. for S/<ix:nonFraction contextRef="c2032" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AdditionalIncomeTaxPenalty" scale="6" unitRef="pen">9.5</ix:nonFraction> million and Cumbra Ingenieria S.A. for S/<ix:nonFraction contextRef="c2033" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AdditionalIncomeTaxPenalty" scale="6" unitRef="pen">0.9</ix:nonFraction> million. In 2020, exposure of the fine by the Technical Secretariat of INDECOPI of the subsidiary Cumbra Peru for S/<ix:nonFraction contextRef="c2034" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AmountOfPenaltyImposed" scale="6" unitRef="pen">24.5</ix:nonFraction> million and other minor proceedings for S/<ix:nonFraction contextRef="c2035" decimals="-5" format="ixt:num-dot-decimal" name="aenz:SubsidiaryAmount" scale="6" unitRef="pen">9.7</ix:nonFraction> million.</span></ix:footnote></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_6" id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_5"><ix:continuation continuedAt="aenz_ScheduleOfOtherIncomeAndExpensesNetTableTextBlock-c0_cont_4" id="aenz_ScheduleOfOtherIncomeAndExpensesNetTableTextBlock-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="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(c)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As of December 31, 2022, it corresponds to the impairment of investments of AENZA S.A.A. for S/<ix:nonFraction contextRef="c2036" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossInvestmentProperty" scale="6" unitRef="pen">14.8</ix:nonFraction> million (Note 14.i), impairment of other accounts receivable of Viva Negocio Inmobiliario S.A.C. for S/<ix:nonFraction contextRef="c2037" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" scale="6" unitRef="pen">8.1</ix:nonFraction> million, related to Consorcio Panorama (Note 12), impairment of intangible assets for S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" scale="6" unitRef="usd">3.1</ix:nonFraction> million corresponds to the subsidiary Cumbra Peru S.A. for S/<ix:nonFraction contextRef="c547" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" scale="6" unitRef="usd">2.6</ix:nonFraction> million (Vial y Vives - DSD S.A. trademark) and AENZA S.A.A. for S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" scale="6" unitRef="usd">0.5</ix:nonFraction> million, others minor for S/ <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" scale="6" unitRef="usd">0.2</ix:nonFraction> million. As of December 31, 2021, it corresponds to the impairment of other accounts receivable for S/<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ImpairmentOfOtherAccountsReceivable" scale="6" unitRef="usd">19.9</ix:nonFraction> million, as a consequence of the financial obligation assumed by AENZA S.A.A. in favor of Adexus S.A.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfOtherOperatingIncomeExpenseExplanatory-c0_cont_6"><ix:continuation id="aenz_ScheduleOfOtherIncomeAndExpensesNetTableTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
2020, corresponds to: i) impairment of other accounts receivable generated by the subsidiary Concesionaria Via Expresa Sur S.A.
for S/<ix:nonFraction contextRef="c2038" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" scale="6" unitRef="pen">55.8</ix:nonFraction> million, as a consequence of the new estimates of the Company on the recovery of the investment it maintains in the project;
ii) impairment of other accounts receivable of CAM Holding S.p.A. for S/<ix:nonFraction contextRef="c2039" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" scale="6" unitRef="pen">12.5</ix:nonFraction> million for claims accepted against the guarantee account;
iii) impairment of trade receivables generated by the subsidiary Unna Transporte S.A.C. for S/<ix:nonFraction contextRef="c2040" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" scale="6" unitRef="pen">33.7</ix:nonFraction> million to the Regional Government
of Cusco iv) other minor for S/<ix:nonFraction contextRef="c4" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" scale="6" unitRef="pen">0.5</ix:nonFraction> million of other receivables and S/<ix:nonFraction contextRef="c33" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="6" unitRef="pen">0.5</ix:nonFraction> million of trade receivables.</span></p></ix:continuation></ix:continuation><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></p><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>28.
Tax Situation&#160;</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

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</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_2" id="_DisclosureOfIncomeTaxExplanatory-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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">A.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">According
                                            to current provisions legally in force for Peru, Chile, and Colombia, each company of the
                                            Corporation is individually subject to the applicable taxes. The Management considers that
                                            it has calculated the income tax base according to the current tax provisions legally in
                                            force for every country.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>
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</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_3" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company and subsidiaries are subject to Peruvian tax regime. As of December 31, 2021 and 2022, the Corporate Income Tax rate in Peru
is calculated on the basis of the net taxable income determined by the Company at a rate of <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ApplicableTaxRate" scale="-2" unitRef="pure">29.5</ix:nonFraction>% and the Income tax rate applicable
to the distribution of dividends and any other form of profit distribution is <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:ProfitDistributionPercentage" scale="-2" unitRef="pure">5</ix:nonFraction>%.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

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</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_4" id="_DisclosureOfIncomeTaxExplanatory-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="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">B.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In accordance with current Peruvian tax legislation, non-domiciled individuals only pay taxes for its Peruvian source income. Thus, in general terms, revenues obtained by non-domiciled individuals from the services rendered in the country shall be subject to a <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:IncomeTaxOnGrossIncomePercentage" scale="-2" unitRef="pure">30</ix:nonFraction>% Income Tax on gross income; provided that no double tax treaties are applicable. Currently, Peru has entered into double tax treaties with the Andean Community, Chile, Canada, Brazil, Portugal, Switzerland, Mexico, and South Korea.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

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</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_5" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Concerning
the technical assistance or digital services rendered by non-domiciled individuals to domiciled individuals, regardless of the place
where the service is rendered, they shall be subject to a <ix:nonFraction contextRef="c76" decimals="2" format="ixt:num-dot-decimal" name="aenz:IncomeTaxOnGrossIncomePercentage" scale="-2" unitRef="pure">15</ix:nonFraction>% and <ix:nonFraction contextRef="c77" decimals="2" format="ixt:num-dot-decimal" name="aenz:IncomeTaxOnGrossIncomePercentage" scale="-2" unitRef="pure">30</ix:nonFraction>% income tax rate on gross income, respectively. Technical assistance
will be subject to a <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:IncomeTaxRate" scale="-2" unitRef="pure">15</ix:nonFraction>% rate, provided that Income Tax Law requirements are met. As stated in the foregoing paragraph, the withholding
rate may vary in these cases or withholding may not be applicable based on the provisions set forth in a double tax treaty.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

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</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_6" id="_DisclosureOfIncomeTaxExplanatory-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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">C.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Changes
                                            in the Income Tax Law in Colombia</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

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</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_7" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Since
2021, several regulations have been published regarding income tax applicable to subsidiaries domiciled in Colombia:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_8" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_7"><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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Law
                                            2155 of Social Investment, whose amendments are effective as of 2022.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_9" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_8"><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: justify"><span style="font-family: Times New Roman, Times, Serif">Increase of the income tax rate for legal entities to <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectOfForeignTaxRates" scale="-2" unitRef="pure">35</ix:nonFraction>% as from 2022.</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr> </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_10" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_9"><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">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Discount of the Industry and Trade Tax (ICA) of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:DiscountOfTheIndustryAndTradeTaxRate" scale="-2" unitRef="pure">50</ix:nonFraction>% plus the tax for notices and boards paid during the taxable year. Effective only until fiscal year 2022.</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr> </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_11" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_10"><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">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Tax standardization: this tax is created as an additional tax on income, being the generating fact the omission of assets or declaring nonexistent liabilities. The rate of this new tax will be <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:NewIncomeTaxRate" scale="-2" unitRef="pure">17</ix:nonFraction>% and the taxable base will be the one established in section 2 of the social investment law. The standardization tax is not a deductible expense for the calculation of income tax.</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr> </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_12" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_11"><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">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Audit
                                            benefit: the term for the DIAN (Colombian tax authorities) to examine the years 2022 and
                                            2023 income tax returns is extended, being the definitive terms 6 and 12 months. This benefit
                                            does not apply to companies with a tax of less than 71 UVT (tax value unit) or that have
                                            tax benefits due to their location in a specific geographical area.</span></td></tr>
                                                                                                                                </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_13" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_12"><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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Law
                                            2277 of Tax Reform for Equality and Social Justice, whose changes are in force since 2023.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_14" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_13"><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: justify"><span style="font-family: Times New Roman, Times, Serif">New Minimum Tax The taxpayer and/or the business group to which it belongs must calculate an effective rate (adjusted income tax/debugged profit) which may not be less than <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" scale="-2" unitRef="pure">15</ix:nonFraction>%. </span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr> </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_15" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_14"><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">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Limit of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:TaxableIncomePercentage" scale="-2" unitRef="pure">3</ix:nonFraction>% of the taxable income for the addition of some non-taxable income, special deductions, exempt income and tax discounts.</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr> </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_16" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_15"><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">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For foreign companies and entities and non-domiciled individuals, the withholding rate increases for dividends from profits that have been considered as revenue not constituting income or occasional gain. In this case, the withholding rate would be <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:IncomeTaxWithHoldingRate" scale="-2" unitRef="pure">20</ix:nonFraction>% (<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:IncomeTaxWithHoldingForceRate" scale="-2" unitRef="pure">10</ix:nonFraction>% in force until 2022).</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr> </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_17" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_16"><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">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The occasional income tax rate is set at <ix:nonFraction contextRef="c77" decimals="2" format="ixt:num-dot-decimal" name="aenz:OccasionalIncomeTaxRate" scale="-2" unitRef="pure">15</ix:nonFraction>% (<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:OccasionalEffectiveIncomeTaxRate" scale="-2" unitRef="pure">10</ix:nonFraction>% effective until 2022)</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_18" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_17"><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"><span style="font-family: Times New Roman, Times, Serif">D.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Tax
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_19" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
Peru the tax loss regime regulated by Section 50&#176; of the Income Tax Law establishes two systems for offsetting tax losses:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_20" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_19"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Offsetting
the loss with the net corporate income obtained during the four years following the period of its generation, year after year, until
the amount disappears (A System). The uncompensated balance after such term may not be offset in the following periods.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><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 0pt 0.25in; text-align: justify; text-indent: 0in"></p><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_21" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Offsetting
the loss with <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:NetCorporateIncomePercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% of net corporate income obtained during the immediately following periods, year after year, until the amount disappears
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_22" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_21"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">By
means of Legislative Decree 1481, published on May 8, 2020, exceptionally, the loss carryforward period under System A of loss offsetting,
only for the total net corporate loss of Peruvian source obtained in the taxable year 2020, will be five (5) years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_23" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">In
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_24" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_25" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_24"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfTotalTaxLossAmountsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">Tax loss</td><td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td></tr>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; 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; width: 28%; text-align: left">Cumbra Peru S.A.</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="c203" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfTaxLosses" scale="3" unitRef="pen">316,986</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center"><ix:nonNumeric contextRef="c203" name="aenz:TaxLossAplicationMethod">B</ix:nonNumeric></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="c203" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxEffectOfTaxLossesTwoThousandTwentyThree" scale="3" unitRef="pen">28,139</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="c203" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxEffectOfTaxLossesTwoThousandTwentyFour." scale="3" unitRef="pen">26,467</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="c203" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxlossApplicationForward" scale="3" unitRef="pen">262,380</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"><div style="-sec-ix-hidden: hidden-fact-1282">-</div></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Vial y Vives - DSD S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c206" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfTaxLosses" scale="3" unitRef="pen">212,369</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c206" name="aenz:TaxLossAplicationMethod">No aplica</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-1283">-</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="c206" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxEffectOfTaxLossesTwoThousandTwentyFour." scale="3" unitRef="pen">22,047</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="c206" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxlossApplicationForward" scale="3" unitRef="pen">190,322</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-1284">-</div></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Unna Energia S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfTaxLosses" scale="3" unitRef="pen">38,242</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c212" name="aenz:TaxLossAplicationMethod">A</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c212" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxEffectOfTaxLossesTwoThousandTwentyThree" scale="3" unitRef="pen">30,255</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="c212" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxEffectOfTaxLossesTwoThousandTwentyFour." scale="3" unitRef="pen">7,987</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-1285">-</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="c212" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxLossStatuteOflimitations" scale="3" unitRef="pen">2,026</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; text-align: left">AENZA S.A.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2052" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfTaxLosses" scale="3" unitRef="pen">22,237</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c2052" name="aenz:TaxLossAplicationMethod">B</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2052" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxEffectOfTaxLossesTwoThousandTwentyThree" scale="3" unitRef="pen">22,237</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-1286">-</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-1287">-</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-1288">-</div></td><td style="text-align: left">&#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">Transportadora de Gas Natural Comprimido Andino S.A.C.</td><td>&#160;</td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c2053" name="aenz:TaxLossAplicationMethod">B</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2053" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxEffectOfTaxLossesTwoThousandTwentyFour." scale="3" unitRef="pen">375</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="c2053" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxlossApplicationForward" scale="3" unitRef="pen">14,807</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-1289">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Carretera Andina del Sur S.A.C.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c217" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfTaxLosses" scale="3" unitRef="pen">9,025</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c217" name="aenz:TaxLossAplicationMethod">B</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c217" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxEffectOfTaxLossesTwoThousandTwentyThree" scale="3" unitRef="pen">239</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="c217" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxEffectOfTaxLossesTwoThousandTwentyFour." scale="3" unitRef="pen">471</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="c217" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxlossApplicationForward" scale="3" unitRef="pen">8,315</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-1290">-</div></td><td style="text-align: left">&#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">Consorcio Constructor Chavimochic</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="c2054" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfTaxLosses" scale="3" unitRef="pen">1,518</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt"><ix:nonNumeric contextRef="c2054" name="aenz:TaxLossAplicationMethod">B</ix:nonNumeric></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="c2054" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxEffectOfTaxLossesTwoThousandTwentyThree" scale="3" unitRef="pen">1,518</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"><div style="-sec-ix-hidden: hidden-fact-1291">-</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-1292">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-1293">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#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:TaxEffectOfTaxLosses" scale="3" unitRef="pen">615,909</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxEffectOfTaxLossesTwoThousandTwentyThree" scale="3" unitRef="pen">82,738</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxEffectOfTaxLossesTwoThousandTwentyFour." scale="3" unitRef="pen">57,347</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="aenz:TaxlossApplicationForward" scale="3" unitRef="pen">475,824</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_26" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_25"><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"><span style="font-family: Times New Roman, Times, Serif">E.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            income tax shown in the consolidated statement of profit or loss comprises the following:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_27" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_26"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfConsolidatedStatementOfProfitOrLossTableTextBlock"><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; text-align: left; font-style: italic">In thousands of soles</td><td style="text-align: center; font-weight: bold; font-style: italic; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">Note</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Current income tax</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center">&#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="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="pen">53,852</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="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="pen">113,000</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="pen">127,952</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Deferred income tax</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">23</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:DeferredTaxExpenseIncome" scale="3" unitRef="pen">320</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:DeferredTaxExpenseIncome" scale="3" sign="-" unitRef="pen">66,595</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="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncome" scale="3" unitRef="pen">3,394</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="text-align: left; padding-bottom: 1.5pt">Income tax</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="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="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="pen">54,172</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:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="pen">46,405</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="pen">131,346</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></ix:nonNumeric></ix:continuation><div>



</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_28" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_27"><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"><span style="font-family: Times New Roman, Times, Serif">F.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            Corporation&#8217;s income tax differs from the theoretical amount that would result from
                                            applying the Corporation entities&#8217; weighted average income tax rate applicable to consolidated
                                            pretax income as follows:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_29" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_28"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:ScheduleOfConsolidatedPretaxIncomeTableTextBlock"><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-style: italic; border-bottom: Black 1.5pt solid">In thousands of soles</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; 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%; text-align: left; padding-bottom: 1.5pt">Loss before income tax</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" sign="-" unitRef="pen">144,082</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" sign="-" unitRef="pen">28,637</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" sign="-" unitRef="pen">230,708</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#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-indent: -0.125in; padding-left: 0.125in; text-align: left">Income tax by applying local applicable tax rates on
    profit generated in the respective countries</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="aenz:IncomeTaxByApplyingLocalApplicableTaxRatesOnProfitGeneratedInTheRespectiveCountries" scale="3" sign="-" unitRef="pen">43,830</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="aenz:IncomeTaxByApplyingLocalApplicableTaxRatesOnProfitGeneratedInTheRespectiveCountries" scale="3" sign="-" unitRef="pen">7,879</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="c0" decimals="-3" format="ixt:num-dot-decimal" name="aenz:IncomeTaxByApplyingLocalApplicableTaxRatesOnProfitGeneratedInTheRespectiveCountries" scale="3" sign="-" unitRef="pen">68,537</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Tax effect on:</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="padding-left: 0.125in; text-align: left">- Non-deductible expenses</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="aenz:NondeductibleExpenses" scale="3" unitRef="pen">47,761</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="aenz:NondeductibleExpenses" scale="3" unitRef="pen">33,489</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="-3" format="ixt:num-dot-decimal" name="aenz:NondeductibleExpenses" scale="3" unitRef="pen">143,627</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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</div><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">G.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The theoretical tax disclosed results from applying the income tax rate in accordance with the tax legislation of the country where each company that is part of the Corporation is domiciled. In this regard, companies domiciled in Peru, Chile, and Colombia applied in 2022 income tax rates of <ix:nonFraction contextRef="c2041" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ApplicableTaxRate" scale="-2" unitRef="pure">29.5</ix:nonFraction>%, <ix:nonFraction contextRef="c2042" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ApplicableTaxRate" scale="-2" unitRef="pure">27</ix:nonFraction>%, and <ix:nonFraction contextRef="c2043" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ApplicableTaxRate" scale="-2" unitRef="pure">35</ix:nonFraction>% respectively (<ix:nonFraction contextRef="c2044" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ApplicableTaxRate" scale="-2" unitRef="pure">29.5</ix:nonFraction>%, <ix:nonFraction contextRef="c2045" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ApplicableTaxRate" scale="-2" unitRef="pure">27</ix:nonFraction>%, and <ix:nonFraction contextRef="c2046" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ApplicableTaxRate" scale="-2" unitRef="pure">31</ix:nonFraction>% in 2021). Red Vial 5 S.A., Tren Urbano de Lima S.A., Concesionaria Via Expresa Sur S.A., and Unna Energia S.A. (Lots III and IV) have legal stability agreements signed with the Peruvian Government in force during the term of the associated concessions. Therefore, the consolidated theoretical amount is obtained from weighting the profit or loss before income tax and the applicable income tax rate.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

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    <td colspan="2" style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: right">&#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; ">
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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)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table><p style="margin: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_32" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_31"><ix:continuation continuedAt="aenz_ScheduleOfConsolidatedTheoreticalAmountIsObtainedFromTheWeightingOfTheProfitOrLossBeforeIncomeTaxAndTheApplicableIncomeTaxRateTableTextBlock-c0_cont_2" id="aenz_ScheduleOfConsolidatedTheoreticalAmountIsObtainedFromTheWeightingOfTheProfitOrLossBeforeIncomeTaxAndTheApplicableIncomeTaxRateTableTextBlock-c0_cont_1"><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">
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center">Tax</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: right">&#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: right">&#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: right">&#160;</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">2021</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: right">&#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: right">&#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">Peru</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="c2044" decimals="4" format="ixt:num-dot-decimal" name="aenz:ApplicableTaxRates" scale="-2" unitRef="pure">29.50</ix:nonFraction></td><td style="width: 1%; text-align: left">%</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="c2044" decimals="-3" format="ixt:num-dot-decimal" name="aenz:ProfitLossBeforeIncomeTax" scale="3" sign="-" unitRef="pen">58,347</ix:nonFraction></td><td style="width: 1%; text-align: left">)</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="c2044" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" sign="-" unitRef="pen">17,213</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Peru - Red Vial 5 S.A.</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2064" decimals="-3" format="ixt:num-dot-decimal" name="aenz:ProfitLossBeforeIncomeTax" scale="3" unitRef="pen">40,473</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="c2064" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="pen">10,928</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">Peru - Tren Urbano de Lima S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2065" decimals="4" format="ixt:num-dot-decimal" name="aenz:ApplicableTaxRates" scale="-2" unitRef="pure">30.00</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="c2065" decimals="-3" format="ixt:num-dot-decimal" name="aenz:ProfitLossBeforeIncomeTax" scale="3" unitRef="pen">61,484</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="c2065" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="pen">18,445</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Peru - Via Expresa Sur S.A.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2066" decimals="4" format="ixt:num-dot-decimal" name="aenz:ApplicableTaxRates" scale="-2" unitRef="pure">30.00</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="c2066" decimals="-3" format="ixt:num-dot-decimal" name="aenz:ProfitLossBeforeIncomeTax" scale="3" sign="-" unitRef="pen">3,804</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="c2066" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" sign="-" unitRef="pen">1,141</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">Peru - Unna Energia S.A.</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2067" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="pen">6,916</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Chile</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2045" decimals="-3" format="ixt:num-dot-decimal" name="aenz:ProfitLossBeforeIncomeTax" scale="3" sign="-" unitRef="pen">71,692</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="c2045" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" sign="-" unitRef="pen">19,357</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">Colombia</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2046" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="pen">322</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Bolivia</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2068" decimals="4" format="ixt:num-dot-decimal" name="aenz:ApplicableTaxRates" scale="-2" unitRef="pure">25.00</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="c2068" decimals="-3" format="ixt:num-dot-decimal" name="aenz:ProfitLossBeforeIncomeTax" scale="3" unitRef="pen">59</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="c2068" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" unitRef="pen">15</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">M&#233;xico</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2069" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="3" sign="-" unitRef="pen">86</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Unrealized gains</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</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:AdjustmentsForUnrealisedForeignExchangeLossesGains" scale="3" sign="-" unitRef="pen">22,261</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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</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_33" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_32"><ix:continuation id="aenz_ScheduleOfConsolidatedTheoreticalAmountIsObtainedFromTheWeightingOfTheProfitOrLossBeforeIncomeTaxAndTheApplicableIncomeTaxRateTableTextBlock-c0_cont_2"><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-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_34" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_33"><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"><span style="font-family: Times New Roman, Times, Serif">H.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Income
                                            Tax Assessment</i></b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_35" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Peruvian
Tax Authorities are entitled to examine and, if applicable, to correct the income tax calculated by the Company within the four years
following the year of tax return filing, counted as from January 1 of the year after the filling of the corresponding tax return (years
open to audit). Tax returns for years 2018 through 2022 are open for examination. Management considers that no significant liabilities
will arise as a result of these income tax assessments. In addition, tax returns for years 2019 through 2022 are pending examination
by the Chilean tax authorities, who are entitled to conduct examinations within a period of three years from the date of presentation
of the respective tax returns. Likewise, in Colombia, tax returns for years 2020, 2021, and 2022 are pending examination by the Colombian
tax authorities, who are entitled to conduct examinations within a period of two ears from the date of presentation of the respective
tax return.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_36" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the declaration of National Emergency issued by government by means of Executive Order 044-2020-PCM and its amendments, suspended
the term for limitations of the Tax Administration&#8217;s auditing from March 16, 2020 to June 10, 2020, i.e., for a period of eighty
seven (87) calendar days</span><span style="font-family: Times New Roman, Times, Serif">.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_37" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Due
to possible varied interpretations of the current legal regulations by the Tax Authorities, it is not possible to determine, to date,
whether a future tax audit will result or not in liabilities for the Company; therefore, any difference that might arise from eventual
tax audits would be applied to profit or loss for the period in which it is determined.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_38" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_37"><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"><span style="font-family: Times New Roman, Times, Serif">I.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Uncertainty
                                            over income tax treatments</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_39" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Corporation has performed an assessment of uncertain tax treatment positions in accordance with IFRIC 23 and determined, based on its
tax compliance and transfer pricing study, that it is probable that its tax treatments will be accepted by the tax authorities. The Interpretation
had no impact on the Corporation&#8217;s consolidated financial statements as of December 31, 2021 and 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_40" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_39"><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"><span style="font-family: Times New Roman, Times, Serif">J.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Temporary
                                            Tax on Net Assets (ITAN)</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_41" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">It
is applicable to the Corporate Income, whose taxable base is constituted by the adjusted net assets at the end of the fiscal year prior
to payment, after deducting depreciation, amortization, legal reserve, and specific provisions for credit risk. The tax rate is <ix:nonFraction contextRef="c2047" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ApplicableTaxRate" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c5" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:ApplicableTaxRate" scale="-2" unitRef="pure">0.4</ix:nonFraction></ix:nonFraction>%
for year 2021 and 2022 and is applied to the amount of net assets exceeding S/1 million. It may be paid in cash or in nine consecutive
monthly installments. The paid amount may be used as a credit against payments on account of General Regime of Income Tax for taxable
periods from March to December of the fiscal period for which the tax was paid until maturity date of each of the payments on account,
and against the payment for regularization of income tax of the corresponding taxable period. In the event a remaining balance is not
applied, its refund could be requested. The Corporation has determined that its Temporary Tax on Net Assets in 2022 amounts to S/<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:NetDeferredTaxAssets" scale="6" unitRef="pen">21.5</ix:nonFraction>
million (S/<ix:nonFraction contextRef="c3" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:NetDeferredTaxAssets" scale="6" unitRef="pen">21.8</ix:nonFraction> million in 2021).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_42" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_41"><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"><span style="font-family: Times New Roman, Times, Serif">K.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Tax
                                            on financial transactions </i></b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_43" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Tax
on Financial Transactions (ITF) for the periods 2021 and 2022 was fixed at the rate of <ix:nonFraction contextRef="c0" decimals="5" format="ixt:num-dot-decimal" name="aenz:FinancialTransactionsTaxRate" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c5" decimals="5" format="ixt:num-dot-decimal" name="aenz:FinancialTransactionsTaxRate" scale="-2" unitRef="pure">0.005</ix:nonFraction></ix:nonFraction>%. This tax is applied on debits and credits
in bank accounts or movements of funds made through the financial system, unless the account is tax-exempt.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_44" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_43"><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"><span style="font-family: Times New Roman, Times, Serif">L.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Transfer
                                            pricing </i></b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_45" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
Income Tax determination purposes, transfer pricing for transactions carried out with related parties and with companies domiciled in
territories with low or null taxation, shall be supported with documentation and information about the valuation methods used, and the
criteria considered for pricing. Until fiscal year 2016, it was mandatory to submit a Transfer Pricing Sworn Statement and a Technical
Study.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.4pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_46" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">By
means of Legislative Decree 1312, published on December 31, 2016 and effective January 1, 2017, the following formal obligations were
established to replace the former ones: (i) presentation of a Local File (subject to materialization limits); (ii) presentation of a
Master File (subject to materialization limits), and (iii) presentation of a Country-by-Country Reporting. The presentation of the Master
File and the Country-by-country reporting will become obligatory from 2018 onwards.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_47" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">In
addition, the Decree 1312 also established that intra-group services with low added value shall not have a margin greater than <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:IntragroupServicesMarginGreaterPercentage" scale="-2" unitRef="pure">5</ix:nonFraction>% of
their costs. Concerning the services rendered among related parties, taxpayers shall comply with the benefit test and provide the documentation
and information under specific conditions for the deduction of costs or expenses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_48" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Based
on the analysis of operations of the Company, the Management and its legal advisors consider that, as a consequence of the application
of these provisions, no material contingencies will arise as of December 31, 2021 and 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_49" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_48"><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"><span style="font-family: Times New Roman, Times, Serif">M.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            current income tax payable &#8211; after applying the corresponding tax credits &#8211; maturing
                                            on the first week of April of the following year, mainly include the following:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_50" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_49"><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"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify; width: 3in"><span style="font-family: Times New Roman, Times, Serif">Viva Negocio Inmobiliario S.A.C.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">S/<ix:nonFraction contextRef="c2037" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">40.5</ix:nonFraction> million in 2022 (S/<ix:nonFraction contextRef="c2048" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">0.7</ix:nonFraction> million in 2021)</span></td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
<td></td><td><span style="font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Tren Urbano de Lima S.A.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">S/<ix:nonFraction contextRef="c256" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">3.3</ix:nonFraction> million in 2022 </span></td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
<td></td><td><span style="font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Red Vial 5 S.A.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">S/<ix:nonFraction contextRef="c2049" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">13.9</ix:nonFraction> million in 2021</span></td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
<td></td><td><span style="font-family: Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Unna Energia S.A.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">S/<ix:nonFraction contextRef="c2050" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" unitRef="pen">14.1</ix:nonFraction> million in 2021</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_51" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_50"><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"><span style="font-family: Times New Roman, Times, Serif">N.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Major
                                            amendments to Peruvian tax laws effective from January 1, 2021</i></b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_52" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_51"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">i.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Accrual
accounting concept</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_53" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Legislative
Decree 1425 introduced the definition of &#8220;legal accrual&#8221; for income tax purposes, applicable from 2019, stating that: a)
income from transfer of goods occurs when i) control has been transferred (in accordance with IFRS 15); or ii) risk has been
transferred to the acquirer (Risk Theory set out in the Civil Code), whichever occurs first; and b) income from service rendering
occurs when realization level of the rendered service has been established.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_54" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_53"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">The
new legal accrual concept is applicable to lessees for determining the tax treatment of the expense associated with lease agreements
regulated by IFRS 16 (e.g. operating leases for tax purposes).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_55" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_54"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">The
concept serving as comment will not be applicable for those entities accruing income or expenses for Income Tax in accordance with tax
provisions establishing a special (sectorial) regime of accrual.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_56" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_55"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">ii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Deduction
of expenses or costs incurred in transactions with non-domiciled parties</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_57" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_56"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Legislative
Decree 1369 requires that costs and/or expenses (including outbound interest) incurred with non-domiciled individuals must be paid effectively
to be deducted in the year they were incurred. Otherwise, their impact on the determination of net income will be deferred to the year
in which they are actually paid and the corresponding withholding will be applied.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_58" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_57"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">This
regulation eliminated the obligation to pay the amount equivalent to the withholding on the amount recorded as cost and/or expense.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_59" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_58"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">iii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Indirect
loan</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_60" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_59"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">As
from January 1, 2019, under certain requirements, domiciled entities receiving foreign inbound dividends may deduct as direct loan the
income tax that would have been levied on the foreign dividends and the corporate income tax (indirect loan) paid by the tier 1 and tier
2 non-domiciled entity (provided they are in the same jurisdiction) that would have been applied to distribute the dividends from abroad.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_61" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_60"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">iv.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Measures
to implement the General Anti-avoidance Rule provided in the regulation XVI of Tax Code</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_62" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_61"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Legislative
Decree 1422 set up the procedure to implement the General Anti-avoidance Rule, mainly stating that: (i) it is applicable only in final
audit procedures in which acts, events or situations that occurred since July 19, 2012, are reviewed; (ii) it is applicable only if there
is a favorable opinion from a review committee composed of Tax Authorities&#8217; officers (said opinion is not appealable); and (iv) final
audit procedures, in which the General Anti-avoidance Rule is applicable, are not subject to the one (1) year term to request information
from the audited parties.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_63" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_62"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">On
May 6, 2019, Executive Order 145-2019-EF was published in the Official Gazette <i>El Peruano</i>. This Decree approves the substantive
and formal parameters for the application of the general anti-avoidance rule contained in Rule XVI of the Tax Code., thus, complying
with the requirement to release the suspension established by Law 30230 for the application of said rule. Likewise, SUNAT Audit Procedure
Regulations have been adapted for this purpose.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_64" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_63"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">By
means of Resolution 000184-2021/SUNAT, published on December 13, 2021, the members of the Review Committee of SUNAT referred to in Article
62-C of the Sole Ordered Text of the Tax Code were appointed, which states that when applying the Anti-avoidance Rule in an audit procedure,
a report must be sent together with the audit file to the Review Committee.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_65" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_64"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">v.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Joint
and several liability of legal representatives and Directors</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_66" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_65"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Legislative
Decree 1422 establishes that from September 14, 2018, when an audited individual is subject to the General Anti-Avoidance Rule, there
is joint and several liability of legal representatives due to fraud, gross negligence, or misuse of powers, unless proven otherwise.
The aforementioned joint and several liability shall be attributed to said representatives provided that they collaborated in the design,
approval or execution of the acts, situations or business relationships with an avoidance purpose.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_67" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_66"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">This
regulation also applies to the members of the Board of Directors, indicating that they shall establish a tax strategy for the companies
in which they act as directors, having to decide whether or not to approve the acts, situations or business relationships to be carried
out within the framework of tax planning; they shall not delegate such responsibility.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_68" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_67"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Lastly,
the members of the domiciled companies&#8217; Board of Directors were granted a term, with maturity on March 29, 2019, to verify or modify
the acts, situations or business relationships carried out within the tax planning and implemented as of September 14, 2018, that continue
having tax effect to date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_69" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_68"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Considering
the maximum term established for compliance with said formal obligation, the aforementioned joint and several liability attributable
to legal representatives and directors, and the absence of a definition of &#8216;tax planning&#8217;, it will be crucial to review any act, situation
or economic relation that has: (i) increased tax allocation; and/or (ii) generated a lower payment of taxes for the aforementioned periods,
in order to avoid the attribution of joint and several liability, both administratively and punitively, depending on the supervisory
agent criterion. The latter, in case the company to be audited by the Tax Authorities is subject to the General Anti-Avoidance Rule.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_70" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_69"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">vi.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Information
related to ultimate beneficiaries</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_71" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_70"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">In
line with the regulations to strengthen the fight against tax evasion and avoidance, as well as against money laundering and terrorism
financing, as from August 3, 2018, provisions introduced by Legislative Decree 1372 are currently in force. The aforementioned decree
requires the presentation of information related to ultimate beneficiaries to the competent authorities by means of a sworn statement
of the ultimate beneficiaries. Said statement shall disclose the names of the natural persons that effectively retain ownership or control.
Accordingly, it is mandatory to report the following information: (i) identification of the ultimate beneficiary; (ii) chain of title
with its respective supporting documents; and (iii) identification of third parties that have said information, if applicable. It is
also noted that the information related to the identification of the ultimate beneficiaries of legal persons and legal entities that
will be provided to the competent authorities within the framework of these rules does not constitute a violation of professional secrecy
nor is it subject to the restrictions on disclosure of information derived from confidentiality imposed by contract or by any legal or
regulatory provision.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></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">F-<!-- 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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_72" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_71"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Likewise,
by means of Superintendence Resolution 041-2022/SUNAT, effective as of March 25, 2022, the new parties obliged to file the sworn statement
of the ultimate beneficiaries for fiscal years 2022 and 2023 (provided that they have not filed any in December 2019) were established.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_73" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_72"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
legal entities were obliged to file the sworn statement of the ultimate beneficiaries in accordance with the maturity schedule for monthly
obligations for the period December 2022; however, by means of Superintendence Resolution 000278-2022/SUNAT, such due date was postponed
until the period December 2023.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_74" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_73"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">It
should be taken into consideration that, if the sworn informative statement containing the information related to the ultimate beneficiaries
is not filed, the legal representatives of the entity that failed to file such statement will be jointly and severally liable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_75" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_74"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">vii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Indirect
Transfer of Shares</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_76" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_75"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Since
January 1, 2019, an anti-avoidance measure has been applied to prevent the split of operations, which allows indirect transfer of shares
of companies domiciled in Peru.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_77" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_76"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">It
is indicated that in order to establish whether in a twelve-month period the transfer of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:IndirectTransferOfSharesPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% or more of the capital of the Peruvian company
has been complied with, the transfers made by the subject under analysis are considered, as well as those made to its related parties,
whether they are executed through one or several simultaneous or successive operations. The relationship shall be established in accordance
with provisions of article 32-A (b) of the Income Tax Law.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_78" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_77"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">In
addition, regardless of compliance with the provisions of the Income Tax Law, an indirect taxable transfer shall always be established
when, over any period of 12 months, the total amount of transferred shares of the Peruvian legal person is equal to or greater than forty
thousand (<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="aenz:TotalAmountOfTransferredShares" scale="0" sign="-" unitRef="usd">40,000</ix:nonFraction>) UIT.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_79" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_78"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Likewise,
when the transferor is a non-domiciled legal person that has a branch office or any permanent establishment in Peru with allocated equity,
the latter is considered a jointly liable party. Thus, the latter is required to provide information, among other, regarding the transferred
shares or interest of the non-domiciled legal person.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_80" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_79"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">viii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Thin
Capitalization</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_81" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_80"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Beginning
January 1, 2021, finance cost will be deductible up to <ix:nonFraction contextRef="c2051" decimals="2" format="ixt:num-dot-decimal" name="aenz:FinanceCostDeductiblePercentage" scale="-2" unitRef="pure">30</ix:nonFraction>% of the tax-EBITDA (Net Income &#8211; Loss Offsetting + Net Interest + Depreciation
+ Amortization) of the prior period. There are some exemptions regarding this <ix:nonFraction contextRef="c2051" decimals="2" format="ixt:num-dot-decimal" name="aenz:ExemptionsPercentageOfFinanceCost" scale="-2" unitRef="pure">30</ix:nonFraction>% limit for banks, taxpayers whose income is lower than
<ix:nonFraction contextRef="c2051" decimals="0" format="ixt:num-dot-decimal" name="aenz:ApplicableTaxPayers" scale="0" unitRef="usd">2,500</ix:nonFraction> UIT (tax units), infrastructure, public services, among others.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_82" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_81"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Executive
Order 402-2021, published on December 30, effective as of December 31, 2021, amended the Income Tax Law Regulation that regulates the
calculation of the tax EBITDA for purposes of the debt interest limit.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_83" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_82"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">For
2019 and 2020 periods, the finance cost generated by indebtedness of independent and related parties is subject to thin capitalization
limit of 3:1 debt-to-equity ratio, which is calculated at the end of the prior period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_84" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_83"><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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">ix.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Other
relevant changes</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_85" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_84"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Within
the framework of the delegation of powers to legislate on tax, fiscal, financial and economic reactivation matters, given to the Executive
Branch (Law 31380), on December 30, 2021, the first tax regulations were published, among which the tax benefits approved for the Aquaculture
and Forestry sector, the standardization of the cost for access to tax stability and the extension of the VAT exemptions stand out.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><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 0pt 0.25in; text-align: justify; text-indent: 0in"></p><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_86" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_85"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">They
extend the validity of some exonerations and tax benefits, specifically the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_87" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_86"><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"></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: justify"><span style="font-family: Times New Roman, Times, Serif">The
exemptions contained in Appendices I and II of the Sales Tax Law were extended until December 31, 2025. Consequently, the sale of staple
foods and basic services such as public transportation, among others, will not be levied with sales tax. Link to the regulation of comment:
Law 31651</span></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><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_88" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_87"><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"></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: justify"><span style="font-family: Times New Roman, Times, Serif">The
issuance of electronic money will not be levied with sales tax until December 31, 2024. Link to the regulation of comment: Legislative
Decree 1519</span></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><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_89" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_88"><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"></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: justify"><span style="font-family: Times New Roman, Times, Serif">The
refund of taxes levied on acquisitions with donations from abroad and imports from diplomatic missions is allowed until December 31,
2024: Link to the regulation of comment: Legislative Decree 1519</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_90" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_89"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">In
addition, Executive Order 1516, published on December 30, 2021, and in force as from December 31, 2021, established the standardization
of the cost for access to the stability provided for in the Legal Stability Agreements under Legislative Decrees 662 and 757. Accordingly,
such decree has modified Article 1 of Law 27342 that regulates such agreements. Therefore, receiving companies signing with the government
stabilizes the Income Tax to be applied according to the regulations in force at the time of the subscription of the corresponding agreement,
being applicable the current rate referred to in the first paragraph of Article 55 of the Income Tax Law at that time plus 2 (two) percentage
points.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfIncomeTaxExplanatory-c0_cont_90"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Likewise,
Legislative Decree 1529, effective beginning on April 1, 2022, amended Law 28194 &#8220;Law for the Fight against Evasion and for the
Formalization of the Economy&#8221;, regarding the cases in which means of payment must be used; the amount from which it is obligatory
to use means of payment, and the obligation to report to the Tax Authority about payments made to third parties other than the creditor.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">29.
Other comprehensive Income</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory-c0_cont_2" id="_DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The analysis
of this movement is shown below:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory-c0_cont_3" id="_DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfAnalysisOfOtherComprehensiveIncomeExplanatoryTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory-c0_cont_4" id="_DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The foregoing
amounts only represent the amounts attributable to the Company&#8217;s controlling interest, net of tax. The table below shows the movement
in other comprehensive income per year:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><ix:continuation id="_DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfControllingInterestNetOfTaxExplanatoryTextBlock"><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)">
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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></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 307; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"></p><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_1" escape="true" name="aenz:DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">30.
Contingencies, Commitments, and Warranties</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_2" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
the opinion of Management and its legal advisors, the provisions registered mainly for lawsuits (civil, tax, labor claims, administrative
proceedings, and contentious-administrative proceedings) are sufficient to cover the results of these probable contingencies (Note 21),
generating probable contingencies for S/&#160;<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ProbableContingencies" scale="6" unitRef="pen">390.1</ix:nonFraction> million (S/<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ProbableContingencies" scale="6" unitRef="pen">387.8</ix:nonFraction> million as of December 31, 2021).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_3" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>A.
Tax contingencies</b></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_4" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Company considers that the maximum exposure for tax contingencies of the Corporate amounts to S/<ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="aenz:ContingencyProvison" scale="6" unitRef="pen">311</ix:nonFraction>
million (S/<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ContingencyProvison" scale="6" unitRef="pen">303.1</ix:nonFraction> million as of December 31, 2021), according to the following details:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_5" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Appeal process before Tax Court totaling
S/<ix:nonFraction contextRef="c2103" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen"><ix:nonFraction contextRef="c2104" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen">256</ix:nonFraction></ix:nonFraction> million (AENZA S.A.A.&#8217;s income tax return for years 2013, 2014, and 2015 amounting to S/<ix:nonFraction contextRef="c2105" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen">124.1</ix:nonFraction> million;
Cumbra Peru S.A.&#8217;s income tax return for years 2012 and 2014 amounting to S/<ix:nonFraction contextRef="c2106" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen"><ix:nonFraction contextRef="c2107" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen">106.4</ix:nonFraction></ix:nonFraction> million; Consorcio Constructor Ductos del
Sur&#8217;s income tax return for year 2014 amounting to S/<ix:nonFraction contextRef="c2108" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen">10.8</ix:nonFraction> million; Consorcio Constructor Chavimochic&#8217;s income tax
return for years 2014, 2015, and 2016 amounting to S/<ix:nonFraction contextRef="c2109" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen"><ix:nonFraction contextRef="c2110" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen"><ix:nonFraction contextRef="c2111" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen">9</ix:nonFraction></ix:nonFraction></ix:nonFraction> million; Cumbra Ingenieria S.A.&#8217;s income tax return for years
2013 and 2016 amounting to S/<ix:nonFraction contextRef="c2112" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen"><ix:nonFraction contextRef="c2113" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen">3.3</ix:nonFraction></ix:nonFraction> million; Viva Negocio Inmobiliario S.A.C.&#8217;s income tax return for year 2009 amounting
to S/<ix:nonFraction contextRef="c2114" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen">1.6</ix:nonFraction> million; and Unna Transporte S.A.C.&#8217;s income tax and sales tax returns for year 2015 amounting to S/<ix:nonFraction contextRef="c2115" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen">0.8</ix:nonFraction>
million).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_6" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Claim process before SUNAT totaling S/<ix:nonFraction contextRef="c2116" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen">55</ix:nonFraction>
million (examination of AENZA S.A.A.&#8217;s tax returns for year 2016 for S/<ix:nonFraction contextRef="c2117" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen">35.3</ix:nonFraction> million; Cumbra Ingenieria S.A.&#8217;s tax
returns for years 2014 and 2015 for S/<ix:nonFraction contextRef="c2118" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen"><ix:nonFraction contextRef="c2119" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen">18.4</ix:nonFraction></ix:nonFraction> million; and Cumbra Peru S.A.&#8217;s tax return for year 2016 for S/<ix:nonFraction contextRef="c2120" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:IncomeFromReimbursementsUnderInsurancePolicies" scale="6" unitRef="pen">1.3</ix:nonFraction>
million.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_7" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 and 2022, in the opinion
of the Corporation&#8217;s Management, all of the aforementioned processes will be favorable considering their characteristics and the
evaluation of its legal advisors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_8" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>B.
Other contingencies</b></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="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_9" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">As of December
31, 2022, the Company considers that the maximum exposure for other contingencies of the Corporation amounts to S/&#160;<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:OtherContingencies" scale="6" unitRef="pen">79.1</ix:nonFraction> million
(S/&#160;<ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="aenz:OtherContingencies" scale="6" unitRef="pen">84.7</ix:nonFraction> million and the closure of 2021), according to the following details:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_10" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Civil
lawsuits, mainly related to indemnities for damages, contract terminations and obligations to pay a sum of money totaling S/&#160;<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ObligationsToPay" scale="6" unitRef="pen">26.9</ix:nonFraction>
million (Cumbra Peru S.A. for S/&#160;<ix:nonFraction contextRef="c552" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ObligationsToPay" scale="6" unitRef="pen">20.1</ix:nonFraction> million, Cumbra Ingenieria S.A. for S/&#160;<ix:nonFraction contextRef="c548" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ObligationsToPay" scale="6" unitRef="pen">3.8</ix:nonFraction> million, Unna Transporte S.A.C. for S/<ix:nonFraction contextRef="c2121" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ObligationsToPay" scale="6" unitRef="pen">1.9</ix:nonFraction>
million, Red Vial 5 S.A. for S/&#160;<ix:nonFraction contextRef="c257" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ObligationsToPay" scale="6" unitRef="pen">0.6</ix:nonFraction> million, Viva Negocio Inmobiliario S.A.C. for S/&#160;<ix:nonFraction contextRef="c2037" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ObligationsToPay" scale="6" unitRef="pen">0.3</ix:nonFraction> million, and Morelco S.A.S. for S/<ix:nonFraction contextRef="c2122" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ObligationsToPay" scale="6" unitRef="pen">0.2</ix:nonFraction>
million).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_11" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Labor proceedings
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S.A.C for S/&#160;<ix:nonFraction contextRef="c2121" decimals="-5" format="ixt:num-dot-decimal" name="aenz:LaborDisputeProcessesAmount" scale="6" unitRef="pen">1.2</ix:nonFraction> million, and Cumbra Peru S.A, for S/ <ix:nonFraction contextRef="c547" decimals="-5" format="ixt:num-dot-decimal" name="aenz:LaborDisputeProcessesAmount" scale="6" unitRef="pen">0.3</ix:nonFraction> million, and Viva Negocio Inmobiliario S.A.C. for S/&#160;<ix:nonFraction contextRef="c2037" decimals="-5" format="ixt:num-dot-decimal" name="aenz:LaborDisputeProcessesAmount" scale="6" unitRef="pen">0.1</ix:nonFraction> million).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_12" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Contentious-administrative
proceedings for S/&#160;<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ContentiousadministrativeAmount" scale="6" unitRef="pen">15.3</ix:nonFraction> million (Unna Energia S.A. for S/&#160;<ix:nonFraction contextRef="c1455" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ContentiousadministrativeAmount" scale="6" unitRef="pen">12.8</ix:nonFraction> million and Morelco S.A.S. for S/&#160;<ix:nonFraction contextRef="c2122" decimals="-5" format="ixt:num-dot-decimal" name="aenz:ContentiousadministrativeAmount" scale="6" unitRef="pen">2.5</ix:nonFraction> million).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_13" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Administrative
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Peru S.A. for S/&#160;<ix:nonFraction contextRef="c547" decimals="-6" format="ixt:num-dot-decimal" name="aenz:AdministrativeExpenses" scale="6" unitRef="pen">6</ix:nonFraction> million, and Viva Negocio Inmobiliario S.A.C. for S/<ix:nonFraction contextRef="c2037" decimals="-5" format="ixt:num-dot-decimal" name="aenz:AdministrativeExpenses" scale="6" unitRef="pen">0.4</ix:nonFraction> million).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_14" id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>C.
Letters of guarantee and Guarantors</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="aenz_DisclosureOfContingenciesCommitmentsAndWarrantiesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Corporation has different letters of guarantee and guarantors in force in various financial entities ensuring
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 308; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- 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-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfBusinessCombinationsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">31.
Non-controlling Interest</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_2" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The following
table summarizes the information relating to each of the Corporation&#180;s subsidiaries that has material non-controlling interests,
before any intra-group eliminations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_3" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 9pt"><b>At&#160;December&#160;31,&#160;2021</b></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="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_4" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="aenz_ScheduleOfSubsidiariesMaterialNoncontrollingInterestsBeforeAnyIntragroupEliminationsTableTextBlock-c0_cont_1" escape="true" name="aenz:ScheduleOfSubsidiariesMaterialNoncontrollingInterestsBeforeAnyIntragroupEliminationsTableTextBlock"><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; text-indent: 0pt; padding-left: 0pt; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0"></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 9pt">&#160;</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 9pt">&#160;</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 9pt">&#160;</span><br/> <span style="font-size: 9pt; font-weight: normal"><i>In&#160;thousands&#160;of&#160;soles</i></span></p></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">VIVA
    Negocio Inmobiliario S.A.C. and subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Red
    Vial 5 S.A.</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Tren
    Urbano de Lima S.A.</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Cumbra
    Ingenieria S.A. and subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Unna
    Energia S.A.</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Cumbra
    Peru S.A. and subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Promotora
    Larcomar S.A.</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
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    individually immaterial subsidiaries</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
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    eliminations</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt; width: 30%"><span style="font-size: 9pt">Percentage
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; width: 0.5in"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; font-weight: bold; text-align: right"><span style="font-size: 9pt"><ix:nonFraction contextRef="c1516" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfNoncontrollingInterests" scale="-2" unitRef="pure">43.78</ix:nonFraction></span></td><td style="width: 0.5in; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 9pt">%</span></td><td style="width: 0.5in; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; width: 0.5in"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; font-weight: bold; text-align: right"><span style="font-size: 9pt"><ix:nonFraction contextRef="c1538" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfNoncontrollingInterests" scale="-2" unitRef="pure">25.00</ix:nonFraction></span></td><td style="width: 0.5in; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 9pt">%</span></td><td style="width: 0.5in; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; width: 0.5in"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; font-weight: bold; text-align: right"><span style="font-size: 9pt"><ix:nonFraction contextRef="c597" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfNoncontrollingInterests" scale="-2" unitRef="pure">10.59</ix:nonFraction></span></td><td style="width: 0.5in; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 9pt">%</span></td><td style="width: 0.5in; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; width: 0.5in"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; font-weight: bold; text-align: right"><span style="font-size: 9pt"><ix:nonFraction contextRef="c601" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfNoncontrollingInterests" scale="-2" unitRef="pure">5.00</ix:nonFraction></span></td><td style="width: 0.5in; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 9pt">%</span></td><td style="width: 0.5in; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right; width: 0.5in"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 7%; font-weight: bold; text-align: right"><span style="font-size: 9pt"><ix:nonFraction contextRef="c2123" decimals="4" format="ixt:num-dot-decimal" name="aenz:PercentageOfNoncontrollingInterests" scale="-2" unitRef="pure">53.45</ix:nonFraction></span></td><td style="width: 0.5in; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-size: 9pt">%</span></td><td style="width: 0.5in; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right; width: 0.5in"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; width: 7%; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="width: 0.5in; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="width: 0.5in; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right; width: 0.5in"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; width: 7%; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="width: 0.5in; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="width: 0.5in; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right; width: 0.5in"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; width: 7%; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="width: 0.5in; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></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; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 9pt">Net
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 9pt">Other
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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; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 9pt">Total
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 9pt">Cash flows from operating
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction contextRef="c551" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" unitRef="pen">29</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></ix:nonNumeric></ix:continuation><div>



</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 309; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font-size: 10pt; margin: 0"><b>AENZA S.A.A. and Subsidiaries</b></p><div>

</div><p style="font-size: 10pt; margin: 0">Notes to the Consolidated Financial Statements</p><div>

</div><p style="font-size: 10pt; margin: 0">December 31, 2020, 2021 and 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_5" id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 9pt"><b>At&#160;December&#160;31,&#160;2022</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfBusinessCombinationsExplanatory-c0_cont_5"><ix:continuation id="aenz_ScheduleOfSubsidiariesMaterialNoncontrollingInterestsBeforeAnyIntragroupEliminationsTableTextBlock-c0_cont_1"><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; text-align: left; font-weight: bold"><br/>
<span style="font-size: 9pt; font-weight: normal"><i>In&#160;thousands&#160;of&#160;soles</i></span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">VIVA
    Negocio Inmobiliario S.A.C and subsidiaries</span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Red
    Vial 5 S.A.</span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Tren
    Urbano de Lima S.A.</span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Cumbra
    Ingenieria S.A. and subsidiaries</span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Unna
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    Peru S.A. and subsidiaries</span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Promotora
    Larcomar S.A.</span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Other
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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: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</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; padding-bottom: 1.5pt"><span style="font-size: 9pt">Non-current liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
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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: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-1317; font-size: 9pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-1318; font-size: 9pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction contextRef="c548" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="3" sign="-" unitRef="pen">2</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></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: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-size: 9pt">Other comprehensive income, allocated to non-controlling
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 9pt">Cash flows from operating activities</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction contextRef="c257" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" unitRef="pen">79,113</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction contextRef="c256" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" unitRef="pen">70,345</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction contextRef="c1455" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" unitRef="pen">167,952</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction contextRef="c547" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" sign="-" unitRef="pen">194,356</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1330; font-size: 9pt">-</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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  </table></ix:continuation></ix:continuation><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>



</div><!-- Field: Page; Sequence: 310; 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">F-<!-- 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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"></p><p style="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A.
                                            and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDividendsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDividendsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">32.
Dividends</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDividendsExplanatory-c0_cont_2" id="_DisclosureOfDividendsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
compliance with certain covenants, the Company will not pay dividends, except for the transactions with non-controlling interests described
in Note 34. Certain debt or other contractual obligations may restrict the ability to pay dividends in the future.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDividendsExplanatory-c0_cont_3" id="_DisclosureOfDividendsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, the Plea Agreement does not permit the distribution of
dividends until <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="aenz:DistributionOfDividendsPercentage" scale="-2" unitRef="pure">40</ix:nonFraction>% of the total amount of the committed Civil Compensation described in Note 1.C has been amortized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfDividendsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
the period ended December 31, 2022, the subsidiaries of the Corporation have declared dividends totaling S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:DividendsReceived" scale="6" unitRef="pen">19.8</ix:nonFraction> million to
their non-controlling interest parties amount that was fully paid plus S/<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="6" unitRef="pen">14.6</ix:nonFraction> million from previous year (during 2021 have declared
S/<ix:nonFraction contextRef="c5" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:DividendsReceived" scale="6" unitRef="pen">43</ix:nonFraction> million and paid S/<ix:nonFraction contextRef="c5" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="6" unitRef="pen">26</ix:nonFraction> million).</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">33.
Losses per Share</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_2" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
basic loss per common share has been calculated by dividing the loss of the year attributable to the Corporate&#8217;s common shareholders
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_3" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_4" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="_EarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:EarningsPerShareExplanatory"><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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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_5" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_4"><ix:continuation continuedAt="_EarningsPerShareExplanatory-c0_cont_2" id="_EarningsPerShareExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="padding-left: 0.125in; text-indent: -0.125in"></td><td>&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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    <td style="text-align: center; width: 4%; padding-bottom: 1.5pt">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; padding-bottom: 1.5pt">Weighted average number of shares
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_6" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_5"><ix:continuation continuedAt="_EarningsPerShareExplanatory-c0_cont_3" id="_EarningsPerShareExplanatory-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(*)</td><td style="text-align: justify"><ix:nonNumeric contextRef="c0" name="aenz:WeightedAverageNumberOfSharesIssuedDescription"><ix:footnote id="ix_57_footnote" xml:lang="en-US">The weight average of the shares in 2022, considers the bond
capitalization effect in common shares issued on August 13th, 2021, performed in two tranches (February 28th and March 31st of 2022),
disclosed in note 22.A (weight: 59 days with 140,940,146 shares, 31 days with 77,263,799 shares and 275 days with 901,834,231 shares).
In addition, the weight average of the shares (diluted) in 2021 considers weight: 225 days with 537,483,609 shares and 140 days with
459,115,608.</ix:footnote></ix:nonNumeric></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_6"><ix:continuation id="_EarningsPerShareExplanatory-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; text-align: justify">
<td style="width: 0.25in; text-align: left">(**)</td><td style="text-align: justify"><ix:footnote id="ix_58_footnote" xml:lang="en-US">The Corporation does not have common shares with dilutive
effects as of December 31, 2021 and 2022.</ix:footnote></td>
</tr></table></ix:continuation></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="aenz_DisclosureOfTransactionsWithNoncontrollingInterestsExplanatory-c0_cont_1" escape="true" name="aenz:DisclosureOfTransactionsWithNoncontrollingInterestsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">34.
Transactions with Non-controlling Interest</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfTransactionsWithNoncontrollingInterestsExplanatory-c0_cont_2" id="aenz_DisclosureOfTransactionsWithNoncontrollingInterestsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>A.
Contributions (returns) from non-controlling shareholders</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="aenz_DisclosureOfTransactionsWithNoncontrollingInterestsExplanatory-c0_cont_3" id="aenz_DisclosureOfTransactionsWithNoncontrollingInterestsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">It
corresponds to contributions and returns made by the partners of the subsidiary Viva Negocio Inmobiliario S.A.C. for the realization
of real estate projects. As of December 31, the balances include:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="aenz_DisclosureOfTransactionsWithNoncontrollingInterestsExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureContributionsOfNoncontrollingShareholdersExplanatory"><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: 64%; text-align: left">Contributions received</td><td style="width: 1%">&#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; padding-bottom: 1.5pt">Decrease in equity of non controlling parties</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">(<ix:nonFraction contextRef="c2135" decimals="-3" format="ixt:num-dot-decimal" name="aenz:IncreaseDecreaseInEquityOfNonControllingParties" scale="3" sign="-" unitRef="pen">15,725</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</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">(<ix:nonFraction contextRef="c2136" decimals="-3" format="ixt:num-dot-decimal" name="aenz:IncreaseDecreaseInEquityOfNonControllingParties" scale="3" sign="-" unitRef="pen">27,104</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</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">(<ix:nonFraction contextRef="c2137" decimals="-3" format="ixt:num-dot-decimal" name="aenz:IncreaseDecreaseInEquityOfNonControllingParties" scale="3" sign="-" unitRef="pen">36,879</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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"></p><div>

</div><!-- Field: Page; Sequence: 311; 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">F-<!-- 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="text-align: center; margin-top: 0pt; margin-bottom: 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="margin: 0"><span style="font-size: 10pt"><b>AENZA S.A.A. and Subsidiaries</b></span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt">December 31, 2020, 2021 and 2022</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">35.
Reclassification of Operations of the Subsidiary Adexus S.A. as Discontinued Operations</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_2" id="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
November 19, 2019, Adexus S.A. filed a petition for bankruptcy reorganization under Chilean Law 20.720 before the Chilean courts. As
a result, the Company impaired the total investment in said subsidiary at the end of 2019. On January 9, 2020, <ix:nonNumeric contextRef="c2138" name="aenz:ReorganizationAgreementDescription">the Company reported that
the board of creditors of Adexus S.A. approved with the favorable vote of more than 80% of the pledgees and 85% of the secured creditors,
respectively, the judicial reorganization agreement proposed by Adexus S.A. under the reorganization proceeding.</ix:nonNumeric></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_3" id="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
December 27, 2021, the Company entered into a purchase and sale agreement for its entire interest (representing <ix:nonFraction contextRef="c2139" decimals="2" format="ixt:num-dot-decimal" name="aenz:SaleAgreementInterestPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>%) in Adexus S.A. The sale price was agreed at US$&#160;<ix:nonFraction contextRef="c2140" decimals="0" format="ixt:num-dot-decimal" name="aenz:SalePrice" scale="0" unitRef="usd">1</ix:nonFraction>. On January 5, 2022, the Judicial Court in this case approved
the modification of the Judicial Reorganization Agreement filed by Adexus, which allows the transfer of Adexus S.A. shares.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_4" id="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
financial result and cash flow information of the discontinued operation related to Adexus S.A. is shown below:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="aenz:DisclosureOfDiscontinuedOperationRelatedToSubsidiaryTextBlock"><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</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; background-color: rgb(204,238,255)">
    <td style="width: 76%">Revenues</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="c2141" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="pen">167,624</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="c2142" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="pen">162,967</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Operating costs</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="c2141" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="pen">157,268</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="c2142" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherOperatingIncomeExpense" scale="3" unitRef="pen">157,299</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">Gross profit</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"><ix:nonFraction contextRef="c2141" decimals="-3" format="ixt:num-dot-decimal" name="aenz:GrossProfitLoss" scale="3" unitRef="pen">10,356</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>&#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">Administrative expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2141" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AdministrativeExpensess" scale="3" unitRef="pen">18,896</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="c2142" decimals="-3" format="ixt:num-dot-decimal" name="aenz:AdministrativeExpensess" scale="3" unitRef="pen">21,698</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Other income and expenses, net</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="c2141" decimals="-3" format="ixt:num-dot-decimal" name="aenz:OtherexpensesIncomeNet" scale="3" sign="-" unitRef="pen">1,664</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="c2142" decimals="-3" format="ixt:num-dot-decimal" name="aenz:OtherexpensesIncomeNet" scale="3" unitRef="pen">20</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">Operating loss</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">(<ix:nonFraction contextRef="c2141" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossFromOperatingActivities" scale="3" unitRef="pen">10,204</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</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">(<ix:nonFraction contextRef="c2142" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossFromOperatingActivities" scale="3" unitRef="pen">16,010</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#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">Financial expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2141" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="3" unitRef="pen">10,588</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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    <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="c2141" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncome" scale="3" unitRef="pen">104</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="c2142" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncome" scale="3" unitRef="pen">121</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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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c2141" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" sign="-" unitRef="pen">20,688</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Income tax</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="c2141" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="pen">3,764</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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</div><ix:continuation continuedAt="aenz_EventsAfterTheDateOfTheStatementOfFinancialPositionTextBlock-c0_cont_2" id="aenz_EventsAfterTheDateOfTheStatementOfFinancialPositionTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Between January
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</div><div>

</div><ix:continuation continuedAt="aenz_EventsAfterTheDateOfTheStatementOfFinancialPositionTextBlock-c0_cont_3" id="aenz_EventsAfterTheDateOfTheStatementOfFinancialPositionTextBlock-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; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On March 3, 2023, The Company has reached an agreement with the Ad
Hoc Peruvian Public Prosecutor&#8217;s Office to comply with the provisions set forth in the Final Plea Agreement of September 15, 2022,
as a condition precedent to its homologation. AENZA S.A.A. awaits the approval of the Agreement by Court.</p></td>
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</div><ix:continuation id="aenz_EventsAfterTheDateOfTheStatementOfFinancialPositionTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
addition to this event, no additional material facts or events have occurred that would require adjustments or disclosures in the consolidated
financial statements as of December 31, 2022.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">F-129</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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<ix:footnote id="ix_10_footnote" xml:lang="en-US">Includes civil compensation to Peruvian Government S/488.9 million and administrative process INDECOPI for S/52.5 million (S/486.1 million and S/55 million, respectively, as of December 31, 2021; additionally, shareholder class action lawsuits in the Eastern District Court of New York for S/35.1 million).</ix:footnote><!--Text not found in footnote sections assigned to Schedule of financial assets and liabilities-->
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<ix:footnote id="ix_18_footnote" xml:lang="en-US">As of December 31, 2022, invoices receivable mainly corresponds to the sale of a land to SEDAPAL by Inmobiliaria Almonte 2 S.A.C. (located in the district of Lurin, province of Lima, with an area of 209.59 hectares) for S/ 140 million, which will be paid in seven (7) installments, being the last one in August 2023. As of December 31, 2021, invoices receivable correspond mainly to the sale of land of Inmobiliaria Almonte S.A. for S/ 1.7 million, sale of apartments mainly in the projects Los Parques de Comas for S/ 1.9 million, in the project Los Parques de Huancayo for S/ 1.2 million and in the project Los Parques de Carabayllo 3 for S/ 3.9 million, rents in the projects Tiendas Linea 1 and Centro Comercial Agustino Plaza for S/ 1 million and S/ 0.8 million corresponding to the sale of other apartments.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of trade accounts receivable corresponds-->
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<ix:nonFraction contextRef="c1949" id="hidden-fact-1242" name="aenz:TotalMajorProductsServiceLines" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c1955" id="hidden-fact-1245" name="aenz:TotalMajorProductsServiceLines" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c1956" id="hidden-fact-1246" name="aenz:TotalMajorProductsServiceLines" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c1963" id="hidden-fact-1253" name="aenz:TotalMajorProductsServiceLines" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c1969" id="hidden-fact-1256" name="aenz:TotalTimingOfRevenueRecognition" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c1975" id="hidden-fact-1259" name="aenz:TotalTimingOfRevenueRecognition" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c1988" id="hidden-fact-1260" name="aenz:TotalTimingOfRevenueRecognition" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c1989" id="hidden-fact-1261" name="aenz:TotalTimingOfRevenueRecognition" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c1990" id="hidden-fact-1262" name="aenz:TotalTimingOfRevenueRecognition" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c1994" id="hidden-fact-1263" name="aenz:TotalTimingOfRevenueRecognition" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c1995" id="hidden-fact-1264" name="aenz:TotalTimingOfRevenueRecognition" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c1996" id="hidden-fact-1265" name="aenz:TotalTimingOfRevenueRecognition" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c1997" id="hidden-fact-1266" name="aenz:TotalTimingOfRevenueRecognition" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c1998" id="hidden-fact-1267" name="aenz:TotalTimingOfRevenueRecognition" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c1999" id="hidden-fact-1268" name="aenz:TotalTimingOfRevenueRecognition" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2005" id="hidden-fact-1269" name="ifrs-full:ConstructionInProgress" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2005" id="hidden-fact-1270" name="ifrs-full:PropertyAmountContributedToFairValueOfPlanAssets" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2010" id="hidden-fact-1271" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2010" id="hidden-fact-1272" name="ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2010" id="hidden-fact-1273" name="aenz:ImpairmentOfInvestmentes" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2010" id="hidden-fact-1274" name="aenz:InventoryRecovery" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2012" id="hidden-fact-1275" name="aenz:ImpairmentOfPropertyPlantAndEquipment" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2012" id="hidden-fact-1276" name="aenz:ImpairmentOfInventory" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:footnote id="ix_53_footnote" xml:lang="en-US">Mainly correspond to:

(i) Adjustment to the present value of the account receivable from Gasoducto Sur Peruano S.A. for S/72.2 million, due to the variation in the discount rate applied, which increased from 2.73% to 5.86% (S/32.8 million due to an increase in the rate from 1.65% to 2.73% as of December 31, 2021).
(ii) Adjustment to the fair value of the BCI loan in Inversiones en Autopistas S.A. for S/16.6 million due to the variation of the discount rate applied, which increased from 8.39% to 9.97% (S/12.4 million for rate increase from 6.45% to 8.39% as of December 31, 2021).
 (iii) Present value of the account receivable from Inversiones Majes S.A. in Viva Negocio Inmobiliario S.A. for S/5 million at an applied discount rate of 8%.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of interests for present value of financial assets or liabilities-->
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<ix:nonFraction contextRef="c4" id="hidden-fact-1279" name="aenz:PresentValueOfTheCallOption" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-1280" name="aenz:CivilRepair" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-1281" name="aenz:ProvisionForWellClosure" unitRef="pen" xsi:nil="true"></ix:nonFraction>
<ix:footnote id="ix_56_footnote" xml:lang="en-US">As of December 31, 2022, it corresponds to the impairment of investments of AENZA S.A.A. for S/14.8 million (Note 14.i), impairment of other accounts receivable of Viva Negocio Inmobiliario S.A.C. for S/8.1 million, related to Consorcio Panorama (Note 12), impairment of intangible assets for S/3.1 million corresponds to the subsidiary Cumbra Peru S.A. for S/2.6 million (Vial y Vives - DSD S.A. trademark) and AENZA S.A.A. for S/0.5 million, others minor for S/ 0.2 million. As of December 31, 2021, it corresponds to the impairment of other accounts receivable for S/19.9 million, as a consequence of the financial obligation assumed by AENZA S.A.A. in favor of Adexus S.A.

In 2020, corresponds to: i) impairment of other accounts receivable generated by the subsidiary Concesionaria Via Expresa Sur S.A. for S/55.8 million, as a consequence of the new estimates of the Company on the recovery of the investment it maintains in the project; ii) impairment of other accounts receivable of CAM Holding S.p.A. for S/12.5 million for claims accepted against the guarantee account; iii) impairment of trade receivables generated by the subsidiary Unna Transporte S.A.C. for S/33.7 million to the Regional Government of Cusco iv) other minor for S/0.5 million of other receivables and S/0.5 million of trade receivables.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of other income and expenses-->
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<ix:nonFraction contextRef="c2126" id="hidden-fact-1297" name="ifrs-full:Revenue" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c2050" id="hidden-fact-1301" name="ifrs-full:OtherComprehensiveIncome" unitRef="pen" xsi:nil="true"></ix:nonFraction>
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{"company-data": {"conformed-name": "AENZA S.A.A.", "cik": "0001572621", "assigned-sic": "1600", "irs-number": "000000000", "state-of-incorporation": "R5", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-35991", "film-number": "23925521"}, "business-address": {"street1": "AV. PASEO DE LA REPUBLICA 4667", "city": "LIMA", "state": "R5", "zip": "LIMA 34", "phone": "5112136565"}, "mail-address": {"street1": "AV. PASEO DE LA REPUBLICA 4667", "city": "LIMA", "state": "R5", "zip": "LIMA 34"}, "former-company": [{"former-conformed-name": "Grana & Montero S.A.A.", "date-changed": "20130325"}, {"former-conformed-name": "Gra?a & Montero S.A.A.", "date-changed": "20130320"}]}
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
Date
of event requiring this shell company report
For
the transition period from
to
Commission
file number
001-35991
AENZA
S.A.A.
(Exact name of Registrant as specified in its charter)
N/A
(Translation of Registrant's name into English)
Republic of
Peru
(Jurisdiction of incorporation or organization)
Av.
Petit Thouars 4957
Miraflores
Lima
34
,
Peru
(Address of principal executive offices)
Zoila
Horna Zegarra
, Corporate Legal Vice President
Tel.
011-51-1-213-6565
relacion.inversionistas@aenza.com.pe
Av. Petit Thouars 4957
Miraflores
Lima
34
,
Peru
(Name,
telephone, e-mail 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
Name of each exchange on which registered
Common Shares, par value s/1.00 per share American Depositary Shares, each representing fifteen Common Shares
AENZ
New York Stock Exchange
*
New York Stock Exchange
*
Not
for trading purposes, but only in connection with the registration on the New York Stock Exchange of the American Depositary Shares representing
those common shares.
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
1,196,979,979
shares of common stock
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 pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant
was required to submit 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 definitions 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.
Yes
☒    No  ☐
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
Other  ☐
by the International Accounting Standards Board
☒
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
☒
Table
of Contents
Page
Part I. INTRODUCTION
1
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
5
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
5
ITEM 3.
KEY INFORMATION
5
A.
[Reserved]
5
B.
Capitalization and Indebtedness
5
C.
Reasons for the Offer and Use of Proceeds
5
D.
Risk Factors
5
ITEM 4.
INFORMATION ON THE COMPANY
38
A.
History and Development of the Company
38
B.
Business Overview
40
C.
Organizational Structure
93
D.
Property, Plant and Equipment
95
ITEM 4A.
UNRESOLVED STAFF COMMENTS
95
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
95
A.
Operating Results
96
B.
Liquidity and Capital Resources
120
C.
Research and Development, Patents and Licenses, Etc.
125
D.
Trend Information
125
E.
[Reserved]
128
F.
[Reserved]
128
G.
Safe Harbor
128
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
129
A.
Directors and Senior Management
129
B.
Compensation
135
C.
Board Practices
136
D.
Employees
140
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
142
A.
Major Shareholders
142
B.
Related Party Transactions
143
C.
Interests of Experts and Counsel
144
ITEM 8.
FINANCIAL INFORMATION
144
A.
Consolidated Statements and Other Financial Information.
144
B.
Significant Changes.
148
i
ITEM 9.
THE
    OFFER AND LISTING
148
A.
Offer
    and Listing Details
148
B.
Plan
    of Distribution
149
C.
Markets
149
D.
Selling
    Shareholders
151
E.
Dilution
151
F.
Expenses
    of the Issue
151
ITEM 10.
ADDITIONAL
    INFORMATION
151
A.
Share
    Capital
151
B.
Memorandum
    and Articles of Association
151
C.
Material
    Contracts
152
D.
Exchange
    Controls
154
E.
Taxation
155
F.
Dividends
    and Paying Agents
161
G.
Statement
    by Experts
161
H.
Documents
    on Display
161
I.
Subsidiary
    Information
162
ITEM 11.
QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
162
ITEM 12.
DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES
163
A.
Debt
    Securities
163
B.
Warrants
    and Rights
163
C.
Other
    Securities
163
D.
American
    Depositary Shares
163
Part II.
ITEM 13.
DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES
165
ITEM 14.
MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
165
ITEM 15.
CONTROLS
    AND PROCEDURES
166
A.
Disclosure
    Controls and Procedures
166
B.
Management's
    Annual Report on Internal Control Over Financial Reporting
166
C.
Report
    of the Independent Registered Public Accounting Firm on Internal Control over Financial Reporting
167
D.
Remediation
    Plan
168
E.
Changes
    in Internal Control Over Financial Reporting
168
ITEM 16.
[Reserved]
168
ITEM 16A.
AUDIT
    COMMITTEE FINANCIAL EXPERT
168
ITEM 16B.
CODE
    OF BUSINESS CONDUCT AND ETHICS
168
ITEM 16C.
PRINCIPAL
    ACCOUNTANT FEES AND SERVICES
169
ITEM 16D.
EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
170
ITEM 16E.
PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
170
ITEM 16F.
CHANGE
    IN REGISTRANT'S CERTIFYING ACCOUNTANT
170
ITEM 16G.
CORPORATE
    GOVERNANCE
170
ITEM 16H.
MINE
    SAFETY DISCLOSURE
171
ITEM 16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
171
ITEM 17.
FINANCIAL
    STATEMENTS
171
ITEM 18.
FINANCIAL
    STATEMENTS
171
ITEM 19.
EXHIBITS
172
ii
Part
I.
INTRODUCTION
Certain
Definitions
All
references to "we," "us," "our," "our company," "the group" and "AENZA"
in this annual report are to AENZA S.A.A. (formerly, "Graña y Montero S.A.A."), a publicly-held corporation (
sociedad
anónima abierta
) organized under the laws of the Republic of Peru ("Peru"). In this annual report, we refer to
our principal subsidiaries, joint operations, joint ventures and associated companies as follows: (i) in our Infrastructure segment:
Red Vial 5 S.A. as "Norvial"; Carretera Andina del Sur S.A. as "Survial"; Carretera Sierra Piura S.A.C as "Canchaque";
Tren Urbano de Lima S.A. (formerly, GyM Ferrovías S.A.) as "Línea 1"; Concesionaria La Chira S.A. as "La
Chira"; and UNNA Transporte S.A.C. (formerly Concar S.A.C.) as "UNNA Transporte"; (ii) in our Energy segment: UNNA
Energía S.A. (formerly GMP S.A.) as "UNNA Energía"; (iii) in our Real Estate segment: Viva Negocio Inmobiliario
S.A. (formerly Viva GyM S.A.) as "Viva" and Inmobiliaria Almonte S.A.C. as "Almonte"; and (iv) in our Engineering
and Construction ("E&C") segment: Cumbra Peru S.A. (formerly GyM S.A.) as "Cumbra"; Vial y Vives—DSD
S.A. as "Vial y Vives—DSD"; Cumbra Ingeniería S.A. (formerly GMI S.A.) as "Cumbra Ingeniería";
Morelco S.A.S. as "Morelco". For more information on our subsidiaries, joint operations, joint ventures or associated companies,
see Notes 6A, 6B, 6C and 14 to our audited annual consolidated financial statements included in this annual report.
The
term "U.S. dollar" and the symbol "US$" refer to the legal currency of the United States; the term "sol"
and the symbol "S/" refer to the legal currency of Peru; the term "Chilean peso" and the symbol "CLP"
refer to the legal currency of Chile; and the term "Colombian peso" and the symbol "COP" refer to the legal currency
of Colombia.
Presentation
of 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") issued by the International Accounting Standards Board ("IASB").
We
manage our business in four segments: (i) Infrastructure; (ii) Energy; (iii) Real Estate and (iv)  E&C. Prior to 2021, our Energy
segment was part of our Infrastructure segment; however, during the fourth quarter of 2021, we changed our segment reporting to separately
report our Energy business as its own segment. The historical segment financial information included in this annual report has been adjusted
accordingly. For information on our results of operations by business segment, see Note 7 to our audited annual consolidated financial
statements included in this annual report. In addition, on December 27, 2021, we sold Adexus S.A. ("Adexus"), our technical
services subsidiary. As a result, our financial information included in this annual report has been adjusted accordingly. Our segment
data presents Adexus as a parent company operation not part of any of our four business segments. See Note 35 to our audited annual consolidated
financial statements included in this annual report.
Non-IFRS
Data
In
this annual report, we present adjusted EBITDA and adjusted EBITDA margin, non-GAAP financial measures. A non-GAAP financial measure
is generally defined as one that purports to measure financial performance, financial position or cash flows but excludes or includes
amounts that would not be so adjusted in the most comparable IFRS measure. We present adjusted EBITDA and adjusted EBITDA margin because
we believe they provide readers with a supplemental measure of the financial performance of our core operations that facilitates period-to-period
comparisons on a consistent basis. Our management uses adjusted EBITDA and adjusted EBITDA margin, among other measures, for internal
planning and performance measurement purposes. We believe that adjusted EBITDA and adjusted EBITDA margin are useful in evaluating our
operating performance compared to other companies operating in our sectors because the calculation of adjusted EBITDA generally eliminates
the effect of financing and income tax expenses and the accounting effects of capital spending, which items may vary for different companies
for reasons unrelated to overall operating performance. Adjusted EBITDA should not be construed as an alternative to net 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). Adjusted EBITDA and adjusted EBITDA margin, as calculated by us, may
not be comparable to similarly titled measures reported by other companies.
We
define adjusted EBITDA as net profit plus: financial (expense) income, net; income tax expense; and depreciation and amortization and
adjusted EBITDA margin as adjusted EBITDA over revenues.
1
Currency
Translations
Our
consolidated financial statements are prepared in soles. For a description of our translation of amounts in currencies other than soles
in our consolidated financial statements, see Note 2.C to our audited annual consolidated financial statements included in this annual
report.
We
have translated some of the soles amounts contained in this annual report into U.S. dollars and some U.S. dollars amounts contained in
this annual report into soles, for convenience purposes only. Unless otherwise indicated or the context otherwise requires, the rate
used to translate soles amounts to U.S. dollars and U.S. dollars amounts into soles was S/3.82 to US$1.00, which was the average sale
exchange rate for December 31, 2022 reported by the Peruvian Superintendence of Banks, Insurance and Private Pension Fund Administrators
(
Superintendencia de Banca, Seguros y AFPs
, or "SBS"). For conversions of macroeconomic indicators (particularly in
"Item 5.D. Operating and Financial Review and Prospects—Trend Information" in this annual report), average annual exchange
rates for the currencies of each of the countries addressed are used. 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 or other currency amounts represent, or could have been or could be converted
into, U.S. dollars at such rates or at any other rate.
Rounding
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.
Backlog
This
annual report includes our backlog (indicative of future revenues expected to be realized in relation to signed contracts) for part of
our Infrastructure segment and our E&C, and Real Estate segments. We do not include backlog in this annual report in: (i) our Infrastructure
segment for our Norvial toll road concession because its revenues from the concession are derived from toll fees charged to vehicles
using the highway, and, as a result, such revenues are dependent on vehicular traffic levels; and (ii) our Energy segment because: (a)
our revenues from hydrocarbon extraction services are dependent on the amounts of oil and gas we produce and their market prices, which
fluctuate significantly; (b) our revenues from our gas processing plant are dependent on the amount of gas we process and market prices
for natural gas liquids, which fluctuate significantly; and (c) our revenues from our fuel storage terminal operation partially depend
on the volume of fuel stored and dispatched. When we present backlog on a segment basis, we do not include eliminations that are included
in our consolidated backlog. Backlog is not a measure defined by IFRS, and our methodology for determining backlog may not be comparable
to the methodology used by other companies in determining their backlog. Backlog is not audited. We have revised historical backlog data
included in this annual report to exclude the presentation of entities that are presented as discontinued operations. For our definition
of backlog, see "Item 4.B. Information on the Company—Business Overview—Backlog." See also "Item 3.D. Key
Information—Risk Factors—Risks Related to our Company—Our backlog and our ratio of historical backlog to revenues may
not be reliable indicators of future revenues or profit."
Reserves
Estimates
This
annual report includes our estimates for proved reserves in Block V, where UNNA Energía provides hydrocarbon extraction services
to, and Blocks III and IV, where UNNA Energía extracts hydrocarbon under license agreements with, Perupetro S.A. ("Perupetro").
These reserves estimates were prepared internally by our team of engineers and have not been audited or reviewed by any independent external
engineers. For further information on these reserves estimates, see "Item 3.D. Key Information—Risks Related to Our Company—Additional
Risks Related to our Infrastructure Business" and "Item 4.B. Information on the Company—Business Overview—Infrastructure—Principal
Infrastructure Lines of Business—Energy—Oil and Gas Production."
2
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 infrastructure, energy, real estate, and engineering and construction services industries in Peru and elsewhere in Latin America.
We have made these estimates on the basis of our management's knowledge and statistics and other information, which we believe
to be the most recently available as of the date of this annual report, from government agencies, industry professional organizations,
industry publications and other sources. While we believe these estimates to be accurate as of the date of this annual report, we have
not independently verified the data from third-party sources and our internal data has not been verified by any independent source. In
this annual report we present gross domestic product ("GDP") both on a nominal and real basis. Real GDP is nominal GDP adjusted
to exclude the effect of inflation. Unless otherwise indicated, references to GDP are to real GDP.
Measurements
and Other Data
In
this annual report, we use the following measurements:
●
"m"
means one meter, which equals approximately 3.28084 feet;
●
"m2"
means one square meter, which equals approximately 10.7630 square feet;
●
"km"
means one kilometer, which equals approximately 0.621371 miles;
●
"hectare"
means one hectare, which equals approximately 2.47105 acres;
●
"tonne"
means one metric ton, which equals approximately 2,204.6 pounds;
●
"bbl"
or barrel of oil means one stock tank barrel, which is equivalent to approximately 0.15898 cubic meters;
●
"boe"
means one barrel of oil equivalent, which equals approximately 160.2167 cubic meters, determined using the ratio of 5,658 cubic feet
of natural gas to one barrel of oil;
●
"cf"
means one cubic foot;
●
"M,"
when used before bbl, boe or cf, means one thousand bbl, boe and cf, respectively;
●
"MM,"
when used before bbl, boe or cf, means one million bbl, boe and cf, respectively;
●
"MW"
means one megawatt, which equals one million watts; and
●
"Gwh"
means one gigawatt hour, which equals one billion watt hours.
In
this annual report, we use the term "accident incidence rate" with respect to our E&C segment, which is calculated as
the number of injuries multiplied by 200,000 (which reflects 40 hours worked per week in a 50-week year by 100 equivalent full-time workers)
divided by the total number of hours worked by all full-time employees of our E&C segment during the relevant year.
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.D.
Key Information—Risk Factors," which may cause our actual results, performance or achievements to differ materially from
the forward-looking statements that we make.
3
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, among others:
●
the
impact on our business reputation from our previous and minimal ongoing association with affiliates of Odebrecht S.A. ("Odebrecht")
in Peru and our alleged participation in what is referred to as the "construction club" in Peru;
●
the
potential effects of investigations of our company and certain former directors and senior managers of our company, or any future investigations
regarding corruption or other illegal acts, including our agreement with Peruvian prosecutorial authorities ("Collaboration and
Benefits Agreement"), which includes, among other restrictions, significant penalties, admissions of guilt and temporary ban from
entering into new contracts with the Peruvian government;
●
our
ability to fund our working capital and other obligations, through cash flow from operating activities, financing sources or the sale
of assets;
●
our
ability to comply with the covenants in our debt instruments or obtain waivers in the event of non-compliance;
●
our
ability to obtain financing on favorable terms, or at all, including performance bonds and similar financings required in the ordinary
course of our business;
●
our
ability to consummate asset sales or other strategic transactions on favorable terms and on a timely basis, or at all;
●
global
macroeconomic conditions, including commodity prices;
●
economic,
political and social conditions in the markets in which we operate, including the political disputes between the executive branch and
congress in Peru, the drafting of a new constitution in Chile, and the recent elections in Colombia;
●
major
changes in governmental policies at the national, regional and municipal levels such as in connection with infrastructure concessions,
investments in infrastructure and affordable housing subsidies;
●
social
conflicts that disrupt infrastructure projects, particularly in the mining sector;
●
interest
rate fluctuation, inflation and devaluation or appreciation of the Peruvian sol, or Chilean peso or Colombian peso, in relation to the
U.S. dollar (or other currencies in which we receive revenue);
●
our
backlog may not be a reliable indicator of future revenues or profit;
●
the
cyclical nature of some of our business segments;
●
the
level of capital investments and financings available for infrastructure projects of the types that we perform, both in the private and
public sectors;
●
competition
in our markets, both from local and international companies;
●
volatility
in global prices of oil and gas, particularly as a result of the conflict in Russia and Ukraine;
●
changes
in real estate market prices, customer demand, preference and purchasing power and financing availability and terms;
●
our
ability to obtain zoning and other license requirements for our real estate development;
●
changes
in tax, environmental, health and safety, or other laws and regulations;
●
natural
disasters, severe weather or other events that may adversely impact our business; and
●
other
factors identified or discussed under "Item 3.D. Key Information—Risk Factors" of this annual report.
The
forward-looking statements in this annual report represent our expectations and forecasts as of the date of this annual report. These
statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. 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.
4
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
Summary
of Risk Factors
The
following summarizes some, but not all, of the principal risks set forth below. Please carefully consider all of the information discussed
in this Item 3.D "Risk Factors" in this annual report for a detailed description of these and other risks.
Risks
Related to Key Developments
●
The
outcome of investigations regarding potential corruption or other illegal acts could have a material adverse effect on our business,
financial condition and results of operations.
●
We
were in default under certain of our debt instruments in the past, and we cannot assure you that we will not be in default under our
debt instruments in the future, or that we will be able to obtain additional waivers in the event of any future defaults.
●
We
may not have sufficient cash or access to funding to meet our extraordinary payment obligations.
●
We
may be unable to access financing that we need to operate our business on favorable terms or at all.
5
Risks
Related to Our Company
●
Global
economic conditions could adversely affect our financial performance.
●
We
face significant competition in each of our markets.
●
Social
conflicts may disrupt infrastructure projects and ongoing operations.
●
Failure
to comply with, or changes in, laws or regulations could have a material adverse effect on our business and financial performance.
●
We
are exposed to the risk of increasing environmental legislation and the broader impacts of climate change.
●
Our
backlog and our ratio of historical backlog to revenues may not be reliable indicators of future revenues or profit.
●
Debarment
from participating in government bidding processes could have an adverse impact on our business and financial performance.
Additional
Risks Related to our Infrastructure Business
●
Our
return on our investment in our concessions may not meet estimated returns.
●
Governmental
entities may prematurely terminate our concessions and similar contracts under various circumstances, some of which are beyond our control.
●
We
are exposed to risks related to the operation and maintenance of our concessions and similar contracts.
●
We
may not be successful in obtaining new concessions.
Additional
Risks Related to our Energy Business
●
A
substantial or sustained decline in oil prices would adversely affect our financial performance.
●
Our
reserves estimates depend on many assumptions that may turn out to be inaccurate and are not subject to review by independent reserve
auditors.
●
We
may not be able to finance our mandatory capital expenditure requirements in connection with our oil and gas operations.
6
Additional
Risks Related to our Engineering and Construction Business
●
We
are vulnerable to the cyclical nature of the end-markets we serve.
●
Decreases
in capital investments by our clients may adversely affect the demand for our services.
●
Our
business may be adversely affected if we incorrectly estimate the costs of our projects.
Additional
Risks Related to our Real Estate Business
●
We
are exposed to risks associated with the development of real estate.
●
Real
estate prices may decline.
●
Our
business may be adversely affected if we are not able to obtain the necessary licenses and/or authorizations for our developments on
a timely basis.
●
We
may experience difficulties in finding desirable land and increases in the price of land may increase our cost of sales and decrease
our earnings.
●
Changing
market conditions may adversely affect our ability to sell home inventories in our land and at expected prices.
Risks
Related to Peru
●
Economic,
social and political developments in Peru could adversely affect our business and financial performance.
●
Fluctuations
in the value of Peruvian sol could adversely affect financial performance.
●
Inflation
could adversely affect our financial performance.
●
Earthquakes,
severe weather and other natural disasters could adversely affect our business and financial performance
Risks
Related to Chile, Colombia and other Latin American Countries
●
We
face risks related to our operations outside of Peru.
Risks
Related to our American Depositary Shares ("ADSs")
●
We have identified
                                                                                                                                                                       material weaknesses in the operational effectiveness of information technology general controls ("ITGCs") related to
                                                                                                                                                                       some of our information technology ("IT") systems and in the design and implementation of process-level control
                                                                                                                                                                       activities related to the recognition of revenue and costs within our E&C segment, and if we cannot maintain effective internal
                                                                                                                                                                       controls or provide reliable financial and other information in the future, investors may lose confidence in the reliability of our
                                                                                                                                                                       consolidated financial statements, which could result in a decrease in the value of our ADSs.
7
Risks
Related to Key Developments
Geopolitical
conflicts could affect Latin American economies and our businesses
We
are subject to geopolitical risks, including Russia's military invasion of Ukraine and its possible escalation. This geopolitical
conflict is affecting international energy prices and global inflation, which may affect aggregate demand and economic growth expectations.
Global oil prices reached pre-COVID-19 levels by the end of 2020, increased in 2021 due to supply shocks and the resurgence of demand,
and, more recently, rose sharply in early 2022 due to the conflict between Ukraine and Russia. The effects of this conflict and other
geopolitical situations could adversely affect the economies of the countries in which we operate our businesses, especially with regards
to investments and our ability to refinance our debt.
We
cannot assure you that oil prices will decrease in the future (although increased oil prices would benefit revenues in our Energy segment).
Substantial increases in the prices of the commodity generally, as a result of geopolitical conflicts or otherwise, result in increases
in our suppliers' operating costs and, consequently, lead to increases in the prices they charge for their products. See "Increases
in the prices of energy, raw materials, equipment or wages could increase our operating costs."
Our
reputation has been adversely affected by criminal investigations and administrative proceedings relating to allegations of past corruption
Our
reputation has been adversely affected by criminal investigations and administrative proceedings relating to allegations of corruption
with respect to events during the period from 2004 to 2016 in connection with the construction and operation of certain infrastructure
projects in Peru in which we participated with Odebrecht. Our reputation has also been adversely affected by investigations and administrative
proceedings arising from our alleged participation in a "construction club" that colluded to procure government contracts
during the period from 2002 to 2016. Furthermore, in May 2021, we entered into a Collaboration and Benefits Agreement with Peruvian
prosecutorial authorities, by which we have acknowledged that certain of our former directors and senior managers have used the company
to commit wrongdoing and, as a result, we have agreed to indemnify the Peruvian government for the resulting damages. On September 15,
2022, we signed the final Collaboration and Benefits Agreement ("Final Collaboration and Benefits Agreement"). The validity
of the agreement is subject to consent (control of legality) by the Judiciary, and its specific terms and conditions are subject to confidentiality.
Our
reputation is a key factor in our clients' evaluation of whether to engage our services, key industry players' willingness
to partner with us, financial institutions' willingness to provide us credit, and recruiting and retaining talented personnel to
our company. The outcome of these investigations and proceedings, any new charges or news reports containing new allegations against
the company, or other similar developments, could further damage the reputation of the company.
8
The
outcome of investigations regarding potential corruption or other illegal acts could have a material adverse effect on our business,
financial condition and results of operations
Our
company and certain of our subsidiaries, and certain of our former directors and senior managers, have been charged in connection with
criminal and civil investigations relating to certain of our projects in connection with our association with Odebrecht and in connection
with our alleged participation in the alleged "construction club" during the period from 2004 to 2016.
In
2018, the Peruvian criminal prosecutor charged our company and our engineering and construction subsidiary, Cumbra, as criminal defendants
in connection with the IIRSA South (tranche II) project concession, and the Peruvian First National Preparatory Investigation Court (
Primer
Juzgado de Investigación Preparatoria Nacional
) included our company and Cumbra in its criminal investigation. Separately,
in connection with these investigations, in December 2018, the Peruvian First National Preparatory Investigation Court also resolved
to include our company and Cumbra as civilly responsible third parties in the investigations related to the IIRSA South (tranche II)
project concession and Cumbra as a civilly responsible third party in the investigations related to Tranches 1 and 2 of the Lima Metro.
In
December 2018, Cumbra was formally included as a civilly responsible third party, along with 11 other construction companies, in the
criminal investigation conducted by a Peruvian public prosecutor with respect to an alleged "construction club" that colluded
to receive public contracts. In October 2021, the prosecutor filed a motion to criminally charged Cumbra and another of our subsidiaries,
UNNA Transporte, and other companies in the construction sector in Peru, as well as a former director and former senior managers of our
company, with collusion and other alleged crimes.
Additionally,
Peruvian prosecutors have included José Graña Miró Quesada, the former Chairman of our company, in an investigation
for the crime of collusion, and Hernando Graña Acuña, a former board member of our company and former chairman of our subsidiary
Cumbra, for the crime of money laundering against the Peruvian government, each in connection with the IIRSA South (tranche II) project
concession, in which we participated with Odebrecht. Gonzalo Ferraro Rey, the former Chief Infrastructure Officer of our company, has
also been included in an investigation for the crime of money laundering in connection with the same project. In addition, José
Graña Miró Quesada and Hernando Graña Acuña, as well as Juan Manuel Lambarri, the former chief executive
officer of our subsidiary Cumbra, have been charged in connection with Tranches 1 and 2 of the Lima Metro. On February 9, 2022, the Peruvian
press reported that Peruvian prosecutorial authorities entered into plea agreements with José Graña Miró Quesada
and Hernando Graña Acuña. On January 3, 2023, the plea agreement with José Graña Miró Quesada received
judicial approval and on January 18, 2023, the plea agreement with Hernando Graña Acuña received judicial approval. These
plea agreements are confidential under Peruvian law and we, therefore, do not know their content, however, they may include information
related to wrongdoing or knowledge of improper behavior while José Graña Miró Quesada and Hernando Graña
Acuña were at the company. We cannot assure you what they will ultimately say to government authorities, or that their statements
will not adversely affect the company's reputation.
Following
internal investigations of the events covered by the criminal investigations described above, the company provided all evidence found
during its internal investigation to Peruvian prosecutorial authorities within the framework of a settlement and cooperation agreement
process, in line with the company's commitment to transparency and integrity. On September 15, 2022, we signed a Final Collaboration
and Benefits Agreement (
Acuerdo de Colaboración Eficaz y Beneficios
) with Peruvian prosecutorial authorities (the "Final
Agreement on Settlement and Cooperation"), by which we acknowledged that certain former directors and former senior managers have
used the company to commit wrongdoings and, as a result, we have agreed to indemnify the Peruvian government for the resulting damages.
The validity of the agreement is subject to consent (control of legality) by the Judiciary, and its specific terms and conditions are
subject to confidentiality. Once the agreement is approved, the Prosecutor's Office will be obligated pursuant to the terms of
the agreement, to request the complete exemption of the company from the scope of Law 30737 and its implementing regulation approved
by Decreto Supremo No 096-2018-EF with respect to the projects subject to agreement.
Under
the Final Collaboration and Benefits Agreement, we have agreed to pay a civil penalty of S/333,326,423.6 and US$40,724,531.00 over 12
years, subject to a statutory interest rate in Peruvian and foreign currency, and to a pledge of collateral valued at S/197.0 million
as of the date of the agreement, pursuant to a trust agreement that includes shares issued by a subsidiary of AENZA, a real estate asset
guarantee and a debt service guaranty account. Among other conditions, the agreement includes a restriction on participating in new public
construction and road maintenance contracts for two years from the approval of the agreement. As of December 31, 2021, we recorded an
estimated provision reflecting the present value of the penalty in accordance with accounting standards, which amounted to S/164.6 million
and US$18.9 million (in total, S/240.1 million, or approximately US$60.1 million). As of December 31, 2022, we recorded an additional
provision of S/11.4 million (approximately US$2.99 million) and recorded the whole amount in nominal value to comply with the provisions
set forth in the Final Collaboration and Benefits Agreement entered into on September 15, 2022. The provision was recorded in AENZA.
9
According
to the terms of the Collaboration and Benefits agreement, the civil penalty would cover the total contingency to Peruvian prosecutorial
authorities to which the company is exposed as a result of the investigations of past projects in which the company participated with
Odebrecht (other than the Chavimochic project) and investigations relating to an alleged participation in the "construction club"
(excluding the separate administrative proceedings by the Instituto Nacional de Defensa de la Competencia y de la Protección de
la Propiedad Intelectual ("INDECOPI")).
We
cannot assure you that the scope of the foregoing proceedings will not be expanded to incorporate other projects in which we have been
involved, that our company will not be included in other investigations or proceedings as a criminal defendant or third party civilly
responsible in Peru or elsewhere, or that other of our former or current directors and senior managers will not be included in the foregoing
proceedings.
If
we do not comply with applicable laws and regulations designed to combat corruption, we could become subject to fines, penalties or other
regulatory sanctions, and our business could suffer
Although
we are committed to conducting business in a legal and ethical manner in compliance with local and international legal requirements applicable
to our business, and though we have implemented specific policies and procedures to avoid corrupt actions, there is a risk that our employees
or representatives may take actions that violate applicable laws and regulations that generally prohibit the making of improper payments
to government officials for the purpose of obtaining or keeping business, including laws relating to the 1997 OECD Convention on Combating
Bribery of Foreign Public Officials in International Business Transactions or the U.S. Foreign Corrupt Practices Act. Further, while
we have obtained Global STD ISO 37001 anti-bribery certifications for our subsidiaries, if any of our employees or representatives violate
anti-corruption laws, our business, financial condition and results of operation would be adversely affected.
INDECOPI
has initiated an administrative proceeding alleging that certain construction companies in Peru, including our subsidiary Cumbra, colluded
to receive public contracts
On
February 7, 2022, Cumbra and Unna Transporte were notified of Resolution 038-2021/CLC-INDECOPI, by means of which the National Directorate
of Research and Promotion of Free Competition of INDECOPI decided to initiate an administrative sanctioning procedure regarding the alleged
horizontal collusive practice in the modality of concerted sharing of suppliers in the market of hiring workers in the construction sector
at the national level from 2011 to 2017.
On
April 7, 2022, Cumbra and Unna Transporte proposed a cease-and-desist agreement for the early termination of the administrative sanctioning
procedure, where they (i) accepted the alleged conduct, (ii) committed to comply with a free competition rules compliance program from
2022 to 2024; and (iii) committed to paying a compensation amounting to S/2.7 million in two installments (the first one within 60 days
after the notification of the resolution approving the cessation undertaking and the second one within 12 months). By means of Resolution
054-2022/CLC-INDECOPI, dated August 19, 2022, INDECOPI approved the proposed cease-and-desist agreement and concluded the sanctioning
procedure. We cannot predict the outcome of these investigations or proceedings, the timing thereof or how they may impact our business,
financial condition and results of operations. We also cannot predict whether INDECOPI will bring additional investigations or proceedings
in the future.
10
INDECOPI
has initiated an administrative proceeding alleging anti-competitive practices in the labor market in the construction sector
On
February 7, 2022, Cumbra and UNNA Transporte were notified pursuant to INDECOPI Resolution 038-2021/DLC-INDECOPI dated December 28, 2021,
that the antitrust authority initiated a sanctioning administrative procedure for the alleged execution of a horizontal collusive practice
in the form of concerted distribution of suppliers in the labor market in the construction workers industry nationwide, during the period
from 2011 to 2017.
On
April 7, 2022, Cumbra and UNNA Transporte submitted a proposal for a cease and desist agreement for the early termination of the administrative
sanctioning procedure, in which they (i) acknowledged the alleged conduct, (ii) committed to maintain a compliance program with free
competition rules during 2022, 2023 and 2024, and (iii) agreed to pay S/2.7 million in two installments (one after 60 days and the
second after 12 months). Pursuant to Resolution No. 054-2022/CLC-INDECOPI dated August 19, 2022, the Commission for the Defense of Free
Competition of INDECOPI approved the proposed cease and desist commitment and concluded the sanctioning procedure. As of December 31,
2022, the company estimated a provision amounting to S/1.4 million (approximately US$0.37 million) recognized as of December 31, 2022
(S/4.8 million as of December 31, 2021) related to this proceeding.
On
May 9, 2023, our subsidiaries Cumbra and Unna Transporte were notified by INDECOPI, with Resolution 052-2023/CLC-INDECOPI, which formally
concludes the administrative sanctioning procedure in first instance for the alleged horizontal collusive practice in the form of concerted
distribution of suppliers in the market for hiring workers in the construction sector.
In
this regard, by Resolution No. 054-2022/CLC-INDECOPI of August 19, 2022, the Commission for the Defense of Free Competition of INDECOPI
approved the cessation of the proposed commitment. According to the established schedule, the Subsidiaries have paid the first installment
corresponding to 50% of the amount of the compensation in November 2022 and the next installment, for the remaining 50%, will be paid
no later than November 15, 2023; the amount thereof is duly provisioned in the financial statements. Likewise, the Subsidiaries are complying
with their commitment to maintain a compliance program, with supervision of INDECOPI.
We
cannot predict how the outcome of any such proceedings or how they may impact our business, financial condition and results of operations.
We
were in default under certain of our debt instruments in the past, and we cannot assure you that we will not be in default under our
debt instruments in the future, or that we will be able to obtain additional waivers in the event of any future defaults
In
the past we have been in default on financial covenants and payment obligations under certain of our debt instruments. These defaults
have been cured as of the date of this annual report either with the obtainment of waivers or through the repayment in full of these
debt instruments. However, we cannot assure you that we will not breach the covenants under our debt instruments in the future and, in
such event, that we would be able to obtain the required waivers from our creditors. Failure to successfully obtain waivers could force
us to precipitate the sale of assets, including on unfavorable terms, to repay these debt instruments. Moreover, if we are not able to
renegotiate the terms of any debt instruments in which we are in default, or repay them promptly, our ability to obtain financings, including
performance guarantees or similar financings required under many of our business contracts, would be impaired, which may have a material
adverse effect on our business, financial condition and results of operations.
We
may not have sufficient cash or access to funding to meet our extraordinary payment obligations
We
have significant extraordinary payment obligations. For example, in May 2021, we entered into a Collaboration and Benefits Agreement
with Peruvian prosecutorial authorities, under which we will be required to make payments of S/333,326,423.6 and US$40,724,531.00 over
12 years. On September 15, 2022, we signed the Final Collaboration and Benefits Agreement. The validity of the agreement is subject to
consent (control of legality) by the Judiciary, and its specific terms and conditions are subject to confidentiality.
11
On
March 17, 2022, we entered into a bridge loan agreement for up to US$120 million and we have used the proceeds to repay certain of our
financial and other obligations. The bridge loan is required to be repaid over a period of 18 months ending in October 2023, and is secured
by a flow trust (first lien), a trust over the shares of Viva Negocio Inmobiliario S.A. (second lien), and a pledge on our shares in
Unna Energía (first lien). We are currently evaluating different debt restructuring plans to refinance the bridge loan.
We
cannot assure you that we will have sufficient cash from operations, any sale of assets, or access to equity or debt financing, in order
to comply with payments regarding our agreements, or that following any such payments, we will have sufficient cash to continue to operate
our business consistent with past practices. In addition, in relation to debt financing, interest rate increases may affect our ability
to refinance at competitive rates and may have an adverse impact on results.
We
may be unable to access financing that we need to operate our business on favorable terms or at all
Due
to uncertainty relating to the investigations of our company, our creditors and other financial institutions have placed restrictions
in the past on our ability, and the ability of other Peruvian construction companies, to acquire future credit lines, performance bonds
and other financings.
Our
ability to obtain financings will also depend in part upon prevailing conditions in credit and capital markets, which are beyond our
control. Emerging markets have been affected by changes in U.S. monetary policy, resulting at times in a withdrawal of investments and
increased volatility in the value of their currencies. If interest rates rise significantly in the United States, emerging market economies,
including Peru, could find it more difficult and expensive to borrow capital and refinance existing debt. Higher interest rates globally
or in Peru would in turn impact our costs of funding.
We
cannot assure you that we will be able to obtain new financings in the future on favorable terms or at all. Additionally, we cannot control
or predict changes in interest rates, including interest rate policies of the Central Reserve Bank of Peru and the U.S. Federal Reserve.
Also,
we may encounter difficulties in obtaining performance bonds or credit support that we require to secure, among other things, bids, advance
payments and performance for our projects.
The
inability to procure adequate financing or credit on favorable terms or at all could have a material adverse effect on our business,
financial condition and results of operation.
There
is uncertainty with regard to the amount, timing and manner in which the payment for the termination of the GSP gas pipeline concession
will be paid
In
November 2015, we acquired a 20% interest in Gasoducto Sur Peruano S.A. ("GSP") and obtained a 29% interest in Consorcio
Constructor Ductos del Sur ("CCDS") through its subsidiary Cumbra Peru.
On
July 22, 2014, GSP signed a concession agreement with the Peruvian Government to build, operate, and maintain a natural gas pipeline
to meet the demand of cities in the south of Peru (the "GSP Concession Agreement"). Additionally, GSP signed an engineering,
procurement, and construction agreement with CCDS.
We
made an investment of US$242.5 million in GSP and had to assume 20% of the performance bond established in the GSP Concession Agreement
for US$262.5 million and 21.49% of the guarantee for a bridge loan of US$600 million. On January 24, 2017, the Peruvian Ministry of Energy
and Mines ("MEM") announced the early termination of the GSP Concession Agreement under Clause 6.7 thereof, for not having
provided evidence of the financial closing within the contractual term resulting in the immediate enforcement of the performance bond.
The
events described in the previous paragraph caused management to recognize an impairment from 2016 to 2019 of its total investment (US$242.5
million), as well as the account receivable resulting from the execution of the counter-guarantees granted by AENZA in favor of the entity
issuing the guarantees: for US$52.5 million corresponding to the performance bond and US$129 million corresponding to the corporate guarantee
on the bridge loan granted to GSP. According to the Concession Contract, the guarantees were paid on behalf of GSP, therefore, AENZA
recognized the right to collect from GSP US$181.5 million, which was recorded in 2016 as accounts receivable from related parties. Likewise,
Cumbra Peru recognized the value of accounts receivable from CCDS as US$73.5 million and lost profits as US$10 million, which correspond
to receivables from GSP. See Note 11 to our audited annual consolidated financial statements included in this annual report for the balance
of the account receivable from GSP.
12
On
October 11, 2017, the agreement deed for the delivery of the assets of the South Peruvian gas pipeline concession between GSP and MEM
was signed. The assets include the works, equipment, facilities and engineering studies provided for the execution of the project.
Upon
termination of the Concession Contract, and in accordance with the provisions of Clause 20 thereof, the Peruvian State was obligated
to hire an internationally recognized auditing firm to calculate the net book value of the concession assets ("VCN"), and
to call up to three auctions on GSP's assets. However, to date, the Peruvian State has failed to comply with these contractual
obligations. The amount of the VCN was calculated at US$2,602 million by an independent auditing firm hired by GSP as of December 31,
2016. This figure was subsequently adjusted to US$2,110 million, as a result of variations in the balances related to the works carried
out by the consortium, which in turn is reported in its audited financial statements as of December 31, 2017.
On
December 21, 2018, the company asked the Peruvian Government for direct treatment and requested the payment of the VCN in favor of GSP.
On October 18, 2019, the company filed an arbitration request with the International Centre for Settlement of Investment Disputes ("CIADI").
On December 27, 2019, the company withdrew the arbitration request in compliance with a preliminary collaboration and benefits agreement
signed with the Attorney General´s Office and Ad-hoc Public Prosecutor's Office on the same date (see Note 1 to our audited
annual consolidated financial statements included in this annual report). Withdrawing the arbitration request before CIADI does not result
in the loss of collection rights of the company against GSP and does not restrict, limit, or impede GSP from asserting its rights against
the Peruvian Government.
The
company and its internal and external legal advisors consider that the payment owed by the Government to GSP for the VCN are not within
the withholding scope under Law 30737 that ensures the immediate payment of civil compensation in favor of the Peruvian State in cases
of corruption and related crimes, since this payment does not include any profit margin and/or does not correspond to the sale of assets
related to the project, but to a reimbursement for the investment made by the concessionaire.
As
of December 4, 2017, GSP entered into a bankruptcy proceeding before INDECOPI. GSP has claims recognized by INDECOPI of US$0.4 million
and US$169.3 million, the latter held in trust in favor of GSP's creditors. It also has indirectly recognized claims for US$11.8
million. On the other hand, the claim of Cumbra is indirectly recognized in INDECOPI through
Consorcio Constructor Ductos del Sur
for an amount of US$88.7 million. As of the date of this report, GSP is in the process of liquidation and AENZA is chairing the Board
of Creditors.
On
April 11, 2023, a liquidation agreement (the "Liquidation Agreement") was approved, which delimits the framework for the
liquidator's work. The Liquidation Agreement includes the granting of powers to the liquidator with respect to representation, administrative,
contractual and other relevant powers that allow him to comply with the obligations for which he was appointed, as well as the actions
he is allowed to take in order to recover GSP's assets and in accordance with the mechanisms set forth in the General Law of the Insolvency
System.
On
April 13, 2023, and under the powers granted to him by the Liquidation Agreement, the Liquidator requested that the MEM initiate the
direct treatment procedure stipulated in the Concession Contract. For more information regarding the amounts recognized, see Note 11
to our audited annual consolidated financial statements included in this annual report.
As
of December 31, 2022, the net value of the accounts receivable from GSP is approximately US$142.4 million (equivalent to S/542.3 million)
compared to US$161.9 million (equivalent to S/643.9 million) as of December 31, 2021, which comprises the recognition in the following
entities of the Corporation: i) AENZA holds US$63.9 million (equivalent to S/243. 2 million), discounted to present value net of impairment
and the effect of the exchange difference, compared to US$81.1 million (equivalent to S/322.6 million) as of December 31, 2021; and ii)
Cumbra holds US$78.6 million (equivalent to S/299.2 million) discounted to present value net of the effect of the exchange difference
compared to US$80.8 million (equivalent to S/321.3 million) as of December 31, 2021.
13
The
company's management maintains the recovery estimate at 8 years, applying a discount rate of 5.85%, compared to recovery term of 8 years
with a discount rate of 2.73% as of December 31, 2021. These estimates generated during 2022 a present value effect of approximately
S/72.2 million, compared to S/32.8 million during 2021, which has been recognized in the consolidated statement of income under the caption
"Financial income and expenses - loss from present value", see Note 26.B to our audited annual consolidated financial statements
included in this annual report.
Based
on management's assessment and in conjunction with the opinion of the internal legal department and external legal counsel, the estimate
of recoverability, impairment allowances and the net recognized value of the account receivable from GSP as of December 31, 2021 and
2022 is reasonable and sufficient as of the reporting date of the Corporation's consolidated financial statements, see also Notes 5.A.iv
and 11 to our audited annual consolidated financial statements included in this annual report.
Risks
Related to Our Company
Global
economic conditions could adversely affect our financial performance
Global
economic conditions, in particular fluctuations in commodity prices and financing costs, may impact our clients' investment decisions.
Should our clients choose to postpone or suspend new investments or delay or cancel the execution of existing projects as a result of
global economic conditions, demand for our products and services would decline, which may result in a decline in revenues and in under-utilization
of our capacity. Our business may be impacted by adverse economic developments even after economic conditions have improved because of
the lag time between when investments decisions are made and when the projects are executed. Furthermore, financial difficulties suffered
by our clients, joint operation partners, subcontractors or suppliers due to global economic conditions could result in payment delays
or defaults or increase our costs or adversely impact our project execution. Accordingly, a global economic downturn could have a material
adverse effect on our financial performance.
Interest
rates have risen across markets and have impacted our ability to refinance our debt. Economic forecasts expect that the U.S. Federal
Reserve Fund Rate will end above 5.0% by year-end. This could increase our financing costs and limit our ability to obtain financing
in a timely manner and on acceptable terms. In addition, we are experiencing high levels of inflation in each country where we operate.
During the last twelve months, Peru has raised interest rates from 5.0% to 7.75%, Colombia has raised interest rates from 6.0% to 13.25%
and Chile has raised interest rates from 7.0% to 11.25%. Current global economic conditions could adversely affect our financial
performance.
We
face significant competition in each of our markets
Each
of the markets in which we operate is competitive. We compete on the basis of, among other factors, price, performance, product and service
quality, skill and execution capability, client relations, reputation and brand, and health, safety and environmental record. We face
significant competition from both local and international players. Some of these competitors may have greater resources than us or may
have specialized expertise in certain sectors. In addition, a portion of our business is derived from open bidding processes which can
be highly competitive. Certain of our markets are highly fragmented with a large number of companies competing for market share. Our
competitors may be more inclined to take greater or unusual risks or accept terms and conditions in a contract that we might not deem
acceptable. Moreover, we cannot assure you that we will not face new competition from industry players entering or expanding their operations
in our markets. If we are unable to compete effectively, our ability to continue to grow our business or maintain our market share would
be affected. In addition, because one of the factors on which we generally compete is price, increased competition could impact our operating
margins. Accordingly, our business and financial performance could be adversely affected by competition in our markets.
14
A
major change in government policies could affect our business
Our
business is significantly affected by national, regional and municipal government policies and regulations in the countries where we
operate, including with respect to infrastructure concessions or similar contracts to the private sector, public spending in infrastructure
investment and government housing subsidies, among others. Any adverse change in government policies with respect to these matters could
result in a material adverse effect on our business and financial performance.
Social
conflicts may disrupt infrastructure projects and ongoing operations
Despite
Peru's economic growth over the last decades, high levels of poverty and unemployment and social and political tensions continue
to be pervasive problems in the country. Peru has, from time to time, experienced social and political turmoil, including riots, nationwide
protests, strikes and street demonstrations. In recent years, certain regions experienced strikes and protests related mainly to the
environmental impact of mining activities, which resulted in commercial disruptions. These protests may lead to the suspension of mining
projects, such as occurred at Las Bambas mining project during the second half of 2021. Social conflicts may disrupt, delay or suspend
infrastructure projects in the future, which could have a material adverse effect on our business, financial performance and our concessional
infrastructure.
Recently
in Peru, high inflation and a political crisis are causing civil unrest and rioting, including strikes and the blockade of main roads,
which has affected business operations in certain regions of the country. On December 7, 2022, Peru's former President Pedro Castillo
illegally announced the dissolution of Congress and was arrested. Dina Boluarte, Castillo's first vice president, was sworn in
as president the same day to serve until July 2026. After Pedro Castillo's vacancy in December 2022, several riots and road blockades
took place, mainly in the southern regions of Peru. In addition, amidst ongoing protests, the new government has made a series of proposals
to Congress to approve early elections, however, Congress has not obtained sufficient votes to accelerate the presidential elections.
Since December 2022, the number of demonstrations and their intensity has decreased significantly. Scarce tumults in Puno are still ongoing.
If this situation continues or intensifies, it could have an adverse effect on our business and financial performance.
In
addition, in October 2019, Chile suffered from widespread social unrest and vandalism that has had a significant economic and political
impact on the country. As a result, the Chilean congress convened a plebiscite in March 2020, which was rescheduled to October 25, 2020
as a result of the COVID-19 pandemic, in which Chilean congressmen voted to amend the Chilean Constitution. The new Chilean Constitution
was drafted by a political body whose members were elected in May 2021. In September 2022, a plebiscite rejected the new text of the
Chilean Constitution. Nevertheless, the Chilean Congress approved a new process to amend the Constitution to be held during 2023. This
process may result in further social unrest and protest, and could also result in substantial structural changes in Chile that could
adversely impact the private sector, including our operations in the country.
Additionally,
on June 16, 2022 Colombia elected the left-wing candidate Gustavo Petro as President. In his victory speech, Petro stated that his government
will seek unity and develop a capitalist model. Despite a strong Constitutional Court, an independent central bank, and a strong private
sector, the result of these elections could lead to civil unrest, including a national strike and anti-government protests such as those
experienced during 2021, and cause our Colombian operations to be adversely impacted by changing economic, political and social conditions
in Colombia and by the new government's response to such conditions. Developments around major reforms in health, pension, and
labor, as well as the result of the proposal to suspend the granting of new oil exploration contracts will be key factors influencing
the behavior of the economy and financial markets.
New
projects may require the prior approval of local indigenous communities
The
legislative branches of Colombia, Chile and Peru have enacted legislation 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
) that establishes prior non-binding consultation procedures (
procedimiento de consulta previa
) with
respect to indigenous communities.
15
Under
these laws the government must carry out non-binding consultation procedures with local indigenous communities, whose rights may be directly
affected by new legislative or administrative measures, including the granting of certain permits or new concessions or similar contracts,
such as for mining, energy and oil and gas projects. Local indigenous communities do not have a veto right; and therefore, upon completion
of this prior consultation procedure, the government retains the discretion to approve or reject the applicable legislative or administrative
measure. However, we cannot assure you that these consultation procedures will not negatively influence a decision by government to grant
us a permit, concession or consent and, therefore, adversely affect new projects and concessions, or cause or incite confrontation if
the government's decision is perceived to be adverse to the communities' opinion. Accordingly, our business and financial
performance may be materially and adversely affected.
Our
backlog and our ratio of historical backlog to revenues may not be reliable indicators of future revenues or profit
The
amount of our backlog is not necessarily indicative of future revenues or profits related to the performance of the related contracts.
Our backlog amount is subject to revision over time and our ability to realize revenues from our backlog is subject to a number of uncertainties.
Cancellations, scope adjustments or deferrals may occur, from time to time, with respect to contracts reflected in our backlog and could
reduce the amount of our backlog and the revenue and profits that we actually earn. Contracts may also remain in our backlog for an extended
period of time and poor performance could also impact our profit from the contracts in our backlog. In addition, our backlog is expressed
in U.S. dollars based on period-end exchange rates while a significant portion of our contracts are payable in soles or other local currencies.
As a result, any depreciation of local currency would diminish the amount of revenues eventually earned relative to backlog.
Our
backlog may decline in the future. We cannot assure you that we will be able to obtain sufficient contracts in the future in number and
magnitude in order to increase our backlog. Additionally, the number of new contracts that we obtain can fluctuate significantly from
period to period due to factors that are beyond our control.
Moreover,
the ratio of our historical backlog to revenues earned in subsequent years is volatile and substantially affected by a number of factors,
some of which are outside our control, including levels of contract scope adjustments and our ability to enter into new contracts (which
are substantially influenced by general macroeconomic conditions), delays and cancellations, foreign exchange rate movements and our
ability to increase the scale of our operations to expand the amount of work we carry out beyond that previously contracted. Accordingly,
historical correlations between backlog and revenues may not recur in future periods.
Our
success depends on key personnel
Our
success depends, to a significant degree, upon the performance of our senior management, Board of Directors and other key personnel.
Members of our management team are not subject to non-competition agreements with us. We cannot assure you that we will be successful
in retaining our current senior management or members of our Board of Directors, nor can we assure you that, in such event, we would
be able to find suitable replacements. In addition, the success of our business depends on our ongoing ability to attract, train and
retain qualified engineers and other personnel. In recent years, the availability in Peru of qualified personnel who have the necessary
expertise and experience has been lower than demand and, therefore, competition for human resources has become intense. We cannot assure
that we will be able to hire and retain the number of qualified personnel required to meet the needs of, or to grow, our business. If
we are unable to attract, train and retain the qualified personnel that we require at reasonable cost, our business and financial performance
could be adversely affected.
Our
success depends, to a large extent, on our reputation for the quality, reliability, timely delivery and safety of our products and services
We
believe our track record and reputation are key factors in our clients' evaluation of whether to engage our services and purchase
our products, encouraging key industry players to partner with us, and recruiting and retaining talented personnel to our company. Our
reputation is based, to a large extent, on the quality, reliability, timeliness and safety of our products and services. If our products
do not meet expected standards or we fail to meet our deadlines, our relationship with our clients and partners could suffer, the reputation
of our company could be adversely affected, we may not be invited to new bidding processes and our ability to capture new business could
be severely diminished.
16
The
nature of our business exposes us to potential liability claims and contract disputes
We
may be subject to a variety of legal or administrative proceedings, liability claims or contract disputes. The government, clients and
other third parties may present claims against us for injury or damage caused, directly or indirectly, by our operations, for example
for alleged failures in our E&C segment, the operation of our infrastructure concessions (such as our toll roads or the Lima Metro),
and real estate developments we sell. Although we have a range of insurance coverage policies and have adopted risk management and risk
avoidance programs designed to reduce potential liabilities, a catastrophic event resulting from the services we have performed or products
we have provided could result in significant professional or product liability, warranty or other claims against us as well as reputational
harm, especially if public safety is impacted. We may in the future be named as a defendant in legal proceedings where our clients or
third parties may make a claim for damages or other remedies with respect to our projects or other matters. Any liability not covered
by our insurance, or in excess of our insurance limits, could result in a significant loss for us, which may affect our financial performance.
We
may not be able to recover on claims against clients for payment
If
a client fails to pay our invoices on time or defaults in making its payments to us, we could incur significant losses. We occasionally
bring claims against clients for delayed payments, additional costs that exceed the contract price or for amounts not included in the
original contract price, including change orders. These types of claims can occur due to matters such as owner-caused delays or changes
from the initial project scope, and, occasionally, these claims may be disputed through lengthy proceedings. When these types of events
occur and unresolved claims are pending, we may invest significant working capital in projects to cover cost overruns pending the resolution
of the relevant claims. Moreover, we have recently encountered difficulties collecting on claims, even following successful arbitration
awards, particularly against the government. A failure to promptly recover on these types of claims and change orders could have a material
adverse effect on our financial performance.
We
are susceptible to operational risks that could affect our business and financial performance
Our
business is subject to numerous industry-specific operational risks, including natural disasters, adverse weather conditions, operator
errors or other accidents, such as spillovers in the energy business, mechanical and technical failures, explosions and other events
and accidents, many of which are beyond our control. Such occurrences could result in injury or loss of life, severe damage to and destruction
of property and equipment, business interruption, pollution and other environmental damage, clean-up responsibilities, regulatory requirements,
investigations and penalties, potential liability claims and contractual disputes. In addition, such occurrences could materially impact
our reputation. Although we maintain comprehensive insurance covering our assets and operations at levels that our management believes
to be adequate, our insurance coverage will not be sufficient in all circumstances or to protect against all hazards. The occurrence
of such an operational risk could have a material adverse effect on our business and financial performance.
Deterioration
in our safety record could adversely affect our business and financial performance
Our
ability to retain existing clients and attract new business is dependent on our ability to safely operate our business. Existing and
potential clients consider the safety record of their services providers to be of high importance in their decision to award service
contracts. Some of our activities, in particular in our E&C segment, can be high risk by their nature. If one or more accidents were
to occur at a site, the affected client may terminate or cancel our contract and may be less likely to continue to use our services.
Although our track record on safety matters is consistent with industry standards, we cannot assure you that we will not experience accidents
in the future, causing our safety record to deteriorate. Accidents may be more likely as we continue to grow, particularly if we are
required to hire less experienced employees due to shortages of skilled labor. Moreover, often times we do not perform these activities
by ourselves and accidents can happen due to errors committed by partners and subcontractors over whom we have no control. Because many
of our clients require us to report our safety metrics to them as part of the bidding process and because a substantial part of our client
base is comprised of major companies with high safety standards, a general deterioration in our safety record could have a material adverse
impact on our business including our ability to bid for new contracts.
17
Any
safety incidents or deterioration in our safety record could adversely impact our ability to attract and retain qualified employees.
In addition, we could also be subject to liability for damages as a result of accidents and could incur penalties or fines for violations
of applicable safety laws and regulations.
Increases
in the prices of energy, raw materials, equipment or wages could increase our operating costs
Our
business requires significant purchases of energy, raw materials and components, including, among others, large quantities of fuel, cement
and steel, as well as purchases or leases of equipment. Certain supplies used in our operations are susceptible to significant fluctuations
in prices, over which we may have little control. The prices of some of these supplies are affected to a significant extent by the prices
of commodities, such as oil and iron. Global oil prices decreased in 2018, increased in 2019, declined significantly in 2020 as a result
of the COVID-19 pandemic but reached pre-COVID-19 levels by the end of 2020, increased in 2021 due to supply shocks and the resurgence
of demand, and, more recently, rose sharply in early 2022 due to the conflict between Ukraine and Russia.
We
cannot assure you that oil prices will decrease in the future (although increased oil prices would benefit revenues in our Energy segment).
Substantial increases in the prices of such commodities generally result in increases in our suppliers' operating costs and, consequently,
lead to increases in the prices they charge for their products. Moreover, we do not have long-term contracts for the supply of our key
inputs, and, as a result, if prices increase significantly or if we are required to find alternative suppliers, our costs to procure
these inputs may increase significantly. In addition, growing demand for labor, especially when coupled with shortages of qualified employees
in the countries where we operate, may result in significant wage inflation. To the extent that we are unable to pass along to our clients
increases in the prices of our key supplies or increases in the wages that we must pay, our operating margins could be materially adversely
impacted.
If
we are unable to enter into consortia or other strategic alliances, our ability to compete for new business may be adversely affected
We
may join with other companies to form joint operations or other strategic alliances to compete for a specific concession or contract,
including with partners that contribute expertise in a specific field. Because a consortium or alliance can often offer stronger combined
qualifications than a company on a stand-alone basis, these arrangements can be important to the success of a particular bid. If we are
unable to enter into consortia or other strategic alliances, our ability to compete for new business may be adversely affected.
Our
consortia and other strategic alliances may be affected by disputes with, or the unsatisfactory performance by, our partners
Although
we have a thorough partner selection process, consortia and other strategic alliances that we enter into as part of our business, including
arrangements where operating control may be shared with unaffiliated third parties, may involve risks not otherwise present when we operate
independently, including: sharing approval rights over major decisions; responsibility for our partners' unpaid obligations or
liabilities; ensuring ethical and compliance behavior; our partners' capacity to contribute with their share of project capital
expenditures and inconsistencies in our and our partners' economic or business interests or goals. Any disputes between us and
our partners may result in delays, litigation or operational impasses. We may also incur liabilities as a result of action taken by or
against our partners. In addition, if we participate in consortia or other strategic alliances where we are not the controlling party,
we may have limited control over operational, financial and other management decisions and actions and the success of the consortium
or other strategic alliance will depend largely on the performance of our partners. These risks could adversely affect our ability to
transact the business of such consortium or other strategic alliance and could result in the termination of the applicable concession
or contract. Under these circumstances, we may be required to make additional investments and provide additional services to ensure adequate
performance and delivery. These additional obligations could result in reduced profits or, in some cases, increased liabilities or significant
losses for us. In addition, failure by a partner to comply with applicable laws or regulations could negatively impact our business and,
in the case of government contracts, could result in fines, suspension or even debarment from participating in bidding processes. As
a result, our business, reputation and financial performance could be adversely affected by disputes involving our consortia or other
strategic alliances.
18
We
are dependent upon third parties to complete many of our contractual obligations
We
rely on third-party suppliers to provide a significant amount of the materials and equipment used in our businesses. A portion of the
work performed under our infrastructure concessions and, to a lesser extent, other contracts is performed by third-party subcontractors.
As a result, the timely completion and quality of our projects may depend on factors beyond our control, including the quality and timeliness
of the delivery of materials supplied for use in the project and the technical skills of subcontractors hired for the project. If we
are unable to find qualified suppliers or hire qualified subcontractors, our ability to meet our contractual obligations could be impaired.
In addition, if the amount we are required to pay for supplies, equipment or subcontractors exceeds what we have estimated, we may suffer
losses under our contract. If a supplier or a subcontractor fails to provide supplies, equipment or services as required under a negotiated
arrangement for any reason, or provides supplies, equipment or services that are not of an acceptable quality, we may be required to
source those supplies, equipment or services on a delayed basis or at a higher price than anticipated, which could impact our financial
performance. In addition, faulty materials or equipment could result in claims against us for failure to meet contractual specifications,
and failure by suppliers or subcontractors to comply with applicable laws and regulations could negatively impact our reputation and
our business and, in the case of government contracts, could result in fines, suspension or even debarment from participating in bidding
processes. These risks may be intensified during economic downturns if these suppliers or subcontractors experience financial difficulties.
As a result, our business and financial performance may be adversely affected by our dependence on third-party providers.
Failure
to comply with, or changes in, laws or regulations could have a material adverse effect on our business and financial performance
We
operate in highly regulated industries. Our business and financial performance depends on our ability and the ability of our clients,
suppliers, subcontractors and partners to comply on a timely and efficient basis with extensive national, regional and municipal laws
and regulations relating to, among other matters, environmental, health and safety, building and zoning, labor, tax and other matters.
The cost of complying with these laws and regulations can be substantial. In addition, compliance with these laws and regulations can
cause scheduling delays. Although we believe we are in compliance with applicable laws and regulations in all material respects, including
our concessions or similar contractual obligations, we cannot assure you we have been or will be at all times in full compliance. Failure
by us or our clients, suppliers, subcontractors or partners to comply with these laws and regulations, or our concessions or similar
contractual obligations, could result in a range of adverse consequences for our business, including subjecting us to significant fines,
civil liabilities and criminal sanctions, requiring us to comply with costly restorative orders, the shutdown of operations, and revocation
of permits and termination of concessions or similar contracts. In addition, we cannot assure you that future changes to existing laws
and regulations, or stricter interpretation or enforcement of existing laws and regulations, will not impair our ability to comply with
such laws and regulations, increase our compliance costs or impair our ability to perform our obligations with our clients, suppliers,
subcontractors or partners as agreed.
We
may be held liable for environmental damage caused by our operations
The
nature of certain of our operations requires us to assume risks of causing environmental and other damages. We may be held liable for
the environmental damage we cause, including the incidental consequences of human exposure to hazardous substances or other environmental
damage. We may be subject to clean up costs or penalties in the event of certain discharges into the environment and/or environmental
contamination and damage. Our environmental liability insurance may not be sufficient or may not apply to certain types of environmental
damage. Any substantial liability for environmental damage could have a material adverse effect on our financial performance.
We
are exposed to the risk of increasing environmental legislation and the broader impacts of climate change
With
an increasing global focus and public sensitivity to environmental sustainability and environmental regulation becoming more stringent,
our business could be subject to increasing environmental responsibility and liability. For example, the countries in which we operate
are considering implementing, or have implemented, schemes relating to the regulation of carbon emissions. As a result, there is a risk
that the consumer demand for some of the energy sources supplied by our company may gradually reduce in the long term. The nature and
extent of future regulation in the various jurisdictions in which our operations are situated is uncertain but is expected to become
more complex and stringent.
19
It
is difficult to assess the impact of any such changes on our company. These schemes may result in increased costs to our operations that
may not be able to be passed onto our customers and may have an adverse impact on prospects for growth of some businesses. To the extent
such regimes (such as carbon emissions schemes or other carbon emissions regulations) become applicable to our operations (and the costs
of such regulations are not able to be fully passed on to consumers), our financial performance may be impacted due to costs applied
to carbon emissions and increased compliance costs.
Standards
are set by these laws and regulations regarding certain aspects of environmental quality and reporting, provide for penalties and other
liabilities for the violation of such standards, and establish, in certain circumstances, obligations to remediate and rehabilitate current
and former facilities and locations where our operations are, or were, conducted. These laws and regulations may have a detrimental impact
on the financial performance of our operations through increased compliance costs or otherwise. Any breach of these obligations, or even
incidents relating to the environment that do not amount to a breach, could adversely affect our results of operations and our reputation
and expose us to claims for financial compensation or adverse regulatory consequences.
Climate
change may increase the frequency and severity of severe weather conditions and may change existing weather patterns in ways that are
difficult to anticipate, which could result in more frequent and severe disruptions to our business and the markets in which we operate.
In addition, customers' requirements for our services may vary with weather conditions, primarily temperature and humidity. To
the extent weather conditions are affected by climate change, customers' demand for our services could increase or decrease depending
on the duration and magnitude of changing weather conditions, which could adversely affect our business, results of operations and cash
flows.
Additionally,
changes in temperature and precipitation patterns associated with climate change may increase the energy consumption our infrastructure
or cause service disruption due to extreme temperature waves, floods or extreme weather events. In addition, these changes may cause
increases in the price of electricity due to, for example, reduction in hydraulic generation as a result of recurrent droughts. Further,
as a result of global commitments to tackle climate change, new carbon dioxide taxes may be imposed and could affect, directly or indirectly,
the company, and may have a negative impact on our results of operations.
Our
ability to achieve our environmental, social and governance goals are subject to risks, many of which are outside of our control, and
our reputation could be harmed if we fail to meet such goals
Companies
across all industries are facing increasing scrutiny from stakeholders related to environmental, social and governance ("ESG")
matters, including practices and disclosures related to environmental stewardship; social responsibility; diversity, equity and inclusion;
and workplace rights. Our ability to achieve our ESG goals and objectives and to accurately and transparently report our progress presents
numerous operational, financial, legal and other risks. If we are unable to meet our ESG goals or evolving stakeholder expectations and
industry standards, or if we are perceived to have not responded appropriately to the growing concern for ESG issues, our reputation,
and therefore our ability to conduct business in each of the countries we operate, could be negatively impacted.
In
addition, in recent years, investor advocacy groups and certain institutional investors have placed increasing importance on ESG matters.
If, as a result of their assessment of our ESG practices, certain investors are unsatisfied with our actions or progress, they may reconsider
their investment in our company.
We
may not be able to effectively protect ourselves against financial market risks
Our
operations are exposed to financial market risks, such as risks related to exchange rates, commodity prices and interest rates. Fluctuations
in currency, commodity prices or interest rates could adversely affect our financial performance. We cannot assure you that derivative
financial instruments, if any, will protect us from the adverse effects of financial market risks. While hedging transactions are intended
to reduce market risks, such transactions may expose us to other risks, such as counterparty risk. We may not be able to adequately protect
ourselves against financial market risks and may not ultimately achieve an economic benefit from our hedging strategy.
20
The
loss of a key client in some of our lines of business may affect our business and financial performance
In
some of our lines of business, such as our Infrastructure segment or our Colombian operations, a substantial amount of the revenue we
receive is concentrated among a limited number of clients, including the Peruvian government. If one or more of these major clients fail
or delay in paying our fees, or if there is a significant reduction or cancellation of business by one or more of these major clients,
our business and financial performance may be adversely affected. If we are not able to capture new clients to replace the loss of business
from existing key clients, our financial performance may be adversely affected.
Labor
unrest could adversely affect our financial performance
All
of our manual laborers and a portion of our employees are members of labor unions. Our practice is generally to extend benefits we offer
our unionized employees to non-unionized employees. In our E&C segment, collective bargaining agreements are negotiated at two levels,
on an annual basis between the Peruvian National Federation of Civil Construction and the Peruvian Chamber of Construction, without our
direct involvement, and on a per project basis directly between the unions and us in accordance with such annual agreement.
We
also have collective agreements with our employees in certain of our business segments, which are also negotiated periodically. Although
we consider that our relationship with unions is currently positive, we cannot assure you that we will not experience work slowdowns,
work stoppages, strikes or other labor disputes in the future, situations that could result in the interruption or delay of our operations.
Such interruptions or delays could have an adverse impact on our business, including on the cost of our projects and our ability to make
timely delivery. Moreover, our operations may also be affected by labor unrest in the workforces of our clients, suppliers, sub-contractors
or partners.
The
proceeds from our insurance policies may not be sufficient and we may not be insured against all risks
We
maintain insurance coverage both as a corporate risk management strategy and in order to satisfy the requirements under certain regulations
and contracts. We cannot assure you that proceeds from our insurance policies, however, will be sufficient to cover the damages resulting
from any event covered by such policies. Certain risks are not covered under the terms of our insurance policies, such as interruption
of operations. In such event, we may incur significant expenses to rebuild our facilities, repair or replace our equipment, or cover
other damages. In addition, if any of our third-party insurers fail, abruptly cancel our coverage or otherwise cannot satisfy their insurance
requirements to us, then our overall risk exposure and operational expenses could be increased. Moreover, we may not be able to renew
our insurance policies on favorable terms, or at all. Although in the past we have been generally able to cover our insurance needs,
we cannot assure you that we will be able to secure all necessary insurance in the future.
An
increase in import duties and controls, supply shocks, or other restrictions on our obtaining instruments and equipment, may have a material
adverse effect on our financial performance
Our
future success depends in part on our ability to select and purchase high quality mechanical instruments and equipment at attractive
prices. While we have historically been able to do so, such instruments and equipment may become subject to higher import taxes than
currently apply. We cannot assure you that there will not be further increases in import taxes, changes in laws related to imports or
the imposition of quotas by countries from which we import mechanical instruments and equipment, any of which could have a material adverse
effect on our business. Additionally, particularly with the COVID-19 pandemic, supply shocks, including delays at ports has affected
the cost, timely delivery and availability of certain machinery and spare parts, which may have an adverse effect on our business.
Furthermore,
our and certain of our subsidiaries' ability to pay our instrument or equipment suppliers from abroad could be affected by possible
failure to obtain, on a timely basis, authorization from the Ministry of Justice pursuant to Law 30737 to make such payments. Law 30737
requires that companies such as our company and certain of our subsidiaries that have been partners of companies that have been, or whose
officers or representatives have been, convicted of, or have admitted to, corruption, money-laundering or similar crimes, submit money
transfers abroad to the Peruvian Ministry of Justice for pre-approval. We cannot assure you that any such approvals will be granted in
a timely manner or at all, and such restrictions may limit our ability to purchase necessary instruments and equipment.
21
Debarment
from participating in government bidding processes could have an adverse impact on our business and financial performance
As
a result of the ongoing investigations against our company, UNNA Transporte and Cumbra, will temporarily face debarment from participating
in government bidding processes or entering into new contracts with the Peruvian government for two years after the homologation process.
We cannot assure you that other subsidiaries will not face similar debarment sanctions in the future.
Approximately
0.1%, 5.4%, and 7.3% of our E&C revenues for 2020, 2021 and 2022, respectively, came from public-sector contracts in Peru. As of
December 31, 2022, 30.0% of our backlog is comprised of contracts with the public sector. As a result, if we are debarred from participating
in government bidding processes, our business and financial performance could be affected. To extent that economic conditions reduce
private sector investments, being debarred from contracting with the Peruvian or other governments could further impact our company.
We
may not be able to successfully expand outside of Peru
One
of our long-term strategies has been to continue to expand our operations outside of Peru, particularly in Chile, Colombia and Brazil.
We cannot assure you that we will be able to replicate our success in Peru in other countries. Our international expansion is subject
to additional challenges, including: our ability to assimilate cultural differences and practices; our limited familiarity with local
laws, regulators and contractors; our ability to attract and manage foreign personnel; the absence of a local workforce formed in our
corporate values and familiar with our operations; competition in foreign markets, including from industry players with significantly
greater local experience and reputation; and other risks specific to these countries. Moreover, we may not be able to make equity investments
when needed by our foreign operations, due to restrictions imposed by Law 30737 on our ability to transfer funds abroad without pre-approval
of the Peruvian Ministry of Justice.
Many
countries in Latin America have suffered significant economic, political and social crises in the past, and these events may occur again
in the future. If we are unable to overcome these challenges, we may not be able to successfully expand internationally.
We
may not be able to make successful acquisitions
In
the past, part of our long-term strategy was to evaluate strategic acquisition opportunities to expand our operations and geographic
footprint, especially in Chile, Colombia and Brazil. We may not be able to identify appropriate acquisition opportunities, or, if we
do, we may overpay for these acquisitions or may not otherwise be able to negotiate terms and conditions that are acceptable to us. We
may also face difficulties obtaining financing to pay for acquisitions. Law 30737 currently requires that payments we make abroad be
submitted to the Peruvian Ministry of Justice for pre-approval, and we cannot assure you that any such approvals will be granted in a
timely manner or at all.
In
addition, we may not be able to obtain regulatory approvals, including antitrust approvals, required to consummate acquisitions. Furthermore,
even if we are able to successfully consummate an acquisition, we may encounter challenges in integrating the acquired business effectively
and profitably into our operations. The integration of an acquisition involves a number of factors that may affect our operations, including
diversion of management's attention, difficulties in retaining personnel and entry into unfamiliar markets. Acquired businesses
may not achieve the levels of productivity anticipated or otherwise perform as expected. Acquisitions may bring us into businesses we
have not previously conducted and expose us to additional business risks that are different from those we have traditionally experienced,
including new geographic, market, operating and financial risks. Moreover, acquisitions involve special risks, including the potential
assumption of unanticipated liabilities and contingencies. Even if such liabilities are assumed by the sellers, we may have difficulties
enforcing our rights, contractual or otherwise. We cannot assure you that future acquisitions will meet our strategic objectives.
22
Our
IT security measures may be breached or compromised and we may sustain system outages
Security
breaches, whether intentional or unintentional, may threaten the confidentiality, integrity or availability of our information resources
and may allow unauthorized access to our systems, disrupt our digital operations, corrupt data, or allow persons to misappropriate confidential
data. Any breach of our network security measures could cause interruptions in our services or operations, damage our reputation and
harm our ability to operate our business. This may result in client or supplier dissatisfaction and a loss of business. Our security
measures may be inadequate to prevent security breaches, and we may be required to expend significant capital and other resources to
protect against the threat of security breaches and to alleviate problems caused by breaches as well as by any unplanned unavailability
of our IT systems caused by other reasons, which may adversely affect our business and financial performance.
Additional
Risks Related to our Infrastructure Business
Our
return on our investment in our concessions may not meet estimated returns
Our
return on any investment in a concession is based on the terms and conditions of the concession, its duration and the amount of capital
invested as well as the amount of revenues collected, debt service costs, payment of penalties and other factors. For example, traffic
volume at toll roads may be affected by a number of factors beyond our control, including security conditions; general economic conditions;
demographic changes; fuel prices; reduction in commercial or industrial activities in the regions served by the roads; changes in laws
regarding toll payments, including related to the effects of the COVID-19 pandemic; and natural disasters. Although some of our concessions
allow for adjustments based on economic conditions, certain concessions provide that adjustment requests be approved only if certain
limited events specified in our concession contracts have occurred. If a request of adjustment is not granted, our financial performance
could be affected. Given these factors and the possibility that governmental authorities could implement policies that affect our contractual
return on investment in a way that we did not anticipate, we cannot assure you that our return on any investment under any concession
will meet our estimates.
Governmental
entities may prematurely terminate our concessions and similar contracts under various circumstances, some of which are beyond our control
Our
ability to continue operating our concessions and similar public-sector contracts depends on governmental authorities, which may terminate
the concession or contract pursuant to the provisions set forth therein or in accordance with applicable legislation, including the failure
to comply with any contractual terms (including the concessionaire's default on debt) or applicable law, including after giving
effect to changes in laws (including any changes related to the effects of the COVID-19 pandemic). Moreover, the relevant governmental
authority may terminate and/or repossess a concession at any time, if, in accordance with applicable law, the governmental authority
determines that it is in the public interest to do so. The relevant governmental authority may also assume the operation of a concession
in certain emergency situations, such as war, public disturbance or threat to national security. In addition, in the case of force majeure,
the relevant governmental authority may require us to implement certain changes to our operations. If the government terminates any of
our concessions, under Peruvian law, it is generally required to compensate us for the amount of our unrecovered investment, unless the
concession is revoked pursuant to applicable law or the terms of the concession which would imply a serious breach of the concession's
terms by us. Such compensation process is likely to be time consuming and the amount paid to us may not fully compensate us. We cannot
assure you that we would receive such compensation on a timely basis or in an amount equivalent to the value of our investment in a concession
plus lost profits.
We
are exposed to risks related to the operation and maintenance of our concessions and similar contracts
The
operation and maintenance requirements under our concessions could encounter delays or cause us to exceed our budgeted costs for such
projects, which could limit our ability to realize the expected return on these projects, increase our operating or capital expenses
and adversely affect our business and financial performance. In addition, our operations may be adversely affected by interruptions or
failures in the technology and infrastructure systems that we use to support our operations, including toll road collection and traffic
measurement systems. The Lima Metro in particular may be susceptible to outages due to power loss, telecommunications failures and similar
events. The failure of any of our technology systems may cause disruptions in our operations, adversely affecting our profitability.
While we have business continuity plans in place to reduce the adverse impact of information technology system failures on our operations,
we cannot assure you that these plans will be effective. Furthermore, accidents and natural disasters may also disrupt the construction,
operation or maintenance of our projects and concessions, which could adversely affect our business and financial performance.
23
We
may not be successful in obtaining new concessions
The
market for infrastructure concessions in the Latin America region is competitive. We compete with Peruvian and foreign companies for
infrastructure concessions, some of whom may have greater financial and other resources or particular expertise pertinent to a specific
concession. Additionally, our public-sector clients may face budget deficits that may prohibit the development of infrastructure concessions,
which could affect our business. We may also not be able to obtain additional concessions if the government decides not to award new
concessions, due to budget constraints or policy changes or because alternative financing mechanisms are used. Recently, the awarding
of concessions and the use of public-private associations in Peru have stalled, due in part to concerns related to the corruption scandal
surrounding Odebrecht and its potential effect on government officials in the country. In addition, we are temporarily unable to bid
for or participate in new public procurement contracts due to the Collaboration and Benefits agreement that we executed with Peruvian
prosecutorial authorities. Our inability to bid for or obtain new concessions may adversely affect our business and financial performance.
Additional
Risks Related to our Energy Business
A
substantial or sustained decline in oil prices would adversely affect our financial performance
The
revenue of our energy business depends upon prevailing prices for oil. Historically, oil prices and markets have been volatile and are
likely to continue to be volatile in the future. Moreover, global oil prices have fluctuated significantly in recent years, with the
average Brent crude prices increasing to US$66.00 per barrel in 2019. The price of oil dropped precipitously due in part to the COVID-19
pandemic as well as to disputes between OPEC members, to US$18.83 as of April 30, 2020. The price of oil recovered slowly during 2020
and early 2021, reaching US$48.93 as of December 31, 2020 and US$72.39 as of December 31, 2021. On March 31, 2022, the price of oil reached
US$104.64 per barrel. As of December 31, 2022, the price of oil was US$77.02 per barrel.
Oil
is a commodity and its price is subject to wide fluctuations in response to relatively minor changes in supply and demand for oil, market
uncertainty, and a variety of additional factors beyond our control. Those factors include, among others: global demand and supply; political
developments in producing regions; weather conditions; governmental regulations; international conflicts and acts of terrorism; the price
and availability of alternative sources of energy; and overall local and global economic conditions. Moreover, lower oil prices may not
only decrease our revenues on a per unit basis but may also reduce the amount of oil we can produce economically, if any, and, as such,
may have a negative impact on the reserves of the fields in which we operate. As result, our financial performance could be materially
and adversely affected by declines in oil prices.
Our
reserves estimates depend on many assumptions that may turn out to be inaccurate and are not subject to review by independent reserve
auditors
The
process of estimating oil and gas reserves is complex, although the fields where we produce oil and gas are mature (Block III for approximately
100 years, Block IV for approximately 95 years and Block V for over 50 years). In order to prepare our reserves estimates presented in
this annual report, we must project production rates and timing of development expenditures as well as analyze available geological,
geophysical, production and engineering data, and the extent, quality and reliability of this data can vary. The process also requires
economic assumptions about matters such as oil prices, drilling and operating expenses, capital expenditures, taxes, and availability
of funds. Therefore, estimates of reserves are inherently imprecise. Moreover, our reserve estimates included in this annual report have
been prepared internally by our team of engineers and have not been audited or reviewed by independent engineers. Future real production,
oil and gas prices, revenues, taxes, development expenditures, operating expenses and quantities of recoverable reserves will most likely
vary from the estimates presented in this annual report, and those variances may be material. Any significant variance could materially
affect the estimated reserves of the fields in which we operate.
24
Our
license, service and operation contracts with Perupetro and Petroperu have expiration dates
We
operate and extract oil and natural gas from Blocks III and IV under 30-year license agreements with Perupetro, which expire in April
2045. Additionally, we operate and extract oil and natural gas from Block V under a 30-year hydrocarbon extraction service contract with
Perupetro, which was extended for an additional 10-year term and expires in October 2023. Our operations in Block I expired on December
26, 2021. The concession of Terminales del Peru for the operation of the north and central fuel terminals for PetroPeru have 20-year
terms, providing storage. We cannot assure you that we will maintain these operations after the expiration of the contracts, on similar
terms or at all, or that we will be able to cease the operation of such assets on favorable terms for the company.
We
may not be able to finance our mandatory capital expenditure requirements in connection with our oil and gas operations and storage and
distribution business
We
operate and extract oil from Blocks III and IV under two license agreements with Perupetro. Pursuant to the license agreements, we have
assumed mandatory investment commitments of 560 wells on both blocks. If we are not able to fulfill our mandatory capital expenditures
under our license agreements, our business and financial performance could be adversely affected. See "Item 4.B. Information on
the Company—Business Overview—Energy."
Additionally,
we operate five fuel terminals in the northern and central regions of Peru with mandatory capital expenditure requirements. If we are
not able to fulfill our mandatory capital expenditures under our contracts or if the recognition of investments is delayed, our business
performance could be adversely affected.
Additional
Risks Related to our Real Estate Business
We
are exposed to risks associated with the development of real estate
Our
real estate business is subject to the risks that generally affect the real estate industry, such as availability and prices of suitable
land, environmental and zoning regulations, interruptions in supply and volatility of the prices of construction materials and equipment,
and changes in the demand for real estate. Our real estate business is specifically affected by the following risks: macroeconomic conditions
in Peru that may impact the growth of the real estate sector as a whole, particularly in the residential market, including an increase
in unemployment or a decrease in wage levels; an increase in prevailing interest rates or lack of available credit; changes in government
subsidies for affordable housing; unfavorable real estate market conditions, such as an oversupply of residential units or scarcity of
suitable land in particular areas; the level of customer interest in our new projects or the sales price per unit necessary to sell the
unit may be lower than expected; customer perception of the security, convenience and attractiveness of our projects and the areas in
which they are located; cost overruns, many of which may be beyond our control, that exceed our estimates and affect our profit margins,
including the price of labor, land, insurance, taxes and public charges; the construction and sale of units may not be completed on schedule;
bankruptcy or significant financial difficulties of large industry players, which cause a loss of confidence in the industry; limitations
when contracting with government entities; and restrictions on real estate development imposed by local, regional and national authorities
which may render restrictive laws and regulations. To a lesser extent, the real estate business has also been negatively impacted by
modifications by the government to a program (
Bono de Buen Pagador
) that encourages social interest housing sales and access to
credit. Any of the above events may have a material adverse effect on our business and financial performance.
Real
estate prices may decline
Real
estate prices in Peru have generally risen over the last decade, supported by a higher demand for housing and an increase in the cost
of construction materials. Although real estate prices are expected to continue to rise in the coming years due to a shortage of housing,
they are not expected to grow at the same rate as in the past, and we cannot assure you that they will rise at all. In particular, real
estate prices in Peru may decline due to political conflict, a rise in interest rates and lack of subsidies from the government. If real
estate prices decline significantly, our business and financial performance could be materially and adversely affected.
25
Our
business may be adversely affected if we are not able to obtain the necessary licenses and/or authorizations for our developments on
a timely basis
Real
estate development requires obtaining certain licenses, authorizations and registrations. In Peru, municipal authorities are responsible
for issuing most of the licenses that are required during the development stage, including zoning, demolition, construction and conformity
(
conformidad de obra
) licenses, among others. As of December 31, 2022, we have approximately six real estate projects in various
stages of development. For some of these projects, we have not yet initiated administrative proceedings with the appropriate authorities,
or such proceedings are pending approval. A denial or an extended delay in issuing licenses, authorizations or registrations, or an extended
delay by municipal authorities in approving licensing procedures, may render land unsuitable for development, delay the completion of
planned projects, increase our costs or otherwise negatively impact the pricing of projects and adversely affect our business and financial
performance.
The
current political situation in Peru, and the economic uncertainty that may result, could adversely affect the ability or willingness
of prospective buyers to purchase real estate properties. The scarcity of financing, an increase in interest rates or an increase in
the security required by financial institutions as collateral may adversely affect the ability or willingness of prospective buyers to
purchase our real estate properties. In most cases, the purchasers of our residential or commercial properties finance at least part
of the purchase price with mortgage loans. On the other hand, in 2020, 2021 and 2022, approximately 91%, 92% and 92% respectively, of
our residential units were sold to purchasers who received government subsidies to finance the purchase of homes. An increase in interest
rates, whether as a result of market conditions or government action, may cause a decrease in the demand for our residential and commercial
properties and for land development. An increase in interest rates could also increase our own financing costs, which may, in turn, increase
the sale price of our projects and adversely affect our business and financial performance.
We
may experience difficulties in finding desirable land and increases in the price of land may increase our cost of sales and decrease
our earnings
The
continued growth of our real estate business depends in large part on our ability to continue to acquire land at a reasonable cost, free
of liens and encumbrances and in locations suitable for development. As more developers enter or expand their operations in the Peruvian
real estate sector, land prices could rise significantly and suitable land could become scarce or overpriced due to increased demand
or decreased supply. A resulting rise in land prices may increase our cost of sales and decrease our earnings. We may not be able to
acquire suitable land at reasonable prices in the future, which may have a negative impact on our financial performance.
Changing
market conditions may adversely affect our ability to sell home inventories in our land and at expected prices
There
is a lag between the time we acquire land and the time that we can bring the developed properties to market. Lag time varies by sector
and on a project-by-project basis. As a result, we face the risk that demand for real estate may decline or that other developments may
occur during this period that affect market conditions, and that we will not be able to dispose of developed properties or undeveloped
land at expected prices or profit margins or within anticipated time frames or at all. Significant expenditures associated with investments
in real estate, such as maintenance costs, architectural fees in high-end projects, construction costs and debt payments, cannot generally
be reduced if changes in market conditions cause a decrease in expected revenues from our properties. Moreover, the market value of home
inventories and undeveloped land can fluctuate significantly because of changing market conditions. As a result of these and other factors
beyond our control, we may be forced to sell properties or land at a loss or for prices that generate lower profit margins than we anticipate.
Additionally,
the Peruvian government has adopted the
Nuevo Crédito MiVivienda
and
Techo Propio
programs, among others, which
promote access to affordable housing in Peru by providing government subsidies to individuals for the purchase of homes. If these subsidies
are reduced or eliminated, we may not be able to sell our expected home inventories at expected prices and our revenues and backlogs
could be affected.
26
Determinations
by INDECOPI may adversely affect our ability to enforce binding contracts
In
resolving consumer protection complaints in the real estate sector, INDECOPI has made determinations against real estate developers resulting
in the modification of contractual provisions applicable to purchasers. Some purchasers of real estate properties have taken advantage
of these INDECOPI determinations and filed complaints against developers before INDECOPI and/or made public claims through the media
seeking to obtain compensation for alleged deficiencies in housing construction as well as the modification of the terms of their contracts,
which may have a negative impact on our real estate business. Although we have a small number of such complaints in INDECOPI, an increase
in consumer complaints and consumer protective measures, particularly those resulting in the modification of contractual terms, may affect
our ability to enforce our contracts under their original terms if we are not able to counter such claims, which in turn may have a negative
impact on our real estate business.
Additional
Risks Related to our Engineering and Construction Business
We
are vulnerable to the cyclical nature of the end-markets we serve
Demand
for our engineering and construction services is dependent on conditions in the end-markets we serve, which include, among others, the
mining, power, oil and gas, transportation, real estate and other infrastructure sectors in Peru, as well as the mining sector in Chile
and the energy sector in Colombia. Consequently, our engineering and construction business is closely linked to the performance and growth
of these sectors, and it is exposed to many of the risks faced by our clients operating in these sectors, over which we have no control.
These industries tend to be cyclical in nature and, as a result, although downturns can impact our entire company, our engineering and
construction business has historically been subject to periods of very high and low demand.
Factors
that can affect these sectors include, among others, macroeconomic conditions, climate conditions, the level of private and public investment,
the availability of credit, changes in laws and regulations, and political and social stability. Mining and oil and gas sectors, in particular,
are also driven by worldwide demand for the underlying commodities, including, among others, silver, gold, copper, oil and gas, which
can be affected by such other factors as global economic conditions and geopolitical affairs.
A
decline in prices for minerals, oil and gas has had in the past, and could have in the future, a significant impact on our clients'
exploration and production activities and, as a result, on their demand for our engineering and construction services. Many of these
sectors were adversely affected by the COVID-19 pandemic and governments' extraordinary measures to limit the spread of the virus.
Adverse developments in the end-markets served by our engineering and construction business could have a material adverse effect on our
financial performance.
Decreases
in capital investments by our clients may adversely affect the demand for our services
Our
engineering and construction business is directly affected by changes in private-sector and, to a lesser extent, public-sector investments
for large-scale infrastructure projects. In addition, our engineering and construction business is directly affected by the availability
and cost of financings for these projects. In the markets where we operate, investments and financings for large-scale projects have
historically been influenced by macroeconomic and other factors which are beyond our control, including in the case of public-sector
investment or government spending levels. As a result, we cannot assure you that clients will not choose to limit or not undertake new
projects or delay, suspend or cancel existing projects.
In
2020, Peru experienced a decrease in the growth rate of 16.2% in private and public investments compared to an increase of 35.0% in 2021
and 0.9% in 2022. Reductions in anticipated capital investments or available financing for large-scale projects could have a material
adverse effect on our financial performance.
Our
revenues may fluctuate based on project cycles, which we may not control
The
substantial majority of the revenues from our engineering and construction business is generated from project awards, the timing of which
may be unpredictable and outside of our control, especially considering the highly competitive bidding processes and complex and lengthy
negotiations they involve. These processes can be impacted by a wide variety of outside factors including governmental approvals, financing
contingencies and overall market and economic conditions. Moreover, because a significant portion of our revenues is generated from largescale
projects, our results of operations can fluctuate quarterly or yearly depending on whether and when project awards occur and the commencement
and progress of work under awarded contracts. As a result, we are subject to the risk that revenues may not be derived from awarded projects
as quickly as anticipated.
27
Our
business may be adversely affected if we incorrectly estimate the costs of our projects
We
conduct our engineering and construction business under various types of contractual arrangements where costs are estimated in advance.
In some of our contracts (i.e., lump-sum, unit price and EPC), we bear the risk of some or all unanticipated cost overruns, including
those due to inflation or certain unforeseen events. Risks under contracts which could result in cost overruns include: difficulties
in performance of our subcontractors, suppliers, or other third parties; changes in laws and regulations or difficulties in obtaining
permits or other approvals; unanticipated technical problems; unforeseen increases in the cost of inputs, components, equipment, labor,
or the inability to obtain these on a timely basis; delays caused by weather conditions; incorrect assumptions related to productivity
or scheduling estimates; and project modifications that create unanticipated costs or delays. These risks tend to be exacerbated for
longer term contracts since there is increased risk that the circumstances under which we based our original bid could change. In many
of our contracts, we may not be able to obtain compensation for additional work performed or expenses incurred. Our failure to estimate
accurately the resources and time required to complete a project could adversely affect our profitability. Even under our cost-plus contracts,
our inability to complete projects within the estimated budget could affect our relationship with our clients and negatively impact awards
of future contracts. As a result, if we incorrectly estimate the costs of our projects, our business and financial performance could
be adversely affected.
We
may be unable to deliver our services in a timely manner
The
success of our engineering and construction business depends on our ability to meet the standards and schedules required by our clients.
Significant delays that prevent us from providing our services on agreed time frames could adversely affect our client relations and
reputation. Delays may occur for a number of reasons, including: the COVID-19 pandemic and government measures to curb the spread of
the virus; our inability to adequately foresee the needs of our clients; delays caused by our joint operation partners, subcontractors
or suppliers; insufficient production capacity; equipment failure; shortage of qualified workers; changes to applicable regulations;
and natural disasters. Failure to finish construction by the contractual completion date set forth in the contract could result in costs
that reduce our projected profit margins, including a requirement to pay daily penalties and damages. If we are unable to meet deadlines,
either due to internal problems or as a result of events over which we have no control, we may lose the trust of our clients and, therefore,
experience a decrease in the demand for our services. In such event, our business and financial performance could be adversely affected.
Equipment
that we need, including spare parts and components required for project development, may become unavailable or difficult to procure,
inhibiting our ability to maintain full availability of existing facilities and also our ability to complete development projects on
scope, schedule and budget
Equipment
and spare parts may become unavailable or difficult to procure on terms consistent with those that we have budgeted for. For example,
some jurisdictions in which we operate have experienced supply chain challenges resulting from bottlenecks caused by, among other things,
increases in demand and challenges involved with ramping up to meet this demand.
While
supply chain disruptions that occurred globally in 2021 did not materially impact our business or operations, supply chains could be
further disrupted in the future by factors outside of our control. This could include (1) a reduction in the supply or availability of
the commodities required to produce the parts and components that we need to maintain existing projects and develop new projects from
our development pipeline, (2) lockdowns and workforce disruptions caused by the ongoing COVID-19 pandemic, (3) the potential physical
effects of climate change, such as increased frequency and severity of storms, precipitation, floods and other climatic events and their
impact on transportation networks and manufacturing centers, and (4) economic sanctions or embargoes, including those relating to human
rights concerns in jurisdictions that produce key materials, components or parts.
Any
material delays in procuring equipment or significant cost increases could adversely impact our business and financial condition.
28
We
may not be able to obtain compensation for additional work or expenses incurred as a result of client-requested change orders
Clients
often determine, after commencement of the project, to change various elements of the project. Some of our contracts may also require
that clients provide us with design or engineering information or with equipment or materials or land rights to be used on the project.
In some cases, the client may provide us with deficient design or engineering information or equipment or materials or may provide the
information or equipment or materials or land rights to us later than required by the project schedule.
Our
project contracts generally require the client to compensate us for additional work or expenses incurred due to client requested change
orders or failure of the client to provide us with specified design or engineering information or equipment or materials or land. Under
these circumstances, we generally negotiate with the client with respect to the amount of additional time required to make these changes
and the compensation to be paid to us.
We
are subject to the risk that we are unable to obtain, through negotiation, arbitration, litigation or otherwise, adequate amounts to
compensate us for the additional work or expenses incurred by us due to client-requested change orders or failure by the client to timely
provide required items. A failure to obtain adequate compensation for these matters could require us to record an adjustment to amounts
of revenue and gross profit that were recognized in prior periods. Any such adjustments, if substantial, could have a material adverse
effect on our financial performance.
We
may have difficulty obtaining performance bonds that we require in the normal course of our operations
In
our engineering and construction business, it is industry practice for customers to require performance bonds or other forms of credit
support to secure, among other things, bids, advance payments and performance. We cannot assure you that in the future we will not encounter
difficulties in obtaining such performance bonds or credit support. The Peruvian market for these types of credit instruments is small;
moreover, under Peruvian banking regulations, lenders are required to impose limits on the amount of credit they extend to a group of
affiliated companies. Failure to provide performance bonds or credit support on terms required by clients may result in our inability
to compete for or win new projects.
Moreover,
under certain contracts, we may be obligated to maintain performance bonds during the course of litigation, significantly increasing
the costs incurred as a result of a dispute. This also may expose us to the risk that a client may enforce the performance bond without
regard to the merits of its claim which, in turn, may debilitate our negotiating position with the client and consequently impair our
ability to favorably resolve the dispute. The enforcement of a performance bond by any of our clients may affect our ability to obtain
new performance bonds for new projects.
Our
use of the percentage-of-completion method of accounting for our Engineering and Construction segment could result in a reduction of
previously recorded profits
Revenue
from (E&C) contracts is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company's
performance; the Company's performance creates or improves an asset that the customer controls as the asset is created or improved; and
the Company's performance does not create an asset with an alternative use to which the Company fulfills its obligations, as there is
a continuing transfer of control of the deliverable to the customer in accordance with the terms of those contracts. For these reasons,
the Corporation accounts for revenue over time by measuring progress toward complete satisfaction of its performance obligations under
each contract.
The
Company uses the output method to measure the physical percentage of completion based on performance analysis of projects performed by
the Company's experts. AENZA believes that this method represents the transfer of control of goods or services to clients on a periodic
basis of project performance which provides an accurate representation of the transfer of services to the client, as it reflects an enforceable
right of payment by the Company for work performed to date.
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The
Company assesses whether changes in rights and obligations in a contract modification are enforceable when one or more of the following
conditions are met: a) the contract, applicable law or other evidence provides a legal basis for the modification; b) the additional
costs were caused by unforeseen circumstances at the date of execution of the contract and not as a result of deficiencies incurred by
the Company's performance; c) the costs related to the modification are identifiable and considered reasonable in light of the work performed;
or d) the evidence supporting the modification is objective and verifiable. When one or more of the above conditions are met, the Company
considers the changes in rights and obligations in the contract modification to be enforceable.
The
nature of some contracts, such as cost plus fee contracts, unit price contracts or similar contracts give rise to variable consideration
that may include reimbursable costs, incentives and penalties. The Company estimates the change in the transaction price resulting from
variable consideration when the transaction price has not yet been approved by the customer, in accordance with the requirements of IFRS
15. To include variable consideration related to a contract modification in the estimated transaction price, the Company must conclude
that it is "highly probable" that a significant revenue reversal will not occur. The Company determines the likelihood of revenue
reversal occurring (and, therefore, whether such price will be recovered) based on an analysis of whether any of the following factors
are present: i) contractual entitlement; ii) past practice with the customer; iii) specific discussions or preliminary negotiations with
the customer; or iv) verbal approval by the customer. If, as a result of such analysis, the Company concludes that it is "highly
probable" that there will not be a significant reversal of the amount of revenue recognized, it recognizes the variable consideration
related to the contract modification. When the benefit of the contract cannot be reliably estimated, the associated revenue is recognized
to the extent that the costs incurred are recoverable. Revenue is invoiced upon receipt of customer approval. When it is probable that
total contract costs will exceed the related revenue, the expected loss is recognized immediately.
The
Company estimates the amount of revenue to be recognized as variable consideration using judgmental judgments and estimates to determine
the most probable value, based on which is expected to best predict the amount of consideration to which the Company will be entitled.
While
management believes that the estimates made are reasonable and made in accordance with the above methodology, given the uncertainties
associated with these types of contracts and inherent in the nature of some of the industries in which we operate, it is possible for
actual costs to vary from estimates previously made, including due to changes in facts and circumstances, which may result in reductions
or reversals of previously recorded profits.
Risks
Related to Peru
Economic,
social and political developments in Peru could adversely affect our business and financial performance
The
substantial majority of our operations are conducted in Peru and depend on economic and political developments in the country. As a result,
our business may be materially and adversely affected by economic downturns, currency depreciation, inflation, interest rate fluctuation,
government policies, regulation, taxation, social instability, political unrest, drug trafficking, terrorism and other developments in
or affecting the country, over which we have no control. In the past, Peru has experienced periods of severe economic recession, large
currency devaluation and high inflation. We cannot assure you that Peru will not experience similar adverse economic developments in
the future. In addition, Peru has experienced periods of political instability that has included a succession of regimes with differing
economic policies and programs. Previous governments have imposed controls on prices, exchange rates, local and foreign investments and
international trade, restricted the ability of companies to dismiss employees, expropriated private-sector assets and prohibited the
remittance of profits to foreign investors. We cannot assure you that the Peruvian government will continue to pursue open-market policies
that stimulate economic growth and social stability and that the risk of expropriation of the concessions where we operate will not materialize.
30
Moreover,
investigations against former or current government officials relating to bribery payments made by Odebrecht have, and may continue to,
result in political uncertainty in Peru. In March 2018, President Pedro Pablo Kuczynski presented his resignation, due to allegations
of corruption for vote-buying in connection with the impeachment proceeding against him, and his first vice president, Martín
Vizcarra, was sworn in as acting president. In September 2019, the executive branch, invoking article 134 of the constitution, dissolved
Congress and called for new legislative elections which were held in January 2020. Following these elections, the Peruvian executive
and legislative branches have been at odds over several important economic and social measures, including initiatives to address the
economic and social impact of the COVID-19 pandemic on Peru. In November 2020, Congress impeached and removed from power Mr. Vizcarra
and appointed Manuel Merino as President, who in turn resigned five days after his appointment as was replaced by Francisco Sagasti.
Criminal investigations have been initiated against former presidents Alejandro Toledo, Ollanta Humala, Alan García, Pedro Pablo
Kuczynski and Martín Vizcarra. On April 17, 2019, former President Alan García committed suicide as prosecutors were
preparing to detain him over matters relating to criminal investigations. Several corruption scandals regarding authorities at municipal,
regional and national government levels are also ongoing, and former government officials have been detained. These corruption investigations
resulted in lower investments in large projects.
Peru's
general elections to elect the president and all congressional members for 2021-2026 were held on April 11, 2021. As a result, the candidates
for president, Mr. José Pedro Castillo Terrones and Mrs. Keiko Sofia Fujimori Higuchi obtained the highest number of votes but
no outright majority, giving place to a ballotage presidential run-off that was held on June 6, 2021, with Mr. Castillo resulting elected
as the new President.
On
December 7, 2022, Peru's former President Pedro Castillo illegally announced the dissolution of Congress, among other measures
such as the intervention of the Prosecutor's Office, the Judicial System and the Constitutional Court, and was arrested. Dina Boluarte,
Castillo's first vice president, was sworn in as president the same day to serve until July 2026. After Pedro Castillo's
vacancy in December 2022, several riots and road blockades took place, mainly in the southern regions of Peru. In addition, amidst ongoing
protests, the new government has made a series of proposals to Congress to approve early elections, however, Congress has not obtained
sufficient votes to accelerate the presidential elections.
We
cannot assure you whether the Peruvian government will continue to pursue business-friendly and open-market economic policies that stimulate
economic growth and stability. Moreover, we cannot assure you that measures negatively impacting private investment, such as higher taxation
or exchange controls, will not be implemented.
Uncertainty
derived from the current political situation may cause clients to postpone investment decisions or may disrupt Peruvian markets which,
in turn, could have a significant negative effect on our business. The political instability caused by these events could also affect
macroeconomic conditions in the country, including currency volatility, as well as have a negative effect on our business.
Fluctuations
in the value of Peruvian sol could adversely affect financial performance
Fluctuations
in the value of the sol relative to the U.S. dollar could adversely affect Peru's economy. In addition, fluctuations in the value
of the sol to the U.S. dollar can materially adversely affect our results of operations.
In
2020, 36.1% and 47.4% of our revenues were denominated in soles and U.S. dollars, respectively, whereas 49.3% and 29.5% of our costs
of sales were denominated in soles and U.S. dollars, respectively. In 2021, 40.0% and 42.6% of our revenues were denominated in soles
and U.S. dollars, respectively, whereas 61.4% and 18.8% of our costs of sales were denominated in soles and U.S. dollars, respectively.
In
2022, 39.3% and 43.8% of our revenues were denominated in soles and U.S. dollars, respectively, whereas 55.8% and 25.9% of our costs
of sales were denominated in soles and U.S. dollars, respectively. In the past the exchange rate between the sol and the U.S. dollar
has fluctuated significantly. We cannot assure you that the value of sol against other currencies will not fluctuate significantly in
the future, which could adversely affect the Peruvian economy and our business, financial condition, and results of operations.
In
addition, although Peruvian law currently imposes no restrictions on the ability to convert soles to foreign currency, in the past, Peru
imposed exchange controls, including controls affecting the remittance of dividends to foreign investors. We cannot assure you that exchange
controls in Peru will not be implemented in the future. The imposition of exchange controls could have an adverse effect on the economy
and on your ability to receive dividends from us as a holder of ADSs.
31
Inflation
could adversely affect our financial performance
In
the past, Peru has suffered through periods of hyperinflation, which have materially undermined the Peruvian economy and the government's
ability to create conditions that support economic growth. 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.
As
a result of reforms initiated in the 1990s, Peruvian inflation decreased significantly from four-digit inflation during the 1980s. The
Peruvian economy experienced annual inflation of 2.0% in 2020, as measured by the Peruvian Consumer Price Index (
Indice de Precios
al Consumidor del Peru
). Nonetheless, in 2021 the inflation rate rose to 6.4% and 8.5% in 2022, a 30-year peak, due mostly to global
supply chain issues and the recovery of global demand in relation to the COVID-19 pandemic.
If
Peru experiences substantial inflation in the future, our costs of sales and administrative expenses could increase which could affect
our operating margins. Inflationary pressures may lead to governmental intervention in the economy, including the introduction of government
policies that may adversely affect the overall performance of the Peruvian economy. For example, in response to increased inflation,
the Peruvian Central Bank, 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.
Changes
in tax laws may increase our tax burden and, as a result, negatively affect our financial performance
The
Peruvian Congress and government regularly implement changes to tax laws that may increase our tax burden. These changes may include
modifications in our tax rates and, on occasions, the enactment of temporary taxes that in some cases have become permanent taxes. 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 may result in increases in our overall costs and/or
our overall compliance costs, which could negatively affect our financial performance.
Earthquakes,
severe weather and other natural disasters could adversely affect our business and financial performance
Peru
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, severally damaging the region south of Lima. Such conditions
may result in physical damage to our properties and equipment, closure of one or more of our project sites and infrastructure concessions,
inadequate work forces in our markets and temporary disruptions in the supply of construction materials. In addition, Peru has also experienced
adverse climate conditions (due to climate change or otherwise) and adverse weather patterns, such as 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
potentially flooding in certain areas of Peru, on the one hand, and simultaneous draughts in the southern Andean region of the country,
on the other hand.
In
the beginning of 2023, Peru has experienced intense rainfall and weather conditions resulting in overflow risk, mudslides and floods.
Most recently, on March 15, 2022, heavy rainfall led to floods and landslides in the town of Retamas, La Libertad, which caused the destruction
of many homes and caused several deaths. In addition, the National Service of Meteorology and Hydrology of Peru (
Servicio Nacional
de Meteorología e Hidrología del Perú
) and the National Study of the El Niño Phenomenon (
Estudio Nacional
del Fenómeno
El Niño), maintained a state of alert as it expects El Niño conditions to continue until at least
July 2023. Poor weather conditions can have significant adverse effects on our engineering and construction activities as well as on
our operation and maintenance of infrastructure assets business. Any of these factors may materially adversely affect the Peruvian economy
and our business and financial performance.
32
A
resurgence of terrorism in Peru could adversely affect the Peruvian economy and, as a result, our business and results of operations
In
the past, Peru experienced severe terrorist activity that reached its peak of violence against the government and private sector in the
late 1980s and early 1990s. In the mid-1990s, terrorist groups suffered significant defeats, including the arrest of leaders, resulting
in considerable limitations in their activities. Despite the suppression of terrorist activity, we cannot assure you that a resurgence
of terrorism in Peru, or other organized criminal activity, including drug trafficking, will not occur, or if there is such a resurgence,
it will not disrupt the economy of Peru and our business.
The
Peruvian economy could be affected by adverse economic developments in regional or global markets
Financial
and securities markets in Peru are influenced, to varying degrees, by economic and market conditions in regional or global markets. Although
economic conditions vary from country to country, investors' perceptions of events occurring in one country may adversely affect
cash flows and securities from issuers in other countries, including Peru. Changes in social, political, regulatory and economic conditions
in large economies or in laws and policies governing foreign trade or affecting global financing conditions could create uncertainty
in the international markets and could have a negative impact on emerging market economies, including the Peruvian economy, which in
turn could have a negative impact on our operations. Since mid-March of 2020, the ongoing COVID-19 pandemic has disrupted economic activity
and caused a global recession. The worsening of current global conditions or a new economic or financial crisis could affect Peru's
economy and, consequently, materially adversely affect our business and financial performance.
Risks
Related to Chile, Colombia and other Latin American Countries
We
face risks related to our operations outside of Peru
Latin
American economic, political and social conditions may adversely affect our business. In 2022, the Latin America region underwent political
and governmental shifts towards anti-capitalist political agendas. In the countries where we operate (Peru, Colombia and Chile), the
changes of government have generated greater uncertainty about their economic and social stability. Our financial performance may be
significantly affected not only by general economic, political and social conditions in Peru but also in other markets where we operate
or intend to operate, including Chile and Colombia. During 2020, 2021 and 2022 approximately 18.2%, 18.9% and 17.8%, respectively, of
our revenues on a consolidated basis derived from operations outside of Peru. The change in the legal framework of the countries where
we operate could adversely affect our business and financial performance. These countries have suffered significant economic, political
and social crises in the past, and these events may occur again in the future. We cannot predict whether changes in current administrations
will result in changes in governmental policy and whether such changes will affect our business. Instability in the region has been caused
by many different factors, including: significant governmental influence over local economies, substantial fluctuations in economic growth,
high levels of inflation, changes in currency values, exchange controls or restrictions on expatriation of earnings, high domestic interest
rates, wage and price controls, changes in governmental economic or tax policies such as including retroactive changes, imposition of
trade barriers such as import duties on information technology equipment, electricity rationing, liquidity of domestic capital and lending
markets, unexpected changes in regulation, expropriations, and high levels of organized crime, terrorism and social conflicts as well
as overall political, social and economic instability. Moreover, macroeconomic conditions in these countries are highly influenced by
global commodity prices, including the price of copper for Chile and the price of oil and gas for Colombia.
In
addition, beginning in October 2019, Chile has suffered from widespread social unrest and vandalism that has had a significant economic
and political impact on the country. The protests began over the government's announcement of an increase in subway fares in Santiago
and quickly grew into broader unrest over economic inequality, including claims about transportation costs, funding for education, health
care costs and pension amounts, among others. The Chilean government imposed a state of emergency and nighttime curfews in Santiago and
other cities; however, protests and violence continued. The Chilean government took a series of social and economic measures to tackle
the issues at the heart of the unrest and the Chilean congress convened a plebiscite initially to be held in March 2020, which was rescheduled
to October 25, 2020 as a result of the COVID-19 pandemic, to determine whether constitutional amendments should be implemented. By democratic
majority, the Chilean constituents to the plebiscite voted to amend the Chilean Constitution. A new Chilean Constitution was drafted
by a constitutional convention whose members were elected in May 2021 and subsequently rejected by a national plebiscite held in September
2022. Following the plebiscite's rejection, the Chilean congress approved a second constitutional process which is expected to
be submitted for ratification in December 2023. The new constitution may contain changes that generate uncertainty and potential instability.
In addition, in December 2021, Mr. Gabriel Boric Font was elected as the new President of Chile and took office in March 2022. We cannot
assure you that the newly-elected Chilean government will continue to pursue business-friendly and open-market economic policies that
stimulate economic growth and stability.
33
Beginning
in November 2019 and more recently in 2021, Colombia has experienced civic unrest, including a national strike and anti-government protests.
Demonstrators in the country, protesting for several reasons, including opposing certain economic and political reforms proposed by the
administration of President Duque (including those intended to address the negative effects on the Colombian economy caused by the COVID-19
pandemic), public corruption, and the implementation of the peace agreement between Colombia and the guerrilla Fuerzas Armadas Revolucionarias
de Colombia (FARC). In addition, protestors have demanded reforms related to pensions, access to education, environmental protection
and inequality, among others. We cannot predict the policies that will be adopted by the Colombian government and whether those policies
would have a negative impact on the Colombian economy or our business and financial performance. Our Colombian operations could be adversely
impacted by rapidly changing economic, political and social conditions in Colombia and by the Colombian government's response to
such conditions. On June 16, 2022 Colombia elected the left-wing candidate Gustavo Petro as President. Gustavo Petro has announced plans
to increase government intervention, reduce oil production and impose higher taxes on oil companies; measures that could adversely affect
the economy and potentially impact our business and financial performance.
Risks
Related to our ADSs
We
have identified material weaknesses in the information technology general controls ("ITGCs") related to our information technology
("IT") systems and in the design and implement process-level control activities related to the recognition of revenue and
costs within our engineering and construction segment with regards to compliance with IFRS 15 – Revenue Recognition (IFRS 15) ,
and if we cannot maintain effective internal controls or provide reliable financial and other information in the future, investors may
lose confidence in the reliability of our consolidated financial statements, which could result in a decrease in the value of our ADSs
Based on the assessment of our
internal control over financial reporting as of December 31, 2022, as required by Section 404 of the U.S. Sarbanes Oxley Act of 2002
("SOX"), management has concluded that, as of such date, our internal control over financial reporting was not effective
at the reasonable assurance level due to control deficiencies that constituted two material weaknesses. The material weakness consisted
of deficiencies in the operational effectiveness of controls over SOX compliance related to i) our ITGCs related to our IT systems; and
ii) the design and implementation of process-level control activities related to the recognition of revenue and costs within our engineering
and construction segment with regards to compliance with IFRS 15 – Revenue Recognition (IFRS 15).
The
revenue-related control deficiencies resulted in immaterial misstatements to revenue, cost of sales, deferred revenue, work in progress,
accounts receivable and accounts payable that have been corrected in our consolidated financial statements as of and for the years ended
December 31, 2021, and 2020. However, these control deficiencies created a reasonable possibility that a material misstatement to our
annual consolidated financial statements would not be prevented or detected on a timely basis. Therefore, management concluded that the
deficiencies represent material weaknesses in our internal control over financial reporting and our internal control over financial reporting
was not effective as of December 31, 2022. For more information, see "Item 15. Controls and Procedures." A "material
weakness" is a deficiency, or combination of deficiencies, in internal controls such that there is a reasonable possibility that
a material misstatement in financial statements will not be prevented or detected in a timely basis.
We are in the process of
implementing measures to address these material weaknesses. We may not be able to remediate these identified material weaknesses. Moreover,
we may in the future discover other areas of our internal controls that have material weaknesses or that need improvement, particularly
with respect to businesses that we acquire.
34
Any
failure to maintain an effective internal control over financial reporting, or implement required new or improved controls, could harm
our operating results or cause us to fail to meet our reporting obligations. If we are unable to conclude that we have effective internal
control over financial reporting, or if our independent registered public accounting firm is unable to provide us with an unqualified
opinion regarding the effectiveness of our internal control over financial reporting, investors could lose confidence in the reliability
of our consolidated financial statements, which could result in a decrease in the value of our 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, quarterly fluctuations, or failure to meet expectations of financial market analysts and investors; the impact
of corruption allegations and investigations; investor perceptions of our prospects or our industries; operating performance of companies
comparable to us and increased competition in our industries; 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.
Substantial
sales of ADSs or common shares could cause the price of our ADSs or common shares to decrease
Significant
shareholders hold a large number of our common shares. These securities are eligible for sale. The market price of our ADSs could decline
significantly if we or our significant shareholders sell securities in our company or the market perceives that we or our significant
shareholders intend to do so.
We
may raise additional capital in the future through the issuance of equity securities, which may result in dilution of the interests of
our shareholders
We
may need to raise additional capital and may opt for obtaining such capital through the public or private placement of common shares,
debt securities or debt securities convertible into our common shares. In such event we may seek to obtain financing through the exclusion
of the preemptive rights of our shareholders, which may dilute the percentage interests of investors in our common shares.
On
November 2, 2020, the general shareholders' meeting of the company approved a financial plan that included (i) the issuance by
the company of convertible bonds in an amount up to US$90 million and (ii) the issuance of corporate bonds in an amount up to US$350
million. On August 13, 2021, AENZA issued bonds convertible into common shares. The total principal amount of the convertible bonds was
US$89.9 million. The bonds mature in February 2024, bear interest at a rate of 8%, and are payable quarterly. Pursuant to the terms and
conditions of the convertible bonds, they may be converted into shares as of the sixth month from the date of issuance. In accordance
with the terms and conditions of the convertible bonds, holders of convertible bonds in a principal amount equivalent to US$11 million
exercised their conversion rights and on February 28, 2022 we issued 37,801,073 new common shares (equivalent to 11,000 convertible bonds).
Additionally, on March 31, 2022, holders of convertible bonds, in a principal amount equivalent to US$79 million exercised their
conversion rights and we issued for an additional 287,261,051 new common shares (equivalent to 78,970 convertible bonds). After these
conversions, the convertible bonds have been fully cancelled.
Holders
of ADSs may be unable to exercise voting rights with respect to our common shares underlying the ADSs at our shareholders' meetings
As
a holder of ADSs representing common shares being held by the depositary in your name, you 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, in accordance with Peruvian law,
in the official gazette in Peru, a Peruvian newspaper of general circulation and the website of 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, who 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.
35
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 attributed 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.
Our
shareholders' ability to receive 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,
you may lose some or all of the value of the dividend distribution.
Additionally,
under the terms of the agreement with the Prosecutor's Office and with the Attorney General's Office, we cannot distribute
dividends until 40% of the civil penalty is paid.
Holders
of ADSs may be unable to exercise preemptive 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% of
our subscribed voting common shares and, provided that such capital increase does not favor, directly or indirectly, certain shareholders
to the detriment of others, 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 at the end of a preemptive rights offering, on a pro rata basis,
which is known as accretion rights. You may not be able to exercise the preemptive or accretion rights relating to common shares underlying
your ADSs unless a registration statement under 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, you may receive only the net proceeds from the
sale of your 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.
We
are entitled to amend the deposit agreement 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.
36
Peru
has different corporate disclosure and accounting standards than those you may be familiar with in the United States
Financial
reporting and securities disclosure requirements in Peru differ in certain significant respects from those required in the United States.
There are also material differences among IFRS, Peruvian GAAP and U.S. GAAP. Accordingly, the information about us available to you will
not be the same as the information available to holders of shares issued by a U.S. company. In addition, the Peruvian Securities Market
Law, which governs open or publicly listed companies, such as us, imposes disclosure requirements that are more limited than those in
the U.S. in certain important respects. Although Peruvian law imposes restrictions on insider trading and price manipulation, applicable
Peruvian laws are different from those in the United States, and the Peruvian securities markets are not as highly regulated and supervised
as the U.S. securities markets.
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 ("NYSE") corporate governance standards. Under
NYSE 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 NYSE corporate governance requirements.
For
example, the NYSE listing standards provide that the Board of Directors of a U.S. listed company must have a majority of independent
directors at the time our 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 NYSE 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, NYSE 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
NYSE's listing standards also require U.S. listed companies to adopt and disclose corporate governance guidelines. In July 2002,
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 "Principles of Good Governance for Peruvian Companies."
Although we have implemented these measures, we are not legally required to comply with the corporate governance guidelines, only 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. Accordingly, investors may face difficulties in serving process on our company,
officers and directors or significant shareholders in the United States of certain other jurisdictions, and in enforcing decisions granted
by courts located in other jurisdictions against our company, our officers and directors or significant shareholders that are based on
securities laws of jurisdictions other than Peru.
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 significant shareholders 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.
37
Judgments
of Peruvian courts with respect to our common shares will be payable only in soles
If
proceedings are brought in the courts of Peru seeking to enforce our obligations in respect of the common shares, we will not be required
to discharge our obligations in a currency other than soles. Under Peruvian exchange control limitations, an obligation in Peru to pay
amounts denominated in a currency other than soles may be satisfied in Peruvian currency only at the exchange rate, as determined by
the Peruvian Central Bank, in effect on the date the judgment is obtained, and such amounts are then adjusted to reflect exchange rate
variations through the effective payment date. The then prevailing exchange rate may not afford non-Peruvian investors with full compensation
for any claim arising out of or related to our obligations under the ADSs.
If
securities or industry analysts publish unfavorable research about our business or if they cease to follow our business, the price and
trading volume of the ADSs could decline
The
trading market for the ADSs will depend, in part, on the research and reports that securities or industry analysts publish about us or
our business. If one or more of the analysts who covers us downgrades the ADSs or publishes unfavorable research about our business,
the price of the ADSs would likely decline. If one or more of these analysts ceases coverage of our company or fails to publish reports
on us regularly, demand for the ADSs could decrease, which could cause the price and trading volume of the ADSs to decline.
ITEM
4. INFORMATION ON THE COMPANY
A.
History and Development of the Company
AENZA,
formerly known as Graña y Montero S.A.A., is a leading Peruvian conglomerate with operations in the infrastructure, energy, real
estate and engineering and construction sectors, with a diversified and difficult-to-replicate portfolio of best-in-class assets and
an attractive growth strategy. Our core growth strategy is centered around the expansion of our concession platform, which is the current
concessionaire for the Lima Metro, the largest mass-transit rail system in Peru, operates three toll roads and a wastewater treatment
plant. Also, we have more than 22 years of experience providing services to maintain and operate infrastructure projects, currently operating
and maintaining 1,592.8 km of Peruvian roads and highways.
Moreover,
we are one of the main oil and gas producers and operators in Peru with long-term contracts. Additionally, we operate three producing
oil fields and five multiple fuel storage facilities under long-term government contracts, and we own a gas processing plant. Through
our Energy segment, we accounted for 8% of the oil production, 1.5% of the liquefied petroleum gas ("LPG") production and
19% of the fuel dispatch within Peru during 2022, according to the Ministry of Energy and Mines of Peru ("MINEM").
Furthermore,
we own Cumbra, the largest construction company in Peru in terms of revenues according to Construcción Latinoamericana, with more
than 89 years of operations and a long-standing track record for operational excellence. We have completed some of the most complex and
large-scale infrastructure projects in Peru. We believe we are an integral part of Peru's ongoing transformation with projects
that contribute to the overall economic development of the country and our expertise, track record, scale and operational capabilities
in Peru position us to take advantage of the country's long-term favorable economic conditions and growth opportunities. We are
also a niche leader in the real estate sector, focusing primarily on the affordable housing market.
With
a permanent presence in Peru, Chile and Colombia, we are strategically located in Latin American countries with among the highest sustained
growth rates in the region. We are well-positioned to capitalize on the significant infrastructure deficit and other business opportunities
in Latin America.
38
Our
Board of Directors is fully committed with the highest standards of ethics and transparency. The diversity of its members, including
Peruvian, Chilean, Brazilian and Spanish citizens, is a sign of the issuer's strategic interest in international growth. Likewise,
our management, led by our CEO Andre Mastrobuono and our corporate vice president Dennis Fernandez, brings experience from across South
America that is highly relevant to the development of our business, including the transformation and turnaround of companies undergoing
restructuring processes. This management team has implemented a new corporate structure organized by processes, focusing on risk management
and synergy generation within the framework of a culture of accountability. We safeguard the health and safety of our workforce and all
the persons participating in our operations and services.
The
history of the company dates back to 1933, and the company has been listed on the Lima Stock Exchange since 1997 and on the New York
Stock Exchange since 2013:
●
The
company traces its origins to its original predecessor, GRAMONVEL, which was founded more than 89 years ago.
●
We
expanded our operations internationally in 1943 with our contract to build a Nestle factory in Venezuela.
●
In
1948, we began one of our largest projects since our founding—the construction of the city of Talara for the International Petroleum
Company, which was completed in 1957.
●
In
1949, GRAMONVEL merged with Morris y Montero to form Graña y Montero Contratistas Generales S.A. (now Cumbra, our engineering
and construction subsidiary), expanding its service offerings and increasing its capacity to undertake large-scale infrastructure projects.
●
In
1983, we began a diversification strategy by developing complementary lines of business. In 1984, we founded UNNA Energía,
our oil and gas subsidiary. In 1985, we partnered with Sonda S.A. (a Chilean IT services company) to form GMD S.A. ("GMD"),
our IT services subsidiary. Beginning in 1987, we founded our real estate development business, which currently operates under Viva,
which was incorporated in 2008.
●
In
1996, we reorganized our subsidiaries and founded Graña y Montero S.A.A., which became the principal shareholder of all our subsidiaries.
In 1997, we listed our company on the Lima Stock Exchange.
●
In
1998, our company built Larcomar, a landmark shopping center in Lima that has become a popular tourist destination, which we sold in
2010.
●
In
2003, 2006 and 2007, we were awarded the concessions for the construction, operation and maintenance of the Norvial, Canchaque and Survial
toll roads, respectively.
●
In
2007, we also developed the first large-scale affordable housing project in Lima, consisting of 3,400 apartment units and located
in the district of El Agustino.
●
In
2012, we began operating the Lima Metro.
●
In
July 2013, we listed our company on the NYSE.
●
In
2012 and 2013, we acquired 74.0% and 6.4%, respectively, of Ingeniería y Construcción Vial y Vives S.A. ("Vial y
Vives"), an engineering and construction company specializing in the Chilean mining sector. In August 2013, we acquired 86.0% of
DSD Construcciones y Montajes S.A. ("DSD Construcciones y Montajes"), a Chilean engineering and construction company specialized
in providing services to the energy, oil and gas, cellulose and mining sectors in Chile and Latin America. In July 2014, our subsidiary
Vial y Vives merged with DSD Construcciones y Montajes to form Vial y Vives-DSD S.A. ("Vial y Vives-DSD"), through our subsidiary
GyM Chile SpA, we hold an 86.2% interest in Vial y Vives-DSD. As of the date of this annual report, we hold a 94.5% interest in Vial
y Vives-DSD.
●
In
December 2014, our subsidiary Cumbra acquired 70% of the share capital of Morelco, a Colombian engineering and construction company specialized
in the oil and gas and other energy sectors. As of December 2022, we own 100% of Morelco.
39
●
In
April 2015, UNNA Energía started operations of its hydrocarbon extraction services in Blocks III and IV for Perupetro, in
the provinces of Talara and Paita in northern Peru.
●
In
2020, Lima Airport Partners awarded our company, as a member of the Inti Punku Consortium, with a contract for the construction of the
second runway of the Jorge Chávez International Airport.
●
In
November 2020, the annual shareholders' meeting of the company approved the change of the company's name from Graña
y Montero S.A.A. to AENZA S.A.A., and, effective November 12, 2020, our common shares and ADSs became tradeable on the Lima Stock Exchange
and the NYSE, under the ticker symbols "AENZ" and "AENZAC1", respectively. We have also re-named certain of our
subsidiaries.
●
In
May 2021, the company entered into a Collaboration and Benefits Agreement (
Acuerdo Preparatorio de Colaboración Eficaz y Beneficios)
with Peruvian prosecutorial authorities, setting the amount of S/333.3 million plus US$40.7 million for civil reparations. On September
15, 2022, we signed the Final Collaboration and Benefits Agreement. The validity of the agreement is subject to consent (control of legality)
by the Judiciary, and its specific terms and conditions are subject to confidentiality.
●
In
August 2021, IG4 Capital Infrastructure Investments LP successfully concluded its public tender over the company's shares and ADSs,
becoming a significant shareholder of the company. A new, diverse Board of Directors was elected, and a new CEO, with 25 years of experience
in infrastructure and capital-intensive industries, has been appointed. The newly appointed board and CEO are undertaking a turnaround
process of the company.
●
In
August 2021, we issued bonds convertible into common shares (the "Convertible Bonds"), raising US$89.9 million in proceeds.
●
In
September 2021, Cumbra, as a member of the Inti Punku consortium, was awarded with a contract for the construction for the expansion
of Lima's airport passenger terminal. This is the second mayor project that we have with our client Lima Airport Partners.
●
In
February and March 2022, 100% of the bondholders of our Convertible Bonds exercised their conversion rights. As a result, our capital
stock has increased to S/1,196,979,979 as of December 31, 2022.
●
In
March 2022, we entered into a bridge loan agreement for up to US$120 million.
AENZA
is a publicly-held corporation (sociedad anónima abierta) organized under the laws of Peru. Our principal executive office is
located at Avenida Petit Thuars 4957, Miraflores, Lima, Peru, and our main telephone number is +511-213-6565. Our website address is
www.aenza.com.pe
. Information contained on, or accessible through, our website is not incorporated in this annual report, and
you should not consider any such information part of this annual report. The SEC maintains a website (http://www.sec.gov) that contains
reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
For
information on our organizational structure, see "Item 4.C. Information on the Company–Organizational Structure."
For
information on our capital expenditures and divestitures, see "Item 5.B. Operating and Financial Review and Prospects—Liquidity
and Capital Resources—Capital Expenditures."
B.
Business Overview
Overview
We
have a diversified portfolio of business units that includes a leading infrastructure management and development platform in Peru, one
of the top oil and gas companies in Peru, a leading position in the affordable housing market in Peru and the largest engineering and
construction company in Peru with permanent presence in Colombia and Chile.
40
The
tables below show our backlog, revenues, adjusted EBITDA and loss for the year from 2020 to 2022.
During
2022, we generated revenues of S/4,405.1 million (US$1,153.2 million), adjusted EBITDA of S/173.3 million (US$45.4 million), and loss
of the year of S/362.1 million (US$94.8 million).
Our
Strengths
We
believe our company's strengths provide us with significant competitive advantages. Our principal strengths include the following:
Leading
Presence with a Strong Legacy
We
are a leader in the infrastructure sector in Peru, with a diversified and difficult-to-replicate portfolio of best-in-class assets and
an attractive growth strategy. Our concession platform is the concessionaire for the Lima Metro, the largest mass-transit rail system
in Peru, and operates three toll roads and a waste water treatment plant. Also, we have more than 22 years of experience providing services
to maintain and operate infrastructure projects, currently operating and maintaining 1,592.8 km of Peruvian roads and highways.
On
the energy side, we are one of the largest oil and gas producers and operators in Peru with long-term contracts. We operate three producing
oil fields and five multiple fuel storage facilities under long-term government contracts, and we own a gas processing plant. Through
our Energy segment, we accounted for 8% of the oil production, 1.5% of the LPG production and 19% of the fuel dispatch within Peru during
2022, according to MINEM.
We
are also the largest construction company in Peru, with more than 89 years of operations and a long-standing track record for operational
excellence. We have completed some of the most complex and large-scale infrastructure projects in the country, and we believe we are
an integral part of Peru's ongoing transformation with projects that contribute to the overall economic development of the country.
We believe our expertise, track record, scale and operational capabilities in Peru position us to take advantage of the country's
long-term favorable economic conditions and growth opportunities. We are also a niche leader in the real estate sector, focusing primarily
on the affordable housing market.
Resilient
Cash Flow Generation from High-Quality Asset
Our
assets have proven to be consistent, generating positive and stable results over the years. Indeed, Lima Metro's revenues do not
depend on demand as our revenues consist of a quarterly fee that we receive from the Ministry of Transport and Communications based on
the kilometers travelled per train and adjusted for inflation. This concession still has 19 years left and generated dividends of US$12.1
million in 2022 and an adjusted EBITDA US$27.8 million in 2022, with limited capital expenditures of US$12.1 million.
Moreover,
under our Norvial concession, we operate and maintain part of the only major highway that connects Lima to the north of Peru. Norvial's
revenues have proven to be stable as the toll rate is adjusted in accordance with a contractual formula that considers the sol/U.S. dollar
exchange rate and Peruvian and U.S. inflation. Furthermore, traffic is resilient as the road is highly transited both by heavy vehicles,
primarily for the purpose of transporting goods, and by passenger vehicles. Finally, Norvial charges toll fees in both directions, unlike
other toll roads in Peru.
41
Our
energy platform is one of the largest oil and gas producers and operators in Peru with long-term contracts. On the extraction side, we
see limited demand risk given oil deficit in Peru and the fact that for the two most relevant blocks (III and IV) UNNA Energia sells
the oil to Petroperu (Quasi-Government entity – BB+ by Fitch Rating), a solid off-taker backing expected cash flow. Moreover, our
activities are focused on proved reserves development and production and are conducted in mature oil fields, which have been producing
oil for over 100 years in the case of Block I, over 95 years in the case of Block III, over 95 years in the case of Block IV, and over
50 years in the case of Block V. As such, we believe our activities in these fields bear limited exploration risk.
Well-Positioned
in Strategic Locations
With
a presence in Peru, Chile and Colombia, we are strategically located in Latin American countries known for their business-friendly policies,
with relative macroeconomic stability and among the highest sustained growth rates in the region. We are well-positioned to capitalize
upon the significant infrastructure deficit and other business opportunities in Latin America.
Best-in-class
Corporate Governance
Our
Board of Directors is fully committed to the highest standards of ethics and transparency. The diversity of its members, including Peruvian,
Chilean, Brazilian and Spanish citizens, is a sign of the company's strategic interest in international growth. Likewise, our management,
led by our CEO Andre Mastrobuono and our corporate vice president Dennis Fernandez, has implemented a new corporate structure organized
by processes, focusing on risk management and synergy generation within the framework of a culture of accountability. Our board includes
representatives from our largest shareholders, three independent directors and a female member for the first time in our history. In
addition to its plenary sessions, our board is organized into four committees: the Audit and Compliance Committee, the Talent Committee,
the Finance, Risks, and Investments Committee, and the Environmental, Social and Governance Committee. This organization allows for comprehensive
corporate oversight.
Highly
Experienced Management, Talented Engineers and Skilled Workforce
Our
management team, led by our CEO Andre Mastrobuono and our corporate vice president Dennis Fernandez, brings experience from across South
America that is highly relevant to the development of our business, including the transformation and turnaround of companies in restructuring
processes. Our CEO has demonstrated experience turning around companies across the region in the infrastructure, oil and gas, real estate
and other industries. He has overseen several companies undergoing transformations and has successfully led their restructuring processes.
Our
management team has implemented a new corporate structure organized by processes, focusing on risk management and synergy generation
within the framework of a culture of accountability. In addition, we motivate our management through performance-based compensation,
which align their interests with those of our shareholders. Through our efforts to attract, train and retain our workforce, we have built
a talented team of employees, including more than 1,500 engineers. We also have access to a network of approximately 43,000 manual laborers
throughout Peru that can supplement our workforce when required by our construction pipeline. Thanks to our extensive and talented team,
we have the capability and scale to undertake large and complex projects in Peru and elsewhere.
We
safeguard the health and safety of our collaborators and of all the persons participating in our operations and services. To that end,
we provide safe work conditions, we manage risks in a timely manner, and we promote a culture of prevention, starting from the leadership
and commitment of our senior management. In 2022, we had an accident incidence rate of 0.17%, calculated over 200,000 hours worked.
Significant
Backlog
Our
backlog amounted to S/5,327.6 million (US$1,394.7 million) as of December 31, 2022. We believe that our backlog, which as of December
31, 2022 represented approximately 1.2x of our related 2022 revenues, provides visibility as to our potential for growth in the coming
years, although backlog may not always be an accurate indicator of future revenues. See "Item 3.D. Key Information—Risk Factors—Risks
Related to our Company—Our backlog and our ratio of historical backlog to revenues may not be reliable indicators of future revenues
or profit." Moreover, we believe our backlog is strategically targeted to our key end-markets such as mining, infrastructure, power,
energy and real estate. Approximately 52.9% of our backlog across our segments as of December 31, 2022 is comprised of contracts with
the private sector. Furthermore, we continuously evaluate bidding on contracts arising from the significant ongoing private and public
investments in Latin America.
42
Our
Strategies
Our
overall strategy is to strengthen our business units, with the goal of becoming one of the leading Latin American infrastructure development
platforms. We recognize that Peru, as well as the rest of Latin America, faces a significant infrastructure deficit that limits the overall
growth of the region. We believe that Latin American governments also recognize this deficiency and will seek to invest heavily in this
sector over the next years, a situation we expect will provide important growth opportunities for our company.
Considering
the high entry barriers that the infrastructure business entails, the company´s plan is to build on top of its leadership as an
infrastructure company in Peru, expanding its business to nearby countries like Chile, Colombia, and Brazil, through new concessions
and public-private partnerships ("PPPs"), while also considering the possibility of inorganic growth through the acquisition
of concessions and PPPs from third parties. To achieve this, we intend to participate in new tenders and acquisitions in Peru and other
countries in the region, including Chile, Colombia and Brazil, with the goal of creating one of the largest regional platforms for the
development of infrastructure projects.
In
addition, as part of our strategy for the next years, we will also enhance our other business units. Our Real Estate business will seek
to grow in the affordable housing sector. Our E&C segment will work to consolidate its position in Chile and Colombia and continue
to strengthen its focus in Peru, while we explore options for a strategic partnership. In our Energy business we will continue to deliver
refined hydrocarbons from the terminals that we operate, and we will seek to advance production from Blocks III and IV and our gas plant
in Talara.
Our
strategy for the next years is to focus on the following initiatives:
●
full
and timely compliance with our legal and civil commitments to the Peruvian public prosecutor (
fiscalía
) and the Peruvian
attorney general (
procuraduria
), including payment of civil reparations and/or fines according to the schedule agreed with these
two institutions;
●
enhancing
our compliance best practices, including the continued strengthening of a strong compliance structure, policies, procedures and training
in line with the U.S. Foreign Corrupt Practices Act and other applicable anti-corruption and anti-money laundering rules and regulations,
supported by the redesign and implementation of new committee structures;
●
strengthening
the company's corporate governance structure with best practices, including changes to the organization of our Board of Directors,
which now consist of four committees, that will allow for a comprehensive corporate oversight and demonstrate the company's commitment
to the highest corporate governance standards; and
●
financial
restructuring, including the restructuring of project finance and other long-term debt, the increase of capital of certain subsidiaries
and the issuance of long-term bonds in the local and international capital markets.
Infrastructure
We
are an important toll road concessionaire in Peru, operating three toll roads. Moreover, we are the concessionaire for the Lima Metro,
the largest mass-transit rail system in Peru, and a wastewater treatment plant. Also, we provide services to maintain and operate different
infrastructure projects.
43
The
table below sets forth selected financial information for our Infrastructure business segment. This segment includes Norvial, Survial,
Canchaque, UNNA Transporte, Line 1 of the Lima Metro, La Chira and Via Expresa Sur.
As of and for the year ended December 31,
2020
2021
2022
2022
(in millions of S/, except as indicated)
(in millions of
US$)
(1)
Revenues
815.6
867.9
1,007.7
263.8
(Loss) profit for the year
(35.5
)
69.8
144.2
37.7
(Loss) profit attributable to non-controlling interest
(7.2
)
(21.5
)
(31.5
)
(8.2
)
Net profit margin
(4.4
%)
8.0
%
14.3
%
14.3
%
adjusted EBITDA
99.2
194.7
288.9
75.6
adjusted EBITDA margin
12.2
%
22.4
%
28.7
%
28.7
%
Backlog (in millions of S/)
(2)
1,784.6
1,782.1
2,009.1
525.9
Backlog/revenues ratio
(2)
2.2
x
2.1
x
2.0
x
-
(1)
Calculated
based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.
(2)
For
more information on our backlog, see "—Backlog." Does not include our Norvial toll road concession. Backlog is calculated
as of the last day of the applicable year. Revenues are calculated for such year and converted into U.S. dollars based on the exchange
rate published by the SBS on December 31 of the corresponding year. Includes revenues only for businesses included in backlog.
Our
strategy for our infrastructure segment is to leverage our leadership position as an infrastructure company in Peru and to expand our
business into nearby countries such as Chile, Colombia, and Brazil. We look to grow both organically and inorganically via the acquisition
of existing assets across the region to become a leading concession development platform in the region. Considering the significant infrastructure
deficit in Latin America and the high entry barriers to the infrastructure business, our acquired know-how and the synergy between the
concessions and our in-house operating and maintenance company (including providing construction services to other subsidiaries, negotiating
energy contracts with suppliers, and UNNA Transporte providing services to other concessions) positions us to take advantage of opportunities
and expand our current geographical footprint. The following table shows selected information about our current concessions and long-term
contracts as of December 31, 2022.
Project
Year
Granted
Initiated
Operations
Expiration
Characteristics
% Owned
by Us
Status
Toll Roads:
Norvial
(1)
2003
2003
2028
183 km
67.0
%
Operating
Survial
2007
2008
2032
758 km
99.9
%
Operating
Canchaque
2006
2010
2025
77 km
99.9
%
Operating
Mass Transit:
Lima Metro
2011
2012
2041
33.1 km
75.0
%
Operating
Water Treatment:
La Chira
2010
2016
2037
Avg. treatment capacity of 6.3 m3/sec (expected)
50.0
%
Operating
(1)
In
                                            June 2018, the company transferred economic rights over 48.8% of the share capital of Norvial
                                            to Inversiones en Autopistas S.A. by transferring its Class B shares. Our company continues
                                            to hold 67% of voting rights of Norvial and an economic interest of 18.2% of Norvial's
                                            share capital. JJC Contratistas Generales S.A. owns 16.80% and Inversiones en Infraestructura
                                            Peru SAC owns 16.20%.
44
Principal
Infrastructure Lines of Business
Toll
Roads
Peru's
economic development is underpinned by a strong government commitment to infrastructure investment, with a particular focus on improving
the country's road system through the award of new concessions to the private sector. We believe this commitment offers significant
opportunities to our Infrastructure segment. The following map shows the location of the Norvial road in Peru.
Our
Infrastructure segment currently has three toll road concessions through our subsidiaries Norvial, Survial and Canchaque. All three toll
roads are currently in operation, and we have the authorizations, permits and licenses necessary to fulfill our obligations under each
concession, including releases of rights of way. All of our toll road concessions have utilized the construction services of our E&C
segment and the roads are currently operated and maintained by our subsidiary UNNA Transporte. The table below sets forth selected financial
information relating to our toll roads.
For the year ended December 31,
2020
2021
2022
2022
(in millions of S/)
(in millions
of US$)
(1)
Revenues
206.6
256.8
325.4
85.2
(Loss) profit for the year
(0.1
)
34.6
41.1
10.7
Net profit margin
(0.3
%)
13.5
%
12.6
%
12.6
%
adjusted EBITDA
78.0
118.2
132.4
34.7
adjusted EBITDA margin
37.8
%
46.0
%
40.7
%
40.7
%
(1)
Calculated
                                            based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.
45
The
charts below set forth the breakdown of our revenues, profit of the year, and adjusted EBITDA from our toll road concessions for 2022.
Norvial
Under
our Norvial concession, we operate and maintain part of the only major highway that connects Lima to the northwest of Peru. This 183-km
road, known as Red Vial 5, runs from the cities of Ancón to Pativilca and has three toll stations. The concession was awarded
to Norvial in 2003 for a 25-year term. In June 2018, the company transferred economic rights over 48.8% of the share capital of Norvial
to Inversiones en Autopistas S.A. by transferring its Class B shares. Our company continues to possess 67% of voting rights of Norvial
and an economic interest of 18.2% of Norvial's share capital. JJC Contratistas Generales S.A. owns 16.80% and Inversiones en Infraestructura
Peru SAC owns 16.20%.
Norvial's
revenue derives from the collection of tolls. For the Norvial toll road, the toll rate is set out in the Norvial concession agreement
and adjusted in accordance with a contractual formula that takes into account the sol/U.S. dollar exchange rate and Peruvian and U.S.
inflation. We are required to transfer 5.5% of our monthly toll revenue to the Peruvian Ministry of Transport and Communications and
pay a 1% regulatory fee to the Peruvian Supervisory Agency for Investment in Public Transportation Infrastructure.
Our
obligations under the concession include expanding the already existing road by, among other things, adding two additional lanes. The
first stage of construction was completed in 2008, and the second stage commenced in the second quarter of 2014 and was completed by
the end of 2019. The capital investment for the second stage was US$88.6 million (S/322.7 million).
Unlike
other toll roads in Peru, Norvial charges toll fees in both directions. Our road is highly transited both by heavy vehicles, primarily
for the purpose of transporting goods, and also by passenger vehicles, which typically use the road to access tourist destinations. In
June 2018, we signed an investment agreement with BCI Peru to monetize future dividends of Norvial. The amount of the transaction was
US$42.3 million, the proceeds of which were applied to the reduction of indebtedness related to GSP. In May 2020, the Peruvian Congress
suspended the payment of tolls on roads during the initial period of COVID-19 quarantine. Although the Peruvian Constitutional Court
struck down the statute effective June 30, 2020, we have yet to collect compensation for tolls which were suspended during that period.
The following table sets forth average daily traffic volume and average toll fees charged for vehicle equivalents in respect to the Norvial
toll road concession for 2020, 2021 and 2022.
For the year ended December 31,
2020
2021
2022
Average daily traffic by vehicle equivalents
(1)
24.072
31.260
32.151
Average toll fee charged for vehicle equivalents (in S/)
15.86
16.09
17.56
(1)
Each
                                            automobile is counted as one equivalent vehicle and commercial vehicles (such as trucks or
                                            buses) represent the number of equivalent vehicles equal to the ratio between the toll rate
                                            applicable to commercial vehicles and that which is applicable to one automobile.
46
Survial
Under
our Survial concession, we operate and maintain a 758 km road from the San Juan de Marcona port to Urcos, Peru, which is connected to
an interoceanic road that runs up to the Peruvian-Brazilian border. The road has five toll stations and three weigh stations. The concession
was awarded to Survial in 2007 for a 25-year term. We own 99.9% of Survial. The following map shows the location of the road in Peru.
Our
obligations under the concession include the construction of the road, which was completed in 2010.
Our
revenue from this concession consists of an annual fee paid to Survial by the Peruvian Ministry of Transport and Communications in consideration
for the operation and maintenance of the road, which fee can vary depending on the amount of maintenance required due to road damages.
In 2020, 2021 and 2022, the fee amounted to US$16.2 million (S/58.6 million), US$8.5 million (S/34.1 million), and US$20.2 million (S/77.0
million), respectively. Our revenue in this concession does not depend on traffic volume.
Additional
revenues of the concession are generated from the execution of additional works, work we perform as a result of catastrophic events and
emergency maintenance. These revenues are billed when approval is received from the grantor and/or the regulator of the work in progress.
In 2020, 2021 and 2022, the additional revenues amounted to US$0.6 million (S/2.1 million), US$0.3 million (S/1.0 million) and US$0.02
million (S/0.1 million), respectively.
Canchaque
Under
our Canchaque concession, we operate and maintain a 77 km road from the towns of Buenos Aires to Canchaque, in Peru. The road has one
toll station. The concession was awarded to Canchaque in 2006 for a 15-year term, and operations commenced in 2010. We own 99.96% of
Canchaque. Our obligations under the concession include the construction of the road, which was completed in 2009. Our revenue from this
concession consists of an annual fee paid by the Peruvian Ministry of Transport and Communications in consideration for the operation
and maintenance of the road, which fee can vary depending on the amount of road maintenance required due to road wear and tear. In 2020,
2021 and 2022, the fee amounted to US$1.3 million (S/4.9 million), US$1.3 million (S/5.2 million), and US$1.4 million (S/5.2 million),
respectively. Our revenue in this concession does not depend on traffic volume.
47
Additional
revenues of the concession are generated from the execution of additional works, work we perform as a result of catastrophic events and
emergency maintenance. These revenues are billed when approval is received from the grantor and/or the regulator of the work in progress.
In 2020, 2021 and 2022, the additional revenues amounted to US$0.6 million (S/2.3 million), US$3.6 million (S/14.5 million) and US$0.03
million (S/0.1 million), respectively.
Mass
Transit
In
2011, we were awarded a 30-year concession for the operation of Line 1 of the Lima Metro, Peru's only urban railway system. The
concession was awarded to our subsidiary Línea 1, in which we hold a 75% ownership interest, with the other 25% being held by
Ferrovías Participaciones S.A. Our obligations under the contract include: (i) the operation and maintenance of the five trains
provided by the government; (ii) the acquisition of 19 new trains on behalf of the Peruvian government, which will be the legal owner
of such trains; (iii) the operation and maintenance of the 19 new trains (24 trains in the aggregate); and (iv) the design and construction
of the railway maintenance and repair yard, which was built by our E&C segment. The construction of the second stretch of Line 1
was completed in July 2014, and started operations on July 25, 2014.
We
entered into the fourth addendum to the Lima Metro concession contract on July 11, 2016, in order to expand the transportation capacity
of Line 1. In accordance with the fourth addendum, the expansion project involves: (i) the purchase of 20 new trains with five-car from
Alstom; (ii) the purchase of 39 new cars from Alstom, to be coupled with the 19 existing Alstom trains and the 20 new Alstom trains,
resulting in a consolidated fleet of 39 Alstom trains with a six-car configuration; and (iii) the expansion and improvement of the existing
infrastructure, including revamping and improvement of five stations, improvements in the electrical systems, a new access route to the
maintenance workshop and new switches on the main track. The construction of the expansion of the infrastructure was carried out by our
E&C segment and completed by the end of 2018, with the additional trains and rail cars delivered by the end of 2019.
The
map below shows the route of Line 1.
48
During
2022, Línea 1 spent a total of S/46.3 million (US$12.1 million) in capital expenditures in connection with the Lima Metro.
Our
revenue from this concession consists of a quarterly fee that we receive from the Ministry of Transport and Communications based on the
kilometers travelled per train and adjusted for inflation, with the fee per kilometer, the number of trains required to be in operation
and the number of kilometers that we are required to travel established by the terms of the concession. Our revenues do not depend on
passenger traffic volume.
As
of December 31, 2022, we operated 44 trains (including four backup trains), which we expect to enable us to travel 4,811,779.65 kilometers
per year. The average frequency of the trains is 3 to 10 minutes, depending on the schedule and the price per kilometer traveled is,
for our original 24 trains, S/96.84, and for our 20 newer trains, S/63.25.
Pursuant
to the concession, we must comply with certain requirements in the operation of the trains. According to the concession, at least 95%
of our trains must be running and available for use and not less than 85% of our trains that are available for use must arrive to destination
on scheduled time. The table below shows our monthly average results during 2022.
Water
Treatment
In
2010, we were awarded a 25-year concession for the construction, operation and maintenance of La Chira wastewater treatment plant in
the south of Lima. The project is aimed at addressing Lima's environmental problems caused by sewage discharged directly into the
sea. We hold a 50% share in this concession and our partner Acciona Agua holds the remaining 50%. The plant began operations in June
2016.
49
La
Chira's total investment in the concession was S/250 million (US$74.4 million). La Chira is entitled to collect (i) an annual payment
for the investment made in the construction of the project for an amount of S/24.2 million (approximately US$7.1 million), and (ii) and
annual payment for the operation and maintenance of the project for an amount of S/8.5 million in 2022. These fees are paid by Sedapal
S.A., the public utility company responsible for the supervision of the water service in Lima, for a period of 25 years. We funded our
construction costs related to La Chira through the sale of government certificates to financial institutions, and, as a result, will
not receive future cash flows from item (i). See "Item 5.A. Operating and Financial Review and Prospects—Operating Results—Factors
Affecting Our Results of Operations—Infrastructure." A joint operation in which our E&C segment participated in the construction
of the wastewater treatment plant.
Operation
and Maintenance of Infrastructure Assets
We
began providing our operation and maintenance of infrastructure assets services in 1994 when we were awarded the concession for the Arequipa
Matarani highway in southern Peru. With this experience, in 2003, we began providing operation and maintenance services to Norvial. In
2007, the Peruvian government-initiated Proyecto Peru, a program aimed at maintaining roads not under concession to ensure their longevity.
Proyecto Peru allowed us to develop new business opportunities providing maintenance services to more than 4,000 km of public roads in
Peru.
Our
revenue in the operation and maintenance of infrastructure assets is generated either from fees we charge to Norvial, Survial, Canchaque,
Chinchaypujio and the Line 1 to operate and maintain our concessions or from government payments through maintenance service contracts
we have been awarded. As depicted in the chart below, we operate and maintain 1,592.8 km of Peruvian roads and highways, including our
own highway concessions, in addition to the Line 1.
Operation
and Maintenance of Infrastructure Assets
Total
1,592.8 KM
50
The
below map illustrates the roads in Peru for which we currently provide operation and maintenance services.
Project
Km
Survial
757.64
Canchaque
76.9
Norvial
182.52
Línea
    1
33.00
Atico
334.70
Chinchaypujio
208.08
We
provide the following road operation and maintenance services:
●
Routine
Maintenance
. These services aim to preserve roads through ongoing maintenance, including road demarcation, cleaning, drainage,
road fissure treatment which seals cracks in roads to prevent water infiltration, slurry sealing and micro-paving which seals asphalt
to prevent aging and improve resistance to water and surface wear.
●
Periodic
Maintenance
. These services entail activities that are performed periodically, intended to prevent the occurrence or exacerbation
of defects, conserve the structural integrity of roads and correct major defects.
●
Emergency
maintenance
. This maintenance work is performed whenever the need arises such as when natural disasters damage road surfaces.
We
also administer toll stations and weighing stations, offer road patrolling services, operate assistance call centers and provide emergency
medical services.
51
The
operation and maintenance services we provide to the Lima Metro aim to preserve the mass transit system through ongoing maintenance,
including cleaning of the trains and stations and providing train operators, among other services.
With
respect to operation and maintenance contracts with the Peruvian government, we obtain new contracts through public bidding. With respect
to contracts with our Infrastructure segment, we participate in direct negotiation. Contract length typically ranges from three to five
years.
Competition
Our
ability to grow through successful bids for new infrastructure concessions or other long-term contracts could be affected as a result
of competition. We view our competition as including both Peruvian and international infrastructure concession operators including joint
operations with partners with specialized expertise in the relevant sector. Competition varies on a case-by-case basis, depending on
the main purpose of the concession.
Energy
We
operate three producing oil fields and five multiple fuel storage facilities under long-term government contracts, and we own a gas processing
plant.
The
table below sets forth selected financial information for our Energy segment.
As of and for the year ended December 31,
2020
2021
2022
2022
(in millions of S/, except as indicated)
(in millions of US$)
(1)
Revenues
369.8
541.9
633.8
165.9
(Loss) profit for the year
12.6
57.8
63.9
16.7
(Loss) profit attributable to non-controlling interest
9.2
51.3
(7.1
)
(1.9
)
Net profit margin
3.4
%
10.7
%
10.1
%
10.1
%
adjusted EBITDA
109.4
173.7
184.2
48.2
adjusted EBITDA margin
29.6
%
32.0
%
29.1
%
29.1
%
(1)
Calculated
                                            based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.
Our
strategy is to develop the oil reserves of Block III and IV, to consolidate our storage business, and to look for new opportunities in
the natural gas business. Through our Energy segment, we have participated with 8% of the oil production, 1.5% of the liquefied petroleum
gas (LPG) production and 19% of the fuel dispatch within Peru during 2022, according to the Ministry of Energy and Mines of Peru (MINEM).
The
following table shows selected information for our Energy business as of December 31, 2022.
Project
Year
Granted
Initiated
Operations
Expiration
Characteristics
% Owned
by Us
Status
Energy:
Block V
1993
1993
2023
Avg. daily production of 105 bbl (2022)
100.0
%
Operating
Block III
2015
2015
2045
Avg. daily production of 627 bbl (2022)
100.0
%
Operating
Block IV
2015
2015
2045
Avg. daily production of 2,331 bbl (2022)
100.0
%
Operating
Gas Processing
2006
2006
N/A
Avg. daily processing capacity of 31.68 MMcf
100.0
%
Operating
North and Central Fuel Terminals
2014
2014
2034
Aggregate storage capacity  of 2,695 Mbbl
50.0
%
Operating
52
We
currently operate three energy businesses within our Energy segment:
(i)
Exploration
                                            and Production: We have been operating and extracting oil from four onshore fields (Block
                                            I, Block III, Block IV and Block V) located in the provinces of Talara and Paita in northern
                                            Peru. We had two hydrocarbon extraction service contracts with Perupetro, the Peruvian entity
                                            responsible for the administration and supervision of all exploration and production contracts
                                            in Peru, under which we have been operating two oil producing fields, Block I which expired
                                            on December 26, 2021 and Block V that will expire in October 2023. In addition, we have two
                                            long-term license contracts with Perupetro, a state-owned oil and gas company, for two other
                                            blocks, Block III and IV, which started operations in April 2015 and oil production from
                                            these blocks is sold to Petroperu. During 2022, the oil production of our four blocks was
                                            approximately 3,063 bbl per day on average.
(ii)
Natural
                                            Gas: We own and operate a natural gas processing plant located in northern Peru, which processes
                                            and fractions natural gas, sells the liquids and delivers dry gas to a gas-fired power generation
                                            company under a long-term processing and fractionation agreement.
(iii)
Transport
                                            and Distribution: We are a 50% partner in Terminales del Peru, a consortium which has a contract
                                            with Petroperu to operate and maintain five fuel storage terminals until 2034.
In
addition, we are a 50% partner in Oil Tanking Andina Services S.A.C. ("OTAS"). This subsidiary operates a fuel terminal named
Terminal Marino Pisco Camisea under a contract subscribed with Pluspetrol to operate an export terminal for gasoline, diesel, propane
and butane. Additionally, through OTAS, we are also a 25% partner in Logística Químicos del Sur S.A. ("LQS"),
which operates the Terminal de Químicos de Matarani and which dispatched 57,508 tonnes of sodium hydrosulfide for international
mining companies in 2022.
The
pie charts below set forth the breakdown of our revenues, net income before minority interest and adjusted EBITDA from our Energy segment
for 2022.
Oil
and Gas Production
We
have been operating and extracting oil from four mature fields (Blocks I, III, IV and V) located in the provinces of Talara and Paita
in northern Peru. Two of these fields, Blocks I and V, have been operated under service contracts under which we provide hydrocarbon
extraction services to Perupetro. Hydrocarbons extracted from these two blocks belong to Perupetro, which in turn pays us, once a month,
a variable fee per barrel of extracted hydrocarbons. This extraction fee is based on a basket of international crude prices and the level
of production. The service contract of Block I expired on December 26, 2021 and the Block V contract will expire on October 2023. The
other two fields, Blocks III and IV, are operated under long-term license contracts with Perupetro. The hydrocarbons extracted are owned
by our subsidiary UNNA Energía, who sells the oil to Petroperu based on the average prices of three international crude oil prices:
Fortis, Suez Blend and Oman Blend crudes. UNNA Energía pays royalties, to Perupetro, calculated in accordance with a contractual
formula that accounts for price, volume, income and expenses of each block. Our activities are focused on proved reserves development
and production and are conducted in mature oil fields, which have been producing oil for over 100 years in the case of Block I, over
95 years in the case of Block III, over 95 years in the case of Block IV, and over 50 years in the case of Block V. We believe our
activities in these fields bear limited exploration risk.
53
The
following table shows selected information about our fields.
Property
Basin
UNNA
Energía's
Ownership
Expiration
Developed
Acres
Undeveloped
Acres
Block I (terminated)
Talara
100
%
December 2021
25,154
4,110
Block III
Talara
100
%
2045
7,475
39,254
Block IV
Talara
100
%
2045
10,240
47,776
Block V
Talara
100
%
2023
1,880
20,502
Block
I:
We
operated and extracted oil and natural gas from Block I under a 30-year hydrocarbon extraction service contract with Perupetro, which
was extended for an additional 10-year term and expired on December 26, 2021. Average daily production during 2021 was 537 barrels of
crude oil. We operated 205 wells using various oil extraction systems and operated a network of production batteries and pipelines to
collect, measure and deliver oil in a control point close to the Talara refinery. The field is located in the province of Talara, department
of Piura, in northern Peru, approximately five miles from the Talara refinery, the second largest refinery in the country. Block I is
the oldest oil producing field in Peru and has been producing oil since around 1890. Perupetro has signed an agreement with Petroperu
which has taken over the operation of this field.
Block
III:
We
operate and extract oil and natural gas from Block III under a 30-year license agreement with Perupetro, which expires in April 2045.
Average daily production during 2022 was 627 barrels of crude oil. We operate 172 wells using various oil extraction systems and operate
a network of production batteries and pipelines to collect, measure and deliver oil in a control point close to the Talara refinery,
which purchases the oil according to a contract based on an average price of three international crude oil prices: Fortis Blend, Suez
Blend and Oman crudes, as adjusted by certain factors. The field is located between the provinces of Talara and Paita, department of
Piura, in northern Peru, approximately 43 miles from the Talara refinery. Our principal capital expenditure commitment under this agreement
consists of (i) the Exploitation Phase (years 2-11): Drill 23 development wells per year (230 wells); and (ii) Exploitation Phase 2 (years
12-26): Drill at least 10% of the locations of proved undeveloped reserves identified in the reserves report submitted yearly to Ministry
of Energy and Mines. In 2022, we started the first drilling campaign (out of ten campaigns) and completed nineteen of the twenty-three
wells with a capital expenditure of US$18.6 million. The estimated average capital expenditure per well is US$1 million.
Block
IV:
We
operate and extract oil and natural gas from Block IV under a 30-year license agreement with Perupetro, which expires in April 2045.
Average daily production during 2022 was 2,331 barrels of crude oil. We operate 359 wells using various oil extraction systems and operate
a network of production batteries and two pipelines to collect, measure and deliver oil in a control point close to the Talara refinery,
which purchases the oil according to a contract based on an average price of three international crude oil prices: Fortis Blend, Suez
Blend and Oman crudes, adjusted for costs related to hydrocarbon transportation. The field is located in the province of Talara, department
of Piura, in northern Peru, approximately 21 miles from the Talara refinery. Our principal capital expenditure commitment under this
agreement consists of (i) the Exploitation Phase (years 2-11): Drill 33 development wells per year (330 wells); and (ii) Exploitation
Phase 2 (years 12-26): Drill at least 10% of the locations of proved undeveloped reserves identified in the reserves report submitted
yearly to the Ministry of Energy and Mines. As of December 31, 2022 we have drilled 181 development wells and two exploratory wells at
a cost of US$113.4 million. The estimated average capital expenditure per well is US$0.643 million. On February 28, 2022, we started
the fifth drilling campaign. On October 12, 2022, we started the sixth drilling campaign and so far have completed 16 wells (out of 33
wells per year).
54
Block
V:
We
operate and extract oil and natural gas from Block V under a 30-year hydrocarbon extraction service contract with Perupetro, which was
extended for an additional 10-year term and expires in October 2023. Average daily production during 2022 in this field was 105 barrels
of crude oil. We operate 46 wells in this field using various oil extraction systems. The Block V field is located in the province of
Los Órganos
, department of Piura, Peru, close to the border with Ecuador. Block V has been producing oil since the 1950s.
The
map below shows the geographic location of our oil producing blocks in northern Peru.
For
Block V, we are entitled to a variable fee paid by Perupetro, which is based on the level of production of each field and a price formula
that is based on an average price of three international crude oil prices: Fortis blend, Suez blend and Oman crudes, and a discount over
this price of approximately of 72% per barrel. For Block III and Block IV, we pay royalties to Perupetro based on an average price of
three international crude oil prices, Fortis blend, Suez blend and Oman crudes, as well as the production and the incomes and expenses
of each block. The royalties paid to Perupetro were US$10.08 per barrel during 2020, US$24.00 per barrel during 2021, and US$45.05 per
barrel during 2022.
During
2020, 2021 and 2022, we received an average revenue (for all blocks) of US$41.22, US$68.73, and US$93.24 respectively, per barrel of
extracted oil, which was equivalent to approximately 91.29%, 91.2%, and 92.14% respectively, of average Brent crude oil prices in the
same years. We are not committed to provide a fixed volume of oil or natural gas under our four contracts.
We
produce natural gas as a byproduct of the production of crude oil (an average of 5.5 MMcf per day during 2022). In Block IV, a certain
volume of natural gas extracted is used as fuel and the excess is sent to our Pariñas plant to be processed and commercialized
as liquid and dry gas. In June 2022, we started our contract with Lima Gas to compress and sell compressed natural gas (CNG) (average
of 0.89 MMcf per day). In Block V, we reinject the natural gas produced back into the wells. In Block III, we use part of the produced
gas as fuel to operate well equipment (pumping units) and we are looking for a market to sell the excess. In this regard, we have signed
an agreement with Gasnorp to start delivering natural gas in 2023. Our revenues for the sale of natural gas (liquid and dry gas) were
US$4.6 million in 2022 in our Exploration & Production unit.
55
Estimated
Proved Reserves:
The
following table sets forth estimated proved crude oil and natural gas reserves in Blocks III, IV and V as of December 31, 2022. We have
only included estimates of proved and have not included any estimates of probable and possible reserves.
Crude Oil
(Mbbl)
Natural Gas
(MMcf)
Crude Oil
Equivalents
(MBoe)
Block III:
Proved developed producing
2,383.8
829.7
2,522.1
Proved developed non—producing
513.6
140.2
537.0
Proved undeveloped
9,451.7
638.3
9,558.1
Total proved reserves
12,349.2
1,608.2
12,617.2
Block IV:
Proved developed producing
6,616.1
9,462.5
8,193.2
Proved developed non—producing
679.3
912.5
831.4
Proved undeveloped
6,324.3
12,017.4
8,327.2
Total proved reserves
13,619.7
22,392.4
17,351.8
Block V:
Proved developed producing
30.6
-
30.6
Proved developed non—producing
2.9
-
2.9
Proved undeveloped
Total proved reserves
33.5
-
33.5
Total:
Proved developed producing
9,030.5
10,292.2
10,745.9
Proved developed non—producing
1,195.9
1,052.7
1,371.3
Proved undeveloped
15,776.0
12,655.7
17,885.3
Total proved reserves
26,002.4
24,000.6
30,002.4
Proved
reserves are those quantities of oil and natural gas which, by analysis of geosciences and engineering data, can be estimated with reasonable
certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating
methods and government regulations. The term "reasonable certainty" implies a high degree of confidence that the quantities
of oil and/or natural gas actually recovered will equal or exceed the estimate. To achieve reasonable certainty, we employed methodologies
that have been demonstrated to yield results with consistency and repeatability. The methodologies and economic data used in the estimation
of the proved reserves in the fields include, but are not limited to, well logs, geologic maps and available down hole and production
data, seismic data, and well test data.
Reserve
amounts were based on the 12-month unweighted arithmetic average of the first-day-of-the-month Brent crude price for each month in the
period January through December 2021, which, pursuant to our contractual agreements, resulted in average oil and gas prices of US$100.25
per barrel and US$6.40 MMcf, respectively, that for the purpose of reserve amount estimation were assumed to remain constant.
Proved
undeveloped reserves in the fields as of December 31, 2022 were 17,885.3 Mboe, consisting of 15,776.0 MBbl of crude oil and 2,109.3
Mboe (12,655.7 MMcf) of natural gas. We estimate that during 2022, proved undeveloped reserves decreased by 5,322.3 Mboe of crude oil,
mainly as a result of a decrease of natural gas considering the volume of natural gas available pursuant to the agreement between UNNA
Energia and Gasnorp contracted from August 2022 to August 2025.
In
2022, approximately 5,500 Mboe of proved undeveloped reserves were converted into proved developed reserves, consisting of 1,977MBbl
of crude oil and 494 Mboe (2,965 MMcf) of natural gas due to due to drilling campaigns in Block III and Block IV.
Capital
expenditures made during 2022, for both drilling activities and workovers, to convert undeveloped reserves to proved developed reserves,
amounted to approximately US$46.1 million (S/176.1 million).
56
The
principal changes in proved undeveloped reserves during 2022 were:
●
In
Block IV, proved undeveloped crude oil reserves decreased 794 Mbbl during 2022, as a result of revisions to the power dispatch curves
used in our drilling operations.
●
In
Block III, proved undeveloped crude oil reserves decreased 81 Mbbl during 2022 as a result of revisions to the power dispatch curves
used in our drilling operations.
For
changes in proved developed and undeveloped reserves from December 31, 2021 to December 31, 2022, see supplementary data (unaudited)
annexed to our audited annual consolidated financial statements included in this annual report.
Qualifications
of Technical Persons and Internal Controls Over Reserves Estimation Process:
The
reserves estimates shown in this annual report have been prepared internally by our engineers in accordance with the definitions and
guidelines of the SEC. Our reserves are estimated at the property level and compiled by our engineering staff. Our engineering staff
interacts with our internal staff of operations engineers and geoscience professionals and with accounting employees to obtain the necessary
data for the reserves estimation process. Our reservoir engineers and geoscience professionals have worked to ensure the integrity, accuracy
and timeliness of the data, methods and assumptions used in the preparation of the reserves estimates. Mr. Javier Portuguez is our Reservoir
Engineer. The reserves estimate report was submitted to our Committee of Reserves, which is formed by Mr. Ivan Miranda (Exploration and
Production Technical Manager), Mr. Jose Pisconte Lomas (Chief of Geology), and Mr. Manuel Gomez (Chief of Reservoir Engineering). Mr.
Portuguez holds a Petroleum Engineering degree from Universidad Nacional de Ingeniería in Lima, Peru and has 29 years of experience,
developed as a production and reservoir engineer at Mercantile and Interoil Peru. Mr. Gomez holds a Petroleum Engineering degree from
Universidad Nacional de Ingeniería in Lima, Peru and has 15 years of experience, most of it as drilling, completion, stimulation,
and reservoir engineer. Mr. Pisconte Lomas, holds a Geologist Engineering degree and a Regional Geology Master's degree from Universidad
Nacional Mayor de San Marcos and has 30 years of experience in the oil industry. Mr. Miranda holds a degree in Petroleum Engineering
from Universidad Nacional de Ingeniería in Lima and a Petroleum Engineering Master's degree from Texas A&M University
of Texas—USA, and has 38 years of experience in the oil industry developed at PetroPeru, Unipetro ABC, and UNNA Energía.
Production,
Revenues, Prices and Costs:
The
following table sets forth information regarding our production, revenues, prices and production costs for 2020, 2021, and 2022.
For the year ended December 31,
2020
2021
2022
Production volumes(1):
Crude oil (Mbbl)
Block I (terminated)
219.6
195.9
-
Block III
247.7
192.4
225.6
Block IV
785.4
690.7
850.8
Block V
34.6
34.1
38.3
Total (crude oil Mbbl)
1,287.4
1,113.1
1,114.7
Natural gas (MMcf)
1,540.2
1,518.3
696.1
Block I (terminated)
1337.31
1225.0
-
Block III
Block IV
202.8
293.3
696.1
Block V
—
Total (natural gas MMcf)
1,540.2
1,518.3
696.1
Crude oil equivalents (Mboe)
273.8
269.9
116.0
Total Company
1,561.2
1,383.0
1,238.4
Average sales prices(2):
Crude oil (US$/bbl)
38.06
64.61
93.24
Natural Gas (US$/Mcf)
3.27
5.23
2.62
Crude oil equivalents (US$/boe)
31.79
58.34
85.10
Costs and expenses(2):
Production expenses (US$/boe)
14.43
20.92
21.35
Royalties (US$/boe)
7.12
19.24
39.96
General and administrative expenses (US$/boe)
2.19
2.37
2.67
Depreciation, depletion, amortization and accretion expenses (US$/boe)
8.61
10.34
10.84
(1)
Hydrocarbons
                                            extracted from Blocks I and V belong to Perupetro, which in turns pays us a per barrel fee
                                            for extracted hydrocarbons. Hydrocarbons extracted from Blocks III and IV belong to UNNA
                                            Energía, which in turn pays a royalty to Perupetro for the amount of extracted hydrocarbons.
(2)
Crude
                                            oil sales volume differs from total production volume due to operational circumstances such
                                            as the inventory of product stored in our field batteries at the end of each monthly measurement.
                                            "Average sales prices" refers to the fees received in consideration for our extraction
                                            services, which do not equal the sales prices of crude oil. Average sales prices have been
                                            calculated using a basket price formula according to the service and license contracts of
                                            each block. Those pricing formulation is at a discount to global oil prices for Blocks I
                                            and V, and for Blocks III and IV we pay royalties on the oil extracted. Per unit costs have
                                            been calculated using sales volumes.
57
Acreage,
Productive and Development Wells, Drilling:
The
following table sets forth certain information regarding the total developed and undeveloped acreage as of December 31, 2022.
Formation
(1)
Developed Acreage
Undeveloped Acreage
Block III
Salina Mogollón
7,475
3,983
Redondo
105
1,035
Amotape
1,750
2,370
Total Block III
7,475
39,254
Block IV
Pariñas
4,155
3,402
Palegreda
7,421
2,665
Mogollón
1,505
2,571
Total Block IV
10,240
47,776
Block V
Verdun
530
650
Ostrea
175
115
Mogollón
1,350
120
Total Block V
1,880
20,502
Total
19,595
107,532
(1)
Represents
                                            the areas of the main reservoirs quantified by blocks, which are multi-reservoirs at different
                                            depth levels and overlap with each other.
As of December 31, 2022, we
had a total of 576 producing wells. Our wells are oil wells, many of which also produce natural gas. We do not have interests in wells
that only produce natural gas. The following table shows the number of development and exploratory wells drilled during 2020, 2021, and
2022 in Blocks III, IV and V.
For the year ended December 31,
2020
2021
2022
Development Wells
Productive
18
15
67
Dry
—
-
2
Total
18
15
69
Exploratory Wells
Productive
—
1
-
Dry
—
-
-
Total
0
1
-
During 2020, 2021, and 2022
we invested US$12.26 million (S/44.44 million), US$8.5 million (S/33.9 million), and US$45.7 million (S/174.6 million) respectively,
in drilling activities. During 2022, we drilled a total of 49 wells in Block IV (one well was classified as not productive) and 19 wells
in Block III (so far all productive wells). Under the terms of our agreements with Perupetro, at the time the contract terminates, we
are required to close non-producing wells that we have drilled. As of December 31, 2022, we estimated that we will be required to close 99
wells in Block I through the end of 2026, and 17 wells in Block V through the end 2025, and 38 wells in Block III and 48 wells in
Block IV by April 2045. We have created a provision in our financial statements for the costs relating to those well closings. See Note
5.A (iii) to our audited annual consolidated financial statements included in this annual report.
Gas Processing Plant
We own a gas processing plant
located 7 km north of the city of Talara in Piura, Peru. We currently have a delivery and gas processing and fractioning contract with
Enel Generación Piura
(formerly known as EEPSA), according to which
Enel Generación Piura
delivers wet natural
gas that it purchases from onshore and offshore gas operators in the area. We then process and fraction the gas into two products: (i)
dry natural gas, which can be used as fuel in
Enel Generación Piura's
gas-fired turbine; and (ii) natural gas liquids,
which are sold in the Peruvian market. Under the terms of the agreement, we are responsible for all operating costs of the gas processing
plant but are also entitled to keep revenues from the sale of the natural gas liquids to third parties after payment of a variable royalty,
based on the volume of gas processed, to
Enel Generación Piura.
Our current gas processing and fractionation contract with
Enel Generación Piura
expires in 2023.
58
Our gas processing plant has
the capacity to process up to 44 MMcf per day. We processed 28.40 MMcf per day during 2020, 30.41 MMcf per day during 2021, and 31.7 MMcf
per day during 2022. Approximately 85.8 % of the volume processed by our gas processing plant depends on the gas volumes provided by
Enel
Generación Piura
for processing and use on its gas-fired turbines. These volumes vary per month and depend upon the power dispatch
curve of
Enel Generación Piura
among Peruvian power generation plants. In rainy months (December to April) where hydroelectric
power generation in Peru is typically higher, gas volumes demanded by
Enel Generación Piura
are lower than in dryer months
(May to November) in which activity of thermal generators tends to be higher. During 2022 approximately 8.7% of the volume processed by
our gas processing plant depends on the volumes of gas extracted by UNNA Energía in Block IV, approximately 5.5% depends on the
volumes of gas provided by SAVIA and 2.4% on the gas provided by CNPC which we process and commercialize as liquid natural gas.
Fuel Storage Terminals
We are a 50% partner in Consorcio
Terminales with a Peruvian affiliate of Oiltanking GmbH, one of the world's largest operators of independent terminals for bulk
liquid storage. Consorcio Terminales was first awarded a concession for the operation of the South Fuel Terminals in 1997 and in 1998
of the North Fuel Terminals. The operation of the North Terminals ended on 2014 and the South Fuel Terminals were reverted to Petroperu
in November 2019.
In June 2014, Terminales del
Peru, a new consortium that included our subsidiary UNNA Energía and Oiltanking Peru, was awarded a concession for the operation
of the North and Central Fuel Terminals for PetroPeru. The contracts have 20-year terms and consist of the operation of four terminals
in the north and one terminal in the center of the country, providing storage and dispatching bulk liquid fuel. The contractual commitment
of the committed investments were completed in 2021 investing roughly US$32 million (S/122.2 million) and achieving 100% completion
on both projects. Regarding the additional investment (reimbursables), at the end of 2022, we reached a cumulative investment of
US$107 million (S/408.7 million) out of the contractual commitment of US$186 million (S/710.5 million).
Our open-access terminals
offer our customers dependable and critical handling and storage services for refined petroleum liquid products, maintaining high quality,
safety and environmental standards. We provide storage, handling and loading and uploading services for a broad range of refined petroleum
liquid products, including gasoline, aircraft fuel, diesel, LPG and heavy fuel oil. We deliver the liquids into two types of transportation
systems, railroad cars and cistern trucks. Because of the strategic location of our assets, our deep-water access, inland terminals and
our aggregate storage capacity of 2.69 MMbbl in the North and Central Terminals, we believe that we are well-positioned to cover the needs
of our clients, the two principal refineries in Peru. The map below shows the location of each of our fuel storage terminals in Peru.
Under the contracts, Terminales
del Peru receives revenues paid in connection with monthly reserved volume in tanks for refined crude products (storage fee) and for volumes
loaded and delivered into railroad cars or cistern trucks to each terminal (throughput fee). The storage fee per barrel, is based upon
reserved volumes whether they are received or not. The throughput fee is paid based on effective barrels delivered per month. During 2020,
2021, and 2022, Terminales del Peru generated revenues of US$45.2 million (S/163.8 million), US$48.3 million (S/193.1 million),
and US$51.9 million (S/198.2 million) (we are entitled to 50% of the joint operation revenues), respectively. Under the contract, Terminales
del Peru are responsible for paying the fuel terminals operating and maintenance costs and also paying a royalty fee to Petroperu based
on effective barrels delivered each month.
At the current stage of the
contracts, any capital expenditure approved by Petroperu that we invest in the fuel storage terminals can be recouped from any present
and future royalties we owe to Petroperu.
Other Terminal Operations
We are a 50% partner in Oiltanking
Andina Services S.A.C. ("OTAS"). This subsidiary operates a fuel terminal named "Terminal Marino Pisco Camisea"
under a contract subscribed with Pluspetrol to operate an export terminal for gasoline, diesel, propane and butane. In 2022, this terminal
dispatched 23.7 million barrels and received 5.4 million barrels of natural gas liquids (LPG, Nafta, MDBS, B-100, ULSD, B5 S50 y
Diesel 2). This contract term has been extended until November 30, 2027.
59
Additionally, through OTAS,
we are also a 25% partner in LQS, which operates the "Terminal de Químicos de Matarani", which dispatched 57,508 tonnes
of sodium hydrosulfide for international mining companies in 2022. During 2020, 2021, and 2022, these activities generated revenues in
the aggregate of approximately US$6.7 million (S/23.3 million), US$6.8 million (S/26.4 million), and US$7.9 million (S/30.2 million),
respectively.
Real Estate
Our Real Estate segment is
one of the largest apartment building developers in Peru, in terms of number of units sold and value of sales in 2022, and is focused
on the development and sale of affordable housing and housing as well as other real estate projects. Since commencing our operations in
1987, we have developed approximately 1,444,650 m2 of affordable housing (approximately 23,331 units); approximately 402,198 m2 of
housing (approximately 2016 units); approximately 170,416 m2 of office space (approximately 903 offices); and approximately 43,000 m2
of shopping centers (three shopping centers and strip malls). Moreover, we are currently building approximately 63,344 m2 of affordable
housing (approximately 1,120 units). Our Real Estate segment also owns land parcels in Lima, comprising approximately 9 hectares as of
December 31, 2022, and we have sold undeveloped land in the past and intend to continue such sales in the future.
The table below sets forth
selected financial information for our Real Estate business segment.
For the year ended December 31,
2020
2021
2022
2022
(in millions of S/, except as indicated)
(in millions of
US$, except as indicated)
(2)
Revenues
(1)
182.4
239.3
367.3
96.1
(Loss) profit for the year
15.0
13.0
82.9
21.7
(Loss) profit attributable to non-controlling interest
(13.6
)
(12.2
)
(51.8
)
(13.6
)
Net profit margin
8.2
%
5.4
%
22.6
%
22.6
%
adjusted EBITDA
32.6
36.9
137.7
36.0
adjusted EBITDA margin (%)
17.8
%
15.4
%
37.5
%
37.5
%
Backlog (in millions of S/)
(3)
218.6
179.8
167.9
44.0
Backlog/revenues ratio
(3)
1.2
x
0.89
x
0.46
x
-
(1)
In 2020, 2021 and 2022 we recognized S/7.3 million, S/7.2 million, and S/146.3 million (US$38.3 million)
respectively, in revenues from land sales.
(2)
Calculated based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.
(3)
For more information on our backlog, see "—Backlog." Backlog is calculated as of the
last day of the applicable period. Revenues are calculated for such period and converted into U.S. dollars based on the exchange rate
published by the SBS at such period.
We undertake a significant
amount of the activities in our Real Estate segment with partners; through financing and commercial arrangements we use to purchase land
and to develop real estate projects. See "—Financing." See also "Item 5.A. Operating and Financial Review and
Prospects—Operating Results—Results of Operations—General—Real Estate." As a result, a significant amount
of our net profit in the Real Estate segment is attributable to the non-controlling interest of our partners.
Principal Real Estate Activities
Our real estate developments
include the following products:
●
affordable housing;
●
housing; and
●
commercial real estate.
60
We began developing affordable
housing projects in 2001, following the Peruvian government's efforts to address the country's housing deficit, particularly
for low-income families. We launched the first major affordable housing project in Peru in 2007, Parque Agustino, in Lima's El Agustino
neighborhood. Since 2001, we have completed 18 affordable housing projects. As of December 31, 2022, we are in the process of developing
three affordable housing projects, including construction, presales and procuring required authorizations and permits. These projects
consist of expansions of projects previously completed by us. Affordable housing consists of apartments, usually ranging between 50 and
72 m2 in size, that are purchased using government-sponsored support programs. The Peruvian government has adopted the
Nuevo Crédito
MiVivienda
and
Techo Propio
programs, among others, which promote access to affordable housing in Peru by providing government
subsidies to individuals for the purchase of homes. In order for a unit to qualify for the
Nuevo Crédito MiVivienda
program,
its selling price must range between S/65,200 and S/464,200. In order for a unit to qualify for the
Techo Propio
new housing
purchase program, its selling price must be less than S/68,000 for a single family home or less than S/120,300 for a multi-family dwelling.
In order to be eligible for
an affordable housing subsidy under the
Nuevo Crédito MiVivienda
program, a purchaser must not own any other home or have
benefitted from a housing subsidy program in the past, among other requirements. A purchaser must also provide a down payment between
10% and 20% of the total purchase amount. Housing subsidies under this program fluctuate between S/10,800 and S/25,700 which incentivize
purchasers with fixed interest rates so long as they pay their mortgage loan payments on a timely basis. In addition, a Green Bond subsidy
of S/5,400 is added when projects are sustainable, such as in the case of our affordable housing projects in Viva. In order to be eligible
for an affordable housing subsidy under the
Techo Propio
program, a purchaser must have a monthly income that does not exceed approximately
S/ 3,715 and must not have received any other government-sponsored housing benefit in the past, among other requirements. A Techo Propio
purchaser must also show proven savings equal to at least 3.5% of the total purchase amount. Housing subsidies under this program is S/43,312.
Purchasers of subsidized housing under both programs are also not required to pay a value-added tax normally applicable to residential
purchases.
We develop substantially all
of our affordable housing projects on land purchased from the private sector. To the extent these projects meet the requirements of a
particular government subsidy program, purchasers can purchase units with government subsidies. Some of our affordable housing projects,
however, such as Los Parques de Comas, are developed through government bidding processes. Government subsidy programs like
Nuevo Crédito
MiVivienda
and
Techo Propio
have driven the demand for affordable housing in Peru, which has in turn increased our sales of
affordable housing units.
Our housing developments consist
of residential buildings comprised of apartments with a mid- to high-price range that do not qualify for government subsidies. Since 1987,
we have developed 38 housing developments. As of December 31, 2022, we are developing four affordable housing projects, which are in the
construction stage. Our housing units typically range between 67.58 m2 and 125 m2 in size.
Substantially all of our affordable
housing and housing development projects are located in Lima. We have also purchased land to develop four affordable housing projects
in Piura. We intend to develop affordable housing projects in other cities outside of Lima.
61
The table below sets forth
number of units sold and not yet delivered, and number of units delivered, as well as the value of units sold and our sales revenue for
the periods indicated.
For the year ended December 31,
2020
2021
2022
Number of Units Delivered
(1)
:
Affordable Housing
1,123
1,437
1,272
Housing
2
77
35
Total
1,125
1,514
1,307
Number of Units Sold and Not Yet Delivered
(1)
:
Affordable Housing
1,247
1,479
1,141
Housing
59
22
3
Total
1,306
1,501
1,144
Total m2 Delivered:
Affordable Housing
57,330
87,560
78,311
Housing
1,588
5,775
1,925
Total
72,918
93,335
80,236
Total m2 Sold and Not Yet Delivered:
Affordable Housing
68,949
104,889
74,463
Housing
29,959
1,650
225
Total
98,908
106,539
74,668
Value of Units Delivered (in millions of S/):
Affordable Housing
157
201
196
Housing
12
21
12
Total
169
222
208
(1)
We typically pre-sell our affordable housing and housing units before construction begins and continue
to sell during construction, although we recognize revenues at the time of delivery of units.
We develop and sell office
and commercial buildings, such as shopping centers. On certain occasions, we have operated our commercial real estate and later sold it,
such as Larcomar, a landmark shopping center which we built in 1998 and sold in 2010. We have also developed commercial real estate buildings
in connection with our affordable housing and housing projects, such as the Parque Agustino shopping center. Since 1987, we have developed
16 office buildings, three shopping centers and one medical center.
Land Bank
We typically purchase land
to develop real estate projects with the intention to begin construction within a 12- to 18-month period after the purchase of the
land. We may also, from time to time, purchase land for subsequent resale. As of December 31, 2022, we owned approximately 80.6 hectares,
of which 99% is located in Lima and 1% outside of Lima. We continually evaluate opportunities to purchase new land for our real estate
development projects.
We have a 50.45% interest
in Almonte, which owns approximately 71.4 hectares of undeveloped land in Lurín, located 30 km south of Lima, as of December 31,
2022. On May 31, 2018, Almonte signed a purchase agreement with PRINSUR for the sale of 420.9 hectares of land by Almonte to PRINSUR for
an aggregate amount of US$92.7 million, the final installment of which was paid in February 2020 upon the satisfaction of certain
conditions precedent.
62
Financing
We generally fund land purchases
for our housing and commercial real estate projects through cash from our operations. For our affordable housing projects, we generally
partner with real estate investment funds and insurance companies that provide between 60% and 70% of the total capital required to purchase
the land and cover certain pre-construction costs in exchange for equity in the project. Once we acquire land for a particular real estate
development project, we obtain working capital through a credit line from a financial institution, which we utilize to finance additional
project needs as they arise. We also obtain financing through pre-construction sales for our affordable housing and housing projects and,
to a lesser extent, our commercial real estate projects. Our affordable housing and housing projects generally require less outside financing
because they are generally financed with pre-construction sales.
Sales and Marketing
We typically pre-sell our
affordable housing and housing units prior to and during construction and use the related proceeds to finance the construction of the
units. Our commercial and sales processes differ depending on the type of development and market segment of the development. We primarily
sell our real estate development projects through an internal sales force that is assigned to particular projects and, to a lesser extent,
external brokers on a non-exclusive, commission-fee basis. Our marketing efforts consist of newspaper advertisements, radio and television
commercials, billboards and promotional offers for referrals. We also advertise our real estate projects on our website and social media.
We believe our brand is associated
with product quality, professional operations and reliable post-sale customer service. We provide customer service call centers through
which residents can report complaints or defects. Engineers respond with site visits, and repairs are made as long as the property continues
to be covered by the applicable warranty or guarantee.
For our affordable housing
projects, we provide post-sale customer service through our Ayni program, which aims to preserve the long-term value of our affordable
housing developments by promoting a cooperative community life. Through this program, we distribute manuals that teach best practices
for living in communities, offer leadership workshops, budget workshops, promote small business development, facilitate conflict resolution
and provide other services. These services are provided for a six- to eight-month period following project delivery. In 2012, we initiated
the Ayni contest for residents of our affordable housing projects with the aim of stimulating the sustainability of their community. Participants
present an enhancement project for their community, such as a recreation center, and a jury selects the best project, which we fund and
construct.
Competition
The Peruvian real estate development
industry is highly competitive. The market is fragmented and no single company has a significant share of the national market. The principal
competitors for our Real Estate segment are
Paz Centenario Inmobiliaria, Corporación Líder Peru S.A., Urbana Peru, Los
Portales, Imagina Grupo Inmobiliario, ENACORP, Besco S.A.,
and
DH Mont
, among others. In the coming years, we expect more competition
from domestic and foreign real estate development companies who recognize the growth potential in the Peruvian residential market. The
main factors that drive competition are product design and amenities, price, location and post-sale service offerings.
Engineering and Construction
Our E&C segment has a
more than 89-year track record, undertaking a broad range of activities such as: engineering; civil works; electromechanics activities
and building construction. We provide E&C services to a diverse range of end-markets, mainly focused on mining, industrial, oil and
gas, infrastructure and real estate, among others. The following chart sets forth our 2022 revenues by end-market.
63
2022 E&C Revenues by End-Market
Our E&C segment mainly
undertakes private-sector projects, particularly those with a high degree of complexity, which enable us to develop innovative and tailor-made
solutions for our clients. We provide our clients with a comprehensive service offering by leveraging our various areas of expertise and
engaging in virtually all aspects of project execution, thereby capturing a larger share of investment projects.
In 1999, we adopted the "lean
construction" philosophy as a pillar in our design and construction projects. "Lean construction" aims to create value
for customers by better understanding and considering clients' needs to improve project design, functionality and cost optimization.
"Lean construction" also provides techniques and tools that significantly reduce construction waste by improving planning
reliability, process design, coordination and collaboration.
Although we primarily undertake
engineering and construction projects in Peru, our clients often ask to undertake engineering and construction of large and complex projects
in other countries, such as Mexico, the Dominican Republic, Bolivia, Guyana, Panama and Chile. As a result, we have developed extensive
experience executing projects throughout Latin America. To further capitalize on our capabilities and expertise, we have expanded our
activities into other key markets, such as Chile and Colombia, which have been benefitting from high levels of investment and are aligned
with our areas of strategic focus. In 2022, approximately US$223.1 million (S/852.4 million) of our E&C revenues were derived from
international projects outside of Peru.
The acquisition of two companies,
Vial y Vives and DSD, which were later merged, has solidified our presence in Chile. While we have been undertaking projects in Chile
since 1995, such as the construction of the transmission line and crusher of the Caserones mine for SCM Minera Lumina Copper, we believe
we will continue benefiting from the established and long-lasting presence in the country of both Vial y Vives and DSD Construcciones
y Montajes. Moreover, through the acquisition of Morelco in December 2014, an engineering and construction company focused on the oil
and gas and other energy sectors, we established a presence in the Colombian market.
Given the prevalence of mining
operations in our main markets, we have significant expertise with respect to specialized engineering and construction services for the
mining sector. As a result, we believe we are one of the leading mining construction companies in Latin America and leverage this expertise
within our main markets and in the undertaking of complex projects across the region.
64
The table below sets forth
selected financial information for our E&C business segment.
As of and for the year ended December 31,
2020
2021
2022
2022
(1)
(in millions of S/, except as
indicated)
(in millions of US$)
Revenues
2,131.7
2,754.0
2,679.2
701.4
(Loss) profit for the year
(104.4
)
(81.5
)
(147.5
)
(38.1
)
(Loss) profit attributable to non-controlling interest
4.3
(0.6
)
1.8
0.5
Net profit margin
(4.9
)%
(3.0
)%
(5.5
)%
(5.5
)%
adjusted EBITDA
(23.2
)
89.6
(30.3
)
(7.9
)
adjusted EBITDA margin
(1.1
)%
3.3
%
(1.1
)%
(1.1
)%
Backlog (in millions of S/)
(2)
2,966.9
3,374.0
3,660.6
958.3
Backlog/revenues ratio
(2)
1.4
x
1.2
x
1.4
x
-
(1)
Calculated based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.
(2)
For more information on our backlog, see "—Backlog." Backlog is calculated as of the
last day of the applicable year. Revenues are calculated for such year and converted into U.S. dollars based on the exchange rate published
by the SBS on December 31 of the corresponding year.
Principal Engineering and Construction
Activities
The following
charts sets forth our 2022 revenues by E&C activity.
Civil Works
Our civil works activities
focus on infrastructure projects, including airport terminals and runways, earthworks, the construction of roads, highways, transportation
facilities (e.g., mass transit systems such as the Lima Metro), dams, hydroelectric plants, water supply and sewage projects, excavation,
structural concrete construction and tunneling. Our civil construction projects are generally large and complex, requiring the use of
large construction equipment and sophisticated managerial and engineering techniques.
65
Electromechanics
Our electromechanics activities
include the construction and assembly of concentrator plants, pipelines, transmission lines, oil and gas pipelines networks, and electric
substations, predominantly for energy projects and industrial plants.
Engineering Services
Our engineering activities
consist of a broad range of services relating to engineering, supervision, geometrics and environmental consultancy, including pre-investment
studies, pre-feasibility studies, process design, project development, supervision of executive designs and construction management, including
construction site reviews.
Building Construction
Through our building construction
activities, we respond to Peruvian real estate demand for the construction of hotels, affordable housing projects, residential buildings,
office buildings, shopping centers, and industrial plants.
Other Services
Other services we provide
include procurement services, maintenance of plants and industrial facilities and rental of construction equipment.
Major Projects
The company plays an active
role in the infrastructure sector in Peru, as well as other countries in Latin America, including the construction of roads, hotels, hospitals,
shopping centers, housing developments, concentrator plants, hydroelectric power plants, thermal power plants and transmission lines as
well as water supply and sewage projects, irrigation projects and dam building, among others. Throughout our history, we have participated,
on our own or through minority or majority interests in joint operations, in a diverse range of landmark projects, including the following:
●
in 2010, the Melchorita liquefaction plant for Peru liquified
natural gas, Camisea project;
●
in 2010, the Gran Teatro Nacional, the most modern theater
in Peru;
●
in 2011, the Pueblo Viejo Mine concentrator plant for Barrick
Gold Corp. in the Dominican Republic;
●
in 2011, the first stretch of Line 1 of the Lima Metro for
the Peruvian Ministry of Transport and Communications;
●
in 2012, for project manager Bechtel, the Antapaccay copper
concentrator developed by Xstrata Copper, the world's fourth largest copper producer;
●
in 2013, expansion of the plant for Cementos Lima, the largest
cement producer in Peru;
●
in 2014, the second stretch of Line 1 of the Lima Metro for
the Peruvian Ministry of Transport and Communications;
●
in 2014, construction of the Nueva Fuerabamba city, an integral
real estate development project for the population surrounding the Las Bambas mining project;
●
in 2015, construction of a copper concentrator plant for the
Las Bambas mining project, managed by Bechtel and developed by Xstrata Copper;
●
in 2015, expansion of the process plant for the Cerro Verde
mine, one of the biggest concentrator plants in Latin America;
66
●
in 2015, engineering, procurement and construction of Guyana
Goldfields' Aurora gold project in Guyana, with the scope of works including a 1.75 Mt/a processing plant, power station and integration
management;
●
in 2015, design, engineering, procurement and construction
of a new stock pile and 10,000 conveyor belts for the Escondida Mine, managed by Bechtel;
●
in 2016, engineering, procurement and construction of the
510 MW Cerro del Águila S.A. hydroelectric plant for IC Power, which represents approximately 10% of Peru's installed generation
capacity;
●
in 2016, engineering, procurement and construction of La Chira,
a waste water treatment plant for the city of Lima for which we also have the concession through a joint operation with Acciona Agua;
●
in 2016, engineering, procurement and construction of a concentrator
plant for the La Inmaculada silver and gold project, developed by Hochschild Mining, with a daily processing capacity of 3,500 tonnes;
●
in 2018, construction and rehabilitation of an expressway
known as Line Amarilla for Vinci;
●
in 2018, construction and design of the Talbot project, a
luxury business complex consisting of offices and a hotel with state-of-the-art technology in Lima;
●
in 2018, execution of civil works and assembly of structures
for the wet area of the Toquepala mine in Southern Peru;
●
in 2019, execution of civil works in the Quellaveco mine for
AngloAmerican in Peru;
●
in 2019, civil works for a modernization project in the Aceros
Arequipa plant for Aceros Arequipa Corporation in Peru;
●
in 2019, structural reinforcement project in Plaza del Sol
office building in Lima;
●
in 2019, construction and rehabilitation of the Norvial highway;
●
in 2019, ball mill stator replacement in Antamina, located
in Ancash, Peru;
●
in 2019, construction of a new water recirculation system
and implementation of the north branch for the transfer of tailings in Antofagasta, Chile;
●
in 2020, construction of a hospital for INEN (
Intituto
Nacional de Enfermedades Neoplásicas
) in Lima, Peru;
●
in 2020, crushing and transportation of material in Minera
Spence in Chile;
●
in 2021, construction of the Iberostar Hotel in Miraflores;
●
in 2021, construction of a luxury Ibis Hotel in San Isidro
with 9 floors and 2 basements;
●
in 2021, execution of electromechanical, civil works and complete
"punch list" activities in the construction of the Mina Justa mine for Marcobre;
●
in 2021, the solution for condensate recovery and power generation
system at the Chichimene station in Colombia;
●
in 2022, construction of tunnels to transport thick mineral
and mineral waste in Quellaveco Mine, Moquegua in Peru;
67
●
in 2022, engineering, procurement and construction of a 271
km long, high pressure gas distribution network in Piura, Peru.
●
in 2022, installation of the new recovered water pumping system
in Ancash, Peru.
●
in 2022, replacement of Ball Mill Stators for Antamina in
Ancash, Peru.
●
in 2022, electromechanical civil assembly of the water treatment
plant, cooling towers, turbogenerators and evaporators for the MAPA project for Celulosa Arauco Constitution in Chile, and
●
in 2022, construction of an overpass for the integrity of
hydrocarbon transport systems in Colombia.
We currently have a diversified
portfolio of ongoing projects, whether through our subsidiaries or through majority or minority interests in joint operations, in a wide
range of sectors in Peru and the other countries in which we operate, including the following:
●
execution of complementary works for the auxiliary units of
the Talara refinery for Cobra Peru (three contracts), which is scheduled to be completed in May 2023;
●
electromechanical works and construction of the Concentrator
plant for Quellaveco Mine in Moquegua, Peru, which was completed in February 2023;
●
earthworks and asphalt for the new Jorge Chavez Airport runway,
auxiliary roads, aircraft parking area and electromechanical support facilities for landing in Callao, Peru, which was completed in March
2023;
●
construction of mine tailings facilities and filter for Southern
Peru Copper in Quebrada Honda, which is scheduled to be completed in May 2023;
●
construction of maintenance hangar for Southern Peru Copper
in Toquepala Mine, which is scheduled to be completed in April 2023;
●
pebble grinding and crushing construction of the Quebrada
Blanca 2 concentrator for Minera Teck Quebrada Blanca in Chile, which is scheduled to be completed in August 2023;
●
design, procurement, and construction of the electric reinforcement
of La Guajira: Lines Riohacha-Maicao 110kv and Riohacha-Cuestecitas 110 kv in La Guajira, Colombia, which is scheduled to be completed
in December 2024, and operation and maintenance which is scheduled to be completed in October 2030;
●
maintenance and civil works for ENAP, which is scheduled to
be completed in July 2023;
●
engineering, procurement, construction, commissioning and
start-up of a material handling system for the transport of rubble for Spence Mine Ruble Reprocessing project in Chile, which is scheduled
to be completed in 2025;
●
design, engineering, supply and construction of the new terminal
of Jorge Chavez Lima Airport, which is scheduled to be completed in 2025;
●
construction of a Coarse Particle Flotation Plant for Quellaveco
Mine, which is scheduled to be completed in August 2023;
●
earthworks for the construction of platforms and the water
dam for the gold project for Buenaventura in San Gabriel mine, which is scheduled to be completed in July 2024;
68
●
integral solution for the treatment for the facilities of
the CPF Santa Monica and its auxiliary services, which is scheduled to be completed in October 2024;
●
maintenance works and adjustments to ensure the integrity
of storage tanks for the hydrocarbon transportation infrastructure, to comply with the ODC tank maintenance plan at the Vasconia and
Coveñas plants in Colombia, which is scheduled to be completed November 2024;
●
works to update the fire systems of the stations that are
part of the hydrocarbon transportation infrastructure in Colombia, which is scheduled to be completed July 2023;
●
integral solution for a steam and energy generation system
for the closure of the combined cycle in Termosuria, of Ecopetrol, which is scheduled to be completed in August 2024;
●
maintenance works and adjustments to ensure the integrity
of storage tank for the hydrocarbon transport infrastructure in Colombia, which is scheduled to be completed November 2024;
●
civil, mechanical, piping, electrical and instrumentation
works for plants and stations that are part of the hydrocarbon transportation infrastructure in Colombia, which is scheduled to be completed
September 2024; and
●
technical management, construction, engineering and project
management services for Goldfield mine in Cajamarca, which is scheduled to be completed in 2023.
Clients
We believe we have developed
long-term relationships with many clients as a result of our performance over the years and are focused on the successful and on-time
execution of complex projects. Our extensive experience of operational excellence has allowed us to gain deep market knowledge and expertise,
which help us better serve our clients. Key E&C clients include renowned domestic and multinational mining, power, oil and gas, transportation
and infrastructure development companies, such as
AngloAmerican, Southern Peru, Cobra Peru, Marcobre, Antamina, Buenaventura, Lima
Airport Partners (LAP), Corporación Aceros Arequipa, Compañía Minera TECK Quebrada Blanca S.A., Minera Spence S.A.,
ENAP Refinerías, Minera Escondida LTDA, Celulosa Arauco, Ecopetrol
and
Cenit
, among others.
Project Selection and Bidding
We win new engineering and
construction contracts through private and public bidding processes or direct negotiation, from a variety of sources, including potential
client requests, proposals from existing or former clients, opportunities sought by our commercial team and from requests by the Peruvian
government. Approximately 99.9%, 94.6% and 92.7%, of our 2020, 2021 and 2022 revenues in our E&C segment, respectively, came from
private-sector contracts. The Peruvian government and its agencies typically award construction contracts through a public bidding process
conducted in accordance with the Peruvian State Contracting Law (
Ley de Contrataciones del Estado
). In the private sector, in addition
to obtaining new projects, another important source of revenue involves increases in the scope of work to be performed in connection with
already existing projects. These arrangements are typically negotiated directly with the client, often during the work we are already
performing for that client.
We have a designated team
that oversees the management of project proposals and a commercial team that reviews and evaluates potential projects to estimate costs.
We also have a business development committee, which makes decisions about whether to apply for projects. In considering whether to bid
for a potential project, we principally consider the following factors: competition and the probability of being awarded the project;
project size; the client; our experience undertaking similar projects; and the availability of resources, including human resources. As
part of the project selection process, our commercial team performs a detailed cost analysis utilizing sophisticated software we developed
to assist in determining whether the project is viable and cost-effective. If we choose to pursue a project, a budget leader is assigned
to prepare the offer that is eventually presented to our potential client.
69
Despite the budgeting risks
generally associated with engineering and construction contracts, our management believes that our experience generally allows us to estimate
our project costs accurately. Our project management teams also periodically review project budgets for inconsistencies between budgeted
and actual costs in order to recover for cost variations through contract renegotiation. Budgeting risks are also mitigated through advance
payments. Considering that we receive advance payments for most of our E&C contracts, our E&C projects typically do not require
significant working capital investment. Our E&C segment secures financing primarily to purchase machinery and equipment for our construction
services.
We are required, in the majority
of our construction contracts, to provide a performance bond to guarantee project performance and completion, which remain in effect for
the contract's duration. We are also required to provide performance bonds to secure any advance payments provided to us by our
clients. These bonds are periodically reduced during the project's execution in accordance with project advancement. After the expiration
of the contract term, we are typically required to provide an additional performance bond that remains valid for one or two years to guarantee
the quality of works executed.
Contracts
We principally enter into
four types of engineering and construction contracts:
●
Cost-plus fee contracts
. The contract price
is based upon actual costs incurred for time and materials plus a fee, which may be a percentage of the costs incurred or a pre-determined
fee. Sometimes, cost-plus fee contracts include a target price, and a contractual arrangement that determines our responsibility in the
event the total cost of the project exceeds the target price or the benefit we receive if the total contract price results in cost savings.
Cost-plus fee contracts tend to involve the least budgeting risk for us.
●
Unit price contracts
. The contract price is
based upon a price per unit (i.e., variable quantities of work priced at defined unit rates). Each line item of the project budget, such
as cubic meter of earth excavated or cubic meter of concrete poured, has a defined price, but the quantities of the units may vary. Our
bid price reflects our estimate of the costs that we expect to incur for each work unit. These contracts typically include an "escalation"
clause which is essentially an adjustment mechanism to account for Peruvian inflation.
●
Lump-sum contracts
. The contract price is fixed.
Our bid is meant to cover all costs and include a profit. The principal risk in these types of contracts are errors in calculating our
costs, including those of raw materials; miscalculation of the number of units or workers needed to complete the project; unanticipated
technical complexities; or other unexpected events or circumstances that may increase our costs.
●
Engineering, procurement and construction (EPC) contracts
.
EPC contracts, known as "single source" or "turn-key" contracts, are also lump-sum contracts. Pursuant to EPC
contracts, we provide a broad range of basic and detailed engineering services, including preparation of the technical project specifications,
detailed drawings and construction specifications; technical studies; and identification of lists of materials and equipment necessary
for the project. These contracts, which we utilize predominantly for our mining contracts, require a high-level of expertise and generally
involve the most budgetary risks for us.
For further information, see
"Item 5.A. Operating and Financial Review and Prospects—Operating Results—Results of Operations."
Raw Materials
The main inputs our E&C
segment used are, among others, fuel and hydrocarbons derivatives, cement and steel. These and the other products may be subject to the
availability of raw materials, such as oil and iron, and commodity pricing fluctuations, which we monitor on a regular basis. Normally,
our aim is to enter into master supply agreements for periods between six months and one year. Although we obtain most of our inputs needs
in Peru, we believe we have access to numerous global supply sources. The availability of these inputs, however, may vary significantly
from year to year due to various factors including client demand, producer capacity, market conditions, transport costs and specific material
shortages, and we may incur additional costs in obtaining them.
70
We purchase and lease the
equipment we require for our E&C business from several local and international suppliers, currently with no significant concentration
with any particular suppliers. While we do not have difficulty obtaining required equipment, we may face difficulties finding skilled
personnel able to operate certain equipment and machinery.
Competition
We generally compete with
some of the largest contractors in Peru and in the countries we operate. Because the E&C sector is highly competitive, the markets
served by our business generally require substantial resources and experienced, highly-skilled technical personnel. Main competitors of
our E&C segment include local companies such as Besalco S.A., Cosapi S.A., San Martín Contratistas Generales, JJC Contratistas
Generales S.A., and international companies such as Techint S.A.C., SSK Montajes e Instalaciones S.A.C., Skanska del Peru S.A., Mota-Engil
Peru S.A., Salfacorp S.A., OHL, Echeverria Izquiedo, Sigdo Koppers, Acciona, Grupo FCC, Sacyr, Ismocol, Termotecnica, Masa, Thiess and
Redpath, among others. For certain projects, due to the size of the project, expertise required and other factors, we may choose to partner
with our competitors, including the aforementioned companies.
Competition within the E&C segment is driven
by performance, skill and project execution capabilities for completing complex projects in safe, timely and cost-efficient manner.
Backlog
We define our backlog as the
U.S. dollar equivalent value of revenue we expect to realize in the future as a result of performing work under multi-period contracts
that we have entered into. Backlog is not a measure defined by IFRS, and our methodology for determining backlog may not be comparable
to the methodology used by other companies in determining their backlog. For contracts denominated in soles or other local currencies,
amounts have been converted into U.S. dollars based on the exchange rate published by the SBS, in the case of Peru, or other relevant
authority, in the case of other jurisdictions, on December 31 of the corresponding year.
We do not include backlog
in this annual report for: (i) in our Infrastructure segment, our Norvial toll road concession, because its revenues from the concession
are derived from toll fees charged to vehicles using the highway, and, as a result, such revenues are dependent on vehicular traffic levels;
and (ii) our Energy segment because: (a) its revenues from hydrocarbon extraction services are dependent on the amounts of oil and gas
we produce and their market prices, which fluctuate significantly; (b) our revenues from our gas processing plant are dependent on the
amount of gas we process and market prices for natural gas liquids, which fluctuate significantly; and (c) our revenues from our fuel
storage terminal operation partially depend on the volume of fuel dispatched.
When we present backlog on
a segment basis, we do not include eliminations that are included in our consolidated backlog. For a description of how we calculate our
backlog, see our segment backlog presented below. We have revised prior backlog data included in this annual report to exclude the presentation
of entities that are presented as discontinued operations.
71
Our consolidated backlog as
of December 31, 2022 was S/5,328 million (US$1,395 million). We expect to recognize as revenues 59.5% of our backlog by December 31, 2023,
31.7% by December 31, 2024 and 8.8% thereafter. The following table sets forth our consolidated backlog from December 31, 2020 to December
31, 2022.
Our backlog in 2022 was higher
than our backlog in 2021, mainly due to the increase in the backlog of the Engineering and Construction business. We cannot assure you
that we will be able to continue obtaining sufficient contracts in the future in number and magnitude to grow our backlog. Additionally,
the number and amounts of new contracts signed can fluctuate significantly from period to period.
The table below sets forth
our ending backlog for 2020, 2021 and 2022 accounting for opening backlog for each year, annual contract bookings and annual revenues
recognized.
2020
2021
2022
(in millions of S/)
Opening backlog (end of prior year)
5,066.3
4,997.4
4,665.0
Contract bookings during the year
2,304.6
3,032.3
4,454.8
Revenues recognized during the year
(2,840.9
)
(3,147.3
)
(3,792.1
)
Ending backlog (end of current year)
4,529.9
4,882.3
5,327.6
72
The charts below set forth
our consolidated backlog breakdown by end-market, geography and client sector as of December 31, 2022.
Backlog by End-Market
Backlog by Geography
Backlog by Client Type
Infrastructure Backlog
In reflecting an Infrastructure
contract in our backlog, we assume that each party will satisfy all of its respective obligations under the contract. For our Infrastructure
backlog, we only include contracted revenues expected to be paid during the next three years following the backlog calculation date. Infrastructure
backlog in this annual report does not include our Norvial toll road concession.
Our Infrastructure segment
backlog does not include intersegment eliminations. We calculate our Infrastructure backlog as follows:
●
Mass transit: for the Lima Metro, our Infrastructure backlog
assumes that for 2023, 2024 and 2025, we will operate 44 trains at full operation, which in the aggregate will travel 4.8 million kilometers
per year;
●
Toll roads: for our Survial and Canchaque concessions, we
assume our contractually agreed upon annual fee, adjusted for inflation. For our 2023, 2024 and 2025 backlog, we utilize the same adjustment
amount that was utilized for our 2016 fee, which has already been negotiated; and
●
Water treatment: for La Chira, for 2023, 2024 and 2025, backlog
is calculated to include the fees we will receive under the concession for our operation and maintenance, adjusted for inflation.
●
Operation and maintenance of infrastructure assets: for UNNA
Transporte, for 2023, 2024 and 2025, backlog is calculated based on contracts signed.
73
Our Infrastructure backlog
as of December 31, 2022 was US$525.9 million. We expect to recognize as revenues 36.4% of our backlog by December 31, 2023 and 63.6% of
our backlog thereafter.
The following pie chart sets
forth our Infrastructure backlog breakdown by line of business as of December 31, 2022.
Backlog by Line of Business
The table below sets forth
our ending Infrastructure backlog for 2020, 2021 and 2022, accounting for opening backlog for each year, annual contract bookings and
annual revenues recognized.
2020
2021
2022
(in millions of S/)
Opening backlog (end of prior year)
2,007.4
1,968.8
1,702.8
Contract bookings during the year
427.1
464.6
1,036.9
Revenues recognized during the year
(649.8
)
(651.3
)
(730.6
)
Ending backlog (end of current year)
1,784.6
1,782.1
2,009.1
Real Estate Backlog
Our Real Estate segment backlog
reflects sales contracts with buyers for units that have not yet been delivered and will be recognized as revenues once they are delivered.
Our Real Estate segment backlog
as of December 31, 2022 was US$44.0 million. We expect to recognize as revenues 88.9% of our backlog by December 31, 2023, and 11.1% thereafter.
However, the ongoing political uncertainty and the increase in interest rates, which has significantly increased economic uncertainty,
may continue to impact our ability to perform our Real Estate backlog in the short term. As conditions are unpredictable and rapidly changing,
it is difficult to foresee the full extent of the impact on our backlog in the short term.
74
The following chart sets forth
our Real Estate backlog breakdown by type of real estate activity as of December 31, 2022:
The table below sets forth
our ending Real Estate backlog for 2020, 2021 and 2022, respectively, accounting for opening backlog for each year, annual contract bookings
and annual revenues recognized.
2020
2021
2022
(in millions of S/)
Opening backlog (end of prior year)
234.9
241.2
171.8
Contract bookings during the year
166.1
178.0
362.1
Revenues recognized during the year
(182.4
)
(239.3
)
(366.1
)
Ending backlog (end of current year)
218.6
179.8
167.9
E&C Backlog
To include an engineering
and construction contract in our backlog, we assume that each party will satisfy all its respective obligations under the contract. We
also make assumptions, in agreement with the client, regarding the total expected contract price in the case of unit price and cost-plus
fee contracts and the amount of the contract that will be completed in each year. We adjust our backlog periodically to account for developments
related to each project. For projects related to joint operations or equity investments, we only include our percentage ownership of the
joint operation's or equity investment's backlog. Our E&C segment backlog does not include intersegment eliminations.
Our E&C backlog as of
December 31, 2022 was US$958.3 million. We expect to recognize as revenues 67.3% of such backlog by December 31, 2023 and 32.7% of such
backlog thereafter.
75
The following pie charts set
forth our E&C backlog breakdown by end-market, geography, client sector and contract type as of December 31, 2022.
Backlog by End-Market
Backlog
    by Geography
Backlog by Client Type
Backlog by Client Contract
The table below sets forth
our ending E&C backlog for 2020, 2021 and 2022, accounting for opening backlog for each year, annual contract bookings, cancellations
during the year and annual revenues recognized.
2020
2021
2022
(in millions of S/)
Opening backlog (end of prior year)
3,298.2
3,273.0
3,223.8
Contract bookings during the year
1,759.5
2,449.1
3,132.2
Revenues recognized during the year
(2,090.9
)
(2,348.1
)
(2,695.5
)
Ending backlog (end of current year)
2,966.9
3,374.0
3,660.6
Warranties
For certain of our contracts,
we are required to provide performance bonds to ensure compliance with contractual obligations such as construction works, operation and
maintenance of infrastructure assets, among others. The amount of the performance bond varies on a case-by-case basis, depending on the
value of the project. Performance bonds are usually renewed annually until the contractual obligation which they intend to guarantee is
fully satisfied.
As part of our real estate
sales contracts, we provide a six-month warranty for latent defects, which covers hidden flaws not discoverable through inspection. The
warranty extends to a five-year term if the defects are caused by: (i) the use of materials below the requisite quality standards; (ii)
poor execution; or (iii) faulty land. We also provide a ten-year warranty for structural defects, and assume the terms and conditions
of our finishes suppliers' warranties.
76
Quality Assurance
In 2022, our operations were
certified according to the following international standards:
ISO
    37001
ISO
    9001 (QUALITY)
ISO
    14001 (ENVIRONMENTAL)
OHSAS
    / ISO 45001 (SECURITY AND SAFETY)
OTHER
Infrastructure
Linea 1
x
x
Canchaque
x
Survial
x
Norvial
x
UNNA Transporte
x
Energy
UNNA Energía
x
x
x
Engineering
    and Construction
Cumbra Ingeniería
x
x
x
x
Cumbra
x
x
x
x
Morelco
x
x
x
x
x
VyV - DSD
x
x
x
x
x
Ecología y Tecnología Ambiental
x
x
x
x
AENZA
AENZA S.A.A.
x
Infrastructure:
●
Línea 1: ISO 9001 for the operation and conservation of railway infrastructure and rolling material
of the Transport electrical System - Line 1.
●
Línea 1, Canchaque, Survival, Norvial and UNNA Transporte: ISO 37001
Energy:
●
UNNA Energía: ISO 9001, ISO 14001 and ISO 45001: certified for oil production operations in Blocks
III, IV y V; gas processing in gas plant in Talara; Reception, storage and dispatch of products derived from hydrocarbons in Terminals
Eten, Salaverry, Chimbote, Supe y Callao; and support processes.
Engineering and Construction:
●
Cumbra Ingeniería: ISO 14001, ISO 9001, ISO37001 and ISO 45001.
●
Cumbra: ISO 9001 in project management control processes; ISO 14001, ISO 45001 in engineering, procurement
and construction of electromechanical projects, civil works and buildings, and ISO 37001.
●
Morelco: ISO 14001, ISO 9001, ISO37001, ISO 45001, ASME S, ASME U, and The National Board of Boiler &
Pressure Vessel Inspectors.
●
Vial y Vives—DSD: ISO 14001, ISO 9001, ISO 37001, ISO45001, and PEC Excelencia.
●
Ecologia y Tecnología Ambiental: ISO 14001, ISO 9001, ISO37001 and ISO 45001.
77
AENZA:
●
AENZA S.A.A.: ISO 37001
Environmental, Social and Governance
We have a renewed focus on
Environmental, Social and Governance ("ESG") factor management. The new Board of Directors has created an ESG committee, led
by Gema Esteban, member of our Board of Directors and IG4's Capital Global Head of ESG.
We are focused on achieving
long-term sustainable growth for our shareholders while maintaining the trust of all our stakeholders: customers, suppliers, shareholders
and society as a whole. We want to conduct business in a manner that is not only economically viable, but also beneficial to greater society
while also being environmentally responsible.
This renewed focus on ESG
factors will lead us to be an inclusive employer, committed to the highest standards of ethics and corporate governance, promoting human
rights, protecting the safety and wellbeing of our employees, and developing sustainable infrastructure that preserves our planet.
We were included in the 2022
and 2023 S&P/BVL Peru General ESG Index, an index designed to reflect the performance of companies that are listed on the S&P/BVL
Peru General and who meet environmental, social and corporate good governance criteria (as defined by S&P in its Corporate Sustainability
Assessment).
In addition, in 2022, we managed
to increase our score in the S&P Corporate Sustainability Assessment by 60% compared to the previous year, achieving a score of 37
points compared to the 23 points achieved in the prior year.
We also continue to make progress
in a number of areas:
●
We continue to make progress on our commitment to respect
the environment. With the efficient use of our resources, we generate the conditions that allow for the preservation of the environment,
supported by actions, policies, high standards and compliance with regulatory norms. We are guided by three management objectives: (i)
to reduce the environmental impact of our operations, (ii) to promote a responsible culture regarding the use of resources, and (iii)
to design solutions that optimize the environmental performance of our clients and society.
●
We have solid technical and environmental standards based
on international standards and ISO 14001 environmental certification. Using these standards and information, we have continued to generate
favorable conditions for the preservation of the environment across our businesses.
●
Our management system allows us to identify risks related
to environmental issues, and policies, processes and controls have been developed to mitigate and manage these risks adequately.
The focus of our social investment
projects includes education and capacity building to foster job creation and the promotion of responsible citizen behavior, particularly
among our users, suppliers and neighboring communities. The following are key programs we instituted for the benefit of society:
●
Metro Culture: We conduct workshops that transform trains
and train stations into centers of social and cultural education to promote respect and tolerance. In 2022, we collaborated with urban
art areas (of over 1,800 m
2
) using themes related to Peruvian pride to recover space. We incorporated approximately 4,124
people in face-to-face health campaigns and more than 50,000 people participated in our discussions related to health care via virtual
platforms.
●
Road Safety Education: This program promotes our culture of
safety and accident prevention by training communities that surround the roads and highways we operate or maintain. In 2022, we provided
three training courses with the total participation of 2,450 students. Also, in an alliance with the Ministry of Transportation and Communications,
we trained more than 50 teachers from over 23 schools from the area of influence of Line 1 of the Lima Metro.
78
●
Social and Economic Women Empowerment: In 2022, through the
"Aprende a Emprender"
Program, we worked with more than 400 women from communities in the area of influence of Line
1 of the Lima Metro, Norvial and Survival to help them become entrepreneurs and achieve social and economic empowerment. We trained them
in different topics such as sales, finance, entrepreneurship, leadership and soft skills, among others.
●
Ayni: This social support program aims to improve the quality
of life in urban areas by promoting respectful coexistence among new owners of our real estate projects. The initiative trains neighbors
in several legal and managerial matters in addition to conflict management and leadership. In 2022, the program trained approximately
3,243 people.
●
Labor Capabilities: This is a recruitment program where we
share construction knowledge and train community members in building techniques, risk prevention and leadership skills to increase the
employability of members of the local communities, generate jobs, reduce project risks, develop more efficient recruiting processes and
strengthen the trust with the local communities. In 2022, we trained approximately 413 participants, 72% of whom joined the group.
●
Trainee Program: This program is designed to attract and train
young talents in construction projects. In 2022, we recruited 11 trainees from a total of 3,700 participants.
●
Young Professionals Program: This program is designed to attract
and train young talents in engineering projects. In 2022, we had two of these programs and we recruited a total of 20 young professionals
from a total of 7,500 participants.
Regulatory Matters
Set forth below is a description
of the regulatory framework applicable to our company. We believe we are in compliance, in all material respects, with applicable laws
and regulations in all of our business segments.
Measures regarding COVID-19
In
October 2022, the Peruvian government declared an end to the state of emergency (
estado de emergencia
)
regarding the COVID-19 pandemic and established a number of rules under Supreme Decree No. 130184-20202-PCM (as amended). The engineering
and construction, infrastructure (including the construction, operation and maintenance of infrastructure facilities), energy and real
estate (including the construction and sale of properties) industries are operating in Peru, although subject to certain restrictions.
Infrastructure
Infrastructure and Public Services through
Public Private Partnership Contracts
The Peruvian state has implemented
a regulatory framework (Legislative Decree No. 1543, Legislative Decree No. 1362 and its regulations, approved by Supreme Decree No. 240-2018)
that sets forth procedures and mechanisms for enhancing private investment for the development of public infrastructure, public services,
any ancillary services, applied research projects and/or technological innovation, through Public-Private Partnerships (PPP) and Projects
with State Assets.
The main aspects of this legal
framework are the following:
1.
The Ministry of Economy and Finance (
Ministerio de Economía y Finanzas
) is the governing
authority of the National System for the Promotion of Private Investment (SNPIP), composed by ministries and public agencies of the national
government, the Agency for the Promotion of Private Investment—
ProInversión
, and regional and local governments.
79
2.
Investors participating in Public Private Partnerships are entitled to receive from the Peruvian state:
(a) in the case of self-financed projects, tolls or fees to be collected from final consumers; (b) in the case of co-financed projects,
payments from the government entity awarding the project; and (c) any other financing structure agreed between the parties.
3.
The management of Public Private Partnership contracts by the three levels of government (central or national,
regional and local) is regulated by this legal framework.
4.
For projects in regulated sectors, the monitoring of Public Private Partnership contracts is subject to
the provisions of the Law No. 27-332, Framework Law for Regulators on Private Investment in Public Services. According to this law, OSIPTEL,
OSITRAN, SUNASS and OSINERGMIN should primarily safeguard the compliance of service levels agreed in Public Private Partnership contracts.
For this purpose, Public Private Partnership contracts must establish the necessary arrangements to ensure timely and efficient supervision
during the performance of the contract. In addition, governmental entities are required to ensure timely participation of regulatory agencies
when the authority of any such regulatory agencies is an issue in an arbitration conducted with a private investor.
5.
Favorable opinions for the Public Private Partnership Agreements from the General Comptroller Office of
Peru are required. The General Comptroller will issue a report on any aspects that may jeopardize the financial capacity of the Peruvian
state, according to Law No. 27-785, Organic Law of the National Control System and the General Comptroller of Peru.
6.
Investors interested in participating as bidders in private investment processes must review the list
of restrictions and prohibitions established in the Public Procurement Law. Whether an investor is barred from participating shall be
determined through administrative channels, and such restriction may apply to any expected strategic partners or to companies who have
exercised direct control over the investor.
7.
The development of projects related to assets owned by the Peruvian state (Legislative Decree No. 674,
Law Promoting Private Investment in State Enterprises and its regulations enacted by Supreme Decree No. 070-92-PCM) can be carried out
by private sector initiatives, without committing any public resources or transferring any risks to public entities, unless expressly
required by law.
Each of our subsidiaries Norvial,
Survial, Canchaque and Line 1 has entered into a concession agreement with the Peruvian Ministry of Transportation and Communications.
La Chira has entered into concession agreements with the Ministry of Housing, Construction & Sanitation and Sedapal S.A. These agreements
were entered into in accordance with the provisions in force at the time of their execution.
Infrastructure Construction and Safety
Infrastructure concessionaires
must assure that the construction companies they hire to construct infrastructure projects comply with rules that apply to construction
projects. In addition, companies engaged in road construction must comply with the guidelines issued by the Road and Railways General
Directorate of the Peruvian Ministry of Transportation and Communications and with the National Road Infrastructure Management Regulation
regarding road construction, maintenance and safety. These regulations establish procedures for authorizing road construction and approving
work contracts, among others.
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Environmental Regulations
Peruvian environmental laws
and regulations have become increasingly stringent over the last decade. All industries and projects are subject to Peruvian laws and
regulations concerning water, air and noise pollution, and the discharge of hazardous substances. The main legislation governing environmental
matters is Law No. 28-611, General Environmental Law; Law No. 27,446, the Law of the National System of the Environmental Impact Evaluation
(the "SEIA"); the regulations of the SEIA Law, approved by Supreme Decree No. 019-2009-MINAM; and several environmental regulations
that have been issued under the General Environmental Law, SEIA and other laws by the government with the collaboration of the Peruvian
Ministry of the Environment.
Since the enactment of the
General Environmental Law on October 15, 2005, several technical environmental regulations have been issued and this environmental regulatory
framework is generally revised and updated regularly. Some regulations apply generally to Peruvian industries and some technical regulations
are issued for specific industries.
The main environmental rules applicable to infrastructure
projects include those described above in "—Engineering and Construction—Environmental Regulation."
Terms of our Concessions
Our concessions are subject
to certain terms and conditions established in each concession agreement. During the term of the concessions, we are responsible for the
construction and maintenance of the infrastructure necessary for their operation. The concession agreements establish minimum capital
stock requirements for our concessionaire subsidiaries as follows: US$15 million (S/50 million), US$8 million (S/27 million), US$0.8 million
(S/2.7 million), S/46 million and S/100 million for Norvial, Survial, Canchaque, La Chira and the Lima Metro, respectively.
The concession agreements
establish grounds for termination including mutual agreement of the parties thereto, force majeure, the breach of certain contractual
obligations and unilateral early termination by the government. Additionally, in the case of La Chira and the Lima Metro, the agreement
can be terminated unilaterally by the grantor, with the payment of compensation. On the expiration date, all of the assets that are essential
for the operation of the concession are considered the state's property and no compensation is paid to the concessionaire.
In the event that changes
in legislation or regulations that are exclusively related to the financial conditions of the earnings and/or costs associated with the
investment, operation or conservation of the infrastructure, affect the economic terms of the contract by 10% or more, the concession
agreements set forth economic terms adjustment mechanisms aimed at restoring the economic and financial equilibrium. See "—Infrastructure—Principal
Infrastructure Lines of Business."
Energy
Exploration and Production
UNNA Energía is engaged
in two major activities relating to the exploration and production of oil and gas: exploration and production of oil fields; and providing
services to the oil industry.
Exploration and Production of Oil Fields
Peru's hydrocarbon legislation
regarding oil and gas exploration and production activities includes, among others, by law No. 26221 or the Hydrocarbons law whose amended
and restated text was approved by Supreme Decree No. 42-2005-EM and the regulations governing the qualification of petroleum companies;
the exploration and production of hydrocarbons; the transportation of hydrocarbons; and safety requirements in such activities.
The foregoing regulations
define the roles of Peruvian government agencies that regulate the oil and gas industry; provide the framework for the promotion and development
of hydrocarbon activities based on the principles of private-sector competition and access to all economic activities; and set the safety
and security standards as well as the legal proceedings for carrying out operations.
The Peruvian Constitution
establishes that the government is the sole owner of hydrocarbons found underground within its national territory. Perupetro is the government
entity authorized to negotiate and enter into agreements for the exploration and/or production of hydrocarbons.
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The Peruvian Ministry of Energy
and Mines is responsible for devising energy and mining policies; supervising activities in the energy and mining sectors; and promoting
investments in those sectors. Within the Peruvian Ministry of Energy and Mines, the General Director of Hydrocarbons ("DGH")
is responsible for regulating the development of petroleum, oil and gas industry and the General Director of Environmental Affairs related
to Hydrocarbons is responsible for reviewing and approving regulations related to environmental risks associated with the abovementioned
activities of this field.
OEFA is a public regulatory
agency ascribed to the Peruvian Ministry of the Environment and is responsible for evaluating and ensuring compliance with applicable
environmental rules covering hydrocarbon activities, as well as for imposing fines and other administrative penalties when a breach of
an environmental regulation occurs.
OSINERGMIN is a regulatory
entity affiliated to the Presidency of the Council of Ministers' (
Presidencia del Consejo de Ministros
) office and is responsible
for ensuring compliance with safety and security standards in the energy and mining industries, as well as imposing fines and other administrative
penalties.
UNNA Energía is subject
to the supervision, authority and regulations enacted by the foregoing agencies.
Regarding hydrocarbon exploration
and production activities, companies are required to enter into either a licensing or a services agreement with Perupetro; nevertheless,
other contractual arrangements are permitted with prior approval from the Peruvian Ministry of Energy and Mines. The foregoing agreements
are governed by private law and must be approved by the Peruvian Ministry of Energy and Mines and the Peruvian Ministry of Economy and
Finance.
Under licensing agreements,
licensees are entitled to explore and produce hydrocarbons in an area set forth by the agreement, are granted ownership over the extracted
hydrocarbons and may trade the hydrocarbons with no limitations on sales prices, except in the event of a national emergency. As consideration
for the grant of rights under the licensing agreement, the licensee pays royalties to the government.
Services agreements grant
contractors the right to perform hydrocarbon exploration and production activities in a determined area and receive compensation according
to the production of hydrocarbons. The contractor is technically and financially responsible for the operations, but Perupetro maintains
ownership over the hydrocarbons extracted. UNNA Energia is party to services agreements with respect to Blocks V, and to licensing agreements
with respect to Blocks III and IV. Each block has an independent contract with Perupetro. As for Block I, the term of the corresponding
service agreement concluded on December 26
th
, 2021.
Services and licensing agreements
are intended for the development, production and eventually transportation of hydrocarbons, as well as for certain storage activities.
Services and licensing agreements commonly include a minimum performance schedule guaranteed by performance bonds and the obligation to
establish corporate guarantees to secure the contractor's compliance with the terms of such agreements.
Additionally, a company must
be qualified by Perupetro prior to entering into hydrocarbon exploration and production agreements. In order to qualify, a company must
meet the standards under the Qualification of Petroleum Companies Rules approved by Supreme Decree No. 029-2021-EM, that require companies
to demonstrate that they have the technical, legal and financial capacity to comply with all the obligations they will assume under the
agreement with Perupetro. Such capacities are measured according to the characteristics of the area to be explored or produced, the expected
investment required for the project, and the strict fulfillment of the rules regarding prior consultation (if applicable), citizen participation
and environmental issues related to the operation's performance. Upon a positive evaluation, the company is issued a qualification
certificate from Perupetro that allows it to initiate the negotiations of the agreement. Notwithstanding the foregoing, the company remains
responsible for obtaining all other licenses, permits and approvals required by applicable regulation.
Under the current regulation,
30 years is the maximum term of services and licensing agreements for the production of crude oil. On the other hand, the production of
natural gas and condensates-related services or licensing agreements have a maximum term of 40 years. AENZA currently acts as UNNA Energía's
guarantor in all of the Block III, Block V and Block VI contracts.
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UNNA Energía must comply
with Supreme Decree No. 043-2007-EM regarding the safety of both company staff, facilities and equipment for its activities. OSINERGMIN
is the authority responsible for the supervision and enforcement of the foregoing rules.
Services to the Petroleum Industry
Peruvian regulation provides
that all companies that enter into a service agreement with any company that holds a licensing or services agreement must be registered
as a subcontractor in the Hydrocarbons Public Registry in case they render any of the following services: (i) geological studies, geophysical
studies, petroleum engineering related to drilling operations, production and well services; or (ii) construction of oil pipelines, gas
pipelines, refineries and their maintenance, and specialized transportation by land, air, sea or river. The registration of a company
as a subcontractor in the Hydrocarbons Public Registry is subject to the prior authorization of the DGH.
On June 1, 2004, UNNA Energía
was included as a subcontractor for the petroleum industry in the Hydrocarbons Registry of Lima's Public Registry of Legal Entities;
such registry remains in force as of the date of this annual report.
Environmental Regulations
The Peruvian Ministry of Energy
and Mines is responsible for enacting environmental regulations for the oil and gas sector. The petroleum, oil and gas environmental protection
regulation, approved by Supreme Decree No. 039-2014-EM, sets out the legal framework and specific rules applicable to the exploration,
production, refinement, processing, transportation, commercialization, storage and distribution of hydrocarbons, with the aim of preventing,
controlling and remedying the negative environmental impacts arising from the foregoing activities.
The Peruvian Ministry of the
Environment establishes general environmental rules applicable to economic activity in general, in contrast to the specific rules enacted
by the Peruvian Ministry of Energy and Mines regarding the oil and gas sector. Environmental laws and regulations are enforced by the
National Environmental Enforcement Agency, OEFA (
Organismo de Evaluación y Fiscalización Ambiental
) which was created
in 2008. Sanctions range from warnings and fines to suspension of activities and the imposition of the obligation to adopt specific tasks
to mitigate environmental damages, among others. In this regard, a breach of the obligations contemplated in the Environmental Impact
Assessments in the hydrocarbons sector may originate fines up to 30,000 Tax Units (approximately US$33 million or S/132 million) according
to the applicable law.
The main environmental rules
applicable to UNNA Energía's hydrocarbon projects include:
●
obtaining an environmental certification and adopting the
necessary measures to prevent and/or mitigate environmental impacts resulting from their activities;
●
meeting minimum size, environmental and safety requirements
applicable to worksites; handling and storing of hydrocarbons pursuant to safety and environmental requirements; establishing programs
to monitor environmental issues; and
●
providing training on environmental matters related to employee
and personnel activities and responsibilities, especially with respect to regulations and procedures established for environmental protection
and the environmental and legal consequences of non-compliance.
Operation of Terminals
In accordance with the Glossary,
Acronyms and Abbreviations for the Hydrocarbons Subsector approved by Supreme Decree No. 032-2002-EM, a terminal is a facility that includes
storage tanks, submarine lines or docks for receiving or dispatching liquid hydrocarbons and facilities related to activities of storage
and reception and/or dispatch of liquid hydrocarbon from/to vessels.
83
UNNA Energía's
activities as a part of Terminales del Peru fall under the scope of the Hydrocarbons Storage Safety Regulation, approved by Supreme Decree
No. 052-93-EM. Terminales del Peru is registered in the Hydrocarbon Registry of OSINERGMIN and is authorized to perform the reception,
storage and dispatch of hydrocarbons from vessels and trucks on the terminals. This regulation establishes the conditions under which
UNNA Energía can operate and maintain storage facilities for hydrocarbons. For instance, the regulation specifies the technical
requirements for storage systems, which vary depending on the kinds of hydrocarbons stored. Moreover, pursuant to this regulation, UNNA
Energía must establish procedures to minimize potential risks that these facilities present for employees, third parties and properties.
Terminales del Peru operates
five storage teminals (Callao, Eten, Salaverry, Chimbote and Supe) under the operations contract for the Central Terminals and the operations
contract for the North Terminals, both signed with PetroPeru.
Gas Processing Plants
In accordance with the Glossary,
Acronyms and Abbreviations for the Hydrocarbons Subsector, approved by Supreme Decree No. 032-2002-EM, a processing plant is a facility
where the natural characteristics of hydrocarbons are changed to break them into the different compounds that comprise them, as well as
the subsequent transformations to convert the hydrocarbons into fuel of specific qualities and suitable for transportation. This includes
the facilities where the impurities, hydrogen sulfide, carbon dioxide, water and hazardous components are removed from natural gas.
The processing and dividing
activities of UNNA Energía in Talara's gas plant are governed by hydrocarbons refining and processing regulations, including
regulations on the design, construction, operation and maintenance of refineries and hydrocarbons processing plants, the oil refining
process, the manufacture of natural asphalts, oil and lubricants, basic petrochemical activities and the processing of natural gas and
condensates. In order to comply with these regulations, UNNA Energía must take cautionary measures in order to protect the safety
of its employees and its facilities, protect the environment, preserve energy resources and ensure the quality of the products or services
it delivers. For instance, Talara's gas plant operation must be authorized by the General Direction of Hydrocarbons and OSINERGMIN
and comply with fire safety regulations. In the event of an accident, UNNA Energía must notify OSINERGMIN, the Peruvian Ministry
of Energy and Mines, the Peruvian Ministry of Labor and the Peruvian Social Security Administration, according to the seriousness and
type of the accident.
Real Estate
Since 1987, we have been operating
in the Peruvian real estate sector. In 2008, we incorporated Viva to concentrate the group's activities in this sector including
promoting and managing real estate projects including public interest housing, residential and commercial real estate projects.
Zoning Regulations
Article 79 of the Municipalities
Organic Law (Law No. 27-972) establishes that municipal governments are the exclusive authority responsible for approving urban and rural
development plans, as well as the zoning of urban areas under their jurisdiction. Peruvian regulation states that urban zoning refers
to the division of a municipal jurisdiction in zones for specific usage, such as residential, commercial, industrial or mixed-use.
The main zoning rules applicable
to our real estate projects include the following: obtaining a construction license from the corresponding local municipality before commencing
construction, reconstruction, conservation or repair of any property.
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Environmental Regulations
The Environmental Protection
Regulation for real estate, urbanism, construction and regularization related projects is approved by Supreme Decree No. 015-2012-VIVIENDA
(modified by the Supreme Decree No. 019-2014-VIVIENDA, Supreme Decree No. 008-2016-VIVIENDA), Supremee Decree No. 010-2017-VIVIENDA and
Supreme Decree No. 020-2017-VIVIENDA sets out to prevent, mitigate, control and remedy negative environmental impacts that may arise
from real estate developments. Prior to initiating construction works, companies are required to obtain an environmental authorization
from the Housing, Urbanism, Regularization or Construction National Directorate of the Peruvian Ministry of Housing, Construction and
Sanitation and to comply with the provisions set forth in the corresponding environmental impact assessment.
The main environmental rules
applicable to our real estate projects include the following:
●
undertaking an environmental impact assessment; and
●
requesting the environmental classification of our projects,
which depends on the environmental risks associated therewith.
According to the new legal regulation (DS-015-2021-VIVIENDA),
the protection of archaeological remains will also be taken into account in the case of archaeological sites.
Licenses
Article 10 of the amended
and restated Text of the Urban Habilitation and Buildings Law No. 29090, approved by Supreme Decree No. 006-2017, establishes the license
requirements for urban habilitation and construction, depending on land size, the dimensions of the work to be undertaken and the financial
target.
Upon completion of the real
estate development and construction stages, as the case may be, the following requirements must be met:
●
for urban development, the reception of the works (
recepción
de la obra
) must be requested to the corresponding municipal government in compliance with Article 19 of the amended and restated
Text of the Urban Habilitation and Buildings Law; and
●
for construction, the conformity of the works (
conformidad
de obra
) must be requested to the corresponding municipal government in compliance with Article 28 of the amended and restated Text
of the Urban Habilitation and Buildings Law, accompanying the request with the construction plans and the construction statement (a description
of the technical conditions and characteristics of the work performed).
Exclusive and Common Property Real Estate
Units Regimes
The Law on the Buildings Regularization,
on the Edification Declaration Proceeding and on the Exclusive and Common Property Real Estate Units Regime, approved by Law No. 27157,
establishes the legal regime applicable to real estate comprised of assets with exclusive and common property, including, among others,
(i) apartment buildings; (ii) condominiums; (iii) units under co-ownership; and (iv) commercial spaces, such as galleries and malls. The
foregoing construction projects must include internal by-laws prepared or approved by the sponsor or builder, or by the owners with the
vote of the majority of participating owners, the content of which is regulated in Article 42 of the aforementioned law. Articles 40 and
41 of the foregoing law itemize the assets and services that qualify as common.
Owners of real estate units
have the opportunity to choose between the exclusive and common property regime, and the independent and co-ownership regime. The internal
by-laws, the owner's assembly minutes, all construction plans, architectural division plans, parametric boundaries and the construction
statement must be registered in the Real Estate Registry of the corresponding jurisdiction. Upon completion of the proper registries,
units are registered independently from one another.
85
Fondo Mivivienda
The acquisition of public
interest housing units developed by Viva is often financed by
Fondo Mivivienda
S.A., a government owned financial institution established
in 1998 by Law No. 26912 and Law No. 28579, with the purpose of (i) promoting and financing the acquisition, bettering and construction
of houses, especially those of social interest; (ii) carrying out activities related to the fostering of capital flows to the housing
financing market; (iii) participating in the primary and secondary markets of mortgage credits; and (iv) contributing to the development
of the capital markets.
The Peruvian government has
adopted the
Nuevo Crédito MiVivienda
and
Techo Propio
programs, among others, which promote access to affordable
housing in Peru by providing government subsidies to individuals for the purchase of homes. In order for a unit to qualify for the
Nuevo
Crédito MiVivienda
program, its selling price must range between S/65,200 and S/464,200. In order for a unit to qualify for
the
Techo Propio
new housing purchase program, its selling price must be less than S/68,000 for a single family home or less than
S/120,300 for a multi-family dwelling.
In order to be eligible for
an affordable housing subsidy under the
Nuevo Crédito MiVivienda
program, a purchaser must not own any other home or have
benefitted from a housing subsidy program in the past, among other requirements. A purchaser must also provide a down payment between
10% and 20% of the total purchase amount. Housing subsidies under this program fluctuate between S/10,800 and S/25,700, which incentivize
purchasers with fixed interest rates so long as they pay their mortgage loan payments on a timely basis. In addition, a Green Bond subsidy
of S/5,400 is added when projects are sustainable, such our affordable housing projects in Viva. In order to be eligible for an affordable
housing subsidy under the
Techo Propio
program, a purchaser must have a monthly income that does not exceed approximately S/3,715
and must not have received any other government-sponsored housing benefit in the past, among other requirements. A
Techo Propio
purchaser must also show proven savings equal to at least 3.5% of the total purchase amount. Housing subsidies under this program are
S/43,312. Purchasers of subsidized housing under both programs are also not required to pay a value-added tax normally applicable to residential
purchases.
Prevention of Money Laundering and Financing
of Terrorism
SBS Resolution No. 789-2018
(that has replaced SBS Resolution No. 486-2008 as of March 15, 2018), as amended from time to time, requires construction and real estate
companies to implement a money laundering and terrorism financing prevention system, including, among others, appointing a compliance
officer, setting a registry of operations and notifying the Financial Intelligence Unit of the SBS, the entity responsible for supervising
and enforcing compliance to the resolution referred to herein, of any suspicious activity.
Engineering and Construction
Regulatory Framework Applicable to Contracts
with the Public Sector
As of the date of this annual
report, Peru's Public Procurement Law, approved by Supreme Decree No. 082-2019-EF (Texto Único Ordenado de Ley de Contrataciones
del Estado) and its Regulations which, in turn, were approved by Supreme Decree No. 344-2018-EF, governs the acquisition of goods, provision
of services and works contracted with public entities. Article 29 of Supreme Decree No. 344-2018-EF establishes that, at the beginning
of the procurement process, the contracting public entity must prepare a technical file describing the characteristics of the services
it intends to contract and the selection process for its counterparts, among other specifications.
The selection processes are
established in Article 53 of Supreme Decree No. 344-2018-EF as follows:
●
public biddings
(licitación pública)
,
applicable to goods and works;
●
public tenders
(concurso público)
, applicable
to services, including consulting services;
●
simplified award
(adjudicación simplificada),
applicable
for the acquisition of any of the following: (i) goods, if their value exceeds S/39,600 and is under S/480,000; (ii) services, if their
value exceeds S/39,600 and is under S/480,000; and (iii) works, if their value exceeds S/39,600 and is under S/2,800,000;
86
●
electronic reverse auction
(subasta electrónica
inversa),
applicable to goods and services with values exceeding S/39,600;
●
selection of individual consultants
(selección de
consultores individuales)
, applicable for the hiring of qualified consultants who do not need teams of personnel or additional professional
support, if their value exceeds S/39,600 and is under S/60,000;
●
price comparison
(comparación de precios)
, applicable
to goods and services that are easy to obtain in the market and that are not manufactured, produced, supplied or provided under a particular
description or set of instructions given by the contracting entity, if their value exceeds S/39,600 and is under or equal to S/74,250;
and
●
direct contracting (
contratación directa
), applicable
to goods, works and services, in emergency situations arising from catastrophic events, involvement of national security, shortages,
among other specific scenarios set forth in the regulations.
In addition, Supreme Decree
No. 344-2018-EF establishes that the selection processes include the following phases:
●
in the case of public biddings, public tenders and simplified
award: notice; registration of participants; submission and reply of inquiries and observations; absolution of inquiries and observations;
notice of bid rules in final version; submission of bids; evaluation and qualification of bids; and award (articles 70, 79 and 88);
●
in the case of the selection of individual consultants: notice;
registration of participants; submission of bids; evaluation and qualification of bids; and award (article 92); and
●
in the case of price comparison: notice to at least three
bidders, submission of bids, and award to the lowest bid (articles 98 and 99).
Article 46 of Peru's
Public Procurement Law establishes that any participants in a public procurement process must be registered in the Peruvian National Suppliers
Registry and must not be banned from contracting with the state. Article 9 of Supreme Decree No. 344-2018-EF establishes that this registration
has an indefinite validity and that all contractors must keep information updated.
Bidders may participate in
the selection process as part of a joint operation, in which case all members of the joint operation must be registered in the Peruvian
National Registry of Suppliers and will be jointly liable for all consequences arising from the joint operation's participation
in the selection process and the execution of the agreement. Certain exceptions to the abovementioned joint liability for joint operations
may apply, in cases where a contractor proves that only one party is liable to be sanctioned due to the nature of the infraction, the
joint operation formal undertaking or the joint operation agreement.
Cumbra and Cumbra Ingeniería
are registered in the Peruvian National Suppliers Registry as a construction and a consulting company, respectively.
Article 35 of Supreme Decree
No. 344-2018-EF establishes the types of contracts that may be entered into by public entities:
●
lump-sum (
sistema a suma alzada
), applicable when the
amounts, scales and technical specifications are determined in the terms and conditions of the selection process. The bidder submits
its proposal indicating a fixed amount and a term for the completion of the agreement;
●
unit price, rates or percentages (
sistema de precio unitario,
tarifa o porcentajes
), applicable when the nature of the service to be provided does not allow an accurate determination of the required
quantities or dedication time;
●
lump-sum and unit price, rates or percentages mix (
esquema
mixto de suma alzada y precios unitarios
), applicable when the included items have known quantities or quantities which can be known
with accuracy and precision, they can be contracted under the lump sum scheme, however when items where the quantities cannot be known
have to be contracted under the unit price system; and
87
●
fixed amount plus success fee (
honorario fijo y comisión
de éxito
), applicable in contracts for rendering services. The fixed amount and success fee may be estimated on the basis
of percentages.
Article 36 of Supreme Decree
No. 344-2018-EF establishes that, in the case of goods and works, the terms and conditions of the selection process must indicate the
execution type of the agreement as follows:
●
"turn-key" (
llave en mano
), when completion
is subject to the construction, equipment assembly and, if applicable, the assisted operation of works. In case of goods procurement,
the installation and commissioning of such goods are also included; and
●
bid contest (
concurso oferta
), when completion is subject
to the submission of the technical file and the completion of the works.
Peru's Supervisory Authority
on Public Procurement (
Organismo Supervisor de las Contrataciones del Estado
, or OSCE, by its Spanish acronym) is a public-sector
entity within the Peruvian Ministry of Economy and Finance, that oversees the selection processes carried out by public entities; manages
the Peruvian National Registry; imposes penalties to suppliers that violate the provisions set forth in Peru's Public Procurement
Law, its Regulations and other related provisions; and informs the government's General Comptroller Office (
Contraloría
General de la República
) regarding violations to the regulations when damages are caused against the State.
Pursuant to the recent amendments
to the Public Procurement Law, companies sentenced for corruption charges, among other criminal offences, or companies whose representatives
have admitted committing corruption acts, will be prohibited from participating in public procurement processes.
Regulatory Framework Applicable to Contracts
with the Private Sector
Parties to a private-sector
agreement may freely determine the contract type and its contents as long as it complies with certain legal requirements, including the
provisions set forth in Article 1353 of the Peruvian Civil Code (which states that all contracts, including innominate contracts, must
comply with the rules of Section VII of the Peruvian Civil Code, absent a statute specific to said contract type that collides with said
rules). Cumbra and Cumbra Ingeniería participate in private-sector contracts for engineering and construction.
Construction Activities in Peru
Legal Framework
Peru's Law for the Promotion
of Private Investment in Construction, approved by Legislative Decree No. 727 (
Ley de Promoción de la Inversión
Privada en Construcción
), states that construction activities in Peru are in the public interest and a national priority. According
to Section F of the Fourth review of the United Nations International Statistical Industrial Classification (ISIC), construction activities
typically consist of the construction of dwellings, buildings and stores; and the construction of large scale infrastructure projects
such as highways, bridges, tunnels, railways, irrigation systems, sewage systems, industrial facilities, pipelines and electric lines,
among others. Cumbra has developed numerous projects in the construction sector. Currently, our company focuses on buildings (ISIC Division
41), civil works (ISIC Division 42) and specialized activities (ISIC Division 43).
Construction entities must
comply with the National Building Regulations, approved by Supreme Decree No. 011-2006-VIVIENDA (
Reglamento Nacional de Edificaciones
),
which establishes that urban allotments and buildings must be developed in compliance with the rules governing safety, functionality,
accessibility, habitability and environmental impact. According to Technical Regulation No. G.030 (Rights and Responsibilities) of the
National Building Regulations, construction companies, such as Cumbra and Cumbra Ingeniería, are responsible for (i) executing
works in accordance with project specifications and applicable regulations; (ii) possessing sufficient organization and infrastructure
to guarantee the feasibility of the project; (iii) appointing the party responsible for the construction to assume its technical representation;
(iv) providing the resources and materials to complete the project pursuant to the terms of the agreement and required standards and within
the approved budget; (v) executing subcontracts within contractual limitations; and (vi) delivering to the client documented information
regarding the executed works.
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Notwithstanding any legal
actions that the construction company may take against suppliers, manufacturers or subcontractors, the construction company may be responsible
for all the works, including those executed by subcontractors, and for the use of defective materials or supplies.
Penalties for violating the
National Building Regulation are determined by the municipal government in the jurisdiction where the project is developed and set forth
in its corresponding regulations. In addition, they may also pursue criminal actions or civil claims if applicable.
Safety Regulation in Construction Projects
The Law on Safety and Health
at Work (Law No. 29783) is intended to promote workplace accident prevention and applies to all business sectors. The principal safety
rules applicable to construction projects include the following:
●
companies with 20 or more employees must establish a committee
for the promotion of workplace safety and health that oversees the implementation of the required internal safety and health regulation
policy;
●
all projects must have a safety and health plan consisting
of all the technical and administrative mechanisms to guarantee the physical integrity and health of workers and third parties during
project execution;
●
companies shall hire an occupational physician and establish
an area of occupational medicine;
●
companies shall perform periodic audits to verify whether
internal safety and health regulations are in accordance with law;
●
occupational diseases and work accidents detected during project
execution must be recorded and the competent authority must be notified in accordance with the Regulations of the Law on Safety and Health
at Work, approved by Supreme Decree No. 005-2012-TR, and with Occupational Health Manual, approved by Ministerial Resolution No. 510-2005-MINSA;
●
companies must provide for medical examinations of its employees
prior to, during and at the termination of their employment (subject to certain terms and conditions depending on whether the employees
were engaged in high-risk activities);
●
companies must show a safety and health plan; an index of
frequency; and our company's performance in safety and health in order to be awarded public and private projects;
●
use of individual protective equipment, including gloves,
safety goggles, boots and helmets, is mandatory when risks to safety and health cannot be prevented by other means; and
●
personnel responsible for safety must comply with all requirements
in Rule NTP 399.010.1 for fire prevention.
The Peruvian Ministry of Labor
and Employment Promotion, the National Superintendence of Labor Inspection (the "SUNAFIL") and the Peruvian Ministry of Health
are the competent organisms in the safety and health fields, respectively.
Safety Regulations Applicable to Subsectors
In addition to the Law on
Safety and Health at Work applicable to all our business sectors, our E&C segment must also comply with the regulations set forth
below.
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Power and Utilities
Cumbra must comply with the
Rules of Safety and Health at Work with Electricity, approved by Ministerial Resolution No. 111-2013-MEM-DM, for its activities relating
to the construction of hydroelectric plants, transmission lines and substations. The Peruvian Supervisory Agency for Investment in Energy
and Mining (
Organismo Supervisor de la Inversión en Energía y Minería
, or "OSINERGMIN") is the
authority responsible for supervising and enforcing compliance of the foregoing rules. The most relevant of the safety rules with which
Cumbra must comply include: (i) providing employees with necessary information regarding safety measures related to the tasks they
perform; (ii) providing employees with adequate safety equipment; and (iii) evaluating and remedying potential sources of danger.
Mining
Cumbra must comply with the
Mining Occupational Health and Safety Regulation, approved by Supreme Decree No. 024-2016-EM, and other related regulations for their
mining-related construction activities including the construction of mineral processing plants and other mining-related buildings, among
others. In developing mining projects, our subsidiaries' personnel must follow the safety programs and be familiar with internal
rules from their mining sector client. The SUNAFIL and OSINERGMIN are the Peruvian authorities responsible for supervising and enforcing
compliance of the foregoing rules. The most relevant of the safety rules with which Cumbra must comply include: (i) creating an internal
safety and health regulation policy and selecting a manager responsible for its implementation; (ii) monitoring and recording workplace
accidents and occupational diseases; (iii) providing information to employees regarding the safety risks related to their work; (iv) providing
employees necessary first aid and medical attention in the event of a workplace accident; (v) providing employees the necessary tools,
equipment or materials to perform their activities safely; and (vi) evaluating risks in order to establish accident prevention and mitigation
plans.
Oil and Gas
UNNA Energía must comply
with the Hydrocarbons Safety Regulations, as approved by Supreme Decree No. 043-2007-EM, which are enforced by OSINERGMIN, while performing
any hydrocarbon activities. The most relevant safety rules with which UNNA Energía must comply include: (i) assuring that senior
project managers are responsible for the safety and health of workers; (ii) assigning specialized personnel responsible for safety and
health matters; and (iii) monitoring and recording workplace accidents on a monthly basis.
Industrial Construction
Cumbra must comply with the
Industrial Safety Regulation, approved by Supreme Decree No. 42-F (
Reglamento de Seguridad Industrial
), for its activities relating
to the construction of industrial plants. The most relevant of the safety rules with which Cumbra must comply include: (i) overseeing
that worksites are constructed, equipped and managed to provide security and protection to employees; (ii) instructing employees about
risks to which they are exposed related to their work and adopting necessary measures to avoid accidents and damage to employee health;
and (iii) overseeing inspections to verify the proper installation of safety equipment.
Registries and Permits
Pursuant to Supreme Decree
No. 005-2020-TR civil contractors must be registered in the National Registry of Civil Construction Works (the "RENOCC"),
governed by the Administrative Labor Authority. Civil construction work companies register with the RENOCC, which assigns them with a
unique registration number with which the company is identified until completion of the relevant project, regardless of the number of
contractors and subcontractors that participate in the execution of the work. Cumbra has registered in the National Civil Construction
Contractors and Subcontractor Registry in compliance with the Supreme Decree No. 008-2013-TR (previous regulations, then repealed by Supreme
Decree No. 005-2020-TR).
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According to Supreme Decree
No. 005-2008-EM mining contractors must register with the National Mining Contractors and Specialized Companies Registry. Cumbra is currently
registered. Proper registration requires the filing of a request with the Regional Agency of Energy and Mines with jurisdiction in the
area where the mining activities will take place. In addition, within five days upon commencement of construction, Cumbra must provide
in writing its employees with the following information: (i) the company's legal name; (ii) the scope of the contract; (iii) the
place of execution; (iv) the applicable health and safety regulations; (v) the Safe Work Written Procedures (PETS); and (vi) risk insurance
policies.
Labor Law Requirements in Civil Construction
Labor law requirements in civil
construction consist of the specific legal framework for civil construction workers and the general legal framework applicable to the
administrative personnel in the civil construction sector set forth in the Single Revised Text of the Labor Productivity and Competitiveness
Law, approved by Supreme Decree No. 003-97-TR.
Seasonality of services is
one of the main features in the specific legal framework due to the temporary nature of construction contracts. Consequently, certain
general rules such as the trial period are not applicable to construction workers.
The principal terms and conditions
relating to collective bargaining from our civil construction workers have been agreed upon and recorded in the 2018-2019 agreement, dated
September 11, 2018, and entered into between the Peruvian Chamber of Construction and the Federation of Civil Construction Workers (
Federación
de Trabajadores en Construcción Civil
). By means of the 2018-2019 agreement, the parties have, among other things, agreed on
an increase in the daily wage of such employees.
Supreme Decree No. 009-97-SA,
Law No. 26-790 and Supreme Decree No. 003-98-SA require construction companies to have complementary high-risk insurance for workers that
perform high risk tasks. As of the date of this annual report, Cumbra has this insurance coverage.
The insurance coverage provides
medical care for injured workers to allow them to achieve full recovery. Moreover, it provides pensions to workers or their beneficiaries
in case the worker becomes handicapped or dies as a result of a work accident or occupational disease.
Environmental Regulations
Section 24 of the General Environmental
Law, approved by Law No. 28-611 (the "General Environmental Law"), provides that all human activity that involves construction
services, among others, likely to cause significant environmental impact is subject of regulation by the National System of Environmental
Impact Assessment. The Peruvian Ministry of the Environment, through the Environmental Supervising and Enforcement Agency (
Organismo
de Evaluación y Supervisión Ambiental,
or "OEFA") supervises compliance with the law and enforces environmental
rules related to mining, oil and gas and electricity.
In addition to being responsible
for the impact that its activities, by action or omission, may have on the environment, Cumbra is also subject to an environmental impact
assessment and must obtain an environmental certification necessary to obtain project permits or licenses. Cumbra must also adopt measures
for the management of hazardous materials intrinsic to its activities to mitigate the negative environmental impact its activities may
have.
Civil Construction
Supreme Decree No. 015-2012-VIVIENDA
(modified by the Supreme Decree No. 019-2014-VIVIENDA and Supreme Decree No. 008-2016-VIVIENDA) regulates the environmental aspects of
projects related to housing, urbanism, construction and sanitation activities in urban or rural areas. The National Directorate of Housing,
Urbanism, Construction and Sanitation supervises the compliance and enforces the applicable rules. Projects are categorized according
to their environmental impact during and after their execution and different rules are established for each category including compliance
with the following environmental studies prior to starting construction works: (i) projects expected to cause minor environmental impacts
require an environmental impact statement; (ii) projects expected to cause moderate environmental impacts require a semi-detailed environmental
impact assessment; and (iii) projects expected to cause a major environmental impact require a detailed environmental impact assessment.
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Other Subsectors
Depending on the subsector
in which it operates, Cumbra is required to follow specific environmental provisions issued by the competent authorities. For example,
with respect to hydrocarbon activities, the Ministry of Energy and Mines has enacted the Oil and Gas Environmental Regulations, by means
of Supreme Decree No. 039-2014-EM modified by Supreme Decree No. 023-2018-EM.
Tax Legal Regime Applicable to Construction
Section 63 of the Peruvian
Income Tax Expense Law, approved by Supreme Decree No. 179-2004-EF, establishes that construction companies engaged in construction contracts
for a period longer than one fiscal year can choose to be taxed under any of the following systems:
●
allocate to each fiscal year the gross income resulting from
applying the percentage of gross margin estimated for the full construction over the amounts collected for the same construction; or
●
allocate to each fiscal year the gross income calculated by
deducting the costs corresponding to the tasks performed on each construction during that year from the amount collected or that is expected
to be collected for such tasks.
In both situations, a special
accounting registry must be kept for each project, which is meant to keep a record of the costs, expenses and income of each project in
an account separate from the general analytical accounts (
cuentas analíticas de gestión
).
Until December 31, 2012, construction
companies could defer revenues related to each individual project until the total completion of the project, provided the project was
completed in three years or less. In such cases, the income was to be recognized in the fiscal year in which the project concluded or
was delivered. In case the project was scheduled to conclude in a period exceeding three years, the results would be determined in the
third year in accordance with the progress of the works over the three-year period. Beginning in the fourth year, results were determined
following the foregoing methods.
Starting on January 1, 2013,
in accordance with Legislative Decree No. 1112, which amended the Peruvian Income Tax Expense Law, construction companies that adopted
the deferral method are authorized to continue with the use of such method only with respect to income arising from the execution of work
contracts initiated prior to January 1, 2013, until their completion, and for execution of work contracts initiated on or after January
1, 2013 the deferral method is no longer accepted.
The Peruvian Income Tax Expense
Law also provides that the difference that may result from a comparison between the real gross income and the income assessed pursuant
to any of the methods described above shall be allocated to the fiscal year in which the work concluded. Additionally, the company must
apply the same system to all its construction contracts and must receive prior authorization from tax authorities to change the applied
system.
Prevention of Money Laundering and Financing
of Terrorism
Regulations for money laundering
and terrorism financing prevention, approved by SBS Resolution No. 789-2018 (which has replaced SBS Resolution No. 486-2008 as of March
15, 2018), require construction and real estate companies to implement a money laundering and terrorism financing prevention system, including,
among others, the appointment of a compliance officer, setting up a registry of operations and notifying the Financial Intelligence Unit
of the SBS, the entity responsible for supervising and enforcing compliance, of any suspicious activity.
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C. Organizational
Structure
The following organizational
chart sets forth our principal operating subsidiaries within our four business segments.
(1)
In June 2018, the company assigned economic rights over 48.8% of the share capital of Norvial to Inversiones
en Autopistas S.A. by transferring its Class B shares of Norvial. The company continues to possess 67% of the voting rights of Norvial
and an economic interest of 18.2% of Norvial's share capital. JJC Contratistas Generales S.A. owns 16.80% and Inversiones en Infraestructura
Peru SAC owns 16.20%.
(2)
43.3% of the share capital of Viva was held by our subsidiary Cumbra. However, in December 2022, Cumbra
transferred all of its Viva shares to AENZA S.A.A.
(3)
80.03% of Cumbra Ingenieria shares have been assigned to a trust formed to the benefit of the Peruvian
state to secure Aenza's contingent obligation to pay compensation resulting from the investigations of the company by the Peruvian
state.
Infrastructure
:
●
Toll Roads:
●
Norvial, incorporated in Peru, is the concessionaire of the
183 km stretch between Ancón and Pativilca of the Panamerican Highway. Norvial is comprised of common shares (Class A), and
non-voting shares (Class B). In June 2018, the company transferred economic rights over 48.8% of the share capital of Norvial to Inversiones
en Autopistas S.A. by transferring its Class B shares. The company continues to possess 67% of voting rights of Norvial and an economic
interest of 18.2% in Norvial's share capital. JJC Contratistas Generales S.A. owns 16.80% and Inversiones en Infraestructura Peru
SAC owns 16.20%.
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●
Survial, incorporated in Peru, is the concessionaire of the
750 km highway between Marcona and Urcos in Peru. AENZA owns 99.995% of Survial, and the remaining 0.005% is held by UNNA Transporte.
●
Canchaque, incorporated in Peru, is the concessionaire of the
78 km highway between the towns of Buenos Aires and Canchaque in Peru. AENZA owns 99.96% of Canchaque, and the remaining 0.04% is held
by UNNA Transporte.
●
UNNA Transporte, incorporated in Peru, is engaged in the operation
and maintenance of infrastructure assets. AENZA owns 99.9983% of UNNA Transporte and the remaining 0.0017% is held by Cumbra.
●
Mass Transit
:
●
Línea 1, incorporated in Peru, is the concessionaire
of Line 1 of the Lima Metro. AENZA owns 75% of Línea 1; the other 25% is held by Ferrovías Participaciones S.A., a railway
infrastructure company.
●
Water Treatment
:
●
La Chira, incorporated in Peru, is the concessionaire of La
Chira waste water treatment plant in southern Lima, Peru. AENZA owns 50% of La Chira; the other 50% is held by Acciona Agua S.A., an
affiliate of a waste water treatment and distribution company.
●
Energy
:
●
UNNA Energía, incorporated in Peru, is engaged in the
oil and gas business and provides hydrocarbon extraction services to Perupetro, a Peruvian state oil company; owns a gas processing plant;
and, through a joint operation with a Peruvian affiliate of Oiltanking GmbH, operates five fuel terminals in Peru. AENZA owns 95% of
UNNA Energía; the remaining 5% is held by a former company executive.
●
Engineering and Construction
:
●
Cumbra, incorporated in Peru, is one of the oldest and largest
construction companies in Peru. AENZA owns 98.87% of Cumbra; the remaining 1.13% is held by former and current company senior managers.
●
Vial y Vives—DSD S.A. ("Vial y Vives—DSD"), incorporated in Chile, is an engineering
and construction company specialized in the mining sector and in providing services to the energy, oil and gas, and cellulose sector.
Cumbra, through GyM Chile SpA, owns 94.49% of Vial y Vives—DSD; Inversiones VyV S.A., a company controlled by the founders of Ingeniería
y Construcción Vial y Vives S.A., (which merged to form Vial y Vives—DSD) owns 1.36%; and the remaining 4.15% is held by
third parties.
●
Cumbra Ingeniería, incorporated in Peru, is primarily engaged in engineering consultancy for projects
in the mining, hydrocarbons, electrical, agricultural, industrial, tourism and transportation sectors. AENZA owns 89.41% of Cumbra Ingeniería
(66.6% of Cumbra Ingeniería's shares have been assigned to a trust created in benefit of the Peruvian state to secure the
company's contingent obligation to pay compensation to the Peruvian state in respect of investigations of the company by the Peruvian
state), and the remaining 10.59% is distributed among former company senior managers (5.27%) and successors thereof (5.32%).
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●
Morelco, incorporated in Colombia, is a recognized specialist in electromechanical assemblies, civil works,
and services for the oil and gas and other energy sectors. Our subsidiary Cumbra owns 100.0% of Morelco.
●
Real Estate
:
●
Viva, incorporated in Peru, is focused on the development and sale of affordable housing and housing,
as well as other real estate projects such as shopping centers and land sales. AENZA directly owns 99.54% of Viva and the other 0.46%
is owned by a company executive.
D. Property,
Plant and Equipment
Approximately 84.38% of our
assets are located in Peru, with the remaining balance located in Chile and Colombia. As of December 31, 2022, the net book value of the
assets of the company was US$74.5 million (S/284.5 million). We currently lease certain machinery and equipment from vendors. The
terms of our leasing contracts range from two to five years, depending on the nature of the equipment. Leased machinery and equipment
are capitalized for accounting purposes. Our principal executive offices, which we lease, are located at Av. Petit Thouars 4957, Miraflores,
Lima, Peru.
Insurance and Contingency Planning
We have insurance coverage
for fire, earthquakes, strike, riot, malicious damage, vandalism and terrorism; losses or damages to construction machinery and equipment;
destruction or disappearance of property; civil liability, including physical harm to third parties; professional liability; transportation;
vehicle theft, collision, rollover, fire and accidents; and directors' and officers' liability. Additionally, we carry different
policies for specific risks related to our business segments. Our management considers this coverage to be sufficient to cover probable
losses and damages, taking into consideration the nature of our activities, the risks involved in our transactions and the advice of our
insurance brokers.
We also have contingency plans
in place in order to protect our company and the interests of our clients. In the event of an emergency, we have procedures in place designed
to minimize any resulting interruption in service to our most critical business processes.
ITEM 4A. UNRESOLVED STAFF COMMENTS
Not applicable.
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The following discussion
should be read in conjunction with our consolidated financial statements included in this annual report, which have been prepared in accordance
with IFRS issued by the IASB. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual
results may differ materially from those discussed in the forward-looking statements as a result of several factors, including, without
limitation, those set forth under "Part I. Introduction. Forward-Looking Statements" and "Item 3.D. Key Information—Risk
Factors."
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A. Operating
Results
Overview
We have a diversified portfolio
of business units that includes an infrastructure management and development platform, one of the top oil and gas companies in Peru, one
of largest real estate developers in the affordable housing market in Peru, and the largest engineering and construction company in Peru
with an additional presence in Chile and Colombia. With more than 89 years of operations, we have a long track record of successfully
completing the engineering and construction of many of Peru's landmark private- and public-sector infrastructure projects, such
as the Lima International Airport and the Peru liquid natural gas liquefaction plant, and we believe we have a track record of operational
excellence in our markets. We have developed a highly experienced management team, a talented pool of more than 1,500 engineers and a
skilled work force that share our core corporate values of quality, professionalism, reliability and efficiency.
The Impact of the Ongoing Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic adversely
affected our results of operations during the 2020. Infections caused halts and delays in our engineering and construction projects, which
caused us to renegotiate performance targets with certain clients. These interruptions and negotiations added costs with respect to our
projects, and caused us to include additional allowances for certain accounts receivable and impairments to the group's long-term
assets. From mid-March 2020 to the end of May 2020, substantially all of our engineering and construction projects and real estate projects,
particularly in Peru, were mandatorily shut down. Our infrastructure operations, which for the most part were declared essential businesses,
continued operating normally; however, some of our infrastructure businesses were adversely affected, particularly by the sharp decline
in traffic volumes and fluctuations in oil and gas prices. Additionally, the Peruvian Congress suspended the payment of tolls on roads
between May and June of 2020.
Our 2022 results of operations
show a significant recovery compared to those of 2020 and 2021. Our operations are proceeding in a normalized manner. Furthermore, our
Norvial concession exceeded pre-pandemic traffic levels and the Energy business has benefited from current oil and gas prices. The E&C
segment increased productivity in the execution of its projects and the Real Estate business increased sales and delivery of low-income
housing units.
Key Developments
Termination of the Gasoducto Sur Peruano
Concession
In November 2015, we acquired
a 20% interest in GSP and obtained a 29% interest in CCDS through its subsidiary Cumbra Peru.
On July 22, 2014, GSP signed
the GSP Concession Agreement with the Peruvian Government to build, operate, and maintain a natural gas pipeline to meet the demand of
cities in the south of Peru. Additionally, GSP signed an engineering, procurement, and construction agreement with CCDS.
We made an investment of US$242.5
million in GSP and had to assume 20% of the performance bond established in the GSP Concession Agreement for US$262.5 million and 21.49%
of the guarantee for a bridge loan of US$600 million. On January 24, 2017, the MEM announced the early termination of the GSP Concession
Agreement under Clause 6.7 thereof, for not having provided evidence of the financial closing within the contractual term resulting in
the immediate enforcement of the performance bond.
The events described in the
previous paragraph caused management to recognize an impairment from 2016 to 2019 of its total investment (US$242.5 million), as well
as the account receivable resulting from the execution of the counter-guarantees granted by AENZA in favor of the entity issuing the guarantees:
for US$52.5 million corresponding to the performance bond and US$129 million corresponding to the corporate guarantee on the bridge loan
granted to GSP. According to the Concession Contract, the guarantees were paid on behalf of GSP, therefore, AENZA recognized the right
to collect from GSP US$181.5 million, which was recorded in 2016 as accounts receivable from related parties. Likewise, Cumbra Peru recognized
the value of accounts receivable from CCDS as US$73.5 million and lost profits as US$10 million, which correspond to receivables from
GSP. See Note 11 to our audited annual consolidated financial statements included in this annual report for the balance of the account
receivable from GSP.
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On October 11, 2017, the agreement
deed for the delivery of the assets of the South Peruvian gas pipeline concession between GSP and MEM was signed. The assets include the
works, equipment, facilities and engineering studies provided for the execution of the project.
Upon termination of the Concession
Contract, and in accordance with the provisions of Clause 20 thereof, the Peruvian State was obligated to hire an internationally recognized
auditing firm to calculate the VCN, and to call up to three auctions on GSP's assets. However, to date, the Peruvian State has failed
to comply with these contractual obligations. The amount of the VCN was calculated at US$2,602 million by an independent auditing firm
hired by GSP as of December 31, 2016. This figure was subsequently adjusted to US$2,110 million, as a result of variations in the balances
related to the works carried out by the consortium, which in turn is reported in its audited financial statements as of December 31, 2017.
On December 21, 2018, the company
asked the Peruvian Government for direct treatment and requested the payment of the VCN in favor of GSP. On October 18, 2019, the company
filed with the CIADI an arbitration request. On December 27, 2019, the company withdrew the arbitration request in compliance with a preliminary
collaboration and benefits agreement signed with the Attorney General´s Office and Ad-hoc Public Prosecutor's Office on the
same date (see Note 1 to our audited annual consolidated financial statements included in this annual report). Withdrawing the arbitration
request before CIADI does not result in the loss of collection rights of the company against GSP and does not restrict, limit, or impede
GSP from asserting its rights against the Peruvian Government.
The company and its internal
and external legal advisors consider that the payment owed by the Government to GSP for the VCN are not within the withholding scope under
Law 30737 that ensures the immediate payment of civil compensation in favor of the Peruvian State in cases of corruption and related crimes,
since this payment does not include any profit margin and/or does not correspond to the sale of assets related to the project, but to
a reimbursement for the investment made by the concessionaire.
As of December 4, 2017, GSP
entered into a bankruptcy proceeding before INDECOPI. GSP has claims recognized by INDECOPI of US$0.4 million and US$169.3 million, the
latter held in trust in favor of GSP's creditors. It also has indirectly recognized claims for US$11.8 million. On the other hand,
the claim of Cumbra is indirectly recognized in INDECOPI through
Consorcio Constructor Ductos del Sur
for an amount of US$88.7
million. As of the date of this report, GSP is in the process of liquidation and AENZA is chairing the Board of Creditors.
On April 11, 2023, a liquidation
agreement (the "Liquidation Agreement") was approved, which delimits the framework for the liquidator's work. The Liquidation
Agreement includes the granting of powers to the liquidator with respect to representation, administrative, contractual and other relevant
powers that allow him to comply with the obligations for which he was appointed, as well as the actions he is allowed to take in order
to recover GSP's assets and in accordance with the mechanisms set forth in the General Law of the Insolvency System. On April 13, 2023,
and under the powers granted to him by the Liquidation Agreement, the Liquidator requested that the MEM initiate the direct treatment
procedure stipulated in the Concession Contract. For more information regarding the amounts recognized, see Note 11 to our audited annual
consolidated financial statements included in this annual report.
As of December 31, 2022, the
net value of the accounts receivable from GSP is approximately US$142.4 million (equivalent to S/542.3 million) compared to US$161.9 million
(equivalent to S/643.9 million) as of December 31, 2021, which comprises the recognition in the following entities of the Corporation:
i) AENZA S.A.A. holds US$63.9 million (equivalent to S/243. 2 million), discounted to present value net of impairment and the effect of
the exchange difference, compared to US$81.1 million (equivalent to S/322.6 million) as of December 31, 2021; and ii) Cumbra Peru holds
US$78.6 million (equivalent to S/299.2 million) discounted to present value net of the effect of the exchange difference compared to US$80.8
million (equivalent to S/321.3 million) as of December 31, 2021.
The company's management maintains
the recovery estimate at 8 years, applying a discount rate of 5.85%, compared to recovery term of 8 years with a discount rate of 2.73%
as of December 31, 2021. These estimates generated during 2022 a present value effect of approximately S/72.2 million, compared to S/32.8
million during 2021, which has been recognized in the consolidated statement of income under the caption "Financial income and expenses
- loss from present value", see Note 26.B to our audited annual consolidated financial statements included in this annual report.
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Based on management's
assessment and in conjunction with the opinion of the internal legal department and external legal counsel, the estimate of recoverability,
impairment allowances and the net recognized value of the account receivable from GSP as of December 31, 2021 and 2022 is reasonable and
sufficient as of the reporting date of the Corporation's consolidated financial statements, see also Notes 5.A.iv and 11 to our audited
annual consolidated financial statements included in this annual report.
Investigations and Settlement Processes
Our company and some of our
subsidiaries, and some of our former directors and senior managers, have been charged in connection with criminal and civil investigations
relating to certain projects in connection with our association with Odebrecht and in connection with our alleged participation in the
alleged "construction club" during the period from 2004 to 2016.
In 2018, the Peruvian criminal
prosecutor charged our company and our engineering and construction subsidiary, Cumbra, as criminal defendants in connection with the
IIRSA South project concession (tranche II), and the Peruvian First National Preparatory Investigation Court (
Primer Juzgado de Investigación
Preparatoria Nacional
) included our company and Cumbra in its criminal investigation. Separately, in connection with these investigations,
in December 2018, the Peruvian First National Preparatory Investigation Court also resolved to include our company and Cumbra as civilly
responsible third parties in the investigations related to the IIRSA South project concession (tranche II) and Cumbra as a civilly-responsible
third party in the investigations related to Tranches 1 and 2 of the Lima Metro.
In December 2018, Cumbra was
formally included as a civilly responsible third party, along with 11 other construction companies, in the criminal investigation conducted
by a Peruvian public prosecutor with respect to an alleged "construction club" that colluded to receive public contracts.
In October 2021, the prosecutor filed a motion to criminally charge Cumbra and another of our subsidiaries, UNNA Transporte, and other
companies in the construction sector in Peru, as well as a former director and former senior managers of our company, with collusion and
other alleged crimes.
Peruvian prosecutors have included
José Graña Miró Quesada the former Chairman of our company, in an investigation for the crime of collusion, and Hernando
Graña Acuña, a former board member of our company and former chairman of our subsidiary Cumbra, for the crime of money laundering
against the Peruvian government, each in connection with the IIRSA South project concession (tranche II), in which we participated with
Odebrecht. Gonzalo Ferraro Rey, the former Chief Infrastructure Officer of our company, has also been included in an investigation for
the crime of money laundering in connection with the same project. In addition, José Graña Miró Quesada and Hernando
Graña Acuña, as well as Juan Manuel Lambarri, the former chief executive officer of our subsidiary Cumbra, have been charged
in connection with Tranches 1 and 2 of the Lima Metro. On February 9, 2022, the Peruvian press reported that Peruvian prosecutorial authorities
entered into plea agreements with José Graña Miró Quesada and Hernando Graña Acuña, which were granted
with judicial approval on January 3, 2023 and January 18, 2023 respectively. These plea agreements are confidential under Peruvian law
and we, therefore, do not know their content. However, they may include information related to wrongdoing or knowledge of improper behavior
that occurred while José Graña Miró Quesada and Hernando Graña Acuña were at the company. We cannot
guarantee what they will ultimately say to government authorities, or that their statements will not adversely affect the company's
reputation.
Final Collaboration and
Benefits Agreement (Acuerdo de Colaboración Eficaz y Beneficios)
On May 21, 2021, the Company
entered into a Collaboration and Benefits Agreement with a special team of Peruvian prosecutors covering the investigations related to
corruption offenses of officials and related personnel, in which the company Odebrecht and others would have incurred (the "Prosecutor's
Office") and with the ad hoc Public Prosecutor's Office for investigations and processes related to crimes related to corruption
of officials, money laundering and related activities (the "Attorney General's Office") allegedly committed by the Odebrecht
company and others.
On September 15, 2022, the
Final Collaboration and Benefits Agreement was entered into between the Peruvian Public Prosecutor's Office, the Attorney General's
Office and the Company, whereby AENZA accepted that they were utilized by certain former executives to commit illicit acts in a series
of periods until 2016, and committed to pay a civil compensation to the Peruvian Government of approximately S/488.9 million (approximately
S/333.3 million and US$ 40.7 million, respectively) calculated according to the formulae established by Law 30737.
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According to the Final Collaboration
and Benefits Agreement, payment shall be made within twelve years at a legal interest rate in
soles
and dollars (3% and 1% annual
interest as of December 31, 2022, respectively). The Company also undertakes to establish a series of guarantees after the approval (by
which the judge verifies that the Final Collaboration and Benefits Agreement is in accordance with the law) of the Final Collaboration
and Benefits Agreement, composed of i) a trust agreement that includes shares issued by a subsidiary of the Company; ii) mortgage on a
property owned by the Company; and iii) a guarantee account with funds equivalent to the annual installment for the following year. Among
other conditions, the Final Collaboration and Benefits Agreement includes a restriction against AENZA and its subsidiaries, Cumbra and
Unna Transporte, participating in public construction and road maintenance contracts for two years from the approval of the Final Collaboration
and Benefits Agreement. The other member companies of the Corporation are not subject to any impediment or prohibition to contract with
the Peruvian Government. As of December 31, 2022, the Company recognized in its financial statements the total liabilities associated
with the Final Collaboration and Benefits Agreement as S/488.9 million.
As of December 31, 2022, and
as of the reporting date of the consolidated financial statements, in the opinion of the Company's Management and legal advisors,
the civil compensation covers the total contingency to which the Company is exposed to as a result of the investigations. Nevertheless,
the Final Collaboration and Benefits Agreement enforceability is subject to court approval and its terms and conditions are subject to
confidentiality provisions.
Investigations and Administrative
Process Initiated by INDECOPI in relation to the Construction Club
On July 11, 2017, INDECOPI
initiated an investigation against several Peruvian construction companies (including Cumbra), about the existence of an alleged cartel
called the Construction Club.
On February 11, 2020, the subsidiary
Cumbra was notified by the Technical Secretariat (the "TS") of the Free Competition Defense Commission of INDECOPI with a
resolution announcing a sanctioning administrative procedure involving a total of 35 companies and 28 natural persons, for alleged anticompetitive
conduct in the market of Public Works.
On November 17, 2021, the Commission
imposed a fine of approximately S/67 million against Cumbra, which is currently being challenged and is pending resolution by the final
administrative instance within the INDECOPI Court. As of December 31, 2022, Cumbra recorded an estimated provision amounting to S/52.4
million (as of December 31, 2021, a present value equivalent to S/52.6 million was recorded).
Investigations and Administrative
Proceeding Initiated by INDECOPI for Anti-Competitive Practices in the Labor Market in the Construction Sector
On February 7, 2022, Cumbra
and UNNA Transporte were notified pursuant to INDECOPI Resolution 038-2021/DLC-INDECOPI dated December 28, 2021, that the antitrust authority
initiated a sanctioning administrative procedure for the alleged execution of a horizontal collusive practice in the form of concerted
distribution of suppliers in the labor market in the construction workers industry nationwide, during the period from 2011 to 2017.
On April 7, 2022, Cumbra and
UNNA Transporte submitted a proposal for a cease and desist agreement for the early termination of the administrative sanctioning procedure,
in which they (i) acknowledged the alleged conduct, (ii) committed to maintain during 2022, 2023 and 2024, a compliance program with free
competition rules, and (iii) agreed to pay S/2.7 million in two installments (one after 60 days and the second after 12 months).
Pursuant to Resolution No. 054-2022/CLC-INDECOPI dated August 19, 2022, the Commission for the Defense of Free Competition of INDECOPI
approved the proposed cease and desist commitment and concluded the sanctioning procedure. As of December 31, 2022, the company estimated
a provision amounting to S/1.4 million recognized as of December 31, 2022 (S/4.8 million as of December 31, 2021) related to this proceeding.
On May 9, 2023, our subsidiaries
Cumbra and Unna Transporte were notified by INDECOPI, with Resolution 052-2023/CLC-INDECOPI, which formally concludes the administrative
sanctioning procedure in first instance for the alleged horizontal collusive practice in the form of concerted distribution of suppliers
in the market for hiring workers in the construction sector.
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In this regard, by Resolution
No. 054-2022/CLC-INDECOPI of August 19, 2022, the Commission for the Defense of Free Competition of INDECOPI approved the cessation of
the proposed commitment. According to the established schedule, the Subsidiaries have paid the first installment corresponding to 50%
of the amount of the compensation in November 2022 and the next installment, for the remaining 50%, will be paid no later than November
15, 2023; the amount thereof is duly provisioned in the financial statements. Likewise, the Subsidiaries are complying with their commitment
to maintain a compliance program, with supervision of INDECOPI.
Termination of Chavimochic
Concession
In May 2014, Concesionaria
Chavimochic S.A.C. (the "Concessionaire"), in which AENZA has a 26.5% interest, signed an agreement with the Peruvian Government
(the "Concession Agreement") for the design, construction, operation, and maintenance of major hydraulic works of Chavimochic
Project (hereinafter the "Project"). The construction of the work started in 2015 with a concession term of twenty-five (25)
years and a total investment of approximately US$647 million.
According to the Concession
Agreement, the works of the third stage of the Project were structured in two phases. To date, the works of the first phase (Palo Redondo
Dam) are 70% complete. However, at the beginning of 2017, the procedure for early termination of the Concession Agreement was initiated
due to the breach of contract by the Peruvian Government, as grantor (the "Grantor"), and all activities were suspended in
December 2017. Since no agreement was made, the Concessionaire initiated an arbitration process before the United Nations Commission on
International Trade Law ("UNCITRAL").
On October 4, 2022, the UNCITRAL
notified the parties of its decision, which provided for the early termination of the Concession Agreement and ordered, among other things,
that the Grantor pay the Concessionaire an amount of US$25.3 million as a consequence of its failure to provide the project control delivery,
and the execution of 70% of the Performance Bond, or the payment of US$25 million, for the Concessionaire's failure to obtain evidence
of financial closing.
In February 2023, the Grantor
partially executed the Concessionaire's performance bond in accordance with the award, for an amount of US$28,300,032.46, whereas AENZA
assumed a total of US$7.5 million as a result of such first execution. Likewise, prior to the closing of this report, the Grantor requested
the execution of the balance of the Concessionaire's performance bond for US$7,472,318.54, whereas AENZA assumed US$2 million. The Concessionaire
is currently coordinating the necessary legal actions for the full execution of the award, in order to collect the amount awarded by the
arbitration court in its favor plus the corresponding interest. In other words, the Grantor must comply with the obligations arising from
the award. Likewise, the Concessionaire will initiate legal actions against the Grantor for what it considers an arbitrary execution of
the balance of the performance bond without the Grantor having supported such amount in a qualified breach of the Concession Agreement
and without the arbitral tribunal having granted the possibility of executing the bond for a higher amount.
Despite the requests for exclusion
and integration of the award filed by the Concessionaire, the Court did not issue a decision within the deadline, and the award was consented
to. As of December 31, 2022, an impairment of a total investment amounting to S/14.8 million was recorded. Tender Offer by IG4
On June 15, 2021, IG4 Capital
Infrastructure Investments LP announced a tender offer for a total of 107,198,601 common shares equivalent to 12.29% of our outstanding
shares. On August 10, 2021, IG4 purchased a significant shareholding participation amounting to 23.90% of the total outstanding shares,
of which 12.29% was purchased within the tender offer and an additional 11.61% was acquired in transactions outside the tender offer.
Furthermore, on August 12, 2021, certain shareholders of AENZA signed a trust agreement with IG4, as trustee, and La Fiduciaria S.A.,
in which, among other aspects, IG4 acquired the voting rights of common shares representing an additional 8.97% of the company for a period
of eight years, which could be automatically renewed for an additional period of eight years. As of December 31, 2022, IG4 Capital Infrastructure
Investments LP controls common shares representing a total of 30.05% of our capital stock.
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CEO and Board of Directors
The Board of Directors was
elected for the period 2021-2024 at the general shareholders' meeting held on September 20, 2021. In addition, on October 1, 2021,
we appointed a new CEO, Mr. Andre Mastrobuono. For more information, see "Item 6. Directors, Senior Management and Employees."
Strengthening of Anti-Corruption Program
In 2017, the company's
Board of Directors created the Risk & Compliance Committee and the Corporate Risk and Compliance Function reporting directly to the
Board of Directors. The Board of Directors also provided this corporate function with additional resources, such that the Corporate Risk
and Compliance function currently includes six experienced officers.
The Risk &
Compliance Committee approved a plan and resources to continue strengthening our anticorruption compliance program, an integral part
of our larger Corporate Risk and Compliance Program. The plan focused on cultural changes and four strategic elements to re-shape
the way we do business: (i) corporate governance, (ii) ethics and compliance, (iii) risk management, and (iv) regulatory compliance
and monitoring.
In parallel, the Board of Directors
launched an integrity manifesto and conducted an internal investigation, led by U.S. counsel with the assistance of forensic accountants,
with respect to our participation in consortia with Odebrecht. The Board of Directors also engaged international advisors and consulting
firms that provided specialized anti-corruption training to the Board of Directors, senior management and middle management. These actions
served as the foundation for a cultural change; the strengthening of governance; the enhancement of the tone at the top; and the transformation
and enhancement of anti-corruption practices across the group.
In 2018, we re-launched key
aspects of the Corporate Risk and Compliance Program focused on ethics and anti-corruption compliance. The first accomplishment was the
approval, implementation, and training of the company's new Code of Business Conduct, which was rewritten by senior management.
Another key achievement was the whistleblower mechanism, which we re-vamped and re-launched. Together with the business operations functions,
we also reviewed and modernized our policy on third party due diligence (focused on anti-corruption, crime prevention and international
sanctions), which included building a robust process using international best practices and modern web-based tools for name search and
case management.
Risk was the program's
focus in 2019, while we continued to implement other aspects of the program. The Board of Directors formalized the company's risk
management methodology and risk appetite and approved the risk manual. Business operations redesigned key business processes and developed
risk matrices, guided by the professional opinion of business line experts, as an additional foundation for a modern risk management function.
This included the use of an enhanced method to measure and mitigate corruption risk. In 2019, the company also introduced revised policies
on donations, gifts and entertainment, on dealing with conflicts of interests and on managing relationships with government officials.
In 2020, we applied the Corporate
Risk and Compliance Program to identify, prioritize and mitigate certain impacts of the COVID-19 pandemic, including corruption and regulatory-related
risks. We also developed a risk analysis on free competition, and we issued our antitrust policy, a key enhancement to our Regulatory
Compliance Program.
An independent consulting firm
performed in 2020 a specialized review of our Anti-corruption Compliance Program. Their review identified no material weaknesses and concluded
that our program was suited for the nature of our businesses, needs, risks and characteristics. In that year, three of our subsidiaries
achieved ISO 37001 Certification (Cumbra, Ecotec and Morelco).
In 2021, we strengthened our
Regulatory Compliance Program, enhanced the risk assessment and monitoring models behind our Third Party Due Diligence Program, and innovated
and updated our training means and content based on risk and related to ethical conduct and values aligned with our business code of conduct.
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Strengthening the Culture of
Integrity was the focus of the program in 2022, as we continue to improve other programs. The Board of Directors formalized the organization's
compliance processes and the new structure of the compliance area focused on business lines and processes. Likewise, the company also
updated policies and procedures on ethics, due diligence, donations, gifts, entertainment, the management of conflicts of interest, and
the management of relationships with government officials. We also strengthened the training plan, extending it to the technicians in
the organization.
An independent consulting firm
conducted a specialized review of our Anti-Corruption Compliance Program in 2022. Their revision identified no material weaknesses and
concluded that our program aligned with the requirements of the applicable anti-corruption regulations. In 2022, all subsidiaries of CUMBRA,
our engineering and construction business lines in the region (Peru, Chile, and Colombia), achieved ISO 37001 certification.
Securities Class Action
A class action civil lawsuit
was filed in 2017 against our company, certain of our former directors and former and current executive officers in the United States.
As of July 2, 2020, we executed the settlement agreement with the plaintiffs' attorneys, by which the parties agreed to terminate
the class action, subject to court approval and the payment of the transaction amount by the company. The amount agreed for the termination
of the class action is equivalent to US$20 million. The company registered a provision of US$15 million (equivalent of S/49.8 million),
the difference of US$5 million was covered by a professional liability insurance policy in accordance with the agreement signed with the
insurance company. As of the date of this annual report, all amounts under the settlement agreement related to the class action civil
lawsuit have been paid in full. On January 12, 2023, the court reinstated its final judgment and terminated this case.
Convertible Bonds
On August 13, 2021, AENZA issued
Convertible Bonds in a total principal amount of US$89.9 million. In accordance with the terms and conditions of the Convertible Bonds,
holders of Convertible Bonds in a principal amount equivalent to US$11 million exercised their conversion rights and on February 28, 2022
we issued 37,801,073 new common shares. Additionally, holders of Convertible Bonds in a principal amount equivalent to US$79 million exercised
their conversion rights and, on March 31, 2022, we issued an additional 287,261,051 new common shares. Therefore, our capital stock has
increased from S/871,917,855 to S/1,196,979,979. After these conversions, the Convertible Bonds were fully cancelled.
Bridge Loan
On March 17, 2022, the company
entered into a bridge loan credit agreement for up to US$120 million, with a group of financial entities comprised of
Banco BTG Pactual
S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC
,
and Natixis, New York Branch. The financing will be repaid over a period of 18 months, and will be secured, subject to the fulfillment
of certain precedent conditions, by a flow trust (first lien), a trust over the shares of Viva Negocio Inmobiliario S.A. (second lien),
and a pledge on our shares in Unna Energía (first lien). On April 5, 2022, the loan was disbursed and we have used the proceeds
to repay certain of our financial and other obligations. We are currently evaluating different debt restructuring plans to refinance the
bridge loan.
Immaterial Corrections to Financial Statements
In connection with the preparation
of its consolidated financial statements, the Corporation identified an error in the interpretation and application of the accounting
treatment of revenue and cost recognition arising from contracts with customers in the E&C segment in prior years. Management of
the Company has evaluated and concluded that the correction of this error has resulted in non-material adjustments to the net income
previously reported in the consolidated financial statements as of December 31, 2020 and 2021. It should be noted that the aforementioned
corrections had no impact on total cash flows from operating, investing or financing activities. A reconciliation between the previously
reported amounts and the revised amounts as of December 31, 2020 and 2021, and for the year then ended is presented in Note 2.AA to our
audited annual consolidated financial statements included in this annual report.
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Internal Control over Financial Reporting
In 2022, we identified two
material weaknesses regarding our internal control over financial reporting. For more information, see "Item 3. Key Information—D.
Risk Factors—We have identified two material weaknesses in our internal control over financial reporting, and if we cannot maintain
effective internal control or provide reliable financial and other information in the future, investors may lose confidence in the reliability
of our consolidated financial statements, which could result in a decrease in the value of our ADSs" and "Item 15. Controls
and Procedures."
Factors Affecting Our Results of Operations
General
Peruvian, Chilean and Colombian Economic
Conditions
81.8%, 81.1% and 82.2% of our
revenues in 2020, 2021 and 2022 were derived from activities in Peru. Accordingly, the results of our operations are substantially affected
by economic conditions in the country and our growth is driven in significant part by growth in the Peruvian economy. In addition, 14.2%,
15.6% and 14.9% of our revenues in 2020, 2021 and 2022 were derived from activities in Chile and 4.0%, 3.3% and 2.9% of our revenues in
2020, 2021 and 2022 were derived from activities in Colombia.
Peruvian real GDP decreased
11.0% in 2020, increased 13.6% in 2021, and increased 2.7% in 2022. As a result of the COVID-19 pandemic and the measures taken by governments,
private consumption increased at an average annual rate of 2.0% in real terms from 2020 to 2022. Private investment decreased 16.5% in
2020, increased 37.4% in 2021, and decreased 0.5% in 2022, each in real terms. Inflation in Peru, as measured by the change in the
consumer price index, was 2.0% in 2020, 6.4% in 2021, and 8.5% in 2022. The sol depreciated versus the U.S. dollar by 9.0% in 2020, 10.5%
in 2021, and appreciated 4.5% in 2022. Peru's sovereign debt has been rated investment grade by S&P, Fitch and Moody's.
At the end of 2022, Peruvian sovereign debt had one of the highest credit ratings in the South American region, rated BBB by S&P (December
2022), BBB by Fitch (October 2022) and Baa1 by Moody's (January 2023).
The Chilean economy contracted
5.8% during 2020, grew 12.0% during 2021 and grew 2.4% during 2022. Total fixed investment increased at an annual average rate of 9.2%
in real terms during the three years from 2020 to 2022. Inflation in Chile, as measured by the change in the consumer price index,
was 3.0% in 2020, 7.2% in 2021 and 12.8% in 2022. The Chilean peso depreciated versus the U.S. dollar by 4.6% in 2020, appreciated 15.6%
in 2021 and 3.1% in 2022. Chilean sovereign debt has the highest rating in the South America region, rated A by S&P (October 2022),
A2 by Moody's (September 2022) and A- by Fitch (December 2022).
Colombian real GDP contracted
7.3% during 2020, grew 11.0% during 2021 and grew 7.5% in 2022. Inflation in Colombia was 1.6% in 2020, 5.6% in 2021 and 13.1% in 2022.
The Colombian peso appreciated against the U.S. dollar by 4.7% in 2020, 16.0% in 2021 and 20.8% in 2022. Colombia's sovereign debt
was rated BB+ by Fitch (December 2022), BB+ from S&P (January 2023), and Baa2 from Moody's (March 2023).
From 2020 to 2022 our revenues
increased at a compound annual growth rate (CAGR) of 11.4%, excluding acquisitions and asset sales. Our organic revenues increased 30.0%
in 2021 from 2020 and increased 6.4% in 2022 from 2021, principally as a result of (i) higher production volume in ongoing projects in
our E&C segment; (ii) higher revenues in our Infrastructure segment due to an increase in Norvial's traffic and tariffs, an
increase in Line 1's tariffs, and the execution of major complementary works in Canchaque and Survial; and (iii) higher oil prices
for UNNA Energía.
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Fluctuations in Exchanges Rates
We estimate that in 2022, 39.3%,
43.8% and 16.9% of our revenues were denominated in soles, U.S. dollars and other currencies respectively, while 55.8%, 25.9% and 18.3%
of our cost of sales during the year were denominated in soles, U.S. dollars and other currencies. In addition, as of December 31, 2022,
51.8%, 47.3% and 1.0% of our total debt was denominated in soles, U.S. dollars and other currencies, respectively. Accordingly, fluctuations
in the value of these currencies can materially affect the results of our operations. When the sol appreciates against the U.S. dollar,
our operating margins tend to decrease; when the sol depreciates against the U.S. dollar, our operating margins tend to increase (if everything
else is held equal). Conversely, the appreciation of the sol against the U.S. dollar tends to decrease our indebtedness and Financial
expenses as expressed in soles; and the depreciation of the sol against the U.S. dollar tends to increase our indebtedness and Financial
expenses as expressed in soles. We enter into derivatives, from time to time, to hedge part of our financial exposure to currency fluctuations.
The value of the sol to the U.S. dollar depreciated in 2020 and 2021, and appreciated in 2022, which impacted the results of our operations.
We have included estimates
of the approximate effects of fluctuations in exchange rates on our consolidated and segment revenues and costs of sales in "—Results
of Operations." These estimates were calculated based on daily average exchange rates and estimated aggregate revenues and cost
of sales denominated in U.S. dollars, Chilean pesos and Colombian pesos, and were not calculated on a transaction-by-transaction basis.
For additional information on the effect of exchange rate fluctuations on our results of operations, see "Item 11. Quantitative
and Qualitative Disclosures about Market Risk—Exchange Rate Risk."
Cost of Labor, Third-Party Services and
Inputs
The largest components of our
costs are: labor, which represented 31.7% of our cost of sales and 60.2% of our administrative expenses in 2022; services provided by
third parties, which represented 33.9% of our cost of sales and 25.9% of our administrative expenses in 2022; and supplies (including
raw materials), which represented 16.0% of our cost of sales in 2022. For a breakdown of our cost of sales and administrative expenses,
see Note 25 to our audited annual consolidated financial statements included in this annual report.
Our cost of labor is influenced
by, among other factors, the number of our employees, as well as inflation, competition we face for personnel in each of our business
segments and the availability of qualified candidates. From 2020 to 2021, our personnel charges increased by 36.5% and from 2021 to 2022,
our personnel charges decreased 3.1%. Services provided by third parties include: subcontracting in our E&C segment, such as carpentry
work; advisory and consultancy work, including external audit and legal services; and renting of equipment. From 2020 to 2021, costs related
to services provided by third parties increased by 19.6% and from 2021 to 2022, costs related to services provided by third parties increased
by 0.9%. The principal supplies we use are fuel, cement and steel, which in the aggregate represented 13.7% of our total input costs in
2022. Our costs for these supplies are affected by, among other factors, the growth or decline of our operations, market prices, including
global prices in the case of fuel, and transportation costs. We do not have long-term contracts for the supply of our key supplies. From
2020 to 2021, our input costs increased by 24.8% and from 2021 to 2022, our input costs increased 59.2%. Our cost of labor, third party
services and supplies increased in 2022 primarily due to higher activity levels in our E&C segment.
Acquisitions and Dispositions
Our results of operations can
be affected by the acquisition or sale of assets. During the 2020-2022 period, we did not have significant acquisitions or sales. For
a description of the sale of these assets, see "—Key Developments—Asset Sales."
Cyclicality
Our Energy segment is cyclical
and affected by the global supply and demand for oil.
Our E&C segment is cyclical
as a result of being closely linked to the conditions, performance and growth of the end-markets we serve, which include, among others,
the mining, power, oil and gas, transportation, real estate and other infrastructure sectors in Peru, as well as the mining sector in
Chile and, the energy sector in Colombia. These industries tend to be cyclical in nature and tend to be affected by factors such as macroeconomic
conditions, climate conditions, the level of private and public investment, the availability of credit, changes in laws and regulations
and political and social stability. As a result, although downturns impact our entire company, our E&C segment has historically been
subject to periods of very high and low demand. The mining and oil and gas sectors, in particular, are also driven by worldwide demand
for the underlying commodities, including, among others, silver, gold, copper, oil and gas, which can be affected by such other factors
as global economic conditions and geopolitical affairs.
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Our Real Estate segment is
also cyclical and is significantly affected by changes in general and local economic conditions, such as employment levels and job growth,
availability of financing for home buyers, interest rates, foreclosure rates, inflation, consumer confidence and housing demand.
Seasonality
Our business, on a consolidated
basis, has not historically experienced seasonality. In our Infrastructure segment, we have experienced moderate seasonality at (i) Norvial,
due to heightened vehicular traffic activity during the summer season in the first quarter of the year, and (ii) UNNA Energía's
gas processing plant, which typically closes for maintenance during the rainy season in the first quarter of the year, as demand for gas
is lower during this time.
Infrastructure
Traffic and Fees for Toll Roads
The majority of our toll roads
revenues derives from the Norvial concession. Unlike our other toll road concessions, our revenues from the Norvial concession depend
on traffic volume. Traffic volume on the Norvial road increased 134.9% from 2020 to 2021 due to the recovery of economic activity in 2021
after the COVID-19 pandemic and increased 2.9% from 2021 to 2022 (based on vehicle equivalents, as defined in "Item 4.B. Information
on the Company—Business Overview—Infrastructure—Principal Infrastructure Activities—Toll Roads—Norvial").
For the Norvial toll road, the toll rate is set out in the Norvial concession agreement and adjusted in accordance with a contractual
formula that takes into account the Sol/U.S. Dollar exchange rate and Peruvian and United States inflation rates. Under our Survial and
Canchaque road concessions, our revenues consist of annual fees paid by the Peruvian Ministry of Transport and Communications in consideration
for the operation and maintenance of the roads, which can vary depending on the amount of road maintenance required due to road wear and
tear.
Under the Norvial concession
contract, we are required to expand certain stretches of the highway by, among other things, adding two additional lanes. The first stage
of construction was completed in 2008 and the second stage was completed in December 2019. Norvial's capital investment for the
second stage was approximately US$91 million (S/347.9 million). In June 2018, we signed an investment agreement with BCI Peru to
monetize future dividends of Norvial. The amount of the transaction was US$42.3 million, the proceeds of which were applied to the reduction
of indebtedness related to GSP.
Mass Transit
We generate revenue from our
Lima Metro concession based on kilometers travelled per train, with a fee per kilometer, the number of trains required to be in operation
and the number of kilometers that we are required to travel established by the terms of the concession. Our revenues do not depend on
passenger traffic volume. Our results in this concession between 2020 and 2022 were influenced by the reliability and proper operation
of our trains. We currently have all 44 trains in operation (including three backup trains).
Awarding and Timing of Infrastructure Concessions
and Government Contracts
The results of operations of
our Infrastructure segment can be affected by our ability to win new concessions and government contracts, which depend in part on government
policies and our ability to compete effectively.
Our results in the operation
and maintenance of infrastructure assets depend on our ability to obtain contracts from the government or infrastructure concessionaires,
such as those in our Infrastructure segment, which depend on government policies and our ability to compete effectively. We typically
obtain higher revenues from these contracts during the commencement of services as we bring roads to proper operating condition, and lower
revenues at the end of the contract term as services wind down.
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Our results in our Infrastructure
segment are also affected by the timing of the commencement of operations under our concessions, as well as when we were required to undertake
significant capital investments or major construction works under the terms of our concessions. Under our Norvial and Lima Metro concessions,
we were required to undertake capital investments during the initial years of the concessions for which we are compensated throughout
the term of the concessions by our toll rate in the case of the Norvial concession and tariffs in the case of the Lima Metro concession.
Under our Survial, Canchaque and La Chira concessions, we generated revenues in our Infrastructure segment from our construction activities
during the pre-operational phase, and once operations commenced, we generate revenues from fees related to operation and maintenance.
Survial, Canchaque and La Chira have financed their construction costs through the sale of government certificates of construction to
financial institutions at a discount from face value. Certificates of construction are negotiable instruments that the Peruvian government
typically delivers upon completion of each stage of a project and which entitle the holder to receive payment from the government equal
to the capital investment made in the corresponding stage upon completion of the entire project. Accordingly, the results of our Infrastructure
segment may be affected by the discount rates obtained on the sale of government certificates of construction. For more information on
our obligations and compensation under our concessions, see "Item 4.B. Information on the Company—Business Overview—Infrastructure."
Energy
A substantial part of the revenues
in our Energy segment depends on global prices for oil. Under our hydrocarbon extraction service contracts, we are entitled to a variable
fee, which is based on the level of production of each field and a basket of international crude oil prices. Under our contracts, we acquire
the extracted hydrocarbons and pay royalties, which are also based on a basket of international crude prices and the level of production.
Historically, oil prices have been volatile and are likely to be volatile again in the future. During 2020, 2021 and 2022, average
Brent crude prices were approximately US$41.76, US$70.67 and US$100.78 per barrel, and the average fee we received in these years was
US$41.22, US$68.73 and US$93.24 per barrel of extracted oil, respectively. During the first quarter of 2023, the Brent crude price was
approximately US$79.19 per barrel and our fee was approximately US$79.25 per barrel of extracted oil. Due to our activities being conducted
in mature oil fields, which have been producing oil for approximately 100 years in the case of Block III, approximately 95 years in the
case of Block IV and for over 50 in the case of years Block V, our oil production depends primarily on the level of our drilling and production
activities.
Our Pariñas gas processing
plant has a long-term delivery and gas processing and fractionation contract with Empresa Eléctrica de Piura S.A. (ENEL), a thermal
power generation subsidiary of the Endesa group. Under this contract, ENEL delivers natural gas that it purchases from onshore and offshore
gas producers in the Talara area. We are responsible for all operating costs of the gas processing plant but are entitled to keep revenues
from the sale of all resulting natural gas liquids to third parties after delivery of all dry gas and payment of a variable royalty to
ENEL. Approximately 83.4% of the total volume of natural gas processed by our Pariñas gas processing plant depends upon gas volumes
demanded by ENEL for its gas-fired turbines, which can vary significantly. Prices for natural gas liquids can also fluctuate significantly
and are affected by market prices for LPG and crude oil. We processed 28.40 MMcf per day during 2020, 30.41 MMcf per day during 2021,
and 31.68 MMcf per day during 2022.
In connection with our fuel
storage terminal business, under two operation contracts with PetroPeru, we receive revenues related to monthly reserved volume in storage
tanks for refined crude products (storage fee) and for volumes loaded and delivered into railroad cars or cistern trucks to each terminal
(throughput fee). These fees are adjusted annually to account for U.S. inflation. Our fuel storage activities in the North and Central
Terminals are carried out under 20-year contracts, which expire in 2034.
Real Estate
The results of operations of
our Real Estate segment are driven by the number of units we develop and deliver in a reporting period, our mix of unit sales (affordable
housing versus housing), unit prices, land purchase prices and our costs of construction. These results are also affected by a number
of factors that may impact the Peruvian real estate sector as a whole, including: the availability of government subsidies for affordable
housing; prices of suitable land in particular areas; regulation of real estate development imposed by national, regional and local laws
and regulators, and the time required to obtain applicable construction permits and licenses; the unemployment rate and wage levels; prevailing
interest rates and availability of financing; the supply in the market; the level of customer interest in our new projects; and our costs,
such as the price of labor, materials, insurance, taxes and other public charges. We delivered 1,125 units, 1,515 and 1,310 units in 2020,
2021 and 2022, respectively. The drop-in units delivered in 2020 was caused by the lockdown instituted due to the COVID-19 pandemic.
106
The results of operations of
our Real Estate segment are also significantly affected by our sales of land parcels. Due to the appreciation of land prices in Peru,
and because we record our land holdings at book value (i.e., without marking to market), our recent land sales have resulted in high margins.
See "—Key Developments—Asset Sales."
In addition, the net profit
attributable to controlling interests of our Real Estate segment is significantly affected by the financing and commercial arrangements
we use to purchase land and to develop real estate projects. Depending on the level of non-controlling interests used to finance our real
estate projects, our Real Estate segment tends to have significant (Loss) profit attributable to non-controlling interest.
See "—Results
of Operations—General—Real Estate."
Engineering and Construction
The main driver of our E&C
results is economic growth in Peru and to a lesser extent Chile and Colombia, particularly private and public investment in mining, power,
oil and gas, transportation, real estate and other infrastructure sectors.
See —Peruvian and Chilean Economic Conditions
.
Appropriate pricing and budgeting
are also key to our project results, which can be affected by factors such as competition, direct negotiations with clients (as opposed
to competitive bidding processes), the accuracy of our estimations of project costs and any unexpected cost overruns.
Our typical E&C contracts
are unit prices, lump-sum, and EPC contracts. For a description of our E&C contracts,
see "Item 4.B. Information on the Company
—
Business
Overview—Engineering and Construction—Contracts.
" The nature of our contractual arrangements can affect our margins
depending on where the cost burden is placed, whether with the client or with us, and certain contractual arrangements tend to have lower
gross margins.
During 2020, activity levels
in our E&C segment decreased as a result of the COVID-19 pandemic and government measures adopted in response to the virus in Peru,
Chile and Colombia including, among other things, social distancing and sanitary protocols. During 2021, sales increased in our E&C
segment compared to the previous year, with the recovery of economic activity and impacted principally by two projects in Chile and one
important mining project in Peru. For 2022, we maintained the same level of sales as the previous year as a result of the execution of
Quellaveco and Lima Airport projects in Peru and Quebrada Blanca 2 in Chile.
Critical Accounting Estimates and Judgments
For information on critical
accounting estimates and judgments, see Note 5 to our audited annual consolidated financial statements included in this annual report.
New Accounting Pronouncements, Amendments and Interpretations
For information on new accounting
pronouncements, amendments and interpretations, see Note 3 to our audited annual consolidated financial statements included in this annual
report.
Non-GAAP Financial Measure and Reconciliation
In this annual report, we
present adjusted EBITDA and adjusted EBITDA margin, a non-GAAP financial measure. A non-GAAP financial measure is generally defined as
one that purports to measure financial performance, financial position or cash flows but excludes or includes amounts that would not be
so adjusted in the most comparable IFRS measure. We define adjusted EBITDA as net profit plus: financial (expense) income, net; Income
tax expense; and depreciation and amortization and adjusted EBITDA margin as adjusted EBITDA over revenues.
107
We present adjusted EBITDA
and adjusted EBITDA margin because we believe them provide readers with a supplemental measure of the financial performance of our core
operations that facilitates period-to-period comparisons on a consistent basis. Our management uses adjusted EBITDA, among other measures,
for internal planning and performance measurement purposes. We believe that adjusted EBITDA is useful in evaluating our operating performance
compared to that of other companies operating in our sectors because adjusted EBITDA eliminates the effects of financing and income tax
expenses and the accounting effects of capital spending, which items may vary for different companies for reasons unrelated to overall
operating performance. Adjusted EBITDA should not be construed as an alternative to net 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). Adjusted EBITDA, as calculated by us, may not be comparable to similarly titled measures reported
by other companies. The following table sets forth the reconciliation of our net profit before minority interest to adjusted EBITDA on
a consolidated basis.
The financial information
is presented in millions, however, for the calculation of the figures presented more decimals have been considered. For this reason, in
some occasions, the sums of the figures in millions may differ from the totals by decimals. The same effect may occur with percentage
variations.
For the year ended December 31,
2020
2021
2022
2022
(in millions of S/)
(in millions of US$)
(1)
(Loss) profit for the year
(215.5
)
(101.9
)
(362.7
)
(94.9
)
Financial expenses
572.5
646.0
717.8
187.9
Financial income
(465.3
)
(389.0
)
(490.8
)
(128.5
)
Income tax expense
54.1
46.4
131.1
34.3
Depreciation and amortization
183.4
192.7
177.0
46.3
adjusted EBITDA
129.2
394.2
173.3
45.4
(1)
Calculated based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.
The following table shows a
reconciliation of the adjusted EBITDA for our four segments, Parent company operations and intercompany eliminations:
For the year ended December 31,
2020
2021
2022
2022
(in millions of S/)
(in millions of US$)
(1)
Infrastructure
99.2
194.7
288.9
75.6
Energy business
109.4
173.7
187.2
48.2
Real estate
32.6
36.9
137.7
36.0
Engineering and construction
(23.2
)
89.6
(30.3
)
(7.9
)
Parent company operations
(224.0
)
(57.8
)
(328.5
)
(86.0
)
Intercompany eliminations
135.4
(42.9
)
(78.6
)
(20.6
)
adjusted EBITDA
129.4
394.2
173.3
45.4
(1)
Calculated based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.
108
The following tables set forth
the reconciliation of our net profit to adjusted EBITDA for each of our business segments and certain of our lines of business or subsidiaries
within these segments.
1.
Infrastructure
1.1
Full Segment (Norvial, Survial, Canchaque, Line 1 of the Lima
Metro, La Chira, UNNA Transporte and Via Expresa Sur)
For the year ended December 31,
2020
2021
2022
2022
(in millions of S/)
(in millions of US$)
(1)
(Loss) profit for the year
(35.5
)
69.8
144.2
37.7
Financial expenses
51.8
44.2
41.2
10.8
Financial income
(16.6
)
(9.9
)
(10.2
)
(2.7
)
Income tax expense
40.4
29.9
52.2
13.7
Depreciation and amortization
59.2
60.7
61.5
16.1
adjusted EBITDA
99.2
194.7
288.9
75.6
1.2
All Toll Roads
(Norvial, Survial and Canchaque)
For the year ended December 31,
2020
2021
2022
2022
(in millions of S/)
(in millions of US$)
(1)
(Loss) profit for the year
(0.6
)
34.6
41.1
10.7
Financial expenses
32.0
27.0
27.4
7.2
Financial income
(4.1
)
(4.0
)
(3.0
)
(0.8
)
Income tax expense
0.4
7.3
12.9
3.4
Depreciation and amortization
51.1
53.3
54.1
14.2
adjusted EBITDA
78.0
118.2
132.4
34.7
1.3
Mass Transit
(Line 1 of the Lima Metro)
For the year ended December 31,
2020
2021
2022
2022
(in millions of S/)
(in millions of US$)
(1)
(Loss) profit for the year
60.8
42.1
69.3
18.1
Financial expenses
13.8
10.2
9.4
2.5
Financial income
(6.1
)
(2.4
)
(4.6
)
(1.2
)
Income tax expense
26.7
19.4
31.8
8.3
Depreciation and amortization
0.3
0.6
0.3
-
adjusted EBITDA
95.6
69.8
106.2
27.8
2.
Energy
For the year ended December 31,
2020
2021
2022
2022
(in millions of S/)
(in millions of US$)
(1)
(Loss) profit for the year
12.6
57.8
63.9
16.7
Financial expenses
49.7
66.8
70.6
18.5
Financial income
(34.4
)
(53.2
)
(56.7
)
(14.8
)
Income tax expense
7.5
22.5
30.9
8.1
Depreciation and amortization
74.1
79.7
75.5
19.8
adjusted EBITDA
109.4
173.7
184.2
48.2
109
3.
Real Estate
For the year ended December 31,
2020
2021
2022
2022
(in millions of S/)
(in millions of US$)
(1)
(Loss) profit for the year
15.0
13.0
82.9
21.7
Financial expenses
26.6
20.6
17.7
4.6
Financial income
(18.5
)
(11.0
)
(11.9
)
(3.1
)
Income tax expense
2.9
6.6
42.9
11.2
Depreciation and amortization
6.7
7.6
6.2
1.6
adjusted EBITDA
32.6
36.9
137.7
36.0
4.
Engineering and Construction
For the year ended December 31,
2020
2021
2022
2022
(in millions of S/)
(in millions of US$)
(1)
(Loss) profit for the year
(104.4
)
(81.5
)
(147.5
)
(38.6
)
Financial expenses
250.3
342.8
420.8
110.1
Financial income
(204.9
)
(222.9
)
(346.5
)
(90.7
)
Income tax expense
4.4
14.1
15.8
4.1
Depreciation and amortization
40.2
37.1
27.2
7.1
adjusted EBITDA
(23.2
)
89.6
(30.3
)
(7.9
)
(1)
Calculated based on an exchange rate of S/3.82 to US$1.00 as of December 31, 2022.
(2)
Our E&C segment adjusted EBITDA includes S/1.1 million, S/0.97 million and S/13.5 million in 2020,
2021 and 2022, respectively, which represents Cumbra's 43.3% equity interest in Viva's net profit.
Results of Operations
General
Accounting for Subsidiaries, Joint Operations,
Joint Ventures and Associated Companies
Results of our subsidiaries,
joint operations, joint ventures and associated companies are reflected in our financial results. We refer to our subsidiaries as those
entities over which we exercise control. We consolidate the results of our subsidiaries in our financial statements and we reflect the
profit corresponding to the minority interests in our subsidiaries under "profit attributable to non-controlling interests"
in our income statement. Our consolidation of the results of our subsidiaries includes subsidiaries in which we have less than 50% of
the equity. We refer to business activities in which we share control with unrelated entities as joint arrangements, including joint operations
and joint ventures, which are typically conducted through an agreement with a third party to carry out specific projects. We contribute
our assets to these projects and derive revenue from their use. In our financial statements we recognize, in relation to our interest
in a joint operation, our assets and liabilities, including our share of any asset or liability we hold jointly with our partner, as well
as our share of revenue and expense from the joint operation. We refer to our associated companies as those entities over which we have
significant influence but do not control. We reflect the results of our associated companies and joint ventures under the equity method
of accounting in our financial statements under the line item "share of the profit and loss in associates" in our income statement.
For further information, including a list of our subsidiaries, joint operations, joint ventures and associated companies, see Notes 6.A,
6.B, 6.C and 14 to our audited annual consolidated financial statements included in this annual report.
110
Intersegment Transactions
From time to time, certain
of our segments provide services between each other. In 2022, 0.24% of revenues in our E&C segment came from the construction and
services for AENZA's Infrastructure and Energy companies (UNNA Transporte, Norvial, Survial, Consorcio Terminales and Canchaque).
Also, less than 0.04% of revenues in our E&C segment came from additional construction services for AENZA's real estate company,
Viva, and its subsidiaries. Accordingly, in such circumstances, the segment providing services recognizes revenues, and the segment receiving
such services recognizes costs of sales, relating to the services provided. These intersegment revenues and cost of sales are eliminated
in the consolidation of our financial results. Nevertheless, our Infrastructure segment may recognize gross profits or losses based on
the difference between the fees the segment charges in accordance with concession terms and costs it incurs relating to services provided
by our other segments. For more information on our segments, see Note 7 to our audited annual consolidated financial statements included
in this annual report.
Infrastructure
In our Infrastructure segment,
we recognize revenues and cost of sales as follows:
(1) Toll Roads:
●
For Norvial, we obtain revenues for toll fees collected, minus
deductions required to be transferred to the government as described in "Item 4.B. Information on the Company—Business Overview—Infrastructure—Principal
Infrastructure Activities—Toll Roads—Norvial," which we recognize upon receipt. In June 2018, we signed an investment
agreement with BCI Peru, to monetize future dividends of Norvial. The amount of the transaction was US$42.3 million, the proceeds of
which were applied to the reduction of indebtedness related to GSP. Cost of sales for Norvial include fees paid to third parties (primarily
our subsidiary UNNA Transporte) for operation and maintenance services as well as the amortization of the road concession registered
as an intangible asset in our financial statements; and
●
For Survial and Canchaque, we obtain revenues for routine
and periodic maintenance services, which we recognize in the period in which the services are performed. Cost of sales for Survial and
Canchaque include fees paid to third parties (primarily our subsidiary UNNA Transporte) for operation and maintenance services. We do
not recognize the Survial and Canchaque concessions as intangible assets and therefore do not amortize the concessions.
For further information, see
Notes 2.W, 2.X and 18 to our audited annual consolidated financial statements included in this annual report.
(2) Mass
Transit: We obtain revenues from our Lima Metro concession based on a tariff per kilometer travelled by our trains in operation in accordance
with a schedule established in our concession agreement, which we recognize in the period in which the services are performed. Under the
concession, the tariff is comprised of three components: (i) fees related to our operation and maintenance services; (ii) fees related
to the Peruvian government's repayment of the amounts we invest to purchase trains, ongoing capital expenditures and other infrastructure
for the Peruvian government; and (iii) fees related to interest we charge to the Peruvian government in connection with the amounts we
invest to purchase such trains, ongoing capital expenditures and other infrastructure. In 2020, the fees related to items (i), (ii) and
(iii) were S/354.4 million. In 2021, the fees related to items (i), (ii) and (iii) were S/358.9 million. In 2022, the fees related
to items (i), (ii) and (iii) were S/398.9 million. We only recognize in our income statement the portion of the tariff that relates to
items (i) and (iii). We record the amounts paid by us that relate to item (ii) as long-term accounts receivables from the Peruvian government.
Accordingly, tariff payments received relating to item (ii) reduce our accounts receivables but do not impact our income statement, and
we do not amortize our investments in our income statement as our investment in the concession is recorded as an account receivable with
the government rather than a depreciable investment.
111
We entered into the fourth
addendum to the Lima Metro concession contract on July 11, 2016, in order to expand transportation capacity. In accordance with the fourth
addendum, the expansion project will involve: (i) the purchase of 20 new trains; (ii) the purchase of 39 new cars; and (iii) the improvement
and expansion of the existing infrastructure. As compensation for the investments of the expansion project, we will be entitled to receive
the following: (i) an advance payment of 30% of each investment component; and (ii) the balance of 70% of each investment component, compensated
through the annual payment for additional investments (
pago anual por inversiones complementarias
). We register the estimated compensation
related to the direct cost in the income statement, plus a margin in the same period. In 2020, 2021 and 2022, there was no income related
to the investment components.
For further information, see
Note 11 to our audited annual consolidated financial statements included in this annual report. Cost of sales for the Lima Metro include
fees paid to third parties (primarily our E&C segment, our subsidiary UNNA Transporte and other subcontractors) for construction and
operation and maintenance services, energy and our financing costs related to the purchase of trains.
(3) Water
Treatment: We obtained revenues from the engineering design and construction of La Chira wastewater treatment plant, which we recognize
based on the percentage-of-completion method of accounting. Since the plant began operating in August 2016, we haved obtained revenues
only for operation and maintenance services, which we recognize in the period in which the services are performed.
(4) Operation
and Maintenance of Infrastructure Assets: We obtain revenues from our operation and maintenance of infrastructure assets line of business
for the operation and maintenance services we provide to the government and concessionaires (currently concessions within our Infrastructure
segment), which we recognize in the period in which the services are performed. We receive unrestricted advances with respect to our service
contracts with the government, which vary from approximately 10% to 30% of the contract price, which we record as an account payable.
We typically invoice our clients on a periodic basis as the project progresses, deducting from the related advances on a proportional
basis. For further information, see Note 20 to our audited annual consolidated financial statements included in this annual report. Our
cost of sales in this line of business includes personnel costs, services provided by third parties, machinery and other materials (primarily
trucks), and depreciation of equipment utilized to provide services.
Energy
We obtain revenues from extraction
services and license contracts related to oil and gas production, sale of oil, fuel storage services and the sale of natural gas liquids
derived from our gas processing and fractionation services, which we recognize in the period in which the services are performed and,
in the case of sale of oil and natural gas liquids, when the sale is made. Cost of sales for our energy segment includes labor, materials,
amortization and depreciation of oil wells, depreciation of the gas plant, maintenance, general expenses and royalties.
Engineering and Construction
Revenues in our E&C segment
are obtained from engineering and construction services provided to clients and are recognized under the percentage-of-completion method
of accounting. For further information, see Note 2.W on our audited annual consolidated financial statements included in this annual report.
We receive unrestricted client advances in a substantial majority of E&C projects, on average equal to approximately 10% of the contract
price in 2021 and approximately 10% of the contract price in 2022, which we record as an account payable. We typically invoice our clients
on a periodic basis as each project progresses, deducting from the related advances on a proportional basis. For further information,
see Note 20 to our audited annual consolidated financial statements included in this annual report. Cost of sales includes labor, subcontractor
expenses, materials, equipment and project-specific general expenses.
112
Real Estate
We obtain revenues in our Real
Estate segment from sales of affordable housing and housing units, commercial buildings and land parcels, which we recognize at the time
of delivery of the unit or building and, in the case of land parcels, at the time of the sale. We typically pre-sell our affordable housing
and housing units prior to and during construction and use the related proceeds we receive to finance the construction of the units. These
pre-sale funds are restricted and released from escrow to us periodically as construction progresses. Our Real Estate cost of sales includes
the cost to purchase land, costs of architectural design and construction (which usually includes payments to third parties, primarily
our E&C segment), licensing and permit costs, personnel costs, and fees to third parties related to sanitation or electrical engineering.
In 2021, our cost of land that is allocated to units delivered during these periods amounted to S/24.5 million and in 2022, our cost of
land that is allocated to units delivered during these periods amounted to S/17.3 million. We recognize land purchases as inventory, and,
accordingly, do not mark-to-market the value of our land for changes in fair value. For further information, see Note 13 to our audited
annual consolidated financial statements included in this annual report.
In our Real Estate segment,
we have significant (Loss) profit attributable to non-controlling interest. We hold a significant portion of our land bank through Almonte,
in which we have a 50.45% interest, and we consolidate Almonte's results in our financial statements. In addition, we undertake
a significant number of our real estate projects through entities in which we may have a majority interest, co-equal interest or minority
interest; when we have control over these entities, we consolidate their results in our financial statements regardless of whether we
own a majority of the capital. Furthermore, in connection with our affordable housing projects, we generally partner with real estate
investment funds and insurance companies that provide between 60% and 70% of the total capital required to purchase the land and cover
certain pre-construction costs in exchange for equity in the project. Although we typically own a minority interest in these projects,
we consolidate their results in our financial statements because we exercise control over the project. Accordingly, we reflect the profit
corresponding to our real estate partners under (Loss) profit attributable to non-controlling interest in our income statement. See "—Accounting
for Subsidiaries, Joint Operations, Joint Ventures and Associated Companies."
Comparison of Results of Operations
of 2021 and 2022
The following table sets forth
the components of our consolidated income statement for 2021 and 2022.
Year ended December 31,
2021
2022
Variation
(in millions of S/)
Revenues
4,141.4
4,405.1
6.4
%
Cost of sales and services
(3,728.2
)
(3,957.5
)
6.1
%
Gross profit
413.2
447.6
8.4
%
Administrative expenses
(179.6
)
(162.6
)
(9.5
)%
Other income and expenses, net
(4.5
)
(290.6
)
6,391.3
%
Operating profit (loss)
229.1
(5.6
)
(102.4
)%
Financial (expense) income, net
(256.8
)
(227.0
)
(11.6
)%
Share of the profit or loss and joint ventures accounted for using the equity method
(0.9
)
1.9
(321.5
)%
Loss before income tax
(28.6
)
(230.7
)
705.6
%
Income tax expense
(46.4
)
(131.3
)
183.0
%
Loss from continuing operations
(75.0
)
(362.1
)
382.5
%
Loss from discontinued operation, net of tax
(26.8
)
-
(100.0
%)
Loss for the year
(101.8
)
(362.1
)
255.6
%
Loss attributable to controlling interest in the Company
(141.8
)
(451.2
)
218.2
%
Net profit attributable to non-controlling interest
40.0
89.1
123.0
%
Revenues
Our total revenues increased
by 6.4%, or S/263.7 million, from S/4,141.4 million for 2021 to S/4,405.1 million for 2022. Revenues increased mainly due to: (1) higher
oil prices, (2) an increase in the revenues of our Infrastructure segment due to an increase in Norvial's traffic, increases in
tariffs for both Norvial as well as Line 1, and higher maintenance execution in Survial and UNNA Transporte, and (3) an increase in Real
Estate sales due to the sale of an industrial land in Almonte.
113
The following table sets forth
a breakdown of our revenues by segment for 2021 and 2022.
Year ended December 31,
2021
2022
Variation
(in millions
of S/)
% of Total
(in millions
of S/)
% of Total
%
Infrastructure
867.9
21.0
%
1,007.7
22.9
%
16.1
%
Energy
541.9
13.1
%
633.8
14.4
%
17.0
%
Real Estate
239.4
5.8
%
367.3
8.3
%
53.4
%
Engineering and Construction
2,754.0
66.5
%
2,679.2
60.8
%
(2.7
)%
Corporate
67.2
1.6
%
68.1
1.5
%
1.3
%
Eliminations
(329.0
)
(7.9
)%
(351.0
)
(8.0
)%
6.7
%
Total
4,141.4
100
%
4,405.1
100
%
6.4
%
Cost of Sales and Services
Our total cost of sales increased
by 6.1%, or S/229.2 million, from S/3,728.2 million for 2021 to S/3,957.5 for 2022. This increase is mainly due to higher execution of
projects in the E&C segment and higher execution of investment for the drilling of wells in the Energy business unit.
Gross Profit
Our gross profit increased
by 8.4%, or S/34.5 million, from S/413.1 million for 2021 to S/447.6 for 2022. Our gross margin (i.e., gross profit as a percentage of
revenues) for 2022 was 10.2%, compared to 10.0% for 2021.
The following table sets forth
a breakdown of our gross profit by segment for 2021 and 2022.
Year ended December 31,
2021
2022
Variation
(in millions
of S/)
% of Total
(in millions
of S/)
% of Total
%
Infrastructure
165.3
40.0
%
229.8
51.3
%
39.0
%
Energy
110.1
26.6
%
118.9
26.6
%
8.0
%
Real Estate
42.0
10.2
%
151.8
34.1
%
261.2
%
Engineering and Construction
139.0
33.7
%
(23.3
)
(5.2
)%
(116.8
)%
Corporate
3.4
0.8
%
11.7
2.6
%
244.1
%
Eliminations
(46.7
)
(11.3
)%
(41.3
)
(9.3
%)
(11.6
)%
Total
413.2
100
%
447.6
100
%
8.4
%
Administrative Expenses
Our administrative expenses
decreased by 9.5%, or S/17.0 million, from S/179.6 million for 2021 to S/162.6 for 2022. This decrease was mainly due to various reorganization
processes carried out during 2021. As a percentage of revenues, our administrative expenses decreased to 3.7% in 2022, from 4.3% in 2021.
Other Income and Expenses, Net
Our other expenses increased
S/293.3 million, from an income of S/2.7 million to an expense of S/290.6 million in 2022.
Other operating expenses in
2022 included a provision related to the Final Collaboration and Benefits Agreement between the company, the Attorney General's
Office and the Public Prosecutor's Office entered into on September 15, 2022. In accordance with accounting standards, in previous
quarters this provision had been recorded at a discounted value. This provision is recorded in line with the signing of the Final Collaboration
and Benefits Agreement. Furthermore, the total amount of the provision is recorded by the company, amounting to S/324.5 million recorded
in AENZA and partially offset by the reversal of the provision in Cumbra (S/41.7 million) and UNNA Transporte (S/24.5 million).
114
Additionally, other income
and expenses recorded a provision in 2022 related to the Chavimochic project for S/14.5 million for the impairment of the investment and
the net effect in Cumbra and AENZA for the sale of Cumbra's 43.32% participation in Viva to the company. The sale of Cumbra's
participation in Viva is intended to strengthen our investment in Viva and was valued at a market price of US$45.4 million (S/173.3 million).
Operating Profit (Loss)
Our operating profit decreased
by 102.4%, or S/234.6 million, from an operating profit of S/229.0 million for 2021 to an operating loss of S/5.6 million for 2022. Our
operating margin (i.e., operating profit as a percentage of revenues) was (0.1)% for 2022, compared to 5.5 % for 2021. The decrease in
operating margin is primarily a result of the increase in Other income (expenses) explained above. The following table sets forth a breakdown
of our operating profit by segment for 2021 and 2022.
Year ended December 31,
2021
2022
Variation
(in millions
of S/)
% of Total
(in millions
of S/)
% of Total
%
Infrastructure
136.1
59.4
%
227.4
NA
67.1
%
Energy
91.1
39.8
%
105.6
NA
15.9
%
Real Estate
28.5
12.4
%
130.9
NA
359.9
%
Engineering and Construction
54.2
23.7
%
(71.0
)
NA
(230.9
)%
Corporate
(83.6
)
(35.6
)%
(356.2
)
NA
326.1
%
Eliminations
2.8
1.2
%
(42.2
)
NA
NA
%
Total
229.1
100
%
(5.6
)
100
%
102.4
%
The following discussion analyzes
our key results of operations on a segment basis. For further information on our business segments, see Note 7 to our audited annual consolidated
financial statements included in this annual report.
Infrastructure
The table below sets forth
selected financial information related to our Infrastructure segment.
Year ended December 31,
2021
2022
Variation
(in millions of S/)
%
Revenues
867.9
1,007.7
16.1
%
Gross profit
165.3
229.8
39.0
%
Operating profit
136.1
227.4
67.1
%
Revenues
. The table
below sets forth the breakdown of our Infrastructure revenues by principal lines of business.
Year ended December 31,
2021
2022
Variation
(in millions of S/)
%
Toll Roads
256.8
325.4
26.7
%
Mass Transit
348.9
388.8
11.4
%
Operation and Maintenance of Infrastructure Assets
258.6
289.1
11.8
%
Water Treatment
3.7
4.4
20.9
%
Total
867.9
1,007.7
16.1
%
Our Infrastructure revenues
increased 16.1%, or S/139.8 million, from S/867.9 million for 2021 to S/1,007.7 million for 2022. The variation in our Infrastructure
revenues principally reflected the following:
●
Toll Roads: a 26.7%, or S/68.6 million, increase in revenues,
from S/256.8 million for 2021 to S/325.4 million for 2022, primarily due to higher traffic and tariffs in Norvial and due to higher maintenance
execution in Survial and UNNA Transporte
115
●
Mass Transit: a 11.4%, or S/39.9 million, increase in revenues,
from S/348.9 million for 2021 to S/388.8 million for 2022, primarily due to a higher tariff in Line 1 of the Lima Metro.
●
Operation and Maintenance of Infrastructure Assets: a 11.8
%, or S/30.5 million, increase in revenues, from S/258.6 million for 2021 to S/289.1 million for 2022, due to higher maintenance works
during 2022;
●
Water Treatment: a 20.9%, or S/0.8 million, increase in revenues,
from S/3.7 for 2021 to S/4.4 for 2022, primarily due to higher maintenance.
Gross Profit
. The table
below sets forth the breakdown of our Infrastructure gross profit by principal lines of business.
Year ended December 31,
2021
2022
Variation
(in millions of S/)
%
Toll Roads
72.3
88.3
22.1
%
Mass Transit
82.0
119.7
46.0
%
Operation and Maintenance of Infrastructure Assets
9.7
17.1
77.4
%
Water Treatment
1.3
4.6
251.3
%
Total
165.3
229.8
39.0
%
Our Infrastructure gross profit
increased 39.0%, or S/64.5 million, from S/165.3 million for 2021 to S/229.8 in 2022. Our Infrastructure gross margin was 19.0% for
2021 and 22.8% for 2022. The variation in our Infrastructure gross profit principally reflected the following:
●
Toll Roads
: a 22.1%, or S/16.0 million, increase
in gross profit, from S/72.3 million for 2021 to S/88.3 million for 2022. Our toll roads gross margin remained flat in 27.1%
for 2021 and 2022;
●
Mass Transit
: a 46.0 %, or S/37.7 million, increase
in gross profit, from S/82.0 million for 2021 to S/119.7 for 2022, primarily due to due to the increase in tariff in the Line 1
of the Lima Metro;
●
Operation and Maintenance of Infrastructure Assets
:
a 77.4%, or S/7.5 million, increase in gross profit, from S/9.7 million for 2021 to S/17.1 million for 2022, due to more
maintenance works. Our operation and maintenance of infrastructure assets gross margin was 3.7% for 2021, compared to 5.9% for 2022;
and
●
Water Treatment
: a 251.3%, or S/3.3 million, increase
in gross profit for 2022, from S/1.3 million for 2021 to a S/4.6 million for 2022, due to higher maintenance. Our water treatment
gross margin was 36.2% for 2021, compared to 105.3% for 2022.
Operating Profit
. The
table below sets forth the breakdown of our Infrastructure operating profit by principal lines of business.
Year ended December 31,
2021
2022
Variation
(in millions of S/)
%
Toll Roads
65.0
78.3
20.5
%
Mass Transit
69.3
105.9
52.9
%
Operation and Maintenance of Infrastructure Assets
1.0
39.5
4,055.0
%
Water Treatment
0.9
3.7
321.6
%
Total
136.1
227.4
67.1
%
116
Our Infrastructure operating
profit increased 65.5%, or S/89.1 million, from S/136.1 million for 2021 to S/225.2 million for 2022. Our Infrastructure operating margin
was 22.4% for 2022, compared to 15.7% for 2021:
●
Toll Roads
: a 20.5%, or S/13.3 million, increase in
operating profit, from S/65.0 million for 2021 to S/78.3 million for 2022, primarily due to higher toll collection and more works execution.
Our toll roads operating margin was 24.1% for 2021, compared to 25.3% for 2021;
●
Mass Transit
: a 52.9%, or S/36.6 million, increase
in operating profit, from an operating profit of S/69.3 million for 2021 to an operating profit of S/105.9 million for 2022, primarily
due to higher tariffs. Our mass transit operating margin for 2021 was 19.9%, compared to 27.2% in 2022;
●
Operation and Maintenance of Infrastructure Assets
:
a 4,055.0% or S/38.6 million increase in operating profit, from a S/1.0 million profit for 2021 to an S/39.5 million profit
for 2022, primarily due to higher maintenance works in connection mainly with Survial. Our Operation and Maintenance of Infrastructure
Assets operating margin was 0.4 % for 2021, compared to 13.7% for 2022; and
●
Water Treatment
: a 321.6%, or S/2.8 million, increase
in operating profit, from a S/0.9 million profit for 2021 to an S/3.7 million profit for 2022, primarily due to an increase in revenues.
Our water treatment operating margin for 2021 was 24.0% for 2021, compared to 83.8% for 2022.
Energy
The table below sets forth
selected financial information related to our Energy segment.
Year ended December 31,
2021
2022
Variation
(in millions of S/)
%
Revenues
541.9
633.8
17.0
%
Gross profit
110.1
118.9
8.0
%
Operating profit
91.1
105.6
15.9
%
Our Energy segment revenues
increased from S/541.9 for 2021 to S/633.8 for 2022, primarily due to (i) an increase in the price of oil from US$68.73 in 2021 to US$93.04
in 2022. Additionally, gas processing levels in our gas processing plant were slightly higher (30.41MMcf per day in 2021 versus 31.70
MMcf per day in 2022), and the prices of CNG increased from US$69.30 in 2021 to US$78.60 in 2022.
Our Energy gross profit increased
8.0%, or S/8.9 million, from S/110.1 million for 2021 to S/118.9 in 2022. Our Energy gross margin was 20.3% for 2021 and 18.8% for 2022.
The variation in our Energy gross profit principally reflected the increase in the price of oil.
Our Energy operating profit
increased 15.9%, or S/14.5 million, from S/91.1 million for 2021 to S/105.6 million for 2022. The increase is mainly explained by
the increase in the price of oil and the increase in the tariffs of the Storage and Distribution business, partially offset by higher
royalties. Our energy operating margin was 16.7% for 2022, compared to 16.8% for 2021.
Real Estate
The table below sets forth
selected financial information related to our Real Estate segment.
Year ended December 31,
2021
2022
Variation
(in millions of S/)
%
Revenues
239.4
367.3
53.4
%
Gross profit
42.0
151.8
261.2
%
Operating profit
28.5
130.9
359.9
%
117
Revenues
. Our Real Estate
revenues increased 53.4%, or S/127.9 million, from S/139.4 million for 2021 to S/367.3 million for 2022. The comparative increase in sales
in 2022 was primarily due to the sale of an industrial lot in Almonte, partially offset by lower activity in the Parques del Mar and Piura
projects.
Gross Profit
. Our Real
Estate gross profit increased 261.2%, or S/109.8 million, from S/42.0 million for 2021 to S/151.8 million for 2022, mainly as a result
of the sale of industrial lots in Almonte. The sale of industrial lots has a substantially higher margin than housing units, and during
2021 no land was sold in Almonte due to the pandemic.
Operating Profit
. Our
Real Estate operating profit increased 359.9%, or S/102.4 million, from S/28.5 million for 2021 to S/130.9 million for 2022, primarily
due to higher activity and lower general expenses.
Engineering and Construction
The table below sets forth
selected financial information related to our E&C segment.
Year ended December 31,
2021
2022
Variation
(in millions of S/)
%
Revenues
2,754.0
2,679.2
(2.7
)%
Gross profit (loss)
139.0
(23.3
)
(116.8
)%
Operating profit (loss)
54.2
(71.0
)
(230.9
)%
Revenues
. Our E&C
revenues decreased 2.7%, or S/74.8 million, from S/2,754.0 million for 2021 to S/2,679.2 for 2022. This is explained by lower production
volume of projects under execution.
The following tables set forth
percentages of our E&C revenues by business activities, types of contracts and end-markets:
Year ended December 31,
2021
2022
%
%
Engineering services
5.2
4.1
Electromechanic construction
69.1
63.4
Civil construction
23.6
31.2
Building construction activities
1.6
0.1
Other services
0.5
1.2
Total
100.0
100.0
Year ended December 31,
2021
2022
%
%
Cost + fee
0.6
1.3
Unit price
77.1
86.6
Lump sum
3.0
5.5
EPC contracts
19.4
6.7
Total
100.0
100.0
118
Year ended December 31,
2021
2022
%
%
Mining
57.3
58.4
Real estate buildings
1.0
0.1
Power
0.4
0.4
Oil and gas
18.4
9.4
Infrastructure
13.7
23.6
Water and sewage
0.1
-
Other end markets
9.1
8.2
Total
100.0
100.0
The breakdown of E&C revenues
by different business activities, types of contracts and end-markets tends to vary from period to period due to a variety of factors,
including the timing of the execution of larger projects in any particular period, which is typically outside of our control.
Gross Profit
(loss)
. Our E&C gross profit (loss) decreased 116.8%, or S/(162.3) million, from S/139.0 million for 2021 to S/(23.3) for 2022.
This decrease was primarily due to extraordinary costs in relation to past projects: i) a S/113.0 (US$29.6) million loss resulting
from an agreement between Cumbra and Tecnicas Reunidas de Talara S.A.C. ("TRT") in relation to a refinery modernization
project (the "Talara Refinery Modernization Project") and ii) a provision of S/38.1 million related to the court's
decision rejecting the claim for partial annulment of the arbitration ruling filed by Cumbra against
Escuela de Gerencia
Seguridad y Medio Ambiente Sociedad Anonima Cerrada
("EGEMSA") regarding the Machupicchu Hydroelectric Power Plant
project in April 2009.
Other income (expenses)
.
Other income (expenses) increased in our E&C segment, from S/ 40.3 million in income for 2021 to S/79.1 in income for 2022. See Note
27 to our audited annual consolidated financial statements included in this annual report.
Operating Profit (loss)
.
Our E&C operating profit decreased S/18.6 million, from a S/ 54.2 million profit for 2021 to a S/71.0 million loss for 2022. Our E&C
operating margin was 2.0% for 2021, compared to (2.7)% for 2022.
Financial (Expense) Income, Net
Our net Financial expenses
decreased 11.6%, or S/29.8 million, from net Financial expensess of S/257.0 million in 2021 to net Financial expenses of S/227.0 million
in 2022. In 2022, financial expenses include the interest payments related to the Convertible Bond and the Bridge Loan. Also, it includes
an adjustment of the present value of the account receivable related to the Gasoducto Sur Peruano project (S/63.3 million). This is compensated
in 2021 by the exchange rate difference. The dollar depreciated compared to the sol from 3.998 in 2021 to 3.820 in 2022. Considering the
net position of assets and liabilities in dollars, this generates a negative impact on the exchange rate difference.
Income Tax Expense
Our Income tax expense increased
S/84.9 million, from S/46.4 million for 2021 to S/131.3 million for 2022. The Corporation's income tax differs from the theoretical
amount that would result from applying the Corporation entities' weighted average income tax rate applicable to consolidated pre-tax
income. The theoretical tax disclosed results from applying the income tax rate in accordance with the tax legislation of the country
where each company that is part of the Corporation is domiciled. In this regard, companies domiciled in Peru, Chile, and Colombia applied
in 2022 income tax rates of 29.5%, 27%, and 35% respectively, compared to 29.5%, 27%, and 31% in 2021, respectively. Red Vial 5 S.A.,
Línea 1, Concesionaria Via Expresa Sur S.A., and Unna Energia (Blocks III and IV) have legal stability agreements signed with the
Peruvian Government in force during the term of the associated concessions. Therefore, the consolidated theoretical amount is obtained
from weighing the profits or losses before income tax and the applicable income tax rate. See Note 28 to our audited annual consolidated
financial statements included in this annual report.
119
Loss (Profit)
Our loss on the year increased
S/260.2 million, from a S/101.8 million loss for 2021 to a S/362.1 loss for 2022. Net profit attributable to controlling interests decreased
S/309.4 million, while (Loss) profit attributable to non-controlling interest increased S/49.1 million. For the year ended 2021, we recorded
a provision of S/20.0 million for the impairment of the investment in Adexus. For the year ended 2022, net loss attributable to controlling
interests increased primarily due to the provision related to the Final Collaboration and Benefits Agreement. In accordance with accounting
standards, in previous quarters it had been recorded at discounted value. This provision is recorded in line with the signing of the Final
Collaboration and Benefits Agreement on September 15, 2022. Additionally, the decrease is explained by extraordinary costs in relation
to past projects in the E&C segment: the loss of S/113.0 resulting from an agreement between Cumbra and TRT in relation to the Talara
Refinery Modernization Project and the provision of S/38.1 million related to the court's decision rejecting the claim for partial
annulment of the arbitration ruling filed by Cumbra against EGEMSA regarding the Machupicchu Hydroelectric Power Plant project in April
2009.
Comparison of Results of Operations
of 2020 and 2021
For information regarding the
results of operations for the years ended December 31, 2020 and December 31, 2021, See "Item 5. Results of Operation–Comparison
of Results of Operations of 2020 and 2021" in our Company's annual report on Form 20-F for the fiscal year ended December
31, 2021.
B. Liquidity
and Capital Resources
Our principal sources of liquidity
have historically been cash flows from operating activities and, to a lesser extent, equity capitalization and indebtedness. Our principal
uses of cash (other than in connection with our operating activities) have historically been capital expenditures in all our business
segments, servicing of our debt and other obligations, and payment of dividends.
We have faced, and continue
to face, significant liquidity constraints as a result of the impacts of the corruptions investigations of our company and the COVID-19
pandemic. As of December 31, 2022, our cash and cash equivalents totaled S/917.6 million (US$240.2 million), of which S/72.0 (US$19.1
million) constitutes reserved funds, which funds are held in trusts for purposes of our infrastructure projects. As of March 31, 2023,
our cash and cash equivalents totaled approximately S/825.6 million (US$219.3 million). For more information, see Note 9 to our audited
annual consolidated financial statements included in this annual report.
In December 2018, our company
issued and sold a total of 69,380,402 common shares to certain of our company's existing shareholders that exercised preemptive
rights in accordance with Peruvian law and a private placement. Additionally, on April 2, 2019, our company issued and sold 142,483,633
common shares pursuant to a private placement, of which: (i) 55,291,877 shares were paid in full and (ii) 87,191,786 shares were paid
50% at the time, with the remaining 50% paid subsequently on July 1, 2019. In total, our company issued and sold 211,864,065 common shares,
with the proceeds amounting to US$130 million being used to reduce debt, to pay our vendors and for working capital of one of our company's
subsidiaries.
On August 13, 2021, AENZA issued
Convertible Bonds in a total principal amount of US$89.9 million. The Convertible Bonds mature in February 2024, bear interest at a rate
of 8%, and are payable quarterly. Pursuant to the terms and conditions of the Convertible Bonds, they may be converted into shares as
of the sixth month from the date of issuance. In accordance with the terms and conditions of the Convertible Bonds, holders of Convertible
Bonds in a principal amount equivalent to US$11 million exercised their conversion rights and on February 28, 2022, we issued 37,801,073
new common shares. Additionally, holders of Convertible Bonds in a principal amount equivalent to US$79 million exercised their conversion
rights and, on March 31, 2022, we issued an additional 287,261,051 new common shares. After these conversions, the Convertible Bonds were
fully cancelled.
120
On March 17, 2022, the company
entered into a bridge loan credit agreement for up to US$120 million, with a group of financial entities comprised by
Banco BTG Pactual
S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC,
and Natixis, New York Branch. The financing will be repaid over a period of 18 months, and will be secured, subject to the fulfillment
of certain precedent conditions, by a flow trust (first lien), a trust over the shares of Viva Negocio Inmobiliario S.A. (second lien),
and a pledge on our shares in Unna Energía (first lien). On April 5, 2022, the loan was disbursed and we used the proceeds to repay
certain of our financial and other obligations. We are currently evaluating different debt restructuring plans to refinance the bridge
loan.
On September 15, 2022, we signed
the Final Collaboration and Benefits Agreement
(Acuerdo de Colaboración Eficaz y Beneficios)
with Peruvian prosecutorial
authorities, by which we acknowledged that certain former directors and former senior managers have used the company to commit wrongdoings
and, as a result, we have agreed to indemnify the Peruvian government for the resulting damages. The validity of the Final Collaboration
and Benefits Agreement remains subject to judicial approval and the terms and conditions are subject to confidentiality provisions. Under
the Final Collaboration and Benefits Agreement, we have agreed to pay a civil penalty of S/333,326,423.6 and US$40,724,531.00 over 12
years, subject to a statutory interest rate in Peruvian and foreign currency.
The company may face liquidity
constraints if the company is required to pay other civil or criminal penalties, or any additional settlement amounts, arising from future
investigations or civil lawsuits facing the company, depending on the timing of those required payments.
Cash Flows
The table below sets forth
certain components of our cash flows for 2020, 2021 and 2022.
Year ended December 31,
2020
2021
2022
(in millions of S/)
Net cash provided by (used in) operating activities
226.0
194.5
33.7
Net cash provided by (used in) investing activities
(64.7
)
(88.2
)
(198.2
)
Net cash provided by (used in) financing activities
(225.6
)
(50.4
)
126.5
Net increase (net decrease) in cash
(64.3
)
55.9
(38.0
)
Cash Flow from Operating Activities
Net cash flow provided by operating activities
in 2022 was lower than in 2021, primarily as a result of an increase in supplier advances for the Intipunku project of S/22 million, the
increase in restricted funds in banks as collateral for clients in the Talara project of S/44 million, and the increase in guarantee withholdings
in Cumbra (S/ 57 million from Sumimoto and S/23 million from Natixis).Cash Flow from Investing Activities
Net cash flow used in investing
activities in 2022 was higher than in 2021, principally as a result of UNNA Energia investing S/145.0 million in wells development.
Cash Flow from Financing Activities
Net cash flow used in financing
activities in 2022 was higher than in 2021. In 2022, a bridge loan of US$120 million, equivalent to S/464 million, was obtained, which
was mainly to reduce the financial debt with Banco Santander by US$20.2 million, syndicated debt by US$7.9 million, payment to partners
for the acquisition of non-controlling interests, as well as dividends.
121
Indebtedness
As
of December 31, 2022, we had a total outstanding indebtedness of S/1,690.7 million (US$442.6 million) as set forth in the table below.
Debt
    Amount
Total
                                                                                                      in
Total in
Weighted
average
Range
    of
Maturity Dates
Segment
Type
(in millions
of US$)
(in millions
of S/)
(in millions
of CLP)
(1)
(in millions
of COP)
millions of
                                            S/
millions
of US$
interest
rate
Minimum
Maximum
Infrastructure
Leasing
-
-
-
-
-
-
-
-
-
Long term loan
-
848.6
-
-
848.6
222.2
7.5
%
25/01/2027
25/11/2039
Promissory Note
-
-
-
-
-
-
-
-
-
Energy
Leasing
-
-
-
-
-
-
-
-
-
Long term loan
-
-
-
-
-
-
-
-
-
Promissory Note
33.0
-
-
-
126.1
33.0
6.8
%
26/11/2026
31/12/2027
E&C
Leasing
0.2
-
1,000.6
-
5.2
1.4
10.6
05/03/2023
05/03/2025
Promissory Note
5.6
-
208.9
13,441.2
32.9
8.6
11.4
%
11/01/2023
11/12/2027
Real Estate
Leasing
-
-
-
-
0.1
-
9.0
%
02/01/2023
02/01/2023
Promissory Note
0.4
49.8
-
-
51.3
13.4
11.6
%
05/01/2023
31/12/2024
Corporate
Long term loan
164.0
-
-
-
626.5
164.0
6.8
%
05/10/2023
31/01/2028
Total
203.2
898.4
1,209.5
13,441.2
1,690.7
442.6
(1)
Includes
                                            debt held by Vial y Vives—DSD that is denominated in Chilean pesos.
As
of March 31, 2023, S/55.3 million (US$14.5 million) of our total indebtedness indicated in the table above has matured or been prepaid,
of which S/19.8 million (US$5.2 million) was repaid and S/38.4 million (US$10.1 million) was renewed by extending the maturities.
The
following table sets forth our contractual obligations with payment terms as of December 31, 2022.
Payments Due By Period (in millions of S/)
Less than
1 year
1-2 years
3-5 years
More than
5 Years
Total
Indebtedness
(1)
637,648
141,633
396,244
514,361
1,689,886
Capitalized Lease Obligations
(1)
13,714
33,219
12,875
112
59,920
Interest
(2)
109,142
122,033
242,295
193,439
666,909
Total
(3)
760,504
296,885
651,414
707,912
2,416,715
(1)
Includes
                                            principal only of our indebtedness and capitalized lease obligations, other than interest
                                            payable on the corporate bonds of Norvial and Línea 1.
(2)
Includes
                                            the effect of our interest swap agreements described in "—Derivative Financial
                                            Instruments."
(3)
Excludes
                                            building leases, which are not material.
Set
forth below is a description of our material outstanding indebtedness as of December 31, 2022.
Leasing
.
As of December 31, 2022, we were party to numerous leasing agreements with several financial institutions which in the aggregate amounted
to approximately S/5.3 (US$1.4 million). We entered into such agreements primarily for the purpose of leasing the equipment and other
assets necessary to run our operations.
Norvial
Corporate Bonds
. In July 2015, Norvial established its first corporate bond program on the Lima Stock Exchange, for a total amount
of S/365 million (US$106.9 million). The first tranche under this program was issued for an amount of S/80 million, due 2020 with an
annual interest rate of 6.75%. The second tranche was issued for an amount of S/285 million, due 2027 with an annual interest rate of
8.375%, structured in three disbursements. In July 2015 we received the first disbursement for S/105 million, in January 2016 we received
the second disbursement for S/100 million and in July 2016 we received the third disbursement of S/80 million. These bonds are secured
by: (i) certain cash flows; (ii) a mortgage on the Norvial concession; (iii) a lien over Norvial shares; (iv) the assignment of Norvial's
rights over a performance bond provided by Cumbra and JJC Contratistas Generales S.A.; and (v) any additional guarantees granted in favor
of other secured creditors. The proceeds of these bonds were used to pay S/85 million of debt outstanding under a short-term loan agreement
with Banco de Crédito del Peru (BCP) for a total S/150 million, and the remaining balance was used to finance the construction
of the second stage of Ancon – Huacho Pativilca highway and the value added tax linked to the implementation of the project expenses.
As of December 31, 2022, Norvial had S/218.7 million (US$57.2 million) outstanding under these bonds.
122
Linea
1 Senior Secured Notes
. On February 2015, Línea 1 issued a total of S/629 million (US$184.3 million) Series A Senior
Secured VAC-Indexed Notes due 2039, with an annual interest rate of 4.75% plus adjustments for inflation. The bonds are secured by (i)
a mortgage on the Lima Metro concession, (ii) a lien on Línea 1 shares, (iii) certain collection rights, (iv) certain cash
flows, and (v) liens on certain accounts. The proceeds from the issuance were used to repay a short term loan provide by Banco de Crédito
del Peru-BCP for S/400 million, funding of the reserve accounts, payment of the issuance expenses, and for the partial repayment of a
subordinated loan provided by certain shareholders of Línea 1 to Línea 1. According to the indenture, in order to make
any payment of a subordinated loan or distribute any dividends, our Debt Service Coverage Ratio (as defined therein) should be at least
1.2x. Under the indenture Línea 1 has to fund the debt service reserve account on a quarterly basis with the equivalent of the
amounts due in the next two succeeding interest payment dates. Moreover, the operation and maintenance reserve account must be funded
annually with an amount equal to twenty-five percent (25%) of operation and maintenance costs of the corresponding current annual budget.
As of December 31, 2022, Línea 1 had S/630.0 million (US$164.9 million) outstanding under these notes.
BCP
Loan
. In December 2015, our subsidiary UNNA Energía and Oiltanking Peru S.A.C. subscribed in equal parts to a medium term
loan credit agreement for up to US$100 million with Banco de Crédito del Peru, comprised of (i) a medium term tranche for up to
US$70 million (for additional investments) with an annual interest rate of 6.04% and a term of five years, and (ii) a medium term tranche
for up to US$30 million (for committed investments) with an annual interest rate of 6.32% and a term of eight years. The tranches of
the loan mature in 2024 and 2027, respectively. The proceeds of this loan are to finance Terminales del Peru's obligations in the
operation contracts that it maintains with PetroPeru in regards to the Central Terminal (corresponding to the Callao Port), and North
Terminals (corresponding to the Etén, Salaverry, Chimbote and Supe Ports). On November 15, 2019, UNNA Energía and Oiltanking
Peru S.A.C. entered into an additional medium term loan for up to US$46 million with Banco de Crédito del Peru. As of December
31, 2022, UNNA Energía had US$33.0 million (S/126.1 million) outstanding under these loans.
Financial
Stability Framework Agreement
.
In
July 2017, the Company and its subsidiaries (Cumbra, Construyendo País S.A., Vial y Vives - DSD and Concesionaria Vía Expresa
Sur S.A.) signed a Financial Stability Framework Agreement with the following financial institutions: Scotiabank Perú S.A., Banco
Internacional del Perú S.A.A., Banco BBVA Perú S.A., Banco de Crédito del Perú S.A., Citibank del Perú
S.A. and Citibank N.A. The objectives of the Financial Stability Framework Agreement were: to guarantee Cumbra a syndicated revolving
line of credit for working capital, a non-revolving line of credit to finance repayment commitments subject to performance bonds; to
guarantee lines of credit for the issuance of performance bonds and to commit to maintain the existing letters of credit issued to Cumbra's
requirements.
At
December 31, 2021, the Company was in compliance with the obligations and covenants established in the Financial Stability Framework
Agreement.
On
March 29, 2022, S/28.2 million and US$0.3 million corresponding to the total balance of the direct debt of the Financial Stability Framework
Agreement (US$ 7.4 million, equivalent to S/29.5 million, as of December 31, 2021) were paid, and the line of credit for the issuance
of letters of guarantee remains in place.
CS
Peru Infrastructure Loan
. On July 31, 2019, the company entered into a medium-term loan credit agreement for US$35 million (equivalent
to S/112.9 million) with CS Peru Infrastructure Holdings LLC, the proceeds of which were used as working capital for the company and
its subsidiaries, Cumbra and Adexus. The term of the loan is three years, with quarterly installments of principal beginning on the 18th
month. The loan accrues interest at the following rates per annum: (i) for the period from and including the July 31, 2019 to but excluding
the date that is six months after the closing date, 9.10%; (ii) for the period from and including the date that is six months after the
closing date to but excluding the date that is one year after the closing date, 9.35%; (iii) for the period from and including the date
that is one year after the closing date to but excluding the date that is 30 months after the closing date, 9.60%; and (iv) for the period
from and including the date that is 30 months after the closing date to the third anniversary of the loan, 10.10%. On February 28, 2020,
the company and the initial lender signed an amendment, waiver and consent in respect of this event of default, in consideration for
a prepayment by the company of US$10 million, together with accrued interest and a make-whole premium. The outstanding principal
amount was repaid with the proceeds of the convertible bonds in August 2021.
123
Santander
Loan
. On December 30, 2020, Técnicas Reunidas enforced two letters of credit in the aggregate amount of US$23.7 million, which
letters of credit had been issued by Santander on behalf of our subsidiary Cumbra as security pursuant to a construction contract. As
a result, Cumbra subscribed to a short-term loan with Banco Santander in the aggregate principal amount of US$23.7 million. The loan
accrues interest at an annual rate of Libor +8.0%. The term of the loan was originally 30 days and was extended until March 31,
2021. We subsequently extended the maturity of the loan until it was paid in full in April 2022 with the proceeds of the bridge loan.
Bridge
Loan
. On March 17, 2022, the company entered into a bridge loan credit agreement for up to US$120 million, with a group of financial
entities comprised by
Banco BTG Pactual S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Institución de
Banca Múltiple, Grupo Financiero HSBC
, and Natixis, New York Branch. The financing will be repaid over a period of 18 months,
and will be secured, subject to the fulfillment of certain precedent conditions, by a flow trust (first lien), a trust over the shares
of Viva Negocio Inmobiliario S.A. (second lien), and a pledge on our shares in Unna Energía S.A. (first lien). On April 5, 2022,
the loan was disbursed and we used the proceeds to repay certain of our financial and other obligations.
Derivative
Financial Instruments
The
company does not currently have any derivative financial instruments outstanding. For additional information about our derivative financial
instruments and borrowings, see Notes 2F, 17 and 18 to our audited annual consolidated financial statements included in this annual report.
Capital
Expenditures
The
table below provides our total capital expenditures incurred in 2020, 2021 and 2022.
2020
2021
2022
(in millions of S/)
(in millions of US$)
(in millions of S/)
(in millions of US$)
(in millions of S/)
(in millions of US$)
Infrastructure
Capital expenditure
37.4
10.3
57.1
14.3
55.0
14.4
Total Infrastructure
37.4
10.3
57.1
14.3
55.0
14.4
Energy
Capital expenditure
60.0
16.6
54.8
13.7
208.9
54.7
Total Energy
60.0
16.6
54.8
13.7
208.9
54.7
Real Estate
Capital expenditure
-
-
-
-
-
-
Total Real Estate
-
-
-
-
-
-
E&C
Capital expenditure
10.9
3.0
13.0
3.2
11.2
2.9
Total E&C
10.9
3.0
13.0
3.2
11.2
2.9
Corporate
Capital expenditure
-
-
1.7
0.4
-
-
Total
    Corporate
-
-
1.7
0.4
-
-
TOTAL
108.3
29.9
126.6
31.7
275.1
72.0
Capital
expenditures for our Infrastructure segment of approximately S/37.4 million (US$10.3 million), S/57.1 million (US$14.3 million) and S/55.0
million (US$14.4 million) in 2020, 2021 and 2022, respectively, correspond to periodic maintenance and the construction of the second
stage of our Norvial toll road concession and investments in the Lima Metro. In 2020 and 2021, capital expenditures for our Infrastructure
segment included certain investments in the Lima Metro project. In 2022, capital expenditures for our Infrastructure segment included
certain investments in the Lima Metro project.
Capital
expenditures for our Energy business of approximately S/60.0 million (US$16.1 million), S/54.8 million (US$13.7 million) and S/208.9
million (US$54.7 million) in 2020, 2021 and 2022, respectively, correspond to oil development drilling activities as well as improvements
for our gas processing plant.
Capital
expenditures for our E&C segment of approximately S/10.9 million (US$3.0 million), S/13.0 million (US$3.2 million) and S/-113.7 million
(US$-29.8 million), in 2020, 2021 and 2022, respectively, which amounts primarily correspond to the purchase and sale of equipment and
machinery. (Capital investments in the E&C segment also included minor repositions of equipment and machinery).
For
our Real Estate segment there were no capital expenditures or divestitures in 2020, 2021 and 2022.
124
We
have budgeted S/464.9 million (US$119.2 million) in capital expenditures for 2023. Our current plan for our Infrastructure segment contemplates
capital expenditures in 2023 of approximately S/75.8 million (US$19.4 million), principally for investments in activities for Line
1 of the Lima Metro. Our current plan for our Energy business contemplates capital expenditures in 2023 of approximately S/187.7 million
(US$48.1 million), principally for investments in oil drilling. Our current plan for our E&C segment contemplates capital expenditures
in 2023 of approximately S/11.0 million (US$2.8 million), mainly to replace of equipment and machinery. Our current plan for our Real
Estate segment contemplates capital expenditures in 2023 of approximately S/115.4 million (US$29.6 million), principally for land purchases.
Our current plan for our corporate segment contemplates no expenditures or divestitures in 2023.
These
estimates are subject to change. We routinely evaluate acquisitions, new infrastructure concessions, land purchases and other investment
or divestiture opportunities that are aligned with our strategic goals, particularly in Peru, Chile and Colombia. We cannot assure you
that we will find opportunities on terms that we consider to be favorable to us, whether we will be able to take advantage of such opportunities
should they arise, or the timing of and funds required by such opportunities. In addition, should we undertake any such investments,
we expect to finance these opportunities with a combination of cash on hand, new borrowings and/or financial contributions from partners,
depending on a variety of commercial considerations at such time. See "Part I. Forward-Looking Statements."
C. Research
and Development, Patents and Licenses, Etc.
Not
applicable.
D. Trend
Information
Our
Main Market: Peru
The
following sets forth key macroeconomic trends in our markets, Peru, Chile and Colombia. For additional information on trends in our business,
see "Item 5.A. Operating and Financial Review and Prospects—Operating Results—Factors Affecting our Results of Operations"
and "Item 4.B. Business Overview—Backlog."
Overview
of the Peruvian Economy
The
following table sets forth the main economic indicators of the Peruvian economy from 2018 to 2022:
2018
2019
2020
2021
2022
Nominal
    GDP (US$ billions)
226.9
232.4
205.6
225.9
244.8
Nominal
    GDP / capita (US$)
7,187.6
7,234.3
6,300.3
6,837.0
7,328.7
Real
    GDP growth rates (% based on local currency GDP)
4.0
%
2.2
%
(11.0
)%
13.6
%
2.7
%
Private
    consumption growth rate
3.8
%
3.2
%
(9.9
)%
12.4
%
3.6
%
Private
    investment growth rate
4.1
%
4.5
%
(16.5
)%
37.4
%
(0.5
)%
Foreign
    direct investment growth rate
(20.8
)%
(18.9
)%
(84.6
)%
919.0
%
42.2
%
Public
    expenditure (consumption and investment) growth rate
0.4
%
2.2
%
7.8
%
10.6
%
(3.4
)%
Total
    private and public fixed investment growth rate
(1)
4.4
%
3.3
%
(16.2
)%
35.0
%
0.9
%
Exports
    growth rate
2.2
%
1.1
%
(19.6
)%
13.7
%
5.4
%
Imports
    growth rate
2.4
%
1.0
%
(15.8
)%
18.4
%
4.0
%
Inflation
    (measured by change in CPI)
2.2
%
1.9
%
2.0
%
6.4
%
8.5
%
Average
    exchange rate (S//US$)
3.29
3.34
3.50
3.90
3.9
End
    of period exchange rate (S//US$)
3.38
3.32
3.62
4.00
3.82
Central
    Bank interest rate (end of period)
2.8
%
2.3
%
0.3
%
2.5
%
7.5
Population
    (million)
(1)
31.6
32.1
32.6
33.0
33.4
Unemployment
    rate
(1)
6.1
%
6.1
%
13.8
%
7.8
%
7.1
%
Total
    public debt (US$ billions)
56.5
62.2
68.8
78.8
83.5
Public
    debt/nominal GDP (%)
24.9
%
26.7
%
33.5
%
34.9
%
34.1
%
Net
    reserves (US$ billions)
60.1
68.3
74.7
78.5
71.9
Net
    reserves/nominal GDP (%)
26.5
%
29.4
%
36.3
%
34.8
%
29.4
%
Fiscal
    surplus (deficit)/ nominal GDP (%)
(2.3
%)
(1.6
%)
(8.9
)%
(2.5
%)
(1.6
)%
Source:
Peruvian Central Bank, SBS, Ministry of Economy and Finance, National Statistical Institute of Peru (INEI), IMF.
(1)
2022
                                            projected by IMF.
125
The
following table sets forth real gross domestic product by expenditure for the years indicated.
GDP by Expenditure (% of GDP unless otherwise stated)
2018
2019
2020
2021
2022
Government consumption
11.4
11.5
13.8
12.9
12.5
Private consumption
64.5
65.5
64.7
62.1
64.9
Total fixed investment
22.2
22.5
21.1
25.2
25.4
Public sector
4.7
4.6
4.3
4.7
5.1
Private sector
17.5
18.0
16.8
20.5
20.3
Change in inventories(1)
0.1
(0.7
)
(1.3
)
(3.5
)
(3.3
)
Exports of goods and services
24.0
24.0
24.4
32.4
27.1
Imports of goods and services
22.4
21.6
20.4
27.2
26.1
Net exports
1.7
2.5
4.0
5.2
0.4
GDP (in billions of US$)
226.9
232.4
205.6
225.9
224.8
Source:
Peruvian Central Bank
(1)
Defined
                                            as the difference between the volume at the end of the period and the volume at the beginning
                                            of the period; valued at the average price over the period.
Key
Industry Sectors Relating to Our Business in Peru
Construction
and Infrastructure
The
Peruvian construction industry's nominal GDP is estimated to be US$10.1 billion and accounted for 4.1% of the country's nominal
GDP in 2022, according to the Peruvian Central Bank. The following table illustrates, from 2018 to 2022, the average real growth
rate in both private investment and construction in Peru vis-à-vis the average real GDP growth rate.
Growth
of Real Private Investment GDP and Real Construction Sector GDP vs. Real GDP
Source:
Peruvian Central Bank.
126
Mining
Peru
is a poly-metallic resources producer and exports several metals including silver, copper, zinc, gold and lead, among others. Peru is
also a major contributor to global metal reserves. According to the U.S. Geological Survey of 2023, as of January 2023, Peru held 17.8%
of global silver reserves, 8.1% of global zinc reserves, 9.1% of global copper reserves and 5.6% of global gold reserves. According to
the Peruvian Central Bank, mining exports reached approximately US$37.7 billion and represented 57.3% of total Peruvian exports in 2022.
As
of March 2023, the Peruvian Ministry of Energy and Mines estimates 47 mining projects at various stages of development involving an estimated
investment of US$53.715 billion.
Mining
Investment Projects by Level of Development
Number of
Projects
US$ billion
Under construction
5
2,226
Detailed Engineering
4
4,739
Feasibility
13
13,757
Pre-feasibility
25
33,002
Total
47
53,715
Source:
Peruvian Ministry of Energy and Mines.
Oil
and Gas
According
to the Peruvian Ministry of Energy and Mines, during 2022, local production of petroleum was approximately 40.5 Mbbl per day, 5.6% more
than 2021. The Peruvian Ministry of Energy and Mines reported that oil and gas proved reserves as of December 31, 2021 were 2,214.3 MMBOE.
The oil and gas proved reserves as of December 31, 2022 have not yet been published. The Peruvian government's reserves methodology
may differ materially from the one mandated by the SEC.
Hydrocarbons
Proved Reserves and Production Evolution in Peru (in MMboe)
Source:
Peruvian Ministry of Energy and Mines
127
Our
Other Markets: Chile and Colombia
Chile
Overview
of the Chilean Economy
Our
activities in Chile span across the E&C and power services sectors. The following table sets forth the main economic indicators of
the Chilean economy for the period from 2018 to 2022.
Values in nominal US$ billion unless otherwise stated
2018
2019
2020
2021
2022
Nominal GDP
295.9
278.7
252.9
317.0
301.0
Nominal GDP / capita (US$)
15,787.3
14,600.8
13,029.3
16,099.0
15,202.7
Real GDP growth rate (%)
4.0
%
1.1
%
(5.8
)%
12.0
%
2.4
%
Inflation (%, measured by change in CPI)
2.6
%
3.0
%
3.0
%
7.2
%
12.8
%
Total private and public fixed investment
68.2
68.4
58.2
76.0
74.7
Average exchange rate (CLP/US$)
640.3
702.6
792.2
759.1
872.3
End of period exchange rate (CLP/US$)
682.0
770.4
734.7
849.1
875.7
Population (million)
(1)
18.8
19.1
19.5
19.7
19.8
Unemployment rate
7.1
%
7.1
%
10.3
%
7.2
%
7.9
%
Public Debt / nominal GDP (%)
(2)
25.8
%
28.3
%
32.5
%
36.3
%
39.1
%
Net reserves / nominal GDP (%)
13.5
%
14.6
%
15.5
%
16.2
%
13.0
%
Fiscal surplus (deficit) / nominal GDP (%)
(1.5
)%
(2.7
)%
(7.1
)%
(7.5
)%
1.4
%
Source:
Chilean Central Bank, Chilean Government Budget Office, IMF, Global Insight
(1)
2021
                                            and 2022 projected by the IMF
(2)
2022
                                            data presented as of September 30, 2022.
Colombia
Overview
of the Colombian Economy
Our
current activities in Colombia involve technical services provided primarily to the power services sector. The following table sets forth
the main economic indicators of the Colombian economy for the period from 2018 to 2022.
Values
    in nominal US$ billion unless otherwise stated
2018
2019
2020
2021
2022
Nominal
    GDP
334.1
323.1
270.4
314.5
344.0
Nominal
    GDP / capita (US$)
6,923.5
6,540.7
5,368.2
6,160.8
6,665.5
Real
    GDP growth rate (%)
2.6
%
3.2
%
(7.0
)%
10.7
%
7.5
%
Inflation
    (%, measured by change in CPI)
3.2
%
3.8
%
1.6
%
5.6
%
13.1
%
Total
    private and public fixed investment
64.6
67.4
58.7
59.7
75.1
Average
    exchange rate (COP/US$)
2,956.4
3,281.4
3,693.3
3,744.2
4,256.2
End
    of period exchange rate (COP/US$)
3,249.8
3,277.1
3,432.5
3,981.2
4,810.2
Population
    (million)
(1)
48.3
49.4
50.4
51.0
51.6
Unemployment
    rate
(1)
10.0
%
9.9
%
13.9
%
11.1
%
9.5
%
Public
    Debt / nominal GDP (%)
21.8
%
22.9
%
33.2
%
32.6
%
29.3
%
Net
    reserves / nominal GDP (%)
14.5
%
16.4
%
21.8
%
18.6
%
20.7
%
Fiscal
    surplus (deficit) / nominal GDP (%)
(2.6
)%
(2.4
)%
(7.6
)%
(7.3
)%
(0.7
)%
Source:
Colombian
National Department of Administration of Statistics (DANE), Colombian Central Bank, Colombian Treasury Department, IMF, Global Insight
(1)
2022
                                            projected by the IMF.
E.
[Reserved]
F. [Reserved]
G. Safe
Harbor
See
"Part I. Forward-Looking Statements."
128
ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A. Directors
and Senior Management
General
Our
business and affairs are managed by our Board of Directors in accordance with our by-laws, shareholder's meeting rules of procedure,
Board of Directors' rules of procedure, internal rules of conduct and Peruvian Corporate Law No. 26887 ("Peruvian Corporate
Law"). Our bylaws provide for a Board of Directors of between five and nine members.
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 nine directors and no alternates. If a director resigns or otherwise becomes unable to continue with
its duties, a majority of our directors may appoint one of the alternate directors, or in the absence of alternate directors, any other
person, to serve as director for the remaining term of the board. 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 if
the shareholders' meeting did not elect them.
The
Board of Directors typically meets monthly, when called by any director or our 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 the corporation, its shareholders and third parties
for any damages caused by board decisions or acts that breach the law or the bylaws of the company, or for damages caused by abuse of
power, fraud, willful misconduct or gross negligence.
In
addition, pursuant to Article 3 of Law No. 29720, as amended, directors of companies with common shares listed on the Lima Stock Exchange
are liable to the company and its shareholders for damages caused by resolutions which are favorable to their individual interest (or
the interest of a related party) to the detriment of the company's interest if: (i) the listed company is a party to the transaction;
(ii) the controlling shareholder of the listed company controls the legal entity acting as counterparty; (iii) the transaction is not
carried out on an arm's length basis; and (iv) at least 10% of the listed company's assets are involved in the transaction.
A
director cannot be found liable for a board decision or act if they did not participate in the meeting where the corresponding decision
was taken or if the director's express disagreement is noted in the minutes of such meeting or evidenced by notarized notice.
Article
180 of the Peruvian Corporate Law requires a director to abstain from: (i) adopting decisions that would not be in the corporation's
interest and that would benefit their interests or those of any related third party, (ii) using for themselves any commercial opportunity
or business they became aware of as a result of the exercise of their duties as a director and (iii) participating themselves in competition
with the company in any matter that would require disclosure and abstention due to a conflict of interest. A director who violates these
requirements is liable for any damages caused to the company and may be removed by a majority of the Board of Directors or, upon the
request of any member of the board or of any shareholder, by a majority vote of the shareholders.
Pursuant
to Article 181 of the Peruvian Corporate Law, shareholders are entitled to protect the interest of a company by bringing a claim of civil
responsibility against any directors, subject to approval of shareholders at a duly convened shareholders' meeting. However, Article
4 of Law No. 29,720, with respect to companies listed on the Lima Stock Exchange, establishes that a shareholder that owns at least 10%
of the capital stock is entitled to file a claim of civil responsibility under Article 181 of the Peruvian Corporate Law without holding
a prior shareholders' meeting.
129
Additionally,
Legal Decree No. 1121 and Legal Decree No. 1422 (both governing the application of Rule XVI of the Peruvian Tax Code regarding anti-evasion
conduct) require the Board of Directors of Peruvian companies to review any tax planning strategy in respect of the prior fiscal year,
and to re-authorize, amend or dissolve the same. If the Board of Directors do not comply with these rules, the Peruvian tax authority
(SUNAT) may hold the directors jointly liable with the company.
Sections
2 and 13 of article 16 of the Peruvian Taxation Code also establish that directors will be jointly liable with the company and with each
other if the company does not pay its taxes due to willful misconduct (dolo), gross negligence (culpa grave) or abuse of power of attorney
in breach of anti-tax evasion laws.
Board
of Directors
The
following sets forth our directors and their respective positions as of the date of this annual report.
On
September 20, 2021, an extraordinary shareholders' meeting of the company elected a new board of directors, consisting of nine
directors, four of whom were not previously directors of the company. The term of the current board of directors is three years and expires
in 2024.
Name
Position
Year of
Birth
Year of First
Appointment
Juan Vicente Revilla Vergara
Chairman of the Board
1961
2021
Gustavo Nickel Buffara De Freitas
Vice Chairman of the Board
1983
2021
Esteban Viton Ramirez
Director
1952
2019
Gema Esteban Garrido
Director
1971
2021
Julio Dittborn Chadwick
Director  **
1982
2022
Pablo Kühlenthal Becker
Director
1980
2021
Antonio Carlos Valente Da Silva
Director (Independent)*
1952
2020
Carlos Rojas Perla
Director (Independent)*
1971
2020
Santiago Hernando Perez
Director (Independent)*
1963
2020
*
Independent
                                            under the Exchange Act independence standards.
**
On
                                            March 31, 2022, our Board of Directors appointed Mr. Julio Dittborn Chadwick to replace Mr.
                                            Nicolas Bañados Lyon, who resigned from his position as Director for personal reasons.
The
following sets forth selected biographical information for each of the members of our Board of Directors. The business address of each
of our current directors is Av. Petit Thouars 4957, Miraflores, Lima 34, Peru.
Juan
Vicente Revilla Vergara
. Mr. Revilla was appointed as a director of the company in September of 2021. He holds a degree as an
economist from the
Universidad del Pacífico
(Peru). He has been a Managing Director and Head of Investments for Southern
Europe at IG4 Capital since June 2020 and Founding Partner and CEO of High Trend International, LLC. Before that, he was CEO of Telefonica
International Wholesale Services, General Director of Resources for Telefonica Brazil, Global Manager of Shared Services for the Telefónica
Group, CEO of Latin American Operations for the Telefónica Group, Chief Technology Officer for Latin America for the Telefónica
Group, CEO of Telefónica del Peru, Chief Procurement Officer of the Telefónica Group and CFO of Telesp.
Gustavo
Nickel Buffara De Freitas
. Mr. Buffara was appointed as a director of the company in September of 2021. He holds a degree of Bachelor
of Public Administration from the Fundacao Getulio Vargas Sao Paolo School of Business Administration and MBA from the International
Institute for Management Development in Lausanne, Switzerland. He has been the Chief Financial Officer and co-Founder of IG4 Capital
since 2016 and before that he was Senior Director and Managing Director of RK Partners, Deputy Director of GP Investments, Senior Consultant
of Bain & Company and Manager of Economic Regulation and Regulation of Telefónica.
Esteban
Viton Ramirez
. Mr. Viton was appointed as a director of the company in May 2019. He holds degrees as an economist engineer from the
Universidad Nacional de Ingeniería
(Peru), a Master's degree from ESAN Graduate School of Business (Peru), a MsM
from the Arthur D Little School of Management (now Hult International Business School), has completed the advanced management program
at Harvard University and has completed studies at PAD, INSEAD and others. He is the general manager and director of Pacific Energy and
has been a manager of Quimpac and other local companies, as well as other companies in the region. He has been a director of Kallpa and
Cerro del Águila.
130
Gema
Esteban Garrido
. Ms. Esteban was appointed as a director of the company in September of 2021. She holds a degree in Computer Engineer
from the Pontifical University of Salamanca with a Master's Degree in Finance from the Center for Financial Studies, Master's
Degree in Strategic Marketing from the ESIC and graduated from multiple specialization courses at international universities such as
MIT and the University of Geneva. She is the Global ESG Manager of IG4 Capital, responsible since February 2021 for ensuring the sustainability
of the group's investments from an environmental, social and corporate governance perspective and before that she was Director
of ESG Investments at Telefónica between June 2018 and February 2021 and since 2001 she has held various management positions
in said corporation related to global operations strategy and digital transformation strategy, among other important matters.
Julio
Dittborn Chadwick
. Mr. Dittborn was appointed as director of the company in March 2022. He is a Commercial Engineer from the
Pontificia
Universidad Catolica de Chile
and MBA from The Wharton Business School of the University of Pennsylvania. He is Managing Director
of the Private Equity team of Inversiones Megeve, family office of the Solari Donnagio family. Mr. Dittborn is also a director and leads
several companies in Latin America, particularly in the real estate, forestry and energy sectors.
Pablo
Kühlenthal Becker
. Mr. Kühlenthal was appointed as a director of the company in August 2021. He holds a degree in Industrial
Engineer in Logistics and Transportation from the
Pontificia Universidad Católica de Chile
and MBA from the International
Institute for Management Development in Lausanne, Switzerland. He is a partner and founder of the Santiago de Chile office of IG4 Capital
and has been responsible since 2019 for investments in Latin America outside of Brazil for said fund. Before that, Mr. Kühlenthal
has held management positions in international financial advisory firms and as a director in companies with presence in various Latin
American countries.
Antonio Carlos Valente
Da Silva
. Mr. Valente was appointed as a director of the company in December of 2020. He is an engineer from the
Pontificia
Universidade Católica do Rio de Janeiro
with a post-graduate degree in management from the same institution. He served as
CEO and Chairman of the Board of Directors of Telefonica Brazil and Telefonica del Peru. He has been a member of the Board of Directors
of the National Telecommunications Agency in Brazil. He is currently a director of Padtec Holding, Dom Rock and Cinnecta.
Carlos
Rojas Perla
. Mr. Rojas was appointed as a director of the company in December of 2020. He holds a bachelor's degree in business
administration from the
Universidad del Pacífico
with specialization courses at
Harvard University and the Instituto
Tecnológico y Estudios Superiores de Monterrey
. He was a founding partner of Capia and director of Enel Generación
Peru S.A.A, and is currently the CEO of Capia SAFI. He was Chief Investment Officer and director of Compass Group SAFI between 2006 and
2011 and designed and managed Peru Special Investment Funds, the first Peruvian equity hedge fund.
Santiago
Hernando Perez
. Mr. Hernando was appointed as a director of the company in December of 2020. He holds a degree in chemical sciences,
specializing in chemical engineering, from the University of Valladolid, Spain and an MBA from IEDE Business School. He has worked in
the utilities and concessions sector as CEO of Aguas Nuevas S.A., New Business Manager at Aguas Andinas S.A., CEO of Concesionaria Intermodal
de la Cisterna and director of several sanitary companies in Chile and Uruguay, as well as the urban public transport company Alsacia
in Santiago de Chile. Currently, he is an independent consultant in management and administration of companies and business development
and is a director of Aguas Santiago Norte S.A.
Executive
Officers
Our
executive officers oversee our business and are responsible for the execution of the decisions of the Board of Directors. Our executive
officers are appointed for an indefinite period of time and their term of office may be terminated by our Board of Directors at its discretion.
The following table presents information concerning the current executive officers of our company and their respective positions:
Name
Position
Year of
Birth
Year
    of
Appointment
Year of First
Employment
at the
Company
Andre Mastrobuono
Chief
    Executive Officer
1961
2021
2021
Dennis Fernandez Armas
VP
    of People, Corporate Affairs and Shared Services
1962
2021
2021
Zoila Horna Zegarra
Corporate
    Legal VP
1975
2022
2022
Diego Cisneros Salas
Corporate
    Risk Officer
1966
2022
2018
Fernando Rodrigo Barron
VP
    of Business Development and Corporate Finance
1984
2022
2022
Javier Macedo Chang
Corporate
    Internal Audit Officer
1977
2022
2022
Oscar Pando Mendoza
VP
    of Corporate Control and Planning
1973
2022
2016
Silvana Perez Yalan
Corporate
    Compliance Officer
1977
2021
2019
Manuel Wu Rocha
VP of Infrastructure
1977
2021
2001
Reynaldo Llosa Martinto
VP
    of UNNA Energía
1960
2014
2014
Javier Vaca Terron
VP of Cumbra
1970
2018
2018
Rolando Ponce Vergara
VP of Viva
1963
2008
1993
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Mr.
Dennis Gray Febres resigned as Chief Financial Officer of the company for personal reasons, effective May 31, 2022. As of June 1, 2022,
the finance function has been restructured into The Vice Presidency of Corporate Planning and Control, which will be led by Oscar Pando
Mendoza and the Vice Presidency of Corporate Finance, which will be led by Fernando Rodrigo Barron (following the resignation of Fredy
Chalco Aguilar). Mr. Pando assumed the Financial Management of our E&C segment in 2019 and since then has served as the company's
Corporate Planning and Control Officer, reporting to the Corporate Finance Management. Mr. Chalco previously served as Corporate Finance
Officer, a position he assumed in 2018, reporting to the Corporate Finance Management.
Mr.
Daniel Urbina Perez resigned as Chief Legal Officer of the company for personal reasons, effective October 1, 2022. Ms. Zoila Horna Zegarra
was appointed as Corporate Legal Vice President, effective December 1, 2022.
Mr.
Chalco resigned as Vice President of Corporate Finance of the company for personal reasons, effective March 31, 2023. Mr. Fernando Rodrigo
Barron was appointed in his place, effective March 31, 2023.
The
following sets forth selected biographical information for each of our executive officers:
Andre
Mastrobuono
. Mr. Mastrobuono joined the company in 2021 as our Chief Executive Officer. Previously, he was a Managing Director, Head
of the IG4 Operations Team and a member of the Investment Committee of IG4 Capital Private Equity Fund II. Prior to joining IG4, he was
the CEO of Urbplan (2014-2017), he served as the CEO of San Antonio International (2010-2013), and in 2009 he was the CEO of Santelisa
Vale. Prior to that, he served as CEO of Parmalat Brasil (2008-2009). Prior to this, Andre served as CEO of Telemig Celular (2006-2008)
and as General Director at Vivo (2002-2006). Andre was also an Associate Principal at McKinsey & Company (1996-2002). He has served
as a member of the Board of Directors of several companies, including Aegea Saneamento (2014-2018), Urbplan SA (2013-2017), LDC-SEV Bio
ENERGIA SA - Biosev (2009-2010), and at ACEL - Associação da Empresas de Telefonia Celular (2007-2008), as Chairman of
the Board. Andre holds an MBA from the University of Chicago Booth School of Business and a Bachelor's degree in Engineering from
the University of São Paulo.
Dennis
Fernandez Armas
. Mr. Fernandez joined the company in 2021 as VP of People, Corporate Affairs and Shared Services. Previously, he
served at
Telefónica del Peru
as Vice President of Corporations, Companies and Businesses between July 2018 and May 2021,
Vice President of Strategy, Regulation and Wholesale Business and Digital Transformation between January 2014 and July 2018, Vice President
of Network Operations and Wholesale Business between April 2010 and December 2013, Vice President of Customer Services between August
2005 and April 2010 and Vice President of Human Resources between April 1999 and September 2005. Prior to his career at
Telefónica
del Peru
, he worked at Banco de Credito del Peru and AFP Union. Mr. Fernandez has been President of the Peruvian Association of Human
Resources (APERHU), as well as a member on two occasions of the Consultative Commission of the Ministry of Labor and Director of the
Spanish Chamber in Peru. He is a lawyer by profession, with a post-graduate degree in administration from the ESAN University and a master's
degree in Business Administration from the PAD of the University of Piura, where he is a professor and has taken management specialization
courses at IESE, INSEAD, Harvard and Columbia.
132
Zoila
Horna Zegarra
. Ms. Horna joined the company in 2022 as Corporate Legal Vice President. Previously, she worked at Luz del Sur S.A.A.
as Legal Vice President between January 2018 and November 2022. She also worked in consulting firms and law firms in Peru, including
Payet, Rey Cauvi & Abogados. She graduated with a law degree from the
Pontificia Universidad Católica del Perú
and has an LLM from the London School of Economics and Political Science and a postgraduate degree in Electricity, Gas and Energy Law
from Universidad Peruana de Ciencas Aplicadas– UPC.
Diego
Cisneros Salas
. Mr. Cisneros joined the company in October 2018 and previously held the positions of Risk and Monitoring Officer.
He is currently the Corporate Risk Officer. He is an economist with more than 25 years of professional experience in Risk Management,
Capital Markets, Banking and Microfinance. He graduated from the Faculty of Social Sciences, with a major in Economics at the
Pontificia
Universidad Católica del Peru
and did his postgraduate studies in Economics and Finance at the Faculty of Political Economy
of the University of Geneva - Switzerland. He has been Deputy Superintendent of Banking and Microfinance of the Superintendence of Banking,
Insurance and Pension Funds in Peru between 2008 and 2012. Previously he was the Deputy Superintendent of Risks between 2004 and 2008,
for the same Superintendency. Subsequently, he worked as a specialist in financial markets with the International Monetary Fund. He has
worked for several companies in the financial system in senior executive positions. He has also been a member of several Boards of Directors
in the private financial sector as well as in the state. He is a recurring lecturer on risk management issues and a university professor
in the areas of Risk Management and Portfolio Management.
Fernando
Rodrigo Barron
. Mr. Rodrigo joined the company in 2022 as Vice President of Business Development and as of March 31, 2023, he also
assumed the role of Vice President of Corporate Finance. Before that, he was a Principal at IG4 Capital and Head of IG4's Lima
office, having joined IG4 as a Senior Associate in 2018. Prior to joining IG4, Fernando worked at Ambev from 2016 to 2018, most recently
as Head of Cash Flow & Capex for Latin America North (Brazil & the Caribbean). Previously, he worked in private equity, first
as an Associate at Enfoca, a leading Peruvian investment firm, from 2013 to 2014, and then as a Senior Associate at Arlon Group, a firm
focused on mid-market investments in the food & agriculture sector, from 2015 to 2016. Prior to this, he worked as an investment
banker in the United States, first as an Analyst at Credit Suisse from 2007 to 2009 and then as an Associate at Pan American Finance
from 2010 to 2011. He began his career as an Analyst on the International Equities Sales Trading desk at Goldman Sachs in New York City
in 2006. He holds a bachelor's degree in government from Harvard College and an MBA from the Kellogg School of Management.
Javier
Macedo Chang
. Mr. Macedo joined the company in February 2022 as Corporate Internal Audit Officer. He has 21-years of experience in
internal auditing, internal control, risk management, fraud investigations, financial and operational consulting, and corporate compliance.
He has worked for EY providing advisory services to several multinational companies related to construction, real estate, oil & gas,
mining, and construction sectors, in North, Central and South American countries and Spain. He has also worked at Barrick Gold Corporation
as Regional Capital Projects Audit Manager and at Savia and Cosapi groups leading their internal audit functions. Mr. Macedo currently
holds the following certifications from the Institute of Internal Auditors (USA): Certified Internal Auditor (CIA) and the Certification
in Control Self-Assessment (CCSA). He holds a bachelor's degree in Accounting from Universidad del Pacifico (Peru), post-graduate
diplomas in Mining Management from Universidad ESAN (Peru) and in Corporate Governance and Compliance from Universidad del Pacifico (Peru),
and he also holds an Executive MBA from Politecnico Di Milano (Italy).
Oscar
Pando Mendoza
. Mr. Pando joined the company in May 2016 and initially as General Manager of our infrastructure subsidiary Unna Transporte
S.A.C. (formerly "Concar S.A.C.") until 2019. From 2019 to 2021, he served as Regional CFO for our Engineering & Construction
business unit. Mr. Pando currently serves as Vice President of Corporate Control & Planning. Prior to joining the company, Mr. Pando
served in different functional positions in different countries in Latin America and the United States, such as Regional Manager of Corporate
Affairs, CFO, Financial Planning Manager at Philip Morris International, General Manager in different industries such as Services, Fishery
and Consumer Goods, and Bankruptcy Administrator for Doe Run Peru, one of the major restructuring/liquidation cases in Peru. He holds
a degree in Business Administration from the Universidad de Lima and an MBA degree from Georgetown University. Mr. Pando is also member
of the Board of Directors in several of our subsidiaries, including Cumbra Peru S.A., Vial & Vives – DSD S.A., Unna Energia
S.A. and Viva Negocio Inmobiliario S.A.
133
Silvana
Perez Yalan
. Ms. Perez joined AENZA in 2019 and has served as our Chief Compliance Officer since October 31, 2021. She is responsible
for our company's Corporate Compliance Program. Before that, Ms. Perez served as Compliance Program, Ethics, and Training Manager,
from September 2019 in AENZA. She has more than 20 years of experience in corporate governance, legal, contracts, ethics, and implementing
risk and compliance programs at leading multinational companies. Prior to joining the group, she also served as the Chief Corporate Compliance
Officer and General Counsel for Komatsu Mitsui from 2013 to 2019, and Legal Counsel of Telefonica group from 2003 to 2013. She holds
a degree in Law from Pontificia Universidad Catolica del Peru, an LLM (Master of Laws) from The University of Cambridge (United Kingdom)
and a postgraduate degree in Organizational Leadership from Saïd Business School at The University of Oxford (United Kingdom). She
has attained specialist qualifications from The United Nations System Staff College (UNSSC), International Anti-Corruption Academy (IACA),
AENOR (Madrid) and
Universidad del Pacífico
(Peru) in Compliance, Anticorruption, Internal Control, Public Contracts Management,
Infrastructure, and Public Services Regulation. She has taught as a university professor in Corporate, Regulatory and Contractual Law
on both postgraduate and undergraduate degree courses at the most prestigious Law Schools in Peru. She has also been recognized by the
world's leading legal directory, The Legal 500, in their General Counsel Powerlist for Peru in 2018.
Manuel
Wu Rocha
. Mr. Wu is a civil engineer from the
Pontificia Universidad Católica del Peru
and holds a Master's degree
in business administration from the Universidad de Piura (Peru). He joined the company in 2001 and acted as chief technical officer for
the oil and gas, electricity, infrastructure and sanitation areas of Cumbra from 2003 until 2007. He became manager of purchasing and
logistics for Cumbra in 2007, and general manager of the consortium Lima Actividades Comerciales comprised of Cumbra and Aguas de Barcelona
from 2009 until 2011. Since 2011, he has worked as chief executive officer of Línea 1 S.A. Mr. Wu is currently Chief Executive
Officer of Highway Concessions.
Reynaldo
Llosa Martinto
. Mr. Llosa joined the company in 2014 and has served as the chief executive officer of UNNA Energía since February
2014. He holds a degree in mechanical engineering from the University of Houston, as well as an MBA from the Universidad de Piura (Peru).
He has completed several technical and executive programs, including certificate programs at Rice University and the Kellogg School of
Management. He served as the chief executive officer of BPZ Energy from 2010 to 2013. Prior to that, he had worked in Schlumberger for
25 years, the last 15 of which he spent in management positions..
Javier
Vaca Terron
. Mr. Vaca graduated as a Civil Engineer, Channels and Ports from the Universidad Politécnica de Madrid in 1996.
He joined the Spanish company, Ferrovial Agroman, participating in the study of international works and directing the execution of projects
in Madrid. In 2004, he completed an Executive MBA at IESE and joined Grupo Assignia as Director of International Production at the construction
company, developing his work mainly in Latin America. In 2007, he was assigned new responsibilities within the Assignia group, as CEO
of another group company, Eductrade, dedicated to foreign trade in the field of Health and Education. In 2014, he returned to the construction
industry, this time directing the Business Development and Studies, Hiring and Institutional Relations Areas of the Spanish FCC. In 2016,
he joined the OHL company as Southern Cone Zone Director, based in Santiago, Chile. In February 2018, he joined AENZA as Regional Manager
of the E&C segment and now serves as Chief Executive Officer of Cumbra.
Rolando
Ponce Vergara
. Mr. Ponce joined the company in 1993 and has served as the Chief Executive officer of our subsidiary Viva since 2008,
and as our Chief Real Estate Area Officer since 2014. He holds a degree in civil engineering from Universidad Ricardo Palma (Peru). He
also holds a Master's degree in construction and real estate business management from the
Pontificia Universidad Católica
de Chile-Politécnica
de Madrid, Spain. He previously served as manager of Cumbra's real estate division. He is currently
a member of the boards of directors of our subsidiaries Viva and Almonte.
134
Executive
Commission
The
Executive Commission is currently comprised by our Chief Executive Officer (CEO), our Vice President of People, Public Affairs and Shared
Services, our Vice President of Corporate Finance and Business Development, our Vice President of Corporate Control and Planning, our
Corporate Legal Vice President and the Business Segments Vice Presidents for each of the four segments. The Executive Commission evaluates,
at the management level, among other matters, our strategic plan, annual budget and annual investment plan.
Kinship
None.
B. Compensation
Compensation
of Directors and Executive Officers
Director
compensation must be approved by a majority of shareholders at our annual shareholders' meeting.
In
2022, total compensation paid to our Board of Directors amounted to S/1.67 million, including compensation paid to directors that serve
on our subsidiaries' Board of Directors. In 2022, total compensation paid to our executive officers amounted to S/20.36 million.
We
also paid health insurance to three former senior managers of the company, approved by the talent committee. This health insurance policy
is reviewed quarterly by our committees. Under Peruvian law, unless we dismiss someone for justified cause, we are required to pay the
dismissed employee (but not directors) 1.5x annual salary for every year with our company for a period not to exceed eight years. We
are not required to make such payments in the event of voluntary termination. Although we have no ongoing obligation to do so, in the
past we have provided, and in the future, we may provide, such benefits to our executive officers upon their retirement. We have not
set aside or reserved any amounts to provide for pension, retirement, or other similar benefits.
Executive
Compensation Plan
We
establish and pay executive compensation in compliance with applicable labor and tax regulations and corporate governance standards and
in accordance with market conditions.
We
establish pay scales taking into consideration senior managers' responsibilities, including the degree of complexity of those responsibilities,
power of decision-making and scope of supervision entrusted.
The
fixed salary component of compensation is established for each position based on a pay scale. Fixed salary includes family allowance
and cost of living payments, if applicable. We evaluate senior managers at least once a year to develop action plans in furtherance of
continuously improving management performance.
The
variable component of compensation is paid to senior managers and other employees for meeting specific goals, and is related both to
our financial results and specific objectives by subsidiary. Variable compensation is typically paid as an annual incentive.
In
addition, labor regulation establishes a mandatory profit sharing provision of 5% of our total annual taxable income, to be distributed
among all employees, calculated based on a formula established by law that considers the days worked in the year and remuneration.
Our
senior managers also receive additional benefits, typically non-pecuniary. The benefits granted include: (i) a vehicle owned and maintained
by our company, with the purpose of facilitating transportation of senior managers in the performance of their functions; (ii) a fuel
allowance to offset transportation costs in the performance of their functions; and (iii) an insurance policy, including work accident
and high risk coverage.
135
C.
Board Practices
Board
Committees
We
have four board committees comprised of members of our Board of Directors.
Audit
and Compliance Committee
Our
Audit and Compliance Committee is comprised of the directors Mr. Carlos Rojas Perla (chairman of the committee), Mr. Santiago Hernando
Perez, Mr. Antonio Carlos Valente Da Silva and Mr. Juan Vicente Revilla Vergara (observer member). Mr. Carlos Rojas Perla, Mr. Santiago
Hernando Perez and Mr. Antonio Carlos Valente Da Silva fulfill the independence standards set forth in Rule 10A 3 of the U.S. Exchange
Act and applicable NYSE rules. Mr. Carlos Rojas Perla qualifies as an "audit committee financial expert" in accordance with
NYSE standards and applicable SEC rules. Mr. Juan Vicente Revilla Vergara has non-voting observer status, as described in Item 16D.
These
directors have extensive business and economic experience. Our Audit and Compliance Committee oversees our corporate accounting and financial
reporting process. The Audit and Compliance Committee is responsible for:
●
ensuring
the integrity of our financial statements and financial and non-financial reports;
●
reviewing
                                            our financial statements and other financial reports and recommending to the Board of Directors
                                            their approval and the submission of the annual financial statements to the shareholders
                                            for approval;
●
conducting
                                            the selection process of the external audit firm, submit a recommendation to the Board of
                                            Directors regarding the external auditor so that the Board of Directors may make an informed
                                            proposal to the shareholders over this matter;
●
assessing
                                            the performance of the external audit firm with a special emphasis on its independence;
●
supervising
                                            and evaluating the external and internal audit processes;
●
recommend
                                            to the Board of Directors the appointment or removal of the Corporate Internal Audit Officer
                                            and Corporate Compliance Officer;
●
assessing
                                            the efficacy of the governance and internal control practices, as well as the reliability
                                            of the compliance management processes and of the financial and non-financial reports of
                                            the company
●
evaluating
                                            our company's compliance with the Board of Director's internal regulation, as
                                            well as with general principles of corporate governance;
●
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;
●
establishing
                                            procedures for the reception, retention and treatment of complaints regarding any breaches
                                            to our code of ethics or internal policies including but not limited to accounting, internal
                                            controls or other auditing matters, including the confidential, anonymous submission by our
                                            employees of concerns regarding questionable accounting or auditing matters;
●
supervising
                                            the investigations conducted in relation to complains made through the ethical channel or
                                            any other whistleblower channel available by the company to our employees, suppliers or any
                                            other stakeholders and adopt any corrective necessary measures;
136
●
approving
                                            the internal audit plan;
●
reviewing
                                            the findings of the internal audit and monitoring their corresponding remediation plans;
●
proposing
                                            to the Board of Directors the approval of the code of ethics and of the company's corporate
                                            governance framework and supervising their implementation;
●
recommending
                                            to the Board of Directors the approval of policies that are tailored to the nature, size,
                                            risks and complexity of its business in matters related to: (A) ethical management; (B) insider
                                            trading; (C) due diligence of counterparts; (D) preventing money laundering and the financing
                                            of terrorism, corruption and other crimes; (E) managing conflicts of interest; (F) monitoring
                                            compliance of the policies and applicable laws and regulations; and (G) any other matter
                                            necessary to fulfill its purpose;
●
supervising
                                            and assessing the compliance function and approving its budget;
●
reviewing
                                            the results of the assessment of effectiveness and efficiency tests on control mechanisms
                                            made by internal and external auditors and measuring the impact on residual risks that any
                                            ineffectiveness or inefficiency of control mechanisms may cause;
●
proposing
                                            measures and controls for the prevention of crime and the advancement of ethical conduct
                                            within the company;
●
informing
                                            the Board of Directors whenever it identifies an inconsistency between the company's
                                            strategy and the company's policies and propose measures to eliminate such inconsistency;
●
supervising
                                            and assessing the transactions entered by the company or its subsidiaries with related counterparties;
●
monitoring
                                            the implementation of the compliance training program;
●
supervising
                                            the implementation of crime prevention and compliance policies ensuring that management assigns
                                            sufficient resources to that end;
●
determining
                                            the periodicity and form by which members of the Board of Directors shall inform any potential
                                            conflicts of interest or any other individual disclosure that is required;
●
assessing
                                            and monitoring compliance with regulatory and legal obligations and policies;
●
independently
                                            engaging its own counsel and any other advisers it deems necessary to fulfill its functions;
                                            and
●
establishing
                                            policies and procedures to pre-approve audit and permissible non-audit services.
The
Corporate Internal Audit Officer and Corporate Compliance Officer report to this committee. Our Board of Directors has adopted a written
charter for our Audit and Compliance Committee that is included in the Charter of the Board of Directors, which is available on our website
at www.aenza.com.pe.
Environment,
Social and Corporate Governance
Our
Environment, Social and Corporate Governance Committee is comprised of three directors, one of which is independent under NYSE independence
standards. The current members of the committee are Mrs. Gema Estaban Garrido (chairwoman of the committee), Mr. Pablo Ignacio Kühlenthal
Becker and Mr. Antonio Carlos Valente. The Environment, Social and Corporate Governance Committee is responsible for:
●
supervising
                                            and providing opinion to management in relation to the implementation of policies, strategies,
                                            programs, objectives and goals related to corporate sustainability based on the best international
                                            practices and according to our strategic plan;
●
identifying
                                            all the resources needed to achieve a successful implementation and execution of corporate
                                            sustainability strategies and practices;
137
●
analyzing
                                            and advising management on local, regional and global environmental, social and corporate
                                            governance trends and provide action plans that respond to such trends;
●
supervising
                                            and advising management with regards to the identification, assessment and management of
                                            risks and opportunities within the sustainability field considering public policies, regulations
                                            and legislation on the matter;
●
promoting
                                            a proactive strategy to establish a relationship with stakeholders, clients, investors, suppliers,
                                            employees and the society in general with the purpose of defining the issues that are material
                                            to the company from a risk and opportunity perspective;
●
monitoring
                                            and analyzing social, environmental and corporate governance indicators and report to the
                                            Board of Directors regarding the evolution of such indicators and propose corrective measures
                                            when necessary;
●
ensuring
                                            that the strategic plan includes social, environmental and corporate governance initiatives
                                            and indicators and the determination of the financial impact of such indicators;
●
identifying
                                            the existence or absence of efficient and innovative internal control systems in social and
                                            environmental matters;
●
verifying
                                            compliance with the highest environmental, social and corporate governance standards;
●
opining
                                            along with Audit and Compliance Committee on an adequate reporting method for environmental,
                                            social and corporate governance matters according to the best international practices; and
●
ensuring
                                            that the corporate culture is in line with its purpose and values with transparency for its
                                            stakeholders.
The
Vice President of Public Affairs, Human Resources, Shared Services and Information Technology reports to this committee. Our Board of
Directors has adopted a written charter for our Environment, Social and Corporate Governance Committee that is included in the Charter
of the Board of Directors, which is available on our website at
www.aenza.com.pe
.
Talent
Committee
Our
Talent Committee is comprised of three directors, one of which is independent in accordance with NYSE independence standards. The current
members of the committee are Mr. Juan Vicente Revilla Vergara (Chairman), Mr. Santiago Hernando Perez and Mr. Esteban Viton Ramirez.
The Talent Committee is responsible for:
●
reporting
                                            to our Board of Directors on the appointment and dismissal of senior managers;
●
advising
                                            the Board of Directors of its recommendations to the shareholders' meeting on director
                                            appointments, determination of the number of directors, director compensation and appointment
                                            of directors to substitute exiting directors;
●
proposing
                                            the size and members of board committees to the Board of Directors;
138
●
reviewing
                                            and proposing to the Board of Directors corporate goals and objectives relevant to CEO compensation,
                                            evaluating the CEO's performance in light of those goals and objectives, and determining
                                            and approving CEO compensation;
●
establishing
                                            compensation arrangements for senior managers in accordance with the financial results of
                                            our company; proposing measures to ensure transparency in the remuneration of directors and
                                            senior managers;
●
evaluating
                                            and approving our human resources policies, including succession plans;
●
approving
                                            the appointment and termination of managers that report directly to the chief executive officer
                                            (other than managers that report functionally to the Audit and Compliance Committee);
●
approving
                                            corporate policies related to compensation, succession, selection and retention of talent
                                            and the exceptions to such corporate policies;
●
evaluating
                                            the performance of the Board of Directors and of management on an annual basis;
●
reporting
                                            to our Board of Directors on matters regarding related party transactions that could result
                                            in a conflict of interest; establishing our social responsibility policies;
●
appointing
                                            third-party independent compensation consultants, and establishing the compensation of and
                                            overseeing the third-party independent compensation consultants;
●
proposing
                                            candidates for the position of chief executive officer to the Board of Directors;
●
monitoring
                                            the internal image of the company and proposing to the Board of Directors measures to protect
                                            such image; and
●
approving
                                            organizational structures and restructuring or redeployment measures of human capital.
As
a foreign private issuer, we are not required to maintain a compensation committee that complies with all of the U.S. laws and regulations
and NYSE requirements applicable to U.S. issuers.
Our
Board of Directors has adopted a written charter for our Talent Committee that is included in the Charter of the Board of Directors,
which is available on our website at www.aenza.com.pe.
Finance,
Risk and Investment Committee
Our
Finance, Risk and Investment Committee is comprised of three directors. The current members of the committee are Mr. Pablo Ignacio Kühlenthal
Becker (Chairman), Mr. Gustavo Nickel Buffara de Freitas and Mr. Julio Dittborn Chadwick.
The
Finance, Risk and Investment Committee is responsible for:
●
establishing
                                            our investment policies;
●
assessing
                                            the profitability of the company's investments;
●
proposing
                                            to the Board of Directors the approval of the annual budget and the strategic plan;
●
proposing
                                            to the Board of Directors the approval of strategic guidelines;
●
approving
                                            and monitoring the liquidity plan and the capitalization or indebtedness of the company;
139
●
proposing
                                            to the Board of Directors the approval of equity contributions, mergers or acquisitions and
                                            any purchase or sale of companies or businesses;
●
approving
                                            our annual investment plan;
●
analyzing
                                            the projects that would require an investment greater than US$5 million;
●
identifying
                                            risk indicators to measure the most relevant risks and monitoring such indicators on a quarterly
                                            basis;
●
proposing
                                            to the Board of Directors the approval of the company's risk assessment;
●
approving
                                            the risk management policy, the risk manual and the risk matrix;
●
monitoring
                                            the risk exposure related to associations, corporations or consortia managed with third parties
                                            and inform the Board of Directors of such risks; and
●
ensuring
                                            that the company and its subsidiaries mitigate adequately their risk and that they have in
                                            place business continuity and recovery plans.
Our
Board of Directors has adopted a written charter for our Finance, Risk and Investment Committee that is included in the Charter of the
Board of Directors, which is available on our website at
www.aenza.com.pe
.
D. Employees
We
have developed an extensive and talented team, including more than 1,500 engineers, which gives us the capability and scale to undertake
large and complex projects. We also have access to a network of approximately 43,000 manual laborers throughout Peru that can supplement
our workforce when required by our projects. Moreover, we have the flexibility to engage our own workers on projects outside Peru, avoiding
the need to seek new employees in other countries.
As
of December 31, 2022, we had a total of 13,261 full-time employees, including approximately 7,169 manual laborers, a number that fluctuates
depending on our project backlog. At such date, we also worked with 1,406 employees of subcontractors. Occasionally, we employ subcontractors
for particular aspects of our projects, such as carpenters, specialists in elevator installation and specialists in glassworks. We are
not dependent upon any particular subcontractor or group of subcontractors. As of December 31, 2022, 24.3% of our employees worked outside
Peru. The following table sets forth a breakdown of our employees by category as of December 31, 2022.
Salaried Employees
Infrastructure
Energy
E&C
Real Estate
Corporate
(3)
TOTAL
Engineers
204
131
1,058
76
37
1,506
Other Professionals
201
42
535
87
126
991
Technical specialists
457
12
1,261
26
35
1,791
Manual Laborers(1)
1,502
62
5375
230
0
7,169
Joint operation employees(2)
100
163
1,541
0
0
1,804
Subtotal
2,464
410
9,770
419
198
13,261
Subcontracted employees
0
0
926
453
27
1,406
Total
2,464
410
10,696
872
225
14,667
(1)
The
                                            number of manual laborers, who form part of our network of approximately 43,000 manual laborers,
                                            varies in relation to the number and size of projects we have in process at any particular
                                            time.
(2)
Includes
                                            engineers, professionals, technical specialists and manual laborers employed by our joint
                                            operations.
(3)
Includes
                                            parent company and our subsidiary Qualys S.A.
140
The
following chart sets forth the changes of our total employees as of December 31, 2020, 2021 and 2022.
Total
Employees
Our
talent development system has allowed us to develop a team of professionals with the ability to design and implement sophisticated projects.
Our talent management process broadly focuses on attracting, developing and training employees.
We
have implemented programs to attract young and qualified candidates. Our "Impulse Trainee" program offers various types of
internships and training opportunities for engineering students and recent graduates, rewarding the most successful candidates with the
opportunity to work as permanent, full-time employees. Our focus is not only to attract talented people but also to retain them.
Through
the Academy, we offer continuous training and development opportunities through various courses and training programs aimed at each level.
We believe that the knowledge our employees gain through these programs is reflected in the way they work and engage with our customers,
adding value at every step. During 2022, we invested in continuous education, reaching approximately 10 hours of training with an average
investment of US$260 for each employee. We place significant emphasis on instilling our core corporate values of quality, professionalism,
reliability and efficiency on our employees, and on promoting safety, environmental sustainability and social responsibility throughout
the entire organization. Our Code of Conduct and Charter of Ethics regulate the conduct of our employees while promoting the foregoing
values. In addition, our employees participate in ethics seminars on a periodic basis.
Substantially
all of our manual laborers and some of our other employees are members of labor unions. Our practice is generally to extend the benefits
we offer our unionized employees to non-unionized employees. We consider our current relationship with unions to be positive.
In
our E&C segment, collective bargaining agreements are negotiated in our operations in Peru at two levels: (i) on an annual basis
between the National Federation of Civil Construction and the Peruvian Chamber of Construction, without our direct involvement; and (ii)
on a per project basis directly between the unions and our project committees, in accordance with such annual agreement. In addition,
some of our personnel in our gas processing plant belongs to the labor union Unicode Workers Union UNNA Energía S.A. We currently
have collective bargaining agreements with some of our gas processing plant workers. These collective bargaining agreements are negotiated
on an annual basis.
In
relation to our E&C operations in Colombia, we currently do not have any unions or any kind of collective bargaining in our projects,
and for our E&C operations in Chile, the unions are formed for each project and in some of our projects, such as Quebrada Blanca,
we have industry union members.
Safety
We
safeguard the health and safety of our employees and of all the persons present in our operations and services. To that end, we provide
safe work conditions, we manage risks in a timely manner and we promote a culture of prevention, starting from the leadership and commitment
of our senior management.
141
The
results obtained during 2022 reflect an improvement due to the reduction in the frequency of accidents, achieving an accident incidence
rate of 0.17 accidents per 200,000 hours worked, a significant reduction compared to the previous year.
Our
safety management process has been strengthened, achieving significant advances to ensure the operation as a whole.
Our
occupational health and safety management system is certified by the ISO 45001 standard. We also have ISO 14001 certifications regarding
environmental management.
We
are aware that correct support strengthens management as a whole, for that reason we offered our own personnel and contractors more than
1,137,579 hours of training on Safety, Occupational Health and Environment issues.
We
have offered our own personnel and contractors more than 1,137,579 hours of training on Safety, Occupational Health and Environmental
issues. Share Ownership.
As
of December 31, 2022, persons who are currently members of our Board of Directors and our executive officers did not hold our common
shares.
Our
directors and executive officers do not have different voting rights.
ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
As
of December 31, 2022, our issued and outstanding share capital was comprised of 1,196,979,979 common shares. The following table sets
forth the beneficial ownership of our common shares as of December 31, 2022, based on information provided to us by CAVALI S.A. ICLV,
the Peruvian clearing house ("CAVALI") and The Bank of New York Mellon, as depositary for the holders of ADS, except as set
forth below.
Shareholder
Number of
shares
Percentage
owned
IG4 Capital Infrastructure Investments LP
(1)
219,138,382
18.31
%
AFP PRIMA S.A. (Grupo Crédito)
143,222,423
11.97
%
AFP INTEGRA S.A. (Sura Group)
120,405,185
10.06
%
AFP PROFUTURO S.A.
138,997,401
11.61
%
Fratelli Investment Limited
110,996,399
9.27
%
AFP HABITAT
98,083,875
9.19
%
Pacifico Corp S.A.C
103,499,728
8.65
%
GH Holding Group
(2)
61,349,148
5.13
%
La Fiduciaria – FID IG4
(1)
53,647,119
4.48
%
The Bank of New York Mellon, as depositary for the holders of ADS
(3)
33,777,910
2.82
%
Other Shareholders
113,862,409
9.51
%
Total
1,196,979,979
100.00
%
(1)
On
                                            June 15, 2021, IG4 Capital Infrastructure Investments LP ("IG4") announced a
                                            tender offer for a total of 107,198,601 common shares equivalent to 12.29% of our outstanding
                                            shares. On August 10, 2021, IG4 purchased a significant shareholding participation amounting
                                            to 23.90% of the total outstanding shares, of which 12.29% was purchased within the tender
                                            offer and additional common shares equivalent to 11.61% of our total outstanding shares were
                                            acquired in transactions outside of the tender offer. Furthermore, on August 12, 2021,
                                            certain shareholders of AENZA signed a trust agreement with IG4, as trustee, and La Fiduciaria
                                            S.A., as fiduciary, whereby IG4 acquired the voting rights of AENZA's common shares
                                            representing approximately 8.97% of the total outstanding shares for a period of eight years,
                                            which could be automatically renewed for an additional period of eight years. As of December
                                            31, 2022, IG4 Capital Infrastructure Investments LP control common shares representing a
                                            total of 30.05% of our capital stock, which includes (i) 18.31% of our capital stock held
                                            directly, (ii) voting rights to the 5.13% and 4.48% of our capital stock held by GH Holding
                                            Group and La Fiduciaria – FID IG4, respectively, and (iii) voting rights to an additional
                                            2.14% of our capital stock pursuant to syndicated agreements between IG4 and certain other
                                            shareholders.
(2)
Voting
                                            rights transferred to IG4 as part of the agreement mentioned in note (1) above.
(3)
Excluding
                                            AFP PRIMA S.A. and AFP PROFUTURO S.A. beneficial ownership of our common shares as of December
                                            31, 2022.
142
As
of December 31, 2021, 14 record holders of our common shares were located in the United States (including Bank of New York Mellon, as
depositary for the holders of ADS), according to CAVALI.
The
following table sets forth the changes in beneficial ownership of our common shares from December 31, 2020, to December 31, 2022, based
on information provided to us by CAVALI and The Bank of New York Mellon, as depositary for the holders of ADSs.
As
    of December 31, 2020
As
    of December 31, 2021
As
    of December 31, 2022
No.
    of
Shares
Percentage
Owned
No.
    of
Shares
Percentage
Owned
No.
    of
Shares
Percentage
Owned
IG4 Capital
    Infrastructure Investments LP
(1)
0
0
107,198,601
12.29
219,138,382
18.31
AFP PRIMA S.A.
61,902,445
7.10
90,772,445
10.41
143,222,423
11.97
AFP INTEGRA S.A.
68,357,336
7.84
63,290,664
7.26
120,405,185
10.06
AFP PROFUTURO S.A.
38,751,338
4.44
67,087,463
7.69
138,997,401
11.61
FRATELLI INVESTMENTS LIMITED
86,633,390
9.94
86,633,390
9.94
110,996,399
9.27
AFP HABITAT S.A.
65,795,596
7.55
93,878,296
10.77
98,083,875
8.19
PACIFICO CORP S.A.C
87,191,786
10.00
76,217,749
8.74
103,499,728
8.65
GH Holding Group
(2)
117,538,203
13.48
61,349,148
7.04
61,349,148
5.13
La Fiduciaria – FID
    IG4
(1)
0
0
53,647,119
6.15
53,647,119
4.48
The
    Bank of New York Mellon, as depositary for the holders of ADS
(3)
62,943,030
7.22
60,962,175
6.99
33,777,910
2.82
(1)
On
                                            June 15, 2021, IG4 Capital Infrastructure Investments LP ("IG4") announced a
                                            tender offer for a total of 107,198,601 common shares equivalent to 12.29% of our outstanding
                                            shares. On August 10, 2021, IG4 purchased a significant shareholding participation amounting
                                            to 23.90% of the total outstanding shares, of which 12.29% was purchased within the tender
                                            offer and additional common shares equivalent to 11.61% of our total outstanding shares were
                                            acquired in transactions outside of the tender offer. Furthermore, on August 12, 2021,
                                            certain shareholders of AENZA signed a trust agreement with IG4, as trustee, and La Fiduciaria
                                            S.A., as fiduciary, whereby IG4 acquired the voting rights of AENZA's common shares
                                            representing approximately 8.97% of the total outstanding shares for a period of eight years,
                                            which could be automatically renewed for an additional period of eight years. As of December
                                            31, 2022, IG4 Capital Infrastructure Investments LP control common shares representing a
                                            total of 30.05% of our capital stock, which includes (i) 18.31% of our capital stock held
                                            directly, (ii) voting rights to the 5.13% and 4.48% of our capital stock held by GH Holding
                                            Group and La Fiduciaria – FID IG4, respectively, and (iii) voting rights to an additional
                                            2.14% of our capital stock pursuant to syndicated agreements between IG4 and certain other
                                            shareholders.
(2)
Voting
                                            rights transferred to IG4 as part of the agreement mentioned in note (1) above.
(3)
Excluding
                                            AFP PRIMA S.A. and AFP PROFUTURO S.A. beneficial ownership of our common shares as of December
                                            31, 2022.
Our
major shareholders do not have different voting rights.
In
December 2018, our company issued and sold a total of 69,380,402 common shares through a combination of preemptive rights to the company's
existing shareholders and a private placement. On April 2, 2019, our company issued and sold 142,483,633 common shares pursuant to a
private placement.
On
August 13, 2021, AENZA issued bonds convertible into common shares in a total principal amount of US$89.9 million. In accordance with
the terms and conditions of the convertible bonds, holders of convertible bonds in a principal amount equivalent to US$11 million exercised
their conversion rights and on February 28, 2022, we issued 37,801,073 new common shares. Additionally, holders of convertible bonds
in a principal amount equivalent to US$79 million exercised their conversion rights and, on March 31, 2022, we issued an additional 287,261,051
new common shares. Therefore, our capital stock has increased from S/871,917,855 to S/1,196,979,979. After these conversions, the convertible
bonds have been fully cancelled.
B.
Related Party Transactions
Peruvian
Law Concerning Related Party Transactions
Peruvian
law sets forth certain restrictions and limitations on transactions with certain related parties.
Valuation:
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 non-related 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 our company cannot, without the prior authorization of the Board of Directors, (i) receive in the form of a
loan money or assets of our company; or (ii) use, for their own benefit or for the benefit of related parties, assets, services or credits
of our company.
143
●
The
execution of agreements that involve at least 5% of the assets of our 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 our 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 determined
by
Resolución SMV N 029-2018-SMV-01
).
Independent
review: 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 such parties involved.
Terms
and conditions: As a general policy, we do not enter into transactions with directors and executive 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.
Related
Party Transactions
We
enter into certain related party transactions in the ordinary course of our business. No such transactions in effect during 2022 were
material to our company or, to our knowledge, to any such related party, nor were any such transactions unusual in their nature or condition.
See Note 11 to our audited annual consolidated financial statements included in this annual report.
C.
Interests of Experts and Counsel
Not
applicable.
ITEM 8. FINANCIAL INFORMATION
A. Consolidated
Statements and Other Financial Information.
See
Item 18 of this annual report on Form 20-F.
Legal
and Administrative Proceedings
Our
company, certain of our subsidiaries, and certain of our former directors and senior managers, have been charged in connection with criminal
and civil investigations relating to certain of our projects in connection with our association with Odebrecht and in connection with
our alleged participation in the alleged "construction club" during the period 2004 to 2016, as well as administrative proceedings
initiated by INDECOPI related to these and other matters arising from conduct during the period from 2002 to 2016. See also "Item
3.D. Key Information—Risk Factors—Risks Related to Key Developments." These proceedings have led to significant changes
in our corporate governance structure and the adoption of measures to address compliance matters. Below we describe the most material
proceedings involving the company:
Criminal
Investigations Derived from Projects Developed in Partnership with Odebrecht
In
2018, the Peruvian criminal prosecutor charged our company and our engineering and construction subsidiary, Cumbra, as criminal defendants
in connection with the IIRSA South (tranche II) project concession, and the Peruvian First National Preparatory Investigation Court (
Primer
Juzgado de Investigación Preparatoria Nacional
) included our company and Cumbra in its criminal investigation. Separately,
in connection with these investigations, in December 2018, the Peruvian First National Preparatory Investigation Court also resolved
to include our company and Cumbra as civilly responsible third parties in the investigations related to the IIRSA South (tranche II)
project concession and Cumbra as a civilly responsible third party in the investigations related to Tranches 1 and 2 of the Lima Metro.
144
Additionally,
Peruvian prosecutors have included José Graña Miró Quesada, the former Chairman of our company, in an investigation
for the crime of collusion, and Hernando Graña Acuña, a former board member of our company and former chairman of our subsidiary
Cumbra, for the crime of money laundering against the Peruvian government, each in connection with the IIRSA South (tranche II) project
concession, in which we participated with Odebrecht. Gonzalo Ferraro Rey, the former Chief Infrastructure Officer of our company, has
also been included in an investigation for the crime of money laundering in connection with the same project. In addition, José
Graña Miró Quesada and Hernando Graña Acuña, as well as Juan Manuel Lambarri, the former chief executive
officer of our subsidiary Cumbra, have been charged in connection with Tranches 1 and 2 of the Lima Metro. On February 9, 2022, the Peruvian
press reported that Peruvian prosecutorial authorities entered into plea agreements with José Graña Miró Quesada
and Hernando Graña Acuña. On January 3, 2023, the plea agreement with José Graña Miró Quesada received
judicial approval and on January 18, 2023, the plea agreement of Hernando Graña Acuña received judicial approval. These
plea agreements are confidential under Peruvian law and we, therefore, do not know their content, however, they may include information
related to wrongdoing or knowledge of improper behavior while José Graña Miró Quesada and Hernando Graña
Acuña were at the company.
We
understand that Peruvian prosecutors had initiated an investigation with respect to the Chavimochic project. Neither the company nor
any of its affiliates or personnel were subject to investigation and therefore we have limited information. However, the Chavimochic
investigation has subsequently been closed and archived without any further action.
For
information on the Chavimochic project, see "Item 5 - Key Information".
Criminal
Investigations in Relation to the Construction Club
On
July 11, 2017, INDECOPI initiated an investigation against several Peruvian construction companies (including Cumbra), about the existence
of an alleged cartel called the Construction Club.
On
February 11, 2020, the subsidiary Cumbra was notified by the TS of the Free Competition Defense Commission of INDECOPI with a resolution
announcing a sanctioning administrative procedure involving a total of 35 companies and 28 natural persons, for alleged anticompetitive
conduct in the market of Public Works.
On
November 17, 2021, the Commission imposed a fine of approximately S/67 million against Cumbra, which is currently being challenged and
is pending resolution by the final administrative instance within the INDECOPI Court. As of December 31, 2022, Cumbra recorded an estimated
provision amounting to S/52.4 million (as of December 31, 2021, a present value equivalent to S/52.6 million was recorded).The resulting
contingency from these matters has been included in the settlement and cooperation agreement with Peruvian prosecutorial authorities.
Final
Collaboration and Benefits Agreement (Acuerdo Preparatorio de Colaboración Eficaz y Beneficios)
On
May 21, 2021, the Company entered into a Collaboration and Benefits Agreement with a special team of Peruvian prosecutors covering the
investigations related to corruption offenses of officials and related personnel, in which the company Odebrecht and others would have
incurred (the "Prosecutor's Office") and with the ad hoc Public Prosecutor's Office for investigations and processes
related to crimes related to corruption of officials, money laundering and related activities (the "Attorney General's Office")
allegedly committed by the Odebrecht company and others.
On
September 15, 2022, the Final Collaboration and Benefits Agreement was entered into between the Peruvian Public Prosecutor's Office,
the Attorney General's Office and the Company, whereby AENZA accepted that they were utilized by certain former executives to commit
illicit acts in a series of periods until 2016, and committed to pay a civil compensation to the Peruvian Government of approximately
S/488.9 million (approximately S/333.3 million and US$ 40.7 million, respectively) calculated according to the formulae established by
Law 30737.
145
According
to the Final Collaboration and Benefits Agreement, payment shall be made within twelve years at a legal interest rate in
soles
and dollars (3% and 1% annual interest as of December 31, 2022, respectively). The Company also undertakes to establish a series of guarantees
after the approval (by which the judge verifies that the Final Collaboration and Benefits Agreement is in accordance with the law) of
the Final Collaboration and Benefits Agreement, composed of i) a trust agreement that includes shares issued by a subsidiary of the Company;
ii) mortgage on a property owned by the Company; and iii) a guarantee account with funds equivalent to the annual installment for the
following year. Among other conditions, the Final Collaboration and Benefits Agreement includes a restriction against AENZA and its subsidiaries,
Cumbra and Unna Transporte, participating in public construction and road maintenance contracts for two years from the approval of the
Final Collaboration and Benefits Agreement. The other member companies of the Corporation are not subject to any impediment or prohibition
to contract with the Peruvian Government. As of December 31, 2022, the Company recognized in its financial statements the total liabilities
associated with the Final Collaboration and Benefits Agreement as S/488.9 million.
As
of December 31, 2022, and as of the reporting date of the consolidated financial statements, in the opinion of the Company's Management
and legal advisors, the civil compensation covers the total contingency to which the Company is exposed to as a result of the investigations.
Nevertheless, the Final Collaboration and Benefits Agreement enforceability is subject to court approval and its terms and conditions
are subject to confidentiality provisions.
Investigations
and Administrative Process initiated by INDECOPI in relation to the Construction Club
On
July 11, 2017, INDECOPI initiated an investigation against several Peruvian construction companies (including Cumbra), about the existence
of an alleged cartel called the Construction Club.
On
February 11, 2020, the subsidiary Cumbra was notified by the TS of the Free Competition Defense Commission of INDECOPI with a resolution
announcing a sanctioning administrative procedure involving a total of 35 companies and 28 natural persons, for alleged anticompetitive
conduct in the market of Public Works.
On
November 17, 2021, the Commission imposed a fine of approximately S/67 million against Cumbra, which is currently being challenged and
is pending resolution by the final administrative instance within the INDECOPI Court. As of December 31, 2022, Cumbra recorded an estimated
provision amounting to S/52.4 million (as of December 31, 2021, a present value equivalent to S/52.6 million was recorded).The resulting
contingency from these matters has been included in the settlement and cooperation agreement with Peruvian prosecutorial authorities.
Investigations
and Administrative Proceeding initiated by INDECOPI for Anti-Competitive Practices in the Labor Market in the Construction Sector
On
February 7, 2022, Cumbra and UNNA Transporte were notified pursuant to INDECOPI Resolution 038-2021/DLC-INDECOPI dated December 28, 2021,
that the antitrust authority initiated a sanctioning administrative procedure for the alleged execution of a horizontal collusive practice
in the form of concerted distribution of suppliers in the labor market in the construction worker industry nationwide, during the period
from 2011 to 2017.
On
April 7, 2022, Cumbra and UNNA Transporte submitted a proposal for a cease and desist agreement for the early termination of the administrative
sanctioning procedure, in which they (i) acknowledged the alleged conduct, (ii) committed to maintain during 2022, 2023 and 2024, a compliance
program with free competition rules, and (iii) agreed to pay S/2.7 million in two installments (one after 60 days and the second
after 12 months). Pursuant to Resolution No. 054-2022/CLC-INDECOPI dated August 19, 2022, the Commission for the Defense of Free Competition
of INDECOPI approved the proposed cease and desist commitment and concluded the sanctioning procedure. As of December 31, 2022, the company
estimated a provision amounting to S/1.4 million recognized as of December 31, 2022 (S/4.8 million as of December 31, 2021) related to
this proceeding.
146
On
May 9, 2023, our subsidiaries Cumbra and Unna Transporte were notified by INDECOPI, with Resolution 052-2023/CLC-INDECOPI, which formally
concludes the administrative sanctioning procedure in first instance for the alleged horizontal collusive practice in the form of concerted
distribution of suppliers in the market for hiring workers in the construction sector.
In
this regard, by Resolution No. 054-2022/CLC-INDECOPI of August 19, 2022, the Commission for the Defense of Free Competition of INDECOPI
approved the cessation of the proposed commitment. According to the established schedule, the Subsidiaries have paid the first installment
corresponding to 50% of the amount of the compensation in November 2022 and the next installment, for the remaining 50%, will be paid
no later than November 15, 2023; the amount thereof is duly provisioned in the financial statements. Likewise, the Subsidiaries are complying
with their commitment to maintain a compliance program, with supervision of INDECOPI.
Complaint
related to the Talara Refinery Project
As
of December 31, 2022, Cumbra Peru S.A. had a lawsuit pending against TRT for approximately US$78 million as compensation for damages
suffered as a result of various contractual breaches. In turn, TRT filed a counterclaim for approximately US$81 million alleging that
Cumbra had breached the sub-contract entered into between the two companies. On December 28, 2020, TRT executed two letters of guarantee
issued by Banco Santander, the first for US$16 million for Fidelity Performance and the second letter of guarantee for US$ 7.7 million
for advance payment of work, despite the fact that the obligations guaranteed by the letter of guarantee were being litigated in the
process described in this paragraph. As of December 31, 2021, the balance of this concept at face value amounted to US$31.6 million,
equivalent to S/125.8 million.
In
December 2022, we reached an agreement with TRT, to put an end to the claims of both parties. As a result of this agreement, we impaired
collection rights of US$29.6 million, equivalent to S/113 million (see Note 12-J.1 to our audited annual consolidated financial statements).
Also, we were granted the right to receive payments for outstanding invoices in an amount of US$10.3 million before January 31, 2023.
As of the date of this report, we have collected the full amount agreed.
Dividends
and Dividend Policy
Dividend
Policy
Our
current dividend policy, adopted on March 29, 2016, is to distribute between 30% and 40% of the net profit from the preceding year, as
long as we hold such net profit on a consolidated basis, subject to contractual restrictions on our indebtedness. Holders of our common
shares are entitled to receive dividends on a pro rata basis in accordance with their respective number of shares held. Our dividend
policy can be modified by a favorable vote of a majority of our shareholders and any changes become effective 30 days after approval.
Dividends will not be distributed in advance.
Article
23 of our by-laws establishes that dividends distribution must be approved by our shareholders during the annual shareholders'
meeting. The recommendation of our Board of Directors is required for the distribution of interim dividends, which must be subsequently
ratified at a shareholders' meeting.
Under
Peruvian law, companies may distribute up to 100% of their profit (after payment of income tax expense) subject to a 10% legal reserve
until the legal reserve equals 20% of the total value of their capital stock. 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 our company.
Under the terms of the agreement with the Prosecutor's Office and with the Attorney General's Office, we will be restricted
to distribute dividends until the payment of 40% of the civil penalty is complete.
In
any case, the resolution for the distribution of dividends must necessarily observe the restrictions and commitments contained in the
financing agreements entered into by the Company, and in particular, in the Final Collaboration and Benefits Agreement entered into by
AENZA S.A.A. with the Ad Hoc Public Prosecutor's Office on September 15, 2022, according to which:
i)
Dividends
may not be distributed until at least 40% of the civil reparation has been paid; and
ii)
Once
the 40% threshold mentioned in the previous paragraph has been exceeded, for each sol or dollar destined to the payment of dividends,
the Company must amortize in the same amount the payment of the civil reparation.
147
Payment
of Dividends
Dividends
are paid to holders of our common 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 are
distributed pro rata.
Certain
of our debt or other contractual obligations may restrict our ability to pay dividends. For example, we will not be able to make any
dividend payments until all outstanding amounts under the Financial Stability Framework Agreement are repaid. In addition, the indentures
of the senior secured notes issued by Línea 1 and the corporate bonds issued by Norvial contain certain customary covenants, including
restrictions on our and our subsidiaries' ability to pay dividends if we are in default under the agreement, and the corporate
bonds of Cumbra impose a limitation on Cumbra's ability to distribute dividends to us. Our rights over our dividends in Unna Energía
(formerly GMP S.A.), Red Vial 5 S.A. (formerly Norvial SA.) and Linea 1 (formerly GyM Ferrovías S.A.), have been assigned and
transferred to a trust as collateral securing a bridge loan facility. The release of such dividends in our favor is conditioned on the
fulfillment of certain covenants included in the trust agreement, including, among others, payment of debt service. "See Item 5.B.
Operating and Financial Review and Prospects—Liquidity and Capital Resources—Indebtedness."
Holders
of common 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 ten years from the original dividend payment date.
Previous
Dividend Payments
No
dividends were declared or paid from 2020-2022 for our common shares.
B. Significant
Changes.
Except
as disclosed in "Item 5. Operating and Financial Review and Prospects— Key Developments" and Note 36 to our audited
annual consolidated financial statements included in this annual report, we have not experienced any significant changes since the date
of our audited annual consolidated financial statements included in this annual report.
ITEM 9. THE OFFER AND LISTING
A. Offer and Listing Details
Our
ADSs
Our
ADSs are listed on the NYSE under the symbol "AENZ." On July 29, 2013, we completed our initial equity offering in the United
States of 19,534,884 ADSs, representing 97,674,420 common shares. On March 31, 2023, the closing price on the NYSE was US$2.54 per ADS.
On
November 2, 2020, the annual shareholders' meeting of the company approved the change of the company's name from Graña
y Montero S.A.A. to AENZA S.A.A. effective November 12, 2020, our common shares and ADSs were tradeable on the Lima Stock Exchange and
the NYSE, under the ticker symbols "AENZ" and "AENZAC1", respectively.
148
On
November 9, 2022, we announced our plan to change the ratio of our ADSs to our common shares (the "ADS Ratio") from the current
ADS Ratio of one (1) ADS to five (5) common shares, to a new ADS Ratio of one (1) ADS to fifteen (15) common shares (the "ADS Ratio
Change"). On November 22, 2022, the ADS Ratio Change became effective.
For
the company's ADS holders, the ADS Ratio Change had the same effect as a one-for-three reverse share split. Effective as of November
22, 2022, ADS holders were required to surrender and exchange every three (3) existing ADSs then held for one (1) new ADS. The Bank of
New York Mellon (the "Depositary"), as the depositary bank for the company's ADSs program, arranged for the exchange
of current ADSs for new ADSs. The company's ADSs continue to be traded on the New York Stock Exchange under the ticker symbol "AENZ."
No
fractional new ADSs were issued in connection with the ADS Ratio Change. Instead, fractional entitlements to new ADSs were aggregated
and sold by the Depositary and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes
and expenses) were distributed to the applicable ADS holders by the Depositary. The ADS Ratio Change had no impact on the company's
underlying common shares, and no common shares were issued or cancelled in connection with the ADS Ratio Change.
As
a result of the ADS Ratio Change, the company's ADS trading price was expected to increase proportionally; however, there can be
no assurance that the ADS trading price after the ADS Ratio Change will be equal to or greater than three (3) times the ADS trading price
before the change.
Our
Common Shares
Our
common shares are registered in the Public Registry of Securities held with the Peruvian Securities Commission and are listed on the
Lima Stock Exchange under the symbol "AENZAC1." On March 31, 2023, the closing price on the Lima Stock Exchange was S/0.66
per common share. As of March 31, 2023, 14 record holders of our common shares were located in the United States, according to CAVALI.
B.
Plan of Distribution
Not
applicable.
C.
Markets
Trading
in the Peruvian Securities Market
Lima
Stock Exchange
As
of December 31, 2022, there were 259 companies 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. In 2021, Lima Stock Exchange Group - Holding Company - was created. As of December 31, 2022, the
Lima Stock Exchange Group had a share capital of S/162,092,340, divided into 173,659,481 class "A" shares and 8,432,859 class
"B" shares. 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 a share capital of S/13,010,000, comprised of 13,010,000 common shares
of par value S/1.00 each.
Trading
on the Lima Stock Exchange is primarily done on an electronic trading system that became operational in August 1995. From the second
Sunday of March through the first Sunday of November 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.-2:52 p.m. (trading); 2:52 p.m.-3:00 p.m. (after-market sales); and 3:02 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).
149
Substantially
all of the transactions on the Lima Stock Exchange are traded on the electronic system. 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, the Lima Stock Exchange imposes a 15-minute suspension on trading when the price of a security varies on a single day by
more than 15% for Peruvian companies and 30% for non-Peruvian companies.
Certain
information regarding trading on the Lima Stock Exchange is set forth in the table below:
2018
2019
2020
2021
2022
Market capitalization (in millions of soles)
(1)
481,081
537,389
599,918
593,664
541,275
Volume (in millions of soles)
20,975
18,154
20,942
22,677
14,179
Average daily trading volume (in millions of soles)
84
72
82
90
57
(1)
End-of-period
                                            figures for trading on the Lima Stock Exchange.
The
stock market capitalization of companies listed on the Lima Stock Exchange was US$141.7 billion at the end of 2022, compared to US$162.0
billion, US$165.5 billion and US$148.5 billion at the end of 2019, 2020 and 2021, respectively.
Total
market volume in 2022 was US$3.7 billion, reflecting a 34.6% decrease compared with 2021. Equity market volume, which represented 72.4%
of total market volume, ended the 2022 year at US$2.7 billion, 38.3% lower than the previous year. The repo market, which represented
5.4% of total market volume, reported volume of US$199.48 million in 2022, reflecting a decrease of 33.8%.
The
total number of operations in the market in 2022 decreased by 20.0%, closing the year at 129,690 operations. The number of operations
in the equity market in 2021 increased by 41.1% to 162,205 operations.
In
2022, the S&P/BVL Peru General Index (
Índice S&P/BVL Peru General
) reached 21,330.33 points, increasing 1.04% compared
to 2021. In 2021, it reached 21,111.73 points, increasing 1.39% compared to 2020, and in 2020, it reached 20,822.15 points, increasing
1.44% compared to 2019.
Regulation
of the Peruvian Securities Market
The
regulatory framework for the Peruvian securities market is established in the Securities Market Law approved by Legislative Decree No.
861, as amended (
Ley del Mercado de Valores
), and the resolutions issued from time to time by the Peruvian Securities Commission.
The purpose of the Securities Market Law is to promote the ordered development and transparency of the Peruvian securities markets and
provide adequate protection for investors and the principles under which the Peruvian securities market is intended to operate. The Securities
Market Law contains the general rules for: (i) primary and secondary public offerings of securities; (ii) public offering of securities
for acquisitions and sales; (iii) local and international offerings, including simultaneous offerings; (iv) the Public Registry of Securities
(
Registro Público del Mercado de Valores
); (v) reporting obligations of material information (hechos de importancia) by
the issuers of securities recorded in the Public Registry of Securities and by the entities that are subject to the regulation and supervision
of the Peruvian Securities Commission; (vi) the enforcement of insider trading; (vii) privileged information and confidentiality regulations
and prohibitions against price manipulation; (viii) the broker-dealers; (ix) the Lima Stock Exchange; (x) CAVALI (the settlement and
registry entity for transactions executed on the Lima Stock Exchange); (xi) other entities that are required to be registered at the
Peruvian securities market Public Registry of Securities; (xii) capital market instruments and operations, including securitizations;
and (xiii) mutual funds and investments funds publicly placed and their respective management companies.
The
Peruvian securities market is regulated and supervised by the Peruvian Securities Commission (
Superintendencia del Mercado de Valores
),
a governmental entity reporting to the Peruvian Ministry of Economy and Finance, with functional, administrative, economic, technical
and budgetary autonomy. The Peruvian Securities Commission is governed by the Superintendent, designated by the Peruvian Ministry of
Economy and Finance, and by a five-member Board of Directors convened by the Superintendent (who acts as Chairman of the board). The
other four members are appointed by the government under applicable legislation. The Peruvian Securities Commission issues from time
to time resolutions which provide specific regulations or may impose sanctions in cases of violations of the Securities Market Law or
the resolutions issued by the Peruvian Securities Commission.
150
The
Peruvian Securities Commission, in order to achieve the Securities Market Law's purposes, has broad regulatory and supervisory
powers, including (i) issuing general mandatory rules; (ii) supervision and oversight of compliance with applicable legislation (including
the power to order inspections and require the submission of information and documentation by entities that are under its jurisdiction
and summon and interrogate any person that may contribute to its investigations); (iii) imposing sanctions; (iv) managing the Peruvian
securities market public registry; (v) verifying that public offerings meet filing requirements and that the securities subject to such
offerings are duly recorded at the Peruvian securities market public registry of securities; (vi) authorizing the incorporation and functioning
of entities under its scope of supervision; and (vii) monitoring the content and accuracy of the financial and other information that
is filed with the Peruvian Securities Commission. The Peruvian Securities Commission is responsible for the enactment, interpretation
and enforcement of rules and regulations issued under the Securities Market Law.
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), 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: (i) financial information, including unaudited interim financial statements on a quarterly basis (which are
not required to be subject to limited review by external auditors), and audited annual consolidated financial statements on an annual
basis, and (ii) material information relating to the issuer and its activities that may significantly affect the price, offering or trading
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 information to the Peruvian Securities Commission and,
if the securities are listed, with the Lima Stock Exchange as soon as practicable but not later than the day on which the event took
place or the issuer became 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
The
information set forth in Exhibit 1.01, "By-Laws of the Registrant, as currently in effect" is incorporated herein by reference.
151
C. Material
Contracts
CS
Peru Infrastructure Loan
On
July 31, 2019, the company entered into a medium-term loan credit agreement for US$35 million (equivalent to S/112.9 million) with CS
Peru Infrastructure Holdings LLC, the proceeds of which were used as working capital for the company and its subsidiaries, Cumbra and
Adexus. The term of the loan was three years, with quarterly installments of principal beginning on the 18th month. On February 28, 2020,
the company and the initial lender signed an amendment, waiver and consent in respect of this event of default, in consideration for
a prepayment by the company of US$10 million, together with accrued interest and a make-whole premium. After this payment, the principal
amount outstanding under the term loan was US$22 million. In August 2021, the total amount outstanding was paid in full.
For
more information, see "Item 5. Operating and Financial Review and Prospects—Liquidity and Capital Resources—Indebtedness."
This agreement and the amendment thereto have been incorporated by reference as Exhibit 10.01 to this annual report.
Financial
Stability Framework Agreement
In
July 2017, the Company and its subsidiaries (Cumbra, Construyendo País S.A., Vial y Vives - DSD and Concesionaria Vía Expresa
Sur S.A.) signed a Financial Stability Framework Agreement with the following financial institutions: Scotiabank Perú S.A., Banco
Internacional del Perú S.A.A., Banco BBVA Perú S.A., Banco de Crédito del Perú S.A., Citibank del Perú
S.A. and Citibank N.A. The objectives of the Financial Stability Framework Agreement were: to guarantee Cumbra a syndicated revolving
line of credit for working capital, a non-revolving line of credit to finance repayment commitments subject to performance bonds; to
guarantee lines of credit for the issuance of performance bonds and to commit to maintain the existing letters of credit issued to Cumbra's
requirements.
At
December 31, 2021, the Company was in compliance with the obligations and covenants established in the Financial Stability Framework
Agreement.
On
March 29, 2022, S/28.2 million and US$0.3 million corresponding to the total balance of the direct debt of the Financial Stability Framework
Agreement (US$ 7.4 million, equivalent to S/29.5 million, as of December 31, 2021) were paid, and the line of credit for the issuance
of letters of guarantee remains in place. This agreement and the amendment thereto have been incorporated by reference as Exhibit 10.05
to this annual report.
GSP
Concession and Subordination Arrangements
In
November 2015, we acquired a 20% interest in GSP and obtained a 29% interest in CCDS through its subsidiary Cumbra Peru.
On
July 22, 2014, GSP signed a Concession Agreement with the Peruvian Government to build, operate, and maintain a natural gas pipeline
to meet the demand of cities in the south of Peru. Additionally, GSP signed an engineering, procurement, and construction agreement with
CCDS.
We
made an investment of US$242.5 million in GSP and had to assume 20% of the performance bond established in the Concession Agreement for
US$262.5 million and 21.49% of the guarantee for a bridge loan of US$600 million. On January 24, 2017, the MEM announced the early termination
of the Concession Agreement under Clause 6.7 thereof, for not having provided evidence of the financial closing within the contractual
term resulting in the immediate enforcement of the performance bond.
The
events described in the previous paragraph caused management to recognize an impairment from 2016 to 2019 of its total investment (US$242.5
million), as well as the account receivable resulting from the execution of the counter-guarantees granted by AENZA in favor of the entity
issuing the guarantees: for US$52.5 million corresponding to the performance bond and US$129 million corresponding to the corporate guarantee
on the bridge loan granted to GSP. According to the Concession Contract, the guarantees were paid on behalf of GSP, therefore, AENZA
recognized the right to collect from GSP US$181.5 million, which was recorded in 2016 as accounts receivable from related parties. Likewise,
Cumbra Peru recognized the value of accounts receivable from CCDS as US$73.5 million and lost profits as US$10 million, which correspond
to receivables from GSP. See Note 11 to our audited annual consolidated financial statements included in this annual report for the balance
of the account receivable from GSP.
152
On
October 11, 2017, the agreement deed for the delivery of the assets of the South Peruvian gas pipeline concession between GSP and MEM
was signed. The assets include the works, equipment, facilities and engineering studies provided for the execution of the project.
Upon
termination of the Concession Contract, and in accordance with the provisions of Clause 20 thereof, the Peruvian State was obligated
to hire an internationally recognized auditing firm to calculate the VCN, and to call up to three auctions on GSP's assets. However,
to date, the Peruvian State has failed to comply with these contractual obligations. The amount of the VCN was calculated at US$2,602
million by an independent auditing firm hired by GSP as of December 31, 2016. This figure was subsequently adjusted to US$2,110 million,
as a result of variations in the balances related to the works carried out by the consortium, which in turn is reported in its audited
financial statements as of December 31, 2017.
On
December 21, 2018, the company asked the Peruvian Government for direct treatment and requested the payment of the VCN in favor of GSP.
On October 18, 2019, the company filed with the CIADI an arbitration request. On December 27, 2019, the company withdrew the arbitration
request in compliance with a preliminary collaboration and benefits agreement signed with the Attorney General´s Office and Ad-hoc
Public Prosecutor's Office on the same date (see Note 1 to our audited annual consolidated financial statements included in this
annual report). Withdrawing the arbitration request before CIADI does not result in the loss of collection rights of the company against
GSP and does not restrict, limit, or impede GSP from asserting its rights against the Peruvian Government.
The
company and its internal and external legal advisors consider that the payment owed by the Government to GSP for the VCN are not within
the withholding scope under Law 30737 that ensures the immediate payment of civil compensation in favor of the Peruvian State in cases
of corruption and related crimes, since this payment does not include any profit margin and/or does not correspond to the sale of assets
related to the project, but to a reimbursement for the investment made by the concessionaire.
As
of December 4, 2017, GSP entered into a bankruptcy proceeding before INDECOPI. GSP has claims recognized by INDECOPI of US$0.4 million
and US$169.3 million, the latter held in trust in favor of GSP's creditors. It also has indirectly recognized claims for US$11.8
million. On the other hand, the claim of Cumbra is indirectly recognized in INDECOPI through
Consorcio Constructor Ductos del Sur
for an amount of US$88.7 million. As of the date of this report, GSP is in the process of liquidation and AENZA is chairing the Board
of Creditors.
On
April 11, 2023, a liquidation agreement (the "Liquidation Agreement") was approved, which delimits the framework for the
liquidator's work. The Liquidation Agreement includes the granting of powers to the liquidator with respect to representation, administrative,
contractual and other relevant powers that allow him to comply with the obligations for which he was appointed, as well as the actions
he is allowed to take in order to recover GSP's assets and in accordance with the mechanisms set forth in the General Law of the Insolvency
System. On April 13, 2023, and under the powers granted to him by the Liquidation Agreement, the Liquidator requested that the MEM initiate
the direct treatment procedure stipulated in the Concession Contract. For more information regarding the amounts recognized, see Note
11 to our audited annual consolidated financial statements included in this annual report.
As
of December 31, 2022, the net value of the accounts receivable from GSP is approximately US$142.4 million (equivalent to S/542.3 million)
compared to US$161.9 million (equivalent to S/643.9 million) as of December 31, 2021, which comprises the recognition in the following
entities of the Corporation: i) AENZA S.A.A. holds US$63.9 million (equivalent to S/243. 2 million), discounted to present value net
of impairment and the effect of the exchange difference, compared to US$81.1 million (equivalent to S/322.6 million) as of December 31,
2021; and ii) Cumbra Peru holds US$78.6 million (equivalent to S/299.2 million) discounted to present value net of the effect of the
exchange difference compared to US$80.8 million (equivalent to S/321.3 million) as of December 31, 2021.
153
The
company's management maintains the recovery estimate at 8 years, applying a discount rate of 5.85%, compared to recovery term of 8 years
with a discount rate of 2.73% as of December 31, 2021. These estimates generated during 2022 a present value effect of approximately
S/72.2 million, compared to S/32.8 million during 2021, which has been recognized in the consolidated statement of income under the caption
"Financial income and expenses - loss from present value", see Note 26.B to our audited annual consolidated financial statements
included in this annual report.
Based
on management's assessment and in conjunction with the opinion of the internal legal department and external legal counsel, the estimate
of recoverability, impairment allowances and the net recognized value of the account receivable from GSP as of December 31, 2021 and
2022 is reasonable and sufficient as of the reporting date of the Corporation's consolidated financial statements, see also Notes 5.A.iv
and 11 to our audited annual consolidated financial statements included in this annual report.
Convertible
Bonds
On
August 13, 2021, AENZA issued bonds convertible into common shares in a total principal amount of US$89.9 million. The bonds mature in
February 2024, bear interest at a rate of 8%, and are payable quarterly. Pursuant to the terms and conditions of the convertible bonds,
they may be converted into shares as of the sixth month from the date of issuance. In accordance with the terms and conditions of the
convertible bond, holders of convertible bonds in a principal amount equivalent to US$11 million, exercised their conversion rights,
and, on February 28, 2022, we issued 37,801,073 new common shares. Additionally, on March 31, 2022, holders of convertible bonds in a
principal amount equivalent to US$78,970,000 exercised their conversion rights. As a consequence, we issued 287,261,051 new common
shares. Therefore, our capital stock has increased from S/871,917,855 to S/1,196,979,979. After these conversions, the convertible bonds
have been fully cancelled.
Bridge
Loan
On
March 17, 2022, the company entered into a bridge loan credit agreement for up to US$120 million, with a group of financial entities
comprised by
Banco BTG Pactual S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Institució
n de Banca
Múltiple, Grupo Financiero HSBC, and Natixis, New York Branch. The financing will be repaid over a period of 18 months, and will
be secured, subject to the fulfillment of certain precedent conditions, by a flow trust (first lien), a trust over the shares of Viva
Negocio Inmobiliario S.A. (second lien), and a pledge on our shares in Unna Energía S.A. (first lien). On April 5, 2022, the loan
was disbursed and we have used the proceeds to repay certain of our financial and other obligations. This agreement has been incorporated
by reference as Exhibit 10.02 to this annual report.
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 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 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 rates through any
member of the Peruvian banking system and transfer such foreign currency outside Peru without restriction.
154
E. Taxation
Peruvian
Tax Considerations
The
following is a general summary of material Peruvian tax matters under Peruvian law, as in effect on the date of this annual report and
describes the principal tax consequences of ownership of ADSs and common shares by non-resident individuals or entities ("Non-Peruvian
Holders"). Legislative, judicial or administrative changes or interpretations may, however, be forthcoming. Any such changes or
interpretations could affect the tax consequences to holders of ADSs and common shares and could alter or modify the conclusions set
forth herein. This summary is not intended to be a comprehensive description of all of the tax considerations that may be relevant to
a decision to make an investment in the ADSs or common shares. In addition, it does not describe any tax consequences arising under the
laws of any taxing jurisdiction other than Peru or applicable to an individual or entity 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 place of residence in Peru or if they are foreign nationals
with a permanence of more than 183 days in Peru in any 12-month period (in the latter case, 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.
Cash
Dividends and Other Distributions
Cash
dividends paid to Non-Peruvian Holders with respect to common shares and amounts distributed with respect to ADSs have been subject to
Peruvian withholding income tax expense at a rate of 5% since 2017. As a general rule, the distribution of additional common shares representing
profits, the 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 all shareholders, will not be subject
to Peruvian income tax expense or withholding taxes.
Capital
Gains
Pursuant
to Article 6 of the Peruvian income tax expense law, individuals and domiciled entities in Peru are subject to Peruvian income tax expense
on their worldwide income while non-domiciled entities – including branches, agencies (
agencias
), and permanent establishment
(
establecimientos permanentes
) of non-domiciled entities – are subject to Peruvian income tax expense only on their Peruvian
source income.
Peruvian
income tax expense law 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 expense. Under current Peruvian income tax expense law, capital gains resulting
from the disposal of ADSs that represent shares issued by Peruvian entities are considered Peruvian source income and therefore are subject
to Peruvian income tax expense. Peruvian income tax expense law also provides that the taxable income resulting from the disposal of
securities is equal to the difference between the sale price of the securities (which may not be less than their fair market value) and
their tax basis.
Notwithstanding
the foregoing, capital gains resulting from the disposal of ADSs or the beneficial interest in ADSs that represent shares issued by a
Peruvian entity are not considered Peruvian source income, and therefore are not subject to Peruvian income tax expense.
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 expense rate of either 5% or 30%, depending on where the transaction takes place. If the transaction is consummated
in Peru, any capital gain will be subject to an income tax expense rate of 5%; and if the transaction is performed outside of Peru, any
capital gain will be subject to a 30% income tax expense rate. Peruvian income tax expense law regulations have stated with respect to
the transfer of common shares, that transactions are deemed to be consummated in Peru if the common shares are transferred through the
Lima Stock Exchange.
155
From
2016 through December 31 of 2022, pursuant to the Law 30341 and amendments, capital gains resulting from a transfer of: (i) Common shares
and investment shares, (ii) ADSs and Global Depositary Receipts (GDRs), (iii) Exchange Trade Funds (ETF) units that have underlying shares
and/or securities representing debt, (iv) representative securities of debt, (v) Certificates of participation in mutual funds for
investment in securities, (vi) Certificates of participation in investment Funds in Rent of Real Property (FIRBI) and certificates
of participation in Trustee of Securitization for Investment in Rent of Real Estate (FIBRA), and (vii) Negotiable invoices, will be exempt
from income tax expense, provided, however, that the following conditions are met:
With
respect to (i), (ii) and convertible bonds:
(a)
The
transfer must be performed through a centralized trading mechanism supervised by the Securities Market Superintendence;
(b)
In
any 12-month period, neither the seller or any person related to him must dispose of more than 10% of the total number of common
shares issued by the company through one or more simultaneous or successive operations; and
(c)
The
shares must have a "market presence", meaning that transactions in respect of those shares for a value exceeding six Tax
Units (currently, S/4,950.00 per Tax Unit).
With
respect to (iii), (iv), (v) and (vi):
(a)
The
transfer must be performed through a centralized trading mechanism supervised by the Securities Market Superintendence; and
(b)
The
shares must have a "market presence," meaning that transactions in respect of those shares for a value exceeding six Tax
Units (currently, S/4,950.00 per Tax Unit).
With
respect to (vii), the transfer must be performed through a centralized trading mechanism supervised by the Securities Market Superintendence.
Any
gain resulting from the conversion of ADSs into common shares or common shares into ADSs will not be subject to taxation in Peru.
Likewise,
it is important to note that if after applying the exemption, the issuer delisted the securities from the Registry of the Lima Stock
Exchange, in whole or in part, in an act or progressively, within the next 12 months after the disposal is made, the exemption that is
applied to the securities unlisted is lost.
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 par value of such common shares; (iii) for other common shares received free of any payment,
tax basis will be: (x) zero or the cost borne by the transferor, in the case of individuals and (y) the fair market value at the time
of the acquisition, in the case of entities; 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 the 30% Peruvian income tax expense would apply to the total sale price.
Under Peruvian income tax expense law, tax basis certification is granted by the Peruvian tax authorities within 30 business days after
the filing of the corresponding application. If the Peruvian tax authorities do not respond within the abovementioned period, the tax
basis calculation will be deemed automatically approved.
156
In
any transaction relating to Peruvian securities through the Lima Stock Exchange, CAVALI will act as withholding agent of the Peruvian
income tax expense. If the purchaser is a resident in Peru and the sale is not performed through the Lima Stock Exchange, the purchaser
will act as withholding agent. In other cases, the transferor shall be obliged to self-assess the tax and pay it to the Peruvian tax
authorities within the first 12 business days of the month following the transfer. Nevertheless, from January 1, 2023 to December 31,
2023, Law 31662, the income tax expense exemption applicable to capital gains derived from the transfer of shares through the Stock Market
(provided that the conditions established in Law 30341 and its amendments are met), applies only to individuals and marriages in the
community of property. This exemption applies only to capital gains up to a threshold of 100 Tax Units of the capital gain generated
in each fiscal year (currently, S/4,950.00 per Tax Unit). Thus, this new rule excluded the exemption applicable to domiciled and non-domiciled
entities that were only in force as of December 31, 2022.
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, fees payable
to the Peruvian Securities Commission, brokers' fees (about 0.05% to 0.50% of value sold by legal entities) 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.
United
States Federal Income Tax Considerations
The
following summary describes certain U.S. federal income tax consequences to a U.S. Holder (as defined below) of the ownership and disposition
of our ADSs and common shares. This summary deals only with ADSs and common shares held as capital assets (generally, property held for
investment). As used herein, the term "U.S. Holder" means a beneficial owner of ADSs or common shares that is for U.S. 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 (i) 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 (ii) 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 in light of
your particular circumstances and does not address 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 in securities or currencies;
●
a
financial institution;
●
a
regulated investment company;
●
a
real estate investment trust;
●
an
insurance company;
157
●
a
tax-exempt organization;
●
a
person holding our ADSs or common shares 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
person required to accelerate the recognition of any item of gross income with respect to our ADSs or common shares as a result of such
income being recognized on an applicable financial statement;
●
a
partnership or other pass-through entity for United States federal income tax purposes; or
●
a
person whose "functional currency" is not the U.S. dollar.
The
discussion below is based upon the provisions of the 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 than the consequences under
the foregoing authorities. In addition, this summary is based, in part, upon representations made by the depositary to us and assumes
that the deposit agreement, and all other related agreements, will be performed in accordance with their terms.
If
a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our ADSs or common
shares, 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 partner of a partnership holding our ADSs or common shares, you should consult your tax advisors.
This
summary does not address the effects of the federal tax on net investment income or other U.S. federal tax consequences (such as U.S.
federal estate or gift tax consequences), and does not address the effects of any state, local or non-U.S. tax laws. If you are considering
the purchase of our ADSs or common shares, you should consult your own tax advisors concerning the U.S. federal income tax consequences
to you in light of your particular situation as well as any consequences arising under other U.S. federal tax laws and the laws of any
other taxing jurisdiction.
Except
as specifically noted below under "—Passive Foreign Investment Company," the following discussion assumes we will not
be a passive foreign investment company (a "PFIC") for U.S. federal income tax purposes.
ADSs
If
you hold ADSs, for U.S. 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 U.S. federal income
tax.
Taxation
of Dividends
The
gross amount of distributions, other than certain pro rata distributions of common shares, 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 U.S. federal income tax principles.
158
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 U.S. 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 (but not below
zero), 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 U.S. federal income tax principles. Therefore, you should expect that a distribution
will generally be reported as a dividend. Such dividends (including any 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 generally will not be eligible for the dividends received deduction allowed to corporations under the Code.
Subject
to applicable limitations (including a minimum holding period requirement), dividends received by non-corporate U.S. Holders from a qualified
foreign corporation may be treated as "qualified dividend income" that is subject to reduced rates of taxation. A non-U.S.
corporation is 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 (and if such corporation is
neither a PFIC in the current year nor the most recently completed taxable year (as discussed below under "
Passive Foreign Investment
Company
")). U.S. Treasury Department guidance indicates that our ADSs, which are listed on the NYSE, will be considered readily
tradable on an established securities market in the United States. Based on existing guidance, it is not entirely clear whether our common
shares will be considered readily tradable on an established securities market in the United States because only the ADSs, not the underlying
common shares, are listed on a securities market in the United States. 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. Additionally,
even if we are a qualified foreign corporation, the reduced rates on dividends will apply only if such dividends are paid with respect
to the ADSs that a non-corporate U.S. holder has held for at least 61 days during the 121-day period beginning 60 days before the "ex-dividend
date." 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 particular
circumstances.
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 U.S. source ordinary income or loss.
Subject
to certain conditions and limitations and the Foreign Tax Credit Regulations (as defined below), Peruvian withholding taxes on dividends
may be treated as foreign taxes eligible for credit against your U.S. 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, in certain circumstances, if you have held the ADSs or common shares for less than a specified minimum period
during which you are not protected from risk of loss, or are obligated to make payments related to the dividends, you will not be allowed
a foreign tax credit for any Peruvian withholding taxes imposed on dividends paid on the ADSs or common shares. In addition, Treasury
regulations that apply to taxes paid or accrued in taxable years beginning on or after December 28, 2021 (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 U.S. foreign tax credit, you may be able to deduct Peruvian withholding
taxes on dividends, subject to generally applicable limitations under U.S. law (including that a U.S. Holder is not eligible for a deduction
for foreign income taxes paid or accrued in a taxable year if such U.S. 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 Foreign Tax Credit Regulations and the availability of the foreign tax credit or
a deduction under your particular circumstances.
159
Taxation
of Capital Gains
For
U.S. federal income tax purposes, you will recognize taxable gain or loss on any sale 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. Such gain or loss will generally be capital gain or loss. Capital gains of non-corporate U.S. 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.
Any
gain or loss recognized by you will generally be treated as U.S. source gain or loss for foreign tax credit purposes. 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 U.S. source), unless you
can apply the credit (subject to applicable limitations) against U.S. federal income tax payable on other income from foreign sources.
In such case, however, the non-creditable Peruvian income tax may reduce the amount realized on the 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, including the effect of the Foreign Tax Credit Regulations and the availability of the foreign tax credit under
your particular circumstances.
Passive
Foreign Investment Company
Based
on the past and projected composition of our income and assets and the valuation of our assets, we do not believe that we were a PFIC
for our most recent taxable year and we do not expect to become a PFIC in the current taxable year or the foreseeable future, although
there can be no assurance in this regard. In general, we will be a PFIC for U.S. federal income tax purposes for any taxable year in
which, after applying certain look-through rules, (i) at least 75% of our gross income is passive income, or (ii) at least 50% of the
value (generally determined based on a quarterly average) of our assets is attributable to assets that produce or are held for the production
of passive income. For this purpose, passive income generally includes dividends, interest, royalties and rents (other than royalties
and rents derived in the active conduct of a trade or business and not derived from a related person). The determination of whether we
are a PFIC is made annually. Accordingly, it is possible that we may become a PFIC in the current or any future taxable year due to changes
in our income or asset composition.
If
we are a PFIC for any taxable year during which you hold our ADSs or common shares, you could be subject to additional U.S. federal income
taxes on gain recognized with respect to our ADSs or common shares and on certain distributions, plus an interest charge on certain taxes
treated as having been deferred under the PFIC rules. In addition, non-corporate U.S. 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. Although the determination of whether we are a
PFIC is made annually, if we are a PFIC for any taxable year in which you hold our ADSs or common shares, we would generally continue
to be treated as a PFIC with respect to you for all succeeding years during which you hold the ADSs or common shares, even if we ceased
to meet the threshold requirements for PFIC status during such years. However, if we cease to be a PFIC, you can avoid the continuing
impact of the PFIC rules by making a special election to recognize gain as if your ADSs or common shares had been sold on the last day
of the last taxable year during which we were a PFIC.
You
will generally be required to file Internal Revenue Service Form 8621 if you hold our ADSs or common shares in any year in which we are
classified as a PFIC. If we were to be classified as a PFIC, certain elections may be available that would result in alternative treatments
(such as mark-to-market or qualified electing fund treatment) of the ADSs or common shares. U.S. Holders should consult their tax advisors
to determine whether any of these elections would be available and, if so, what the consequences of the alternative treatments would
be in their particular circumstances. U.S. Holders should note, however, that we do not intend to comply with such reporting requirements
necessary to permit U.S. Holders to elect to treat the Company as a qualified electing fund. You are urged to consult your tax advisors
concerning the U.S. federal income tax consequences of holding our ADSs or common shares if we are considered a PFIC in any taxable year,
including the potential availability and effect of any elections which would provide for alternative treatment.
160
Information
with respect to Foreign Financial Assets
U.S.
Holders that are individuals (and, to the extent provided in regulations, certain entities) that own "specified foreign assets,"
including possibly the ADSs or common shares, with an aggregate value in excess of $50,000 at the end of the taxable year or $75,000
at any time during the taxable year are generally required to file IRS Form 8938 with information regarding such assets. Depending on
the circumstances, higher threshold amounts may apply. Specified foreign financial assets include any financial accounts maintained by
foreign financial institutions, as well as any of the following, but only if they are not held in accounts maintained by financial institutions:
(i) stock and securities issued by non-U.S. person, (ii) financial instruments and contracts held for investment that have non-U.S. issuer
or counterparties, and (iii) interests in non-U.S. entities. If a U.S. Holder is subject to this information reporting regime, the failure
to timely file IRS Form 8938 may subject the U.S. Holder to penalties. In addition to these requirements, U.S. Holders may be required
to annually file FinCEN Report 114 (Report of Foreign Bank and Financial Accounts) with the U.S. Department of Treasury. U.S. Holders
are thus encouraged to consult their U.S. tax advisors with respect to these and other reporting requirements that may apply to their
acquisition of the common ADSs and common shares.
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 or other
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 are an exempt recipient. Backup withholding may apply to such payments if you fail to provide a taxpayer identification number
or certification of exempt status or fail to report in full dividend and interest income.
Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit
against your U.S. federal income tax liability provided the required information is furnished to the Internal Revenue Service in a timely
manner. Information reporting requirements may apply regardless of whether withholding is required. U.S. Holders should consult their
own tax advisors about any additional reporting requirements that may arise as a result of their purchasing, holding or disposing of
ADSs or common shares. Significant penalties can apply if a U.S. Holder is required to disclose its ADSs or common shares and fails to
do so.
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 U.S. 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
are subject to the informational requirements of the U.S. Securities Exchange Act of 1934, or the Exchange Act. Accordingly, we are required
to submit reports and other information to the SEC, including annual reports on Form 20-F and reports on Form 6-K. In addition, the SEC
maintains an Internet website at http://www.sec.gov, from which you can electronically access these materials.
161
As
a foreign private issuer, we are required to file with the SEC annual reports on Form 20-F, but we are not subject to the same disclosure
requirements as a domestic U.S. registrant under the Exchange Act. For example, we are not required to prepare and issue quarterly reports.
However, we have furnished, and intend to continue to furnish, our shareholders with quarterly reports containing unaudited financial
data for the first three quarters of each fiscal year. In addition, as a foreign issuer, we are not subject to the proxy rules under
Section 14 of the Exchange Act and our officers and directors are subject to Section 16 of the Exchange Act relating to insider short-swing
profit disclosure and recovery regime.
We
send the depositary a copy of all notices that we give relating to meetings of our shareholders or to distributions to shareholders or
the offering of rights and a copy of any other report or communication that we make generally available to our shareholders. The depositary
makes all these notices, reports and communications that it receives from us available for inspection by registered holders of ADSs at
its office. The depositary mails copies of those notices, reports and communications to you if we ask the depositary to do so and furnish
sufficient copies of materials for that purpose.
We
file financial statements and other periodic reports with the Peruvian Securities Commission in Peru. 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,
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
unaudited interim financial statements on a quarterly basis (which are not required to be subject to limited review), and audited annual
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.
I. Subsidiary
Information
See
the Notes 2.B and 6 to our audited annual consolidated financial statements included in this annual report for a description of our subsidiaries.
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We
are exposed to a number of market risks arising from our normal business activities, including the possibility that changes in currency
exchange rates or interest rates will adversely affect future cash flows and profit or the value of our financial assets and liabilities.
From time to time, we enter into derivative transactions to hedge against foreign currencies and interest rate fluctuations. For further
information regarding our market risk, see Note 4 to our audited annual consolidated financial statements included in this annual report.
Exchange
Rate Risk
We
are exposed to market risk associated with changes in foreign currency exchange rates. Our revenues and costs, and our assets and liabilities,
are denominated in soles, U.S. dollars, Chilean pesos and, to a lesser extent, other currencies. In 2022, we estimate that 39.3%, 43.8%
and 16.9% of our revenues were denominated in soles, U.S. dollars and other currencies (principally Chilean pesos), respectively, while
55.8%, 25.9% and 18.3% of our cost of sales during the year were denominated in soles, U.S. dollars and other currencies. In addition,
as of December 31, 2022, 51.8%, 47.3% and 1.0% of our total debt was denominated in soles, U.S. dollars and other currencies, respectively.
If, at December 31, 2022, the sol had strengthened/weakened by 2% against the U.S. dollar, with all other variables remaining constant,
or pre-tax profit for the year would have increased/decreased by US$1.2 million (US$0.1 million in 2021 and S/0.8 million in 2020).
162
Interest
Rate Risk
We
may from time to time incur variable interest rate indebtedness, and accordingly our Financial expenses are affected by changes in interest
rates. Based upon our indebtedness as of December 31, 2022, the variable interest rate indebtedness outstanding is as follows:
Linea
1 Senior Secured Notes.
On February 2015, Línea 1 issued a total of S/629 million (US$184.3 million) Series A Senior Secured
VAC-Indexed Notes due 2039, with an annual interest rate of 4.75% plus adjustments for inflation. As of December 31, 2022, Línea
1 had S/630.0 million (US$164.9 million) outstanding under these notes.
Bridge
Loan
. On March 17, 2022, the company entered into a bridge loan credit agreement for up to US$120 million, with a group of financial
entities comprised by
Banco BTG Pactual S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Institución de
Banca Múltiple, Grupo Financiero HSBC
, and Natixis, New York Branch. The financing will be repaid over a period of 18 months.
On April 5, 2022, the loan was disbursed and we used the proceeds to repay certain of our financial and other obligations.
Commodity
Price Risk
We
are exposed to market risk associated with changes in commodity prices, primarily for oil, steel and cement, which in aggregate represented
a majority of our total input cost in 2022. We do not have long-term contracts for the supply of these key inputs. Based upon our consumption
of these inputs during 2022, a 10% increase/decrease in the prices of each of oil, steel and cement would have increased/decreased our
costs of sales by S/3.8 million, S/0.9 million and S/3.2 million, respectively. However, based on our production of oil during 2022,
a 10% increase/decrease in the price of oil would have increased or decreased our revenues by S/38.2 million.
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
The
depositary 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 are cancelled or reduced for any other
reason, US$5.00 or less 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 ADS 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 ADSs or the deposited securities or a distribution of ADSs), whichever is applicable:
163
●
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 ADSs
(which fee may be charged on a periodic basis during each calendar year and shall be assessed against holders of ADSs 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);
●
a
fee for the 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 sale of securities, the delivery of deposited securities or otherwise in connection with the depositary's
or the 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 or sale of securities pursuant to paragraph 10 of the deposit agreement, such fee being in an amount equal to
the 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 ADS 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.
During
2022, the depositary reimbursed us for expenses in an aggregate amount of US$125,527.35 (S/472,610.47).
164
Part
II.
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
CS
Peru Infrastructure Loan
Due
to the impact of the COVID-19 pandemic on the company's results of operations, during the third and fourth quarters of 2020 and
the first and second quarters of 2021, the company was in default under the CS Peru Infrastructure Loan for failing to maintain its maximum
Leverage Ratio (as defined therein). On December 23, 2020, the company and the initial lender signed a waiver and consent agreement in
respect of the initial default. The subsequent defaults were resolved during 2021 because we repaid in full the loan on August 13, 2021.
Norvial
Corporate Bonds
Due
to the impact of the COVID-19 pandemic and government measures to curb the spread of the virus, including the temporary suspension of
tolls in Peru pursuant to Law 31018, on our subsidiary Norvial's results of operations, during the second quarter of 2020, Norvial
was in default under its corporate bonds for failing to maintain its Debt Service Coverage Ratio (as defined therein). On August 5, 2020,
the general assembly of bondholders granted a waiver in respect of the prior default. Norvial is currently in compliance with its financial
covenants.
Financial
Stability Framework Agreement
In
July 2017, the Company and its subsidiaries (Cumbra, Construyendo País S.A., Vial y Vives - DSD and Concesionaria Vía Expresa
Sur S.A.) signed a Financial Stability Framework Agreement with the following financial institutions: Scotiabank Perú S.A., Banco
Internacional del Perú S.A.A., Banco BBVA Perú S.A., Banco de Crédito del Perú S.A., Citibank del Perú
S.A. and Citibank N.A. The objectives of the Financial Stability Framework Agreement were: to guarantee Cumbra a syndicated revolving
line of credit for working capital, a non-revolving line of credit to finance repayment commitments subject to performance bonds; to
guarantee lines of credit for the issuance of performance bonds and to commit to maintain the existing letters of credit issued to Cumbra's
requirements.
At
December 31, 2021, the Company was in compliance with the obligations and covenants established in the Financial Stability Framework
Agreement.
On
March 29, 2022, S/28.2 million and US$0.3 million corresponding to the total balance of the direct debt of the Financial Stability Framework
Agreement (US$ 7.4 million, equivalent to S/29.5 million, as of December 31, 2021) were paid, and the line of credit for the issuance
of letters of guarantee remains in place. Santander Loan
The
maturity of a short-term loan from Banco Santander to our subsidiary Cumbra was extended until September 30, 2022. As of the date of
this annual report, Cumbra has deposited the full principal amount under the Santander Loan Agreement in the Santander Payment Account
of the Guarantee and Management Trust Agreement dated March 28, 2022.
For
more information, see "Item 5.B. Operating and Financial Review and Prospects—Liquidity and Capital Resources—Indebtedness."
ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Material
Modifications to the Rights of Security Holders
None.
165
Use
of Proceeds
In
December 2018, our company issued and sold a total of 69,380,402 common shares to certain of our company's existing shareholders
that exercised preemptive rights in accordance with Peruvian law and pursuant to a private placement. On April 2, 2019, our company issued
and sold 142,483,633 common shares pursuant to the private placement, of which: (i) 55,291,877 shares were paid in full and (ii) 87,191,786
shares were paid 50% on such date with 50% paid on June 1, 2019. In total, our company issued and sold 211,864,065 common shares with
the proceeds used to reduce debt, to pay our vendors and for working capital for one of our company's subsidiaries.
On
August 13, 2021, AENZA issued bonds convertible into common shares in a total principal amount of US$89.9 million. The bonds mature in
February 2024, bear interest at a rate of 8%, and are payable quarterly. Pursuant to the terms and conditions of the convertible bonds,
they may be converted into shares as of the sixth month from the date of issuance. In accordance with the terms and conditions of the
convertible bonds, holders of convertible bonds in a principal amount equivalent to US$11 million exercised their conversion rights and
on February 28, 2022, we issued 37,801,073 new common shares. Additionally, holders of convertible bonds in a principal amount equivalent
to US$79 million exercised their conversion rights and, on March 31, 2022, we issued an additional 287,261,051 new common shares.
After these conversions, the convertible bonds have been fully cancelled.
ITEM
15. CONTROLS AND PROCEDURES
CONTROLS
AND PROCEDURES
A. Disclosure
Controls and Procedures
Management, with the participation
of our company's Chief Executive Officer and Vice President of Corporate Control and Planning, performed an evaluation of the effectiveness
of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended
(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 Vice President of Corporate Control and Planning , 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 Vice President of Corporate Control and Planning concluded that, as of December 31,
2022, our disclosure controls and procedures were not effective due to the existence of the material weaknesses in internal control over
financial reporting described below.
B. Management's
Annual Report on Internal Control Over Financial Reporting
Management
is responsible for establishing and maintaining adequate internal control over financial reporting for our company as such term is defined
by Exchange Act rules 13(a)-15(f) and 15(d)-15(f). Our company's system of internal control over financial reporting is designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with IFRS
and includes those policies and procedures that: (i) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the Company; (ii) 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 our management and directors; and (iii) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or disposition of our 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.
166
A
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of our annual and interim consolidated financial statements will not be prevented
or detected on a timely basis.
Management,
with the participation of the Chief Executive Officer and Vice President of Corporate Control and Planning under the oversight of the
board of directors
evaluated the effectiveness of our internal control over financial reporting
as of December 31, 2022, using the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on this evaluation, management concluded that our internal control over financial reporting
was not effective as of December 31, 2022, because of the following material weaknesses identified in our internal control over financial
reporting.
●
Our information technology general
controls (ITGCs) related to our information technology (IT) systems were ineffective. Therefore, our automated process-level controls and
manual controls dependent upon the accuracy and completeness of information derived from those IT systems were also ineffective, because
they could have been adversely impacted.; and
●
With
regards to compliance with IFRS 15 – Revenue Recognition (IFRS 15), we did not effectively design and implement process-level control
activities related to the recognition of revenue and costs within our engineering and construction segment.
Management
concluded that these material weaknesses were primarily due to:
●
With
regards to our control environment, our resources did not have the necessary expertise and accountability for the design, implementation,
operation, and documentation of certain internal controls over financial reporting and IT systems.
●
Our
risk assessment process did not identify relevant risks of material misstatement related to recognition of revenue and costs within our
engineering and construction segment and ITGCs.
●
Our
structures, reporting lines, authorities and responsibilities regarding ITGCs and their impact on process-level controls were not appropriately
established. Thus, our information and communication process that identified and assessed the controls necessary to ensure the reliability
of the information used in financial reporting and that communicated relevant information about roles and responsibilities for internal
control over financial reporting, was not effective.
●
Our
assessment of the operation of internal control over financial reporting, including monitoring activities, the continued appropriateness
of control design and level of supporting documentation was not effective.
The
revenue-related control deficiencies resulted in immaterial misstatements to revenue, cost of sales, deferred revenue, work in progress,
accounts receivable and accounts payable that have been corrected in our consolidated financial statements as of and for the years ended
December 31, 2021, and 2020. However, these control deficiencies created a reasonable possibility that a material misstatement to our
annual consolidated financial statements would not be prevented or detected on a timely basis. Therefore, management concluded that the
deficiencies represent material weaknesses in our internal control over financial reporting and our internal control over financial reporting
was not effective as of December 31, 2022.
C. Report
of the Independent Registered Public Accounting Firm on Internal Control over Financial Reporting
Emmerich, Córdova
y Asociados S. Civil. de R.L. (a member firm of KPMG and formerly Caipo y Asociados S. Civil. de R.L.), our independent registered public
accounting firm, which audited and reported on the consolidated financial statements as of and for the year ended December 31, 2022 contained
in this annual report on Form 20-F, has issued an adverse opinion on the effectiveness of our internal control over financial reporting.
Emmerich, Córdova y Asociados S. Civil. de R.L. (a member firm of KPMG and formerly Caipo y Asociados S. Civil. de R.L.)'s
report appears on page F-2 of this annual report on Form 20-F.
167
D. Remediation
Plan
In response to the material
weaknesses mentioned in Section B above, management, with oversight of the Audit Committee of the Board of Directors, has begun to implement
steps to remediate the material weaknesses. Our efforts include the following actions:
●
Enhancing
our control environment by having sufficient trained staff, holding them accountable and having appropriate structures and reporting
lines to enhance our information and communication processes.
●
Enhancing
policies and procedures to improve our risk assessment in the engineering and construction segment and updating our revenue recognition
and cost policies and related accounting processes and internal controls in order comply with IFRS 15.
●
Developing
a detailed remediation plan to remediate the ITGC deficiencies including: (i) restructuring the IT organization with the aim of assuring
trained and accountable personnel; (ii) defining and implementing a specific ITGC matrix for legacy systems to align them to our current
IT objectives; and (iii) enhancing control procedures to assure proper access control and segregation of duties across our IT systems.
●
Implementing
a Financial Committee, under the oversight of the Audit Committee, to regularly monitor for changes to IFRS, and, if applicable, the
application of those changes to timely evaluate potential risks of material misstatement to our consolidated financial statements and
the need to effectively design, implement and operate process-level controls in response to those risks of material misstatement.
●
Strengthening
our overall monitoring of internal control over financial reporting.
The
Company will continue to monitor and assess our remediation activities to remediate these material weaknesses as soon as practicable.
E. Changes
in Internal Control Over Financial Reporting
No
changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred
during the quarter ended December 31, 2022 that have materially affected, or are 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. Carlos Rojas as our Audit and Compliance Committee, qualifies as an "audit committee
financial expert," as defined in the instructions to Item 16A of Form 20-F. Our Board of Directors has also determined that Mr.
Rojas fulfills the independence standards set forth in Rule 10A-3 of the U.S. Exchange Act.
ITEM
16B. CODE OF BUSINESS CONDUCT AND ETHICS
We
are committed to responsible, honest, transparent and ethical conduct. Our management system enables us to communicate our corporate
values and principles to all levels of the organization, offers a confidential reporting mechanism
(canal ético)
, and has
a governance structure, independent from management, to investigate and remedy potential breaches of our code.
168
We
have adopted a code of business conduct and it applies to our directors, officers, employees and any other party that represents AENZA
in any activity. Our code of business conduct is available on our website www.aenza.com.pe. Information on our website is not incorporated
by reference in this annual report.
If
we make any substantive amendment to the code of business conduct or if we grant any waiver, including any implicit waiver, from a provision
of the code of business conduct that applies to our chief executive officer, VP of Corporate Finance and Business Development or Vice
President of Corporate Control and Planning, we will disclose the nature of such amendment or waiver in our website or in our next Form
20-F to be filed with the SEC to the extent required under applicable rules. During the year ended December 31, 2022, no such amendment
or waiver was granted.
ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Audit
and Non-Audit Fees
The
following table sets forth the fees billed to us by our former independent registered public accounting firm, Moore Assurance S.A.S.
(a member firm of Moore Global Network Limited), in connection with its audit of our annual consolidated financial statements for
the fiscal year ended December 31, 2021, which are included in this report and by our current independent registered public
accounting firm, Emmerich, Córdova y Asociados S. Civil. de R.L. (a member firm of KPMG and formerly Caipo y Asociados
S. Civil. de R.L.), in connection with its audit of our annual consolidated financial statements for the fiscal year ended December
31, 2022, which are included in this report.
For the year ended
December 31,
2021
2022
(in thousands of S/  )
Audit fees
4,257
5,338
Audit-related fees
895.8
177
Tax fees
-
-
All other fees
459.7
-
Total fees
5,612.5
5,515
(i) In the years ended December 31, 2021 and December 31, 2022, respectively, the Company paid S/1,154.9 thousand and S/1,403.9 thousand
to Ernst & Young Asesores Empresariales S. Civil de R.L. and Ernst & Young Consultores S. Civil de R.L., in relation to tax advisory
and consulting services.
(ii) In 2023, the
Company paid S/1,623.5 thousand in fees to Moore Assurance S.A.S. (a member firm of Moore Global Network Limited) in relation to
consent letters and revision of the Financial Statements for each of the two fiscal years ended December 31, 2020 and December 31,
2021.
Audit
fees in the table above are the aggregate fees billed and billable by our independent auditor in connection with the audit of, or
audit procedures in connection with, our annual consolidated financial statements and review of our internal controls. As of the
date of this annual report, all fees invoiced to us by our previous independent registered public accounting firm, Moore Assurance
S.A.S. (a member firm of Moore Global Network Limited) and our current independent registered public accounting firm, Emmerich,
Córdova y Asociados S. Civil. de R.L. (a member firm of KPMG and formerly Caipo y Asociados S. Civil. de R.L.), in connection
with its respective services rendered to us have been paid or agreed for payment.
Our
Audit Committee is responsible for the oversight of the independent auditors and has established pre-approval procedures for the engagement
of our registered public accounting firm for audit and non-audit services. Services can only be contracted if they are approved by the
Audit Committee, they comply with the restrictions provided under applicable rules and they do not jeopardize the independence of our
auditors. All services provided by our prior independent auditor for our fiscal years ended December 31, 2020 and 2021 and by current
independent auditor for our fiscal year ended December 31, 2022 were pre-approved by our Audit Committee.
169
ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Our
Audit and Compliance Committee is comprised by the directors Mr. Carlos Rojas Perla (chairman of the committee), Mr. Santiago Hernando
Perez, Mr. Antonio Carlos Valente Da Silva and Mr. Juan Vicente Revilla Vergara.
We
disclose that, with respect to the current membership of Mr. Juan Vicente Revilla Vergara on our Audit Committee, the company has relied
on the exemption from the independence requirements provided by Rule 10A 3(b)(1)(iv)(D) of the Securities and Exchange Act
of 1934, as amended. Pursuant to said rule, a member of the Committee who is an affiliate of the foreign private issuer or a representative
of such an affiliate that has only observer status on, and is not a voting member or the chair of, the audit committee, and neither the
member nor the affiliate is an executive officer of the foreign private issuer, may be exempted from the independence requirement. Mr.
Juan Vicente Revilla Vergara meets the requirements of Rule 10A 3(b)(1)(iv)(D).
Our
reliance on the exemption provided by Rule 10A 3 of the Exchange Act, with respect to Mr. Juan Vicente Revilla Vergara, would not materially
adversely affect the ability of our Audit and Compliance Committee to act independently.
ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not
applicable.
ITEM
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Previous independent registered public accounting
firm
The company is obliged to
elect on an annual basis its principal accountant. The election takes place at the annual shareholders' meeting. The audit committee
submitted to the board of directors their proposal for the election of the principal accountant for fiscal year 2022. The board of directors,
at its meeting held on March 4, 2022, agreed to propose to the annual shareholders' meeting of March 31, 2022, the option to choose
among two candidates. At the referred annual shareholders' meeting held on March 31, 2022, Emmerich, Córdova y Asociados
S. Civil. de R.L. (a member firm of KPMG and formerly Caipo y Asociados S. Civil. de R.L.) was elected as principal accountant for the
fiscal year 2022. As a consequence, Moore Assurance S.A.S. (a member firm of Moore Global Network Limited) was replaced as our independent
registered public accounting firm on March 31, 2022. Such replacement became effective upon completion by Moore Assurance S.A.S. of its
procedures on the company's financial statements as of and for the year ended December 31, 2021 and the filing of the annual report
for fiscal year 2021 filed with the SEC on May 16, 2022.
The reports of Moore Assurance
S.A.S. on the company's consolidated financial statements for each of the two fiscal years ended December 31, 2020 and December
31, 2021, respectively, did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty,
audit scope or accounting principle.
In connection with the audits
of the company's consolidated financial statements for each of the two fiscal years ended December 31, 2020 and December 31, 2021,
and in the subsequent interim period through May 16, 2022, there have been no disagreements with Moore Assurance S.A.S. on any matter
of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction
of Moore Assurance S.A.S. would have caused Moore Assurance S.A.S. to make reference to the matter in their report. There were no "reportable
events" as that term is described in Item16F(a)(1)(v) of Form 20-F, except for the material weakness reported in Item 15 of the annual report for fiscal year 2021 filed with the SEC on May 16, 2022.
We have requested that Moore
Assurance S.A.S. furnish us with a letter addressed to the SEC stating whether it agrees with the above statements. A copy of that letter,
dated May 16, 2022, is filed as Exhibit 8.02 filed herewith.
New
independent registered public accounting firm
Our
shareholders' meeting engaged Emmerich, Córdova y Asociados S. Civil. de R.L. (a member firm of KPMG and formerly Caipo
y Asociados S. Civil. de R.L.) as our new independent registered public accounting firm as of March 31, 2022. During the fiscal
years ended December 31, 2021 and 2020 and through March 31, 2022, we did not consult with Emmerich, Córdova y Asociados S.
Civil. de R.L. (a member firm of KPMG and formerly Caipo y Asociados S. Civil. de R.L. regarding either (i) the application of
accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered
on our financial statements, and neither a written report was provided to us or oral advice was provided that Emmerich,
Córdova y Asociados S. Civil. de R.L. concluded was an important factor considered by us in reaching a decision as to the
accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement, as that term is
defined in Item 16F(a)(1)(iv) of Form 20-F or a reportable event as that term is defined in Item 16F(a)(1)(v) of Form
20-F.
ITEM
16G. CORPORATE GOVERNANCE
We
are a "foreign private issuer" within the meaning of the NYSE corporate governance standards. Under NYSE 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 NYSE's
listing standards.
170
The
NYSE listing standards provide that the Board of Directors of a U.S. listed company must have a majority of independent directors. Under
Peruvian corporate governance practices, a Peruvian company is not required to have a majority of independent members on its Board of
Directors. Our Audit Committee is comprised of independent directors under SEC rules applicable to foreign private issuers.
The
listing standards for the NYSE also require that U.S. listed 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 such committees, which may be composed partially or entirely of non-independent directors. Accordingly, we do not
have a nominating/corporate governance committee and a compensation committee.
In
addition, NYSE 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, accordingly, we do not have such meetings.
The
NYSE's listing standards also require U.S. listed companies to adopt and disclose corporate governance guidelines. In July
2002, 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 "Principles of Good Governance for Peruvian
Companies." These principles are disclosed on the Peruvian Securities Commission web page http://www.smv.gob.pe and the Lima
Stock Exchange web page http://www.bvl.com.pe. Although we have implemented a number of these measures and have been selected
to form 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.
ITEM
16H. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM 16I.
DISCLOSURE
REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
ITEM
17. FINANCIAL STATEMENTS
Not
applicable.
ITEM
18. FINANCIAL STATEMENTS
See
our consolidated financial statements beginning at page F-1 of this annual report. See also Oil and Gas Supplementary Schedules beginning
on page S-1.
171
ITEM
19. EXHIBITS
The
agreements and other documents filed as exhibits to this annual report are not intended to provide factual information or other disclosure
other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose.
In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific
context of the relevant agreement or document and for the benefit of the other parties to the agreements and they may not describe the
actual state of affairs as of the date they were made or at any other time.
Exhibit Number
Description
1.01****
By-Laws of the Registrant, as currently in effect
2.01**
Registrant's Form of American Depositary Receipt
2.02**
Deposit Agreement, dated as of December 31, 2018, among the Registrant, The Bank of New York Mellon, as depositary, and all owners and holders from time to time of American depositary shares issued thereunder
8.01
Subsidiaries of the Registrant
8.02
Moore Assurance S.A.S. Letter
10.01***
Credit Agreement, dated as of July 31, 2019, by and between Aenza, as borrower, and CS Peru Infrastructure Holdings LLC, as initial lender.
10.01.1***
Amendment, Waiver and Consent, dated as of February 28, 2020, by and between Aenza, as borrower, and CS Peru Infrastructure Holdings LLC, as initial lender.
10.01.2****
Waiver and Consent Agreement, dated December 23, 2020, by and between Aenza, as borrower, and CS Peru Infrastructure Holdings LLC, as initial lender.
10.02
Credit Agreement, dated as of March 17, 2022, by and between Aenza, as borrower, and Banco BTG Pactual S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC, and Natixis, New York Branch, as lenders.
10.03*
English translation of Section 20 of Concession Agreement, dated as of July 22, 2014, by and among the Peruvian Ministry of Energy and Mines, as contracting authority and the concessionaire party thereto.
10.04*
English translation of Memorandum of Understanding, dated as of September 26, 2017, by and among Aenza, Negocios de Gas S.A., Enagás S.A., Odebrecht S.A., and Inversiones en Infraestructura de Transporte por Ductos S.A.C.
10.04.1*
English translation of Rights Subordination Agreement, dated as of April 29, 2016, by and among Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enagás, S.A., Aenza, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., and Gasoducto Sur Peruano S.A.
10.04.1.1*
English translation of Addendum No. 1, dated as of June 24, 2016, to the Rights Subordination Agreement, dated as of April 29, 2016, by and among, inter alia, Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enagás, S.A., Aenza, Cumbra, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., Gasoducto Sur Peruano S.A., Odebrecht Perú Ingeniería y Construcción S.A.C., and Constructora Norberto Odebrecht S.A., Sucursal del Perú.
10.04.1.2*
English translation of Addendum No. 2 and Assignment Agreement, dated as of August 11, 2016, to the Rights Subordination Agreement, dated as of April 29, 2016, by and among, inter alia, Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enagás, S.A., Aenza, Cumbra, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., Gasoducto Sur Peruano S.A., Odebrecht Perú Ingeniería y Construcción S.A.C., and Constructora Norberto Odebrecht S.A., Sucursal del Perú.
10.04.1.3*
English translation of Modification to Addendum No. 2 and Assignment Agreement, dated as of October 25, 2016, to the Rights Subordination Agreement, dated as of April 29, 2016, by and among, inter alia, Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enagás, S.A., Aenza, Cumbra, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., Gasoducto Sur Peruano S.A., Odebrecht Perú Ingeniería y Construcción S.A.C., and Constructora Norberto Odebrecht S.A., Sucursal del Perú.
10.05*
English translation of Financial Stability Framework Agreement, dated as of July 31, 2017, by and among, inter alia, Aenza, as borrower, and Scotiabank Perú S.A.A., Banco Internacional del Perú S.A.A., BBVA Banco Continental, Banco de Crédito del Perú, Citibank del Perú S.A. and Citibank, N.A., as lenders.
10.06***
Description of Securities Registered Pursuant to Section 12 of the Exchange Act
12.01
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act
12.02
Certification of the Vice President of Corporate Control and Planning pursuant to Section 302 of the Sarbanes-Oxley Act
13.01*****
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
13.02*****
Certification of the Vice President of Corporate Control and Planning pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
101. INS
XBRL Instance Document
101. SCH
XBRL Taxonomy Extension Schema Document
101. CAL
XBRL Taxonomy Extension Calculation Linkbase Document
101. DEF
XBRL Taxonomy Extension Definition Linkbase Document
101. LAB
XBRL Taxonomy Extension Label Linkbase Document
101. PRE
XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*
Incorporated
                                            herein by reference to the Registrant's Form 20-F filed with the SEC on May 15, 2018.
**
Incorporated
                                            herein by reference to the Registrant's registration statement on Form F-6 filed with
                                            the SEC on December 10, 2018.
***
Incorporated
                                            herein by reference to the Registrant's Form 20-F filed with the SEC on June 25, 2020.
****
Incorporated
                                            herein by reference to the Registrant's Form 20-F filed with the SEC on May 17, 2021.
*****
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.
172
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.
AENZA S.A.A.
By:
/s/ Andre Mastrobuono
Name:
Andre Mastrobuono
Title:
Chief Executive Officer
By:
/s/ Oscar Pando Mendoza
Name:
Oscar Pando Mendoza
Title:
Vice President of Corporate Control and Planning
Date:
May 15, 2023
173
Supplementary
Data (Unaudited)
Oil
and Gas Producing Activities
In
accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 932, "Extractive Activities-Oil
and Gas," and regulations of the U.S. Securities and Exchange Commission (SEC), our company has included certain supplemental disclosures
about its oil and gas exploration and production operations.
All
information in the following supplemental disclosures related to Blocks I, III, IV and V.
A.
Reserve
                                            Quantity Information
UNNA
Energía S.A.'s net proved reserves in the fields in which they operate and changes in those reserves for operations are
disclosed below. The net proved reserves represent our company's best estimate of proved oil and natural gas reserves. For 2020,
2021, and 2022, reserve estimates have been evaluated by its technical staff (reservoir engineers and geoscience professionals) and submitted
to its Reserve Development Committee. The estimates for all years presented conform to the definitions found in FASB ASC paragraph 932-10-65-1
and Rule 4-10(a) of Regulation S-X.
Proved
oil reserves are those quantities of oil, which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty
to be economically producible, based on prices used to estimate reserves, from a given date forward from known reservoirs, and under
existing economic conditions, operating methods, and government regulation prior to the time at which contracts providing the right to
operate expire, unless evidence indicates that renewal is reasonably certain.
The
term "reasonable certainty" implies a high degree of confidence that the quantities of oil actually recovered will equal
or exceed the estimate. To achieve reasonable certainty, our company's engineers and independent petroleum consultants relied on
technologies that have been demonstrated to yield results with consistency and repeatability. The technologies and economic data used
to estimate our company's proved reserves include, but are not limited to, well logs, geologic maps, seismic data, well test data,
production data, historical price and cost information and property ownership interests.
PROVED
RESERVES
(1)
Total
Peru
Oil (MBBL)
Gas (MMcf)
Oil (MBBL)
Gas (MMcf)
Proved developed and undeveloped reserves, December 31, 2020
25,245
56,416
25,245
56,416
Revisions of previous estimates
(4)
1,166
325
1166
325
Enhanced oil recovery
—
—
—
—
Purchases
—
—
—
—
Production
(1,113
)
(1,414
)
(1,113
)
(1,414
)
Sales in place
—
—
—
—
Proved developed and undeveloped reserves, December 31, 2021
25,298
55,327
25,298
55,327
Revisions of previous estimates
(4)
1,819
(30,630
)
1,819
(30,630
)
Enhanced oil recovery
—
—
—
—
Purchases
—
—
—
—
Production
(1,115
)
(696
)
(1,115
)
(696
)
Sales in place
—
—
—
—
Proved developed and undeveloped reserves, December 31, 2022
(2)(3)
26,002
24,001
26,002
24,001
(1)
Proved
                                            reserves estimated in oil and gas properties located in Blocks III, IV and V (Talara and
                                            Paita) under one service contracts and two license contracts with Perupetro. The rights to
                                            produce hydrocarbons expire in October 2023 for Block V and April 2045 for Blocks III and
                                            IV. The proved reserves estimated in this report constitute all of the proved reserves under
                                            contract by UNNA Energia S.A.
174
(2)
The
                                            revisions in reserve estimates are based on new information obtained as a result of drilling
                                            activities and workovers. During 2021 and 2022, proved developed reserves of crude oil increased
                                            due to drilling activities in Block III and Block IV.
(3)
As
                                            of December 31, 2021, the associated gas reserves were 55,326 MMCF. As of December 31, 2022,
                                            the associated gas reserves were 24,001 MMCF.
(4)
Gas
                                            reserves as of December 31, 2022 were lower than gas reserves as of December 31, 2021 due
                                            to the inability to monetize gas available in Block III and considering only the volume of
                                            gas contracted from Gasnorp of 1,606 MMSCF of proved reserves.
RESERVE
QUANTITY INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 2020
Total
Peru
Oil (MBBL)
Gas (MMCF)
Oil (MBBL)
Gas (MMCF)
Proved developed reserves
Beginning of year
10,366
14,881
10,366
14,881
End of year
9,314
18,529
9,314
18,529
Proved undeveloped reserves
Beginning of year
18,301
12,589
18,301
12,589
End of year
15,931
37,887
15,931
37,887
RESERVE
QUANTITY INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 2021
Total
Peru
Oil (MBBL)
Gas (MMCF)
Oil (MBBL)
Gas (MMCF)
Proved developed reserves
Beginning of year
9,314
18,529
9,314
18,529
End of year
8,647
8,647
8,647
15,984
Proved undeveloped reserves
Beginning of year
15,931
37,887
15,931
37,887
End of year
16,651
39,342
16,651
39,342
RESERVE
QUANTITY INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 2022
Total
Peru
Oil (MBBL)
Gas (MMCF)
Oil (MBBL)
Gas (MMCF)
Proved developed reserves
Beginning of year
8,647
15,984
8,647
15,984
End of year
10,226
11,345
10,226
11,345
Proved undeveloped reserves
Beginning of year
16,651
39,342
16,651
39,342
End of year
15,776
12,656
15,776
12,656
175
B.
Capitalized
                                            Costs Relating to Oil and Gas Producing Activities
The
following table sets forth the capitalized costs relating to our company's crude oil and natural gas producing activities for the
years indicated:
2018
2019
2020
2021
2022
(in US$ thousands)
Proved properties
Concessions
Mineral property, wells and related equipment
39,069
84,960
99,129
121,657
146,052
Drilling and Works in progress and Replacement Units
6,188
10,767
11,920
—
—
Total Proved Properties
45,257
95,727
111,049
121,657
146,052
Unproved properties
—
—
—
—
—
Total Property, Plant and Equipment
45,257
95,727
111,049
121,657
146,052
Accumulated depreciation, depletion, and amortization, and valuation allowances
(17,774
)
(36,672
)
(45,426
)
(32,378
)
(31,054
)
Net capitalized costs
27,482
59,054
65,624
89,279
114,997
C.
Costs
                                            Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development Activities
The
following table sets forth costs incurred related to our company's oil and natural gas activities for the years indicated:
2018
2019
2020
2021
2022
(in US$ thousands)
Acquisition costs of properties
(1)
Proved
—
—
—
—
—
Unproved
—
—
—
—
—
Total acquisition costs
Exploration costs
(1,121
)
—
—
—
—
Development costs
(25,192
)
(44,612
)
(13,300
)
86,314
(24,107
)
Total
(26,313
)
(44,612
)
(13,300
)
86,314
(24,107
)
(1)
Our
                                            company has not incurred in any cost related to Oil and Gas property acquisition for all
                                            years presented.
D.
Results
                                            of Operations for Oil and Natural Gas Producing Activities
The
results of operations for oil and natural gas producing activities, excluding overhead costs and interest expenses, are as follows for
the years indicated:
Total Peru
2018
2019
2020
2021
2022
(in US$ thousands)
Revenues
Additional Revenues of Gas Extraction Services
96,543
100,042
55,919
81,774
107,051
Total Revenues
(1)
96,543
100,042
55,919
81,774
107,051
Production Costs
(31,431
)
(32,741
)
(26,344
)
(29,048
)
(26,861
)
Costs of Labor
(2,099
)
(2,571
)
(3,791
)
(5,180
)
(5,399
)
Repairs and Maintenance
(2,421
)
(3,343
)
(2,984
)
(3,560
)
(3,070
)
Materials, supplies and fuel consumed and supplies utilized
(9,704
)
(8,373
)
(6,170
)
(5,331
)
(27
)
External services, insurances, security and others
(7,979
)
(9,684
)
(8,427
)
(8,465
)
(9,185
)
Operation office and staff expenses
(9,228
)
(8,771
)
(4,971
)
(6,512
)
(9,180
)
Additional Natural Gas supply costs after price adjustment Royalties
(30,892
)
(31,508
)
(13,002
)
(26,715
)
(50,264
)
DD&A Expenses
(17,690
)
(19,417
)
(15,719
)
(14,353
)
(13,642
)
Income (loss) before Income tax expenses
16,530
16,376
855
11,657
16,284
Income tax expenses
(2)
(4,876
)
(4,831
)
(252
)
(3,439
)
(4,804
)
Results of operations from producing activities
11,654
11,545
602
8,218
11,480
(1)
Income
                                            after deductions for UNNA Energía S.A.'s share of government royalties according
                                            to contract obligations. There are no sales or transfers to our company's other operations.
176
(2)
In
                                            2018, the Peruvian government retained the legal tax rate at 29.5%. In 2019, the legal tax
                                            rate was 30.25%. In 2020, 2021, and 2022, the legal tax rate was 29.5%.
E.
Standardized
                                            Measure of Discounted Future Net Cash Flows
The
standardized measure of discounted future net cash flows, related to the proved reserves is based on estimates of net proved reserves
and the period during which they are expected to be produced. Future cash inflows are computed by applying the twelve-month period unweighted
arithmetic average of the price as of the first day of each month within that twelve-month period, unless prices are defined by contractual
arrangements, after royalty share of estimated annual future production from proved oil and gas reserves.
Future
production and development costs to be incurred in producing and further developing the proved reserves are based on year end cost indicators.
Future Income tax expenses are computed by applying year end statutory tax rates.
The
following chart shows standardized measures of discounted future net cash flows for the periods indicated:
2018
2019
2020
2021
2022
Future
    Cash inflows
(1)
2,041,128
1,836,895
1,181,526
1,803,959
2,484,477
Future production costs
(1,446,949
)
(1,311,758
)
(722,422
)
(1,063,655
)
(1,701,600
)
Future development costs
(232,432
)
(338,141
)
(336,998
)
(374,581
)
(353,192
)
Future
    production and development costs
(2)
(1,679,381
)
(1,649,899
)
(1,059,419
)
(1,438,236
)
(2,054,792
)
Future Income tax expenses
(3)
(106,715
)
(52,800
)
(34,192
)
(102,402
)
(120,312
)
Future Net cash flows
255,031
134,196
87,915
263,320
309,373
10% annual discount for estimates timing of cash flows
(115,518
)
(62,683
)
(41,343
)
(140,385
)
(83,845
)
Standardized
    measure of discounted Future Net Cash Flows
(4)
139,514
71,512
46,571
122,935
225,528
(1)
For
                                            oil volumes, per barrel prices after deductions of UNNA Energia S.A.'s share government
                                            royalties used in determining future cash inflows for the years ended December 31, 2018,
                                            2019, 2020, 2021 y 2022 were US$49.82, US$64.72, US$38.06, US$38.48 and US$46.68 respectively.
                                            For gas volumes, gas price is linked to the oil price according to the gas purchase contract.
(2)
Production
                                            costs and developments costs relating to future production of proved reserves are based on
                                            the continuation of existing economic conditions. Future estimated decommissioning costs
                                            are included.
(3)
Taxation
                                            is computed using the appropriate year-end statutory corporate income tax rates.
(4)
Future
                                            net cash flows from oil production are discounted at 10% regardless of assessment of the
                                            risk associated with its production activities.
F.
Changes
                                            in Standardized Measure of Discounted Future Net Cash Flows
The
following chart shows changes in standardized measures of discounted future net cash flows for the periods indicated:
2018
2019
2020
2021
2022
(in US$ thousands)
Standardized measure of discounted Future Net Cash Flows, beginning of the year
140,353
139,514
71,512
46,571
122,935
Revenue less production and other costs
(127,974
)
(132,783
)
(82,263
)
(110,821
)
(133,913
)
Net changes in future development costs
(6,204
)
(53,324
)
(15,668
)
(54,441
)
(20,671
)
Changes in price, net of production costs
(68,095
)
(55,359
)
(5,137
)
154,531
19,893
Development cost incurred
29,218
44,612
13,300
(86,314
)
24,107
Revisions of previous quantity estimates
72,852
9,882
(14,850
)
(53,612
)
90,931
Accretion of discount
99,822
87,508
58,757
91,413
88,461
Net change in Income tax expenses
427
30,250
10,277
(26,809
)
(22,988
)
Timing difference and other
(886
)
1,213
10,643
162,417
56,773
Standardized measure of discounted Future Net Cash Flows, end of the year
139,514
71,512
46,571
122,935
225,528
177
EXHIBIT
INDEX
Exhibit Number
Description
1.01****
By-Laws of the Registrant, as currently in effect
2.01**
Registrant's Form of American Depositary Receipt
2.02**
Deposit Agreement, dated as of December 31, 2018, among the Registrant, The Bank of New York Mellon, as depositary, and all owners and holders from time to time of American depositary shares issued thereunder
8.01
Subsidiaries of the Registrant
8.02
Moore
Assurance S.A.S. Letter
10.01***
Credit Agreement, dated as of July 31, 2019, by and between Aenza, as borrower, and CS Peru Infrastructure Holdings LLC, as initial lender.
10.01.1***
Amendment, Waiver and Consent, dated as of February 28, 2020, by and between Aenza, as borrower, and CS Peru Infrastructure Holdings LLC, as initial lender.
10.01.2****
Waiver and Consent Agreement, dated December 23, 2020, by and between Aenza, as borrower, and CS Peru Infrastructure Holdings LLC, as initial lender.
10.02
Credit Agreement, dated as of March 17, 2022, by and between Aenza, as borrower, and Banco BTG Pactual S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC, and Natixis, New York Branch, as lenders.
10.03*
English translation of Section 20 of Concession Agreement, dated as of July 22, 2014, by and among the Peruvian Ministry of Energy and Mines, as contracting authority and the concessionaire party thereto.
10.04*
English translation of Memorandum of Understanding, dated as of September 26, 2017, by and among Aenza, Negocios de Gas S.A., Enagás S.A., Odebrecht S.A., and Inversiones en Infraestructura de Transporte por Ductos S.A.C.
10.04.1*
English translation of Rights Subordination Agreement, dated as of April 29, 2016, by and among Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enagás, S.A., Aenza, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., and Gasoducto Sur Peruano S.A.
10.04.1.1*
English translation of Addendum No. 1, dated as of June 24, 2016, to the Rights Subordination Agreement, dated as of April 29, 2016, by and among, inter alia, Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enagás, S.A., Aenza, Cumbra, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., Gasoducto Sur Peruano S.A., Odebrecht Perú Ingeniería y Construcción S.A.C., and Constructora Norberto Odebrecht S.A., Sucursal del Perú.
10.04.1.2*
English translation of Addendum No. 2 and Assignment Agreement, dated as of August 11, 2016, to the Rights Subordination Agreement, dated as of April 29, 2016, by and among, inter alia, Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enagás, S.A., Aenza, Cumbra, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., Gasoducto Sur Peruano S.A., Odebrecht Perú Ingeniería y Construcción S.A.C., and Constructora Norberto Odebrecht S.A., Sucursal del Perú.
10.04.1.3*
English translation of Modification to Addendum No. 2 and Assignment Agreement, dated as of October 25, 2016, to the Rights Subordination Agreement, dated as of April 29, 2016, by and among, inter alia, Odebrecht Latinvest Peru Ductos, S.A., Odebrecht S.A., Enagás, S.A., Aenza, Cumbra, Negocios de Gas S.A., Inversiones en Infraestructura de Transporte por Ductos S.A.C., Gasoducto Sur Peruano S.A., Odebrecht Perú Ingeniería y Construcción S.A.C., and Constructora Norberto Odebrecht S.A., Sucursal del Perú.
10.05*
English translation of Financial Stability Framework Agreement, dated as of July 31, 2017, by and among, inter alia, Aenza, as borrower, and Scotiabank Perú S.A.A., Banco Internacional del Perú S.A.A., BBVA Banco Continental, Banco de Crédito del Perú, Citibank del Perú S.A. and Citibank, N.A., as lenders.
10.06***
Description of Securities Registered Pursuant to Section 12 of the Exchange Act
12.01
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act
12.02
Certification of the Vice President of Corporate Control and Planning pursuant to Section 302 of the Sarbanes-Oxley Act
13.01*****
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
13.02*****
Certification of the Vice President of Corporate Control and Planning pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
101. INS
XBRL Instance Document
101. SCH
XBRL Taxonomy Extension Schema Document
101. CAL
XBRL Taxonomy Extension Calculation Linkbase Document
101. DEF
XBRL Taxonomy Extension Definition Linkbase Document
101. LAB
XBRL Taxonomy Extension Label Linkbase Document
101. PRE
XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*
Incorporated
                                            herein by reference to the Registrant's Form 20-F filed with the SEC on May 15, 2018.
**
Incorporated
                                            herein by reference to the Registrant's registration statement on Form F-6 filed with
                                            the SEC on December 10, 2018.
***
Incorporated
                                            herein by reference to the Registrant's Form 20-F filed with the SEC on June 25, 2020.
****
Incorporated
                                            herein by reference to the Registrant's Form 20-F filed with the SEC on May 17, 2021.
*****
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.
178
AENZA S.A.A. and Subsidiaries
Consolidated Financial Statements
As of December 31, 2020, 2021 and 2022
Content
Page
Report of Independent Registered Public Accounting Firm for year ended December 31, 2022 Financial Statements (Emmerich, Córdova y Asociados S. Civil de R.L.; PCAOB ID : 2282; Location: Lima, Peru)
F-2
Report of Independent Registered Public Accounting Firm for year ended December 31, 2020 and December 31, 2021 Financial Statements (MOORE ASSURANCE SAS; PCAOB ID : 6006; Location: Bogotá, Colombia)
F-7
Consolidated Statements
    of Financial Position
F-12
Consolidated Statements of Profit
    or Loss
F-13
Consolidated Statements of Other
    Comprehensive Income
F-14
Consolidated Statements of Changes in Equity
F-15
Consolidated Statements of Cash Flows
F-16
Notes to the Consolidated Financial Statements
F-17
- F-129
S/
=
Sol
US$
=
US dollar
F-
1
Report of Independent Registered Public Accounting
    Firm
To the Stockholders and Board of Directors
AENZA S.A.A.:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated
    statement of financial position of AENZA S.A.A. and subsidiaries (the "Company") as of December 31, 2022, the related consolidated
    statements of income, comprehensive income, changes in equity, and cash flows for the year then ended, and the related notes (collectively,
    the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects,
    the financial position of the Company as of December 31, 2022, and the results of its operations and its cash flows for the year then
    ended, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board
    (IASB).
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 (2013) issued by the Committee of Sponsoring
    Organizations of the Treadway Commission, and our report dated May 15, 2023 expressed an adverse opinion on the effectiveness of the Company's
    internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the
    responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements
    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 the consolidated
    financial statements are free of material misstatement, whether due to error or fraud. Our audit 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 audit 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 audit provides
    a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below
    are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated
    to the audit committee and that: (1) relate 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 critical audit matters 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
    matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
F-
2
Valuation of the trade account receivable
    from Gasoducto Sur Peruano S.A.
As discussed in Notes 5(a)(iv), 11(b) and 14(a)(i)
    to the consolidated financial statements, the Company has a 20% investment in Gasoducto Sur Peruano S.A. (GSP), which entered into a concession
    agreement with the Peruvian Government in 2014. In January 2017, The Peruvian Ministry of Energy and Mines early terminated the agreement
    due to the fact that GSP did not accredit the financial closure within the contractual term. In December 2017, GSP started bankruptcy
    proceedings, in which the Company was part of the GSP's creditors. In addition, the Liquidation Agreement of GSP was approved by
    the Board of Creditors to execute this proceeding, by which GSP believes it can recover the net carrying amount (NCA) of the concession
    assets from the Peruvian Government and, as a consequence, the Company expects to recover the accounts receivable. The Company had an
    account receivable from GSP for S/ 542.3 million, net, as of December 31, 2022.
We identified the assessment of the valuation
    of the trade account receivable from GSP as a critical audit matter. Subjective auditor judgment was required to evaluate the Company's
    assessment of the recoverable amount of this trade account receivable due to the possible course of actions the Board of Creditors could
    elect and the timing for their execution. In addition, the assessment of the discount rate used in the determination of the trade accounts
    receivable from GSP required specialized skills and knowledge. In this type of complex and long-term proceedings, the Company´s
    key assumptions, such as, the recoverability of the NCA of the concession assets and the term of recovery, may vary in the future.
The following are the primary procedures we performed
    to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related
    to the Company's assessment of the recovery of this trade account receivable from GSP. We evaluated the Company's and its
    external legal advisors' assessment of the early termination of the concession agreement, and the corresponding conclusions that
    impacted the assessed recoverable amount of the trade account receivable. We evaluated the report from the Company's external legal
    advisors with respect to the recovery process executed by the Board of Creditors. We involved legal professionals with specialized skills
    and knowledge, who assisted in the evaluation of the expected term of recovery used by the Company. We involved valuation professionals
    with specialized skills and knowledge, who assisted in the assessment of the discount rate used by the Company at December 31, 2022 by
    developing an independent range of discount rates and comparing those to the amounts used by the Company.
Provisions for civil reparation and the
    sanctioning administrative process
As discussed in Notes 1(c) and 21(a) to the consolidated
    financial statements, as of December 31, 2022, the Company recorded a provision for civil reparation for S/ 488.9 million that corresponds
    to a legal contingency related to the participation of the Company and two of its subsidiaries as minority partners in developed infrastructure
    projects in Peru, with companies belonging to the Odebrecht Group and construction projects related to the Construction Club. As result
    of the criminal investigations conducted by the Public Ministry, on September 15, 2022 the Company subscribed the final Plea Agreement
    with the Public Prosecutor's Office and the Attorney General's Office, establishing the amount of the civil reparation to
    the Peruvian State. The Plea Agreement enforceability is subject to court approval by the Peruvian Justice Court. Additionally, as of
    December 31, 2002, the Company recorded a provision for contingencies for S/ 52.4 million in relation to the sanctioning administrative
    process conducted by Peruvian National Institute for the Defense of Fee Competition and the Intellectual Property Protection (INDECOPI)
    related to the Construction Club, for which the Company is awaiting the rule in the final INDECOPI's administrative instance.
We identified the evaluation of the provisions
    for civil reparation and the sanctioning administrative process as a critical audit matter. Subjective auditor judgment was required to
    evaluate the Company's determination of the probable compensation for the civil reparation to the Peruvian State and the probable
    penalty as a result of the INDECOPI's sanctioning administrative process due to the complexity, uncertainty and length of the legal
    and administrative processes.
F-
3
The following are the primary procedures we performed
    to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related
    to these provisions for contingencies. We evaluated the report of the external legal advisors of the Company in relation to their assessment
    of the Plea Agreement and the INDECOPI's sanctioning administrative process. We read the Plea Agreement subscribed on September
    15, 2022, between the Public Prosecutor's Office, Attorney General's Office, and the Company, and we compared the amounts
    described in the Plea Agreement and the amounts recognized in the consolidated financial statements.
Revenue recognition for engineering and
    construction contracts with customers
As discussed in Note 2.W to the consolidated financial
    statements, the Company recognizes revenue from engineering and construction contracts with customers over time using the output method
    to measure the physical percentage-of-completion, which is based on surveys of performance by the Company's experts. The Company
    recorded S/ 2,451 million of revenue from construction contracts for the year ended December 31, 2022.
We identified the evaluation of revenue recognition
    for engineering and construction contracts with customers as a critical audit matter. Evaluating the Company's determination of
    the physical percentage-of-completion based on surveys of performance by the Company's specialist involved a high degree of subjective
    auditor judgment. Specialized skills and knowledge were also required to evaluate the Company's determination of the physical percentage
    of completion.
The following are the primary procedures we performed
    to address this critical audit matter. We evaluated the professional qualifications and the knowledge, skills, and ability of the Company's
    specialists involved in measuring the contract's physical percentage-of-completion. For a sample of construction revenue, we (i)
    inspected contracts signed between the Company and customers to evaluate the effects on revenue recognition of the relevant contractual
    conditions, (ii) analyzed the underlying documentation for the revenue recognized, (iii) interviewed and inspected documentation prepared
    by project personnel and (iv) involved professionals with specialized skills and knowledge in engineering, who assisted in the evaluation
    of the physical percentage-of-completion of the sample of construction revenue based on information provided by the Company.
/s/ Emmerich, Córdova y Asociados S. Civil
    de R.L.
We have served as the Company's auditor
    since 2022. Lima, Peru
May 15, 2023
F-
4
Report of Independent Registered Public Accounting
    Firm
To the Stockholders and Board of Directors
AENZA S.A.A.:
Opinion on Internal Control Over Financial
    Reporting
We have audited AENZA S.A.A. and subsidiaries'
    (the "Company") internal control over financial reporting as of December 31, 2022, based on criteria established in Internal
    Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission". In
    our opinion, because of the effect of the material weaknesses, described below, on the achievement of the objectives of the control criteria,
    the Company has not maintained effective internal control over financial reporting as of December 31, 2022, based on criteria established
    in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards
    of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company
    as of December 31, 2022, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for the
    year then ended , and the related notes (collectively, the consolidated financial statements), and our report dated May 15, 2023 expressed
    an unqualified opinion on those consolidated financial statements.
A
    material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there
    is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be
    prevented or detected on a timely basis. The following material weaknesses have been identified and included in management's
    assessment:
●
The
information technology general controls (ITGCs) related to the Company's information technology (IT) systems were ineffective.
Therefore, the automated process-level controls and manual controls dependent upon the accuracy and completeness of information derived
from those IT systems were also ineffective, because they could have been adversely impacted; and
●
With
regards to compliance with IFRS 15 –
Revenue Recognition
(IFRS 15), the Company did not effectively design and implement
process-level control activities related to the recognition of revenue and costs within the engineering and construction segment.
These
    material weaknesses were primarily due to:
●
With
regards to the Company's control environment, the Company's resources did not have the necessary expertise and accountability
for the design, implementation, operation, and documentation of certain internal controls over financial reporting and IT systems.
●
The
Company's risk assessment process did not identify relevant risks of material misstatement related to recognition of revenue and
costs within the engineering and construction segment and ITGCs.
●
The
Company's structures, reporting lines, authorities and responsibilities regarding ITGCs and their impact on process-level controls
were not appropriately established. Thus, the Company's information and communication process that identified and assessed the
controls necessary to ensure the reliability of the information used in financial reporting and that communicated relevant information
about roles and responsibilities for internal control over financial reporting, was not effective.
●
The
Company's assessment of the operation of internal control over financial reporting, including monitoring activities, the continued
appropriateness of control design and level of supporting documentation was not effective.
The
    material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2022
    consolidated financial statements, and this report does not affect our report on those consolidated financial statements.
F-
5
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 of internal control over financial reporting
    included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,
    and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included
    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/ Emmerich, Córdova y Asociados S. Civil
    de R.L.
We have served as the Company's auditor
    since 2022. Lima, Peru
May 15, 2023
Emmerich, Cordova y Asociados S. Civil de R.L.,
PCAOB ID:
2282
Lima, Peru
F-
6
INDEPENDENT AUDITOR'S REPORT
To the Shareholders and Directors
AENZA S.A.A. and Subsidiaries
Report of Independent Registered Public Accounting
Firm
To the Board of Directors and Shareholders
of Aenza S.A.A. and its subsidiaries
Opinions on the Financial Statements and
Internal Control over Financial Reporting
We have audited the accompanying consolidated
statements of financial position of Aenza S.A.A. and its subsidiaries (the "Company") as of December 31, 2021, the related
consolidated statements of income, comprehensive income, changes in equity, and cash flows for each of the two years in the period ended
December 31, 2021, and the related notes. We also have audited the Company's internal control over financial reporting as of December
31, 2021, based on criteria established in Internal Control - Integrated Framework (2013), issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). In our opinion, the financial statements present fairly, in all material respects, the financial position
of the Company as of December 31, 2021 and the results of its operations and their cash flows for each of the two years in the period
ended December 31, 2021, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting
Standards Board. Also, in our opinion, the Company did not maintain, in all material respects, effective internal control over financial
reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013), issued by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) because material weaknesses in internal control over financial reporting
existed as of that date related to deficiencies in the operational effectiveness of controls over SOX compliance. A material weakness
is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The material
weaknesses referred to above are described in the Management Report on Internal Control over Financial Reporting appearing under Item
15. We considered these material weaknesses in determining the nature, timing, and extent of audit tests applied in our audit of the 2021
consolidated financial statements, and our opinion regarding the effectiveness of the Company's internal control over financial
reporting does not affect our opinion on those consolidated financial statements.
Emphasis of Certain Matters
1.
As discussed in Note 1 to the financial statements, Aenza S.A.A., in the so-called Lava Jato case, participated as a minority partner, directly and/or through subsidiaries and other entities with companies of the Odebrecht Group for the development of six projects of infrastructure; Cumbra Perú S.A. and Unna Transporte S.A.C. (formerly Concar S.A.C) (both subsidiaries of AENZA S.A.A.) were included in the criminal investigation that the Peruvian authorities have been carrying out for the alleged crime of corruption in relation to the Construction Club. Based on the Agreement entered into with the Prosecutor's Office and the Attorney General's Office on May 21, 2021, the Company registered in the financial statements as of December 31, 2021, the present value of the provision for the amount of S/240.1 million. The specific terms and conditions of the aforementioned Agreement are subject to judicial approval. Additionally, the National Institute for the Defense of Free Competition and the Protection of Intellectual Property of Peru (INDECOPI), has incorporated Cumbra Perú S.A. in some administrative sanctioning procedure related to the Construction Club and has incorporated Cumbra Peru S.A. and Unna Transporte S.A.C. in some administrative sanctioning procedure related to the labor recruitment market in the construction sector. The company and its legal advisors estimate that the fine related to the Construction Club amounts to S/52.6 million and that the fine related to the labor recruitment market in the construction sector amounts to S/4.8 million, which have been registered in the financial statements as of December 31, 2021. Management of the Company cannot rule out the possibility of finding, in the future, adverse evidence, nor does it rule out that the authorities or third parties find, in the future, adverse evidence not currently known regarding other projects developed during the period under investigation.
2.
As indicated in Notes 12 and 15 to the consolidated financial statements, the Company has an account receivable from Gasoducto Sur Peruano (associate) for S/ 643.8 million as of December 31, 2021. Gasoducto Sur Peruano entered into a bankruptcy process due to the early termination of the concession contract with the Peruvian government to build, operate and maintain the transportation system for natural gas pipelines; this process is in the creditors' recognition stage that will form the creditors' assembly. Based on the preliminary plea agreement signed with the Peruvian authorities, the Company desisted from requesting arbitration for the collection of that debt; however, according to the opinion of its legal advisors, the Company considers that Gasoducto Sur Peruano can exercise its right to collect from the Peruvian State for the net book value of the concession assets and thus recover the corresponding accounts receivable
F-
7
Basis for Opinion
The Company's management is responsible
for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment
of the effectiveness of internal control over financial reporting included in the ¨Management's Report on Internal Control over
Financial Reporting" referred to above. Our responsibility is to express an opinion on these financial statements and the Company's
internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) ("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 financial statements are free of material misstatement, whether due to error or fraud, and whether
effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial
statements included performing procedures to assess the risks of material misstatement of the 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 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 financial statements. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our
audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide
a reasonable basis for our opinions.
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 in 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.
Critical Audit Matters
The critical audit matters communicated below
are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated
to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii)
involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters 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 matters
below, providing a separate opinion on the critical audit matters or on the accounts or disclosures to which they relate.
F-
8
Provision for civil reparation
As described in note 22 to the consolidated financial
statements, as of December 31, 2021, the company has registered a legal contingency for civil reparation amounting to S/240.1 million.
That value corresponds to a probable compensation related to the participation of the Company and its subsidiaries as minority partners
in certain entities that developed infrastructure projects in Peru with companies belonging to the Odebrecht group and the projects associated
with the Construction Club. As indicated in notes 1 and 22, the Company recognized the civil compensation provisions based on the projects
that have been reviewed with the Ad Hoc Prosecutor, the formulas established in Law 30737, and the conditions based on the Agreement entered
into with the Prosecutor's Office on May 21, 2021.The use of estimates and judgments based on the negotiations developed during
the plea agreement process is required by management to determine its provision. The principal considerations for our determination that
performing procedures related to the legal provision of civil reparation is a critical audit matter are (i) the important judgments that
may arise once the final plea agreement is signed, which led to (ii) a high degree of auditor judgment, subjectivity, and the effort in
performing procedures related to the provision of civil reparation. Addressing the matter involved performing procedures and evaluating
audit evidence in relation to forming our overall opinion on the consolidated financial statements. These procedures included: (i) holding
meetings with management to understand the process of updating the value of the registered civil reparation provision; (ii) requesting
written and verbal communications from the general management and the audit committee on this matter; (iii) reading and evaluating the
responses to our inquires made to the company's legal advisor for matters related to the plea agreement process that could have
an impact on determining the updated present value of the estimated liability as of December 31, 2021; (iv) evaluating the competence
and capabilities of the external legal counsel that assessed the likelihood of loss and the estimate of the outflow of resources; (v)
reviewing and testing the assumptions used in updating the present value of the provision based on . and (vi) testing the mathematical
accuracy of the data that supports the calculation of the provision.
Valuation of account receivable related
to Gasoducto Sur Peruano
As described in notes 12 and 15 to the consolidated
financial statements, Aenza S.A.A. as of December 31, 2021, has an account receivable from an associated entity, Gasoducto Sur Peruano
(hereinafter GSP), for S/643.8 million. GSP entered into a bankruptcy process due to the early termination of the concession contract
with the Peruvian government to build, operate and maintain the transportation system through natural gas pipelines. This process is in
the recognition stage of the creditors that will make up the Board of Creditors. As described in the emphasis paragraph of this report,
based on the preliminary plea agreement signed with the Peruvian authorities, the Company withdrew from requesting arbitration for the
collection of this debt; however, according to the opinion of its legal advisors, the Company believes GSP can exercise its right to collect
from the Peruvian State for the Net Book Value of the concession assets and in this way recover the corresponding accounts receivable.
The use of estimates and based judgments to calculate the amount of the account receivable that can be recovered is required by management
to determine whether its related provision should be adjusted. The principal considerations for our determination that performing procedures
related to updating the collection right to GSP is a critical audit matter are (i) the significant judgment of management in determining
whether the receivable was impaired, which led to (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures
related to the value recorded as a collection right from GSP as of December 31, 2021, as well as the uncertainty about the final outcome
of the resolution that exists in this type of process due to its long duration and complexity, so the estimates made by the company's
management based on the opinions of its advisors could vary in the future. Addressing the matter involved performing procedures and evaluating
audit evidence in relation to forming our overall opinion on the consolidated financial statements. These procedures included: (i) conducting
meetings with management to understand the process of updating the GSP collection right developed by the corporate financial management
and the corporate accounting management of the Company, (ii) reading and evaluating the responses to our inquires made to y the company's
legal advisor on this matter and (iii) obtaining and evaluating the assumptions used in the calculations made by management regarding
the updated valuation of the GSP collection right as of December 31, 2021.
F-
9
Uncertainty in determining the value of
provision related to sanctioning administrative process by a Peruvian regulatory entity
As described in note 1 to the consolidated financial
statements, on February 11, 2020, the subsidiary Cumbra Peru S.A. was notified by the Technical Secretary (the "TS") of the
Commission for the Defense of Free Competition (the "Commission") of the Peruvian National Institute for the Defense of Free
Competition and the Protection of Intellectual Property ("INDECOPI") with the resolution that begins a sanctioning administrative
procedure that involves a total of 35 companies and 28 natural persons, for alleged anti-competitive conduct in the market for public
works. The resolution does not include the assignment of responsibilities or the result of the administrative sanctioning procedure, which
will be determined at the end of the aforementioned procedure. The proceeding has concluded its evidentiary stage and the TS has recommended
that the Commission impose a fine which amount has been objected. The decision of the Commission will conclude the first instance of the
proceeding and can be appealed before the Tribunal of INDECOPI. As described in note 22 to the consolidated financial statements, the
Company has recognized a provision in the amount of S/52.6 million, the result of a calculation based on its external advisor's
assessment of the case. Additionally, as described in note 22 to the consolidated financial statements, on February 7, 2022, both subsidiaries,
Cumbra Peru S.A. and Unna Transporte S.A.C, were both notified that INDECOPI resolved to initiate an administrative sanctioning procedure
regarding the alleged horizontal collusive practice in the modality of concerted sharing of suppliers in the market of hiring workers
in the construction sector at national level between the years 2011 and 2017. As of December 31, 2021, the Company and its legal advisors
have estimated a provision of S/4.8 million. The principal considerations for our determination that performing procedures relating to
sanctioning administrative process provision is a critical audit matter are (i) the uncertainty in determining the present value of the
sanction, so the estimates made by Management, based on the opinions of its legal advisors, could vary in the future, which led to (ii)
a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's significant assumptions
related to the estimated liability recognized as a consequence of their alleged connection to the Construction Club and the sanctioning
administrative procedure for the alleged execution of a horizontal collusive practice Addressing the matter involved performing procedures
and evaluating audit evidence in relation to forming our overall opinion on the consolidated financial statements. These procedures included:
(i) holding meetings to understand management's process of updating the present value of the estimated liability recognized for
its connection to the Construction Club, and the sanctioning administrative procedure for the alleged execution of a horizontal collusive
practice (ii) reading and evaluating the responses to our inquires made to the company's legal advisor for matters related to this
legal claim and (iii) evaluating the assumptions used to determine the amount provisioned based on its external advisor's assessment
of the case as of December 31, 2021.
Impairment assessment of certain accounts
receivable, other assets and contingencies
As described in note 13 to the consolidated financial
statements, Aenza S.A.A. through its subsidiary Cumbra Peru S.A. maintains a lawsuit filed against a customer for an approximate amount
of US$78 million for damages suffered as a result of various contractual breaches. Tecnicas Reunidas Talara, the defendant, has filed
a counterclaim for an approximate amount of US$81 million, alleging that Cumbra Peru S.A. would have breached the subcontract entered
into between the two (hereinafter the "Arbitration Process"). On December 28, 2020, Tecnicas Reunidas enforced two letters
of guarantee issued by Banco Santander, for US$16 million for Performance and the second letter for advance payment for US$7.7 million,
despite the fact that the obligations guaranteed by the letter of guarantee were being litigated in the process described in this paragraph.
As of December 31, 2021, the balance of this item at nominal value amounts to US$17.3 million equivalent to S/68.6 million (at present
value the balance amounts to US$14.8 million equivalent to S/63.8 million). The principal considerations for our determination that performing
procedures related to unbilled receivables, funds held as collateral, other accounts receivable, and liabilities to cover possible contingencies
is a critical audit matter are (i) uncertainty about the outcome of the resolution that exists in this type of process, long and complex,
from a legal and economic point of view, so that the estimates made by Management, based on the opinions of its legal advisors, could
vary in the future which led to (ii) a high degree of subjectivity in the auditor's judgment for the performance of audit procedures.
Addressing the matter involved performing procedures and evaluating audit evidence in relation to forming our overall opinion on the consolidated
financial statements. These procedures included, among others: (i) understanding the process adopted by Cumbra Peru S.A. to assess the
recovery capacity of said assets and evaluating the design and implementation and operational effectiveness of the key controls related
to these aspects; (ii) reading the Minutes of the engineering and construction committees and the Regional engineering and construction
management, as well as the reading of Important Facts related to this process, communicated by the Corporation; (iii) reading and evaluating
the responses to our inquiries made to the Company´s local and foreign legal advisors; (iv) evaluating the analysis of the recovery
of financial assets developed by Management and the defense technical team in the arbitration process; (v) evaluating the recognition
of liabilities, to cover possible contingencies related to the arbitration process (Backcharge) carried out by Management and (vi) evaluating
assumptions used in calculating accounting estimates of the Corporation, related to the updating of collection rights, impairment of financial
assets, as well as the calculation of the amortized cost for financial assets and liabilities related to the arbitration process.
F-
10
Revenue and costs recognition from construction
contracts with customers
As described in notes 7 and 26 to the consolidated
financial statements, a large part of the company's income and costs corresponds to contracts for construction services in which
income is recognized by the degree of progress or degree of completion method. The principal considerations for our determination that
performing procedures related to the assessment of revenue and costs recognition from construction contracts with customers is a critical
audit matter are (i) the recognition of the revenue, costs and the results of these contracts requires a high degree of judgment on the
part of Management and control of the estimates made and the deviations that may occur throughout the duration of the contracts. These
estimates consider all the costs and income related to the contracts, including any additional costs to those initially budgeted, the
risks or claims that are in dispute, as well as the additional ones that are in the process of negotiation or even in the claim process,
insofar as it is considered highly probable that there is no significant reversal when the inherent uncertainty is resolved, either because
there is an approval by the client or because there are technical and / or legal reports that support it which led to (ii) a high degree
of subjectivity in the auditor's judgment for the performance of audit procedures. Addressing the matter involved performing procedures
and evaluating audit evidence in relation to forming our overall opinion on the consolidated financial statements. These procedures included,
among others: (i) evaluation of the design and implementation of the key controls related to the income and cost recognition process considering
that performance obligation is satisfied over the time using the output method; (ii) reviewing of the company's construction contracts
to evaluate the most significant estimates used in the recognition of income and costs; (iii) obtaining the supporting documentation for
these estimates and the evidence of the judgments made, where appropriate by Management, such as: review of works control panels, quarterly
planning, analysis of income and cost gaps, calculations and estimates of advances in the performance obligations, review of supporting
documentation for additional works, as well as reading the income and cost recognition policies; (iv) performing visits by an expert to
the constructions sites; (v) analyzing contracts to identify relevant contractual mechanisms, such as penalties and evaluating whether
these clauses have been adequately reflected in the Company's consolidated financial statements and (vi) evaluating the provisions
recognized at the close of the 2021 financial year related to the contracts, which includes verifying that the main obligations and their
level of risk are reasonably reflected.
Determination of depreciation, depletion,
amortization and impairment of long-lived assets
As described in notes 16 and 17 to the consolidated
financial statements, the computation of the units-of-production method, which is used in the determination of depreciation, depletion
and amortization (DD&A) of property, plant and equipment related to exploration and production and Natural Gas Treatment Plant, as
well as in the determination of future cash flows used in the impairment analysis of long-lived assets, is dependent upon the estimation
related to oil and gas reserves. The principal considerations for our determination that performing procedures relating to the determination
of depreciation, depletion and amortization and impairment of long-lived assets is a critical audit matter are (i) the significant judgment
by management, including the estimation of oil and gas reserves used to calculate the DD&A and perform the impairment analysis management
uses internal reservoir engineers (hereinafter "specialists") when estimating the reserves, which are determined based on
geological, technical and economic factors. Estimates of oil and gas reserves depend upon a number of variable factors and key assumptions,
including, quantities of oil and gas that are expected to be recovered, the timing of the recovery, production levels, operating and capital
costs to be incurred, sales price, among others, which led to (ii) a high degree of subjectivity in the auditor's judgment for the
performance of audit procedures and evaluating management's significant assumptions related to the inherent technical engineering
nature of the reserves estimation process, which requires the use of specialists in the performance of the assessment, including in the
determining the reasonableness of management's key assumptions previously identified. Addressing the matter involved performing
procedures and evaluating audit evidence in relation to forming our overall opinion on the consolidated financial statements. These procedures
included, among others: (i) obtaining an understanding, evaluated the design, and tested the operating effectiveness of controls over
the Company's process to calculate the DD&A and to perform its impairment analysis, including management's controls over
the completeness and the accuracy of the financial data provided to the internal specialists for use in estimating oil and gas reserves
and methodology used to develop such estimates; (ii) evaluating the estimated quantity of oil and gas reserves expected to be recovered
used to calculate the DD&A and in the impairment calculation, we obtained the reports from internal specialists hired by management
and evaluated the competency and objectivity of the specialists through the consideration of their professional qualifications, experience
and their use of accepted industry practices; (iii) evaluating the completeness and accuracy of the financial data and inputs described
above, which were used by the specialists in estimating oil and gas reserves by agreeing them to the DD&A and cash flows used in impairment
analysis; (iv) for proved undeveloped reserves, we evaluated management's development plan for compliance with the SEC rule that
undrilled locations are scheduled to be drilled within five years, unless specific circumstances justify a longer time, by assessing consistency
of the development projections with the Company's drill plan and the availability of capital relative to the drill plan and (v)
testing the mathematical accuracy of the DD&A computations and reviewed the model of impairment analysis of long-lived assets by assessing
the consistency between the estimation of oil and gas reserves prepared by the specialists with volumes of reserves included in the projected
financial information, among other procedures
Moore Assurance S.A.S.
PCAOB ID: 6006 Bogotá, Colombia
We served as the Company's auditor from
2017 to May 2022.
May 16, 2022, except
for note 2.AA. "Immaterial correction of balances previously submitted as of December 31, 2021" as to which the date is May
15, 2023.
F-
11
AENZA S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of December 31, 2021 and 2022
In thousands of soles
Note
2021
2022
Assets
Current assets
Cash and cash equivalents
9
957,178
917,554
Trade accounts receivable, net
10
834,632
1,078,582
Accounts receivable from related parties
11
20,817
27,745
Other accounts receivable, net
12
487,058
393,195
Inventories, net
13
488,326
346,783
Prepaid expenses
32,142
28,098
Total current assets
2,820,153
2,791,957
Non-current assets
Trade accounts receivable, net
10
683,306
723,869
Accounts receivable from related parties
11
643,897
542,392
Prepaid expenses
23,607
17,293
Other accounts receivable, net
12
201,360
285,730
Inventories, net
13
-
65,553
Investments in associates and joint ventures
14
31,173
14,916
Investment property, net
15.A
63,011
61,924
Property, plant and equipment, net
15.B
303,170
284,465
Intangible assets and goodwill, net
16
743,391
787,336
Right-of-use assets, net
15.C
47,717
50,207
Deferred tax asset
23
276,346
295,638
Total non-current assets
3,016,978
3,129,323
Total assets
5,837,131
5,921,280
Liabilities
Current liabilities
Borrowings
17
241,340
574,262
Bonds
18
69,838
77,100
Trade accounts payable
19
912,826
1,027,256
Accounts payable to related parties
11
51,004
53,488
Current income tax
94,958
69,652
Other accounts payable
20
754,981
705,442
Other provisions
21
155,545
132,926
Total current liabilities
2,280,492
2,640,126
Non-current liabilities
Borrowings
17
338,560
305,631
Bonds
18
1,191,084
792,813
Trade accounts payable
19
-
9,757
Other accounts payable
20
92,369
102,319
Accounts payable to related parties
11
50,712
27,293
Other provisions
21
329,497
569,027
Deferred tax liability
23
98,407
128,308
Total non-current liabilities
2,100,629
1,935,148
Total liabilities
4,381,121
4,575,274
Equity
22
Capital
871,918
1,196,980
Legal reserve
132,011
132,011
Voluntary reserve
29,974
29,974
Share Premium
1,131,574
1,142,092
Other reserves
(
68,629
)
(
97,191
)
Retained earnings
(
893,803
)
(
1,342,362
)
Equity attributable to controlling interest in the
    Company
1,203,045
1,061,504
Non-controlling interest
31
252,965
284,502
Total equity
1,456,010
1,346,006
Total liabilities and equity
5,837,131
5,921,280
Notes from 7 to 119 are an integral part of these consolidated
financial statements.
F-
12
AENZA S.A.A. and Subsidiaries
Consolidated Statement of Profit or Loss
For the years ended December 31, 2020, 2021 and 2022
In thousands of soles
Note
2020
2021
2022
Revenue
Revenue from construction activities
1,854,819
2,467,477
2,451,067
Revenue from services provided
936,485
1,094,439
1,104,900
Revenue from real estate and sale of goods
394,249
579,482
849,157
Total revenue from ordinary activities arising from contracts with customers
24
3,185,553
4,141,398
4,405,124
Cost
Cost of construction activities
(
1,792,719
)
(
2,373,482
)
(
2,465,279
)
Cost of services provided
(
807,113
)
(
900,317
)
(
926,076
)
Cost of real estate and sale of goods
(
308,339
)
(
454,484
)
(
566,138
)
Cost of sales and services
25
(
2,908,171
)
(
3,728,283
)
(
3,957,493
)
Gross profit
277,382
413,115
447,631
Administrative expenses
25
(
134,013
)
(
179,613
)
(
162,598
)
Other income and expenses
27
(
181,182
)
(
4,477
)
(
290,614
)
Operating (loss) profit
(
37,813
)
229,025
(
5,581
)
Financial expenses
26.
A
(
141,803
)
(
196,415
)
(
156,474
)
Financial income
26.
A
6,582
2,646
15,454
Interest for present value of financial asset or liability
26.
B
28,182
(
63,032
)
(
86,014
)
Share of the profit or loss of associates and joint ventures accounted for using the equity method
14
770
(
861
)
1,907
Loss before income tax
(
144,082
)
(
28,637
)
(
230,708
)
Income tax expense
28
(
54,172
)
(
46,405
)
(
131,346
)
Loss from continuing operations
(
198,254
)
(
75,042
)
(
362,054
)
Loss from discontinued operation, net of tax
35
(
16,924
)
(
26,774
)
-
Loss for the year
(
215,178
)
(
101,816
)
(
362,054
)
(Loss) profit attributable to:
Controlling interest in the Company
(
241,397
)
(
141,770
)
(
451,151
)
Non-controlling interest
26,219
39,954
89,097
(
215,178
)
(
101,816
)
(
362,054
)
Loss per share attributable to controlling interest in the Company during the year
33
(
0.277
)
(
0.163
)
(
0.403
)
Diluted loss per share attributable to controlling interest in the Company during the year
33
-
(
0.142
)
(
0.377
)
Loss per share from continuing operations attributable to
    controlling interest in the Company
during the year
33
(
0.257
)
(
0.132
)
(
0.403
)
Diluted loss per share from continuing operations attributable to
controlling interest in the Company during the year
33
-
(
0.115
)
(
0.377
)
Notes from 7 to 119 are an integral part of these consolidated financial
statements.
F-
13
AENZA S.A.A. and Subsidiaries
Consolidated Statement of Other
    Comprehensive Income
For the years ended December 31, 2020, 2021 and 2022
In thousands of soles
Note
For the year ended as of December 31,
2020
2021
2022
Loss for the year
(
215,178
)
(
101,816
)
(
362,054
)
Other comprehensive income:
Items that may be subsequently reclassified to profit or loss
Cash flow hedge, net of tax
(
626
)
-
-
Other comprehensive income recycled
-
-
(
7,461
)
Foreign currency translation adjustment, net of tax
1,571
(
5,009
)
(
20,911
)
Exchange difference from net investment in a foreign operation, net of tax
708
(
428
)
(
289
)
Other comprehensive income for
    the year, net of tax
29
1,653
(
5,437
)
(
28,661
)
Total comprehensive income for
    the year
(
213,525
)
(
107,253
)
(
390,715
)
Comprehensive income attributable to:
Controlling interest in the Company
(
239,804
)
(
147,425
)
(
479,713
)
Non-controlling interest
26,279
40,172
88,998
(
213,525
)
(
107,253
)
(
390,715
)
Total comprehensive income for the year attributable to controlling interest in the
    Company:
Continuing operations
(
222,225
)
(
120,651
)
(
479,713
)
Discontinued operations
(
17,579
)
(
26,774
)
-
(
239,804
)
(
147,425
)
(
479,713
)
Notes from 7 to 119 are an integral part of these consolidated financial
statements.
F-
14
AENZA S.A.A. and Subsidiaries
Consolidated Statement of Changes in Equity
For the years ended December 31, 2020, 2021 and 2022
Number of
shares in
Legal
Voluntary
Share
Other
Retained
Non-controlling
In thousands of soles
Note
thousands
Capital
reserve
reserve
premium
reserves
earnings
Total
interest
Total
Balances as of January 1, 2020
871,918
871,918
132,011
29,974
1,132,179
(
176,386
)
(
497,425
)
1,492,271
401,877
1,894,148
(Loss) profit for the year
-
-
-
-
-
-
(
241,397
)
(
241,397
)
26,219
(
215,178
)
Cash flow hedge
-
-
-
-
-
(
594
)
-
(
594
)
(
32
)
(
626
)
Foreign currency translation adjustment
-
-
-
-
-
1,479
-
1,479
92
1,571
Exchange difference from net investment in a foreign operation
-
-
-
-
-
708
-
708
-
708
Comprehensive income of the year
-
-
-
-
-
1,593
(
241,397
)
(
239,804
)
26,279
(
213,525
)
Transactions with shareholders:
Dividend distribution
32
-
-
-
-
-
-
-
-
(
82,412
)
(
82,412
)
Acquisition of (profit distribution to) non-controlling interests, net
-
-
-
-
-
-
-
-
(
15,725
)
(
15,725
)
Additional acquisition of non-controlling
-
-
-
-
(
605
)
-
-
(
605
)
(
89
)
(
694
)
Total transactions with shareholders
-
-
-
-
(
605
)
-
-
(
605
)
(
98,226
)
(
98,831
)
Balances as of December 31, 2020
871,918
871,918
132,011
29,974
1,131,574
(
174,793
)
(
738,822
)
1,251,862
329,930
1,581,792
Balances as of January 1, 2021
871,918
871,918
132,011
29,974
1,131,574
(
174,793
)
(
738,822
)
1,251,862
329,930
1,581,792
(Loss) profit for the year
-
-
-
-
-
-
(
141,770
)
(
141,770
)
39,954
(
101,816
)
Foreign currency translation adjustment
-
-
-
-
-
(
5,230
)
-
(
5,230
)
221
(
5,009
)
Exchange difference from net investment in a foreign operation
-
-
-
-
-
(
425
)
-
(
425
)
(
3
)
(
428
)
Comprehensive income of the year
-
-
-
-
-
(
5,655
)
(
141,770
)
(
147,425
)
40,172
(
107,253
)
Transactions with shareholders:
Dividend distribution
32
-
-
-
-
-
-
-
-
(
42,974
)
(
42,974
)
Acquisition of (profit distribution to) non-controlling interests, net
-
-
-
-
-
-
-
-
(
27,104
)
(
27,104
)
Additional acquisition of non-controlling
-
-
-
-
-
46,477
-
46,477
(
46,477
)
-
Deconsolidation Adexus S.A.
-
-
-
-
-
-
52,131
52,131
-
52,131
Reclasification of PUT option Morelco
-
-
-
-
-
65,342
(
65,342
)
-
-
-
Dilution of non-controlling shareholders
-
-
-
-
-
-
-
-
(
582
)
(
582
)
Total transactions with shareholders
-
-
-
-
-
111,819
(
13,211
)
98,608
(
117,137
)
(
18,529
)
Balances as of December 31, 2021
871,918
871,918
132,011
29,974
1,131,574
(
68,629
)
(
893,803
)
1,203,045
252,965
1,456,010
Balances as of January 1, 2022
871,918
871,918
132,011
29,974
1,131,574
(
68,629
)
(
893,803
)
1,203,045
252,965
1,456,010
(Loss) profit for the year
-
-
-
-
-
-
(
451,151
)
(
451,151
)
89,097
(
362,054
)
Foreign currency translation adjustment
-
-
-
-
-
(
20,814
)
-
(
20,814
)
(
97
)
(
20,911
)
Other comprehensive income recycled
-
-
-
-
-
(
7,461
)
-
(
7,461
)
-
(
7,461
)
Exchange difference from net investment in a foreign operation
-
-
-
-
-
(
287
)
-
(
287
)
(
2
)
(
289
)
Comprehensive income of the year
-
-
-
-
-
(
28,562
)
(
451,151
)
(
479,713
)
88,998
(
390,715
)
Transactions with shareholders:
Dividend distribution
32
-
-
-
-
-
-
-
-
(
19,847
)
(
19,847
)
Acquisition of (profit distribution to) non-controlling interests, net
-
-
-
-
-
-
-
-
(
36,879
)
(
36,879
)
Capital increase
325,062
325,062
-
-
10,518
-
-
335,580
-
335,580
Dilution of non-controlling shareholders
-
-
-
-
-
-
2,592
2,592
(
735
)
1,857
Total transactions with shareholders
325,062
325,062
-
-
10,518
-
2,592
338,172
(
57,461
)
280,711
Balances as of December 31, 2022
1,196,980
1,196,980
132,011
29,974
1,142,092
(
97,191
)
(
1,342,362
)
1,061,504
284,502
1,346,006
Notes from 7 to 119 are an integral part of these consolidated financial
statements.
F-
15
AENZA S.A.A. and Subsidiaries
Consolidated Statement of Cash Flows
For the years ended December
    31, 2020, 2021 and 2022
In thousands of soles
Note
2020
2021
2022
OPERATING ACTIVITIES
Loss before income tax
(
164,770
)
(
60,373
)
(
230,708
)
Adjustments to profit not affecting
    cash flows from operating activities:
Depreciation
15
98,504
98,795
74,988
Amortization of intangible assets
16.F
98,621
106,512
102,035
Impairment (reversal) of inventories
(
30
)
2,984
(
1,972
)
Impairment of accounts receivable and other accounts receivable
25(iii) y 27.C
134,964
29,389
182,114
Debt condonation
27
(
9,451
)
-
(
5,244
)
Impairment of property, plant and equipment
25
-
8,088
10,187
Impairment of intangible assets
16
-
-
2,530
Other comprehensive income recycled
-
-
(
7,461
)
Other provisions
126,896
62,962
294,337
Change in the fair value of the liability for put option
245
-
-
Renegotiation of liability for acquisition of non-controlling Morelco
27
-
(
70,322
)
(
3,706
)
Financial expense, net
225,212
222,453
159,774
Impairment of investment
27.C
38
-
14,804
Incremental cost accrued
8,875
-
-
Incremental cost of acquiring interest in joint operation
-
12,732
-
Share of the profit and loss of associates and joint ventures accounted for using the equity method
14.A and B
(
770
)
861
(
1,907
)
Reversal of provisions
21
(
33,264
)
(
13,027
)
(
11,930
)
Disposal (reversal) of assets
8,895
2,410
137
Profit on sale of property, plant and equipment
(
2,322
)
(
3,937
)
(
3,889
)
Loss on remeasurement of accounts receivable and accounts payable
(
25,888
)
106,613
87,477
Net variations in assets and liabilities:
Trade accounts receivable
209,400
(
143,190
)
(
336,106
)
Other accounts receivable
(
50,680
)
42,133
(
133,349
)
Other accounts receivable from related parties
(
20,641
)
(
57,258
)
22,572
Inventories
22,578
59,201
78,899
Prepaid expenses and other assets
(
823
)
(
11,681
)
16,545
Trade accounts payable
(
78,218
)
(
27,375
)
130,929
Other accounts payable
(
62,148
)
73,966
(
86,194
)
Other accounts payable to related parties
3,591
7,703
(
4,737
)
Other provisions
(
9,051
)
(
27,964
)
(
41,000
)
Interest paid
(
137,369
)
(
146,369
)
(
145,773
)
Payments for purchases of intangible assets - Concessions
(
3,519
)
(
5,157
)
(
5,645
)
Income tax paid
(
112,851
)
(
75,641
)
(
124,047
)
Net cash provided by operating activities
226,024
194,508
33,660
INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment
9,118
9,162
11,274
Interest received
4,292
2,474
12,894
Dividends received
2,318
3,445
380
Acquisition of investment property
(
98
)
(
152
)
(
53
)
Acquisition of intangible assets
(
46,767
)
(
53,808
)
(
159,512
)
Loss of deconsolidation of investment
-
(
11,223
)
-
Acquisition of property, plant and equipment
(
33,596
)
(
38,087
)
(
63,155
)
Net cash applied to investing activities
(
64,733
)
(
88,189
)
(
198,172
)
FINANCING ACTIVITIES
Borrowing received
185,644
281,079
493,031
Bonds issued
18(d)
-
357,424
-
Amortization of borrowings received
17.F
(
262,474
)
(
542,918
)
(
216,195
)
Amortization of leases
17.F
(
12,689
)
(
5,442
)
(
8,536
)
Amortization of bonds issued
(
37,981
)
(
48,858
)
(
56,745
)
Payment for debt transaction costs
-
(
5,681
)
(
13,736
)
Dividends paid to non-controlling interest
32
(
82,412
)
(
25,693
)
(
34,477
)
Cash received (return of contributions) from non-controlling shareholders
(
15,725
)
(
27,104
)
(
36,879
)
Acquisition or sale of interest in a subsidiary of non-controlling shareholders, net
27.A
-
(
33,232
)
-
Net cash (applied to) provided by financing activities
(
225,637
)
(
50,425
)
126,463
(Net decrease) net increase in cash
(
64,346
)
55,894
(
38,049
)
Exchange difference
13,813
1,116
(
1,575
)
Cash and cash equivalents at the beginning of the year
950,701
900,168
957,178
Cash and cash equivalents at the end of the year
9
900,168
957,178
917,554
NON-CASH TRANSACTIONS:
Capitalization of interests
4,887
1,244
937
Acquisition of assets through finance leases
71
104
-
Dividends declared to non-controlling interest
32
-
17,281
-
Acquisition of right-of-use assets
12,075
7,988
21,567
Capitalization of convertible bonds
22
-
-
335,580
Reclassification to other accounts receivable by Concesionaria Via Expresa Sur
24,157
-
-
Acquisition of supplier bonds
25,871
-
-
Notes from 7 to 119 are an integral part of these consolidated financial statements.
F-
16
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
1.
General Information
A.
Incorporation and Operations
AENZA S.A.A., (hereinafter the "Company" or "AENZA")
is the parent of the AENZA Corporation that includes the Company and its subsidiaries (hereinafter, the "Corporation") and
is mainly engaged in its investments in the different companies of the Corporation. In addition, the Company provides strategic and functional
services and office leases to the companies of the Corporation. The Company registered office is at Av. Petit Thouars 4957, Miraflores,
Lima.
The Corporation is a conglomerate of companies
whose operations encompass different business activities such as engineering and construction, energy, infrastructure (public concession
ownership and operation) and real estate business. See details of the Corporation's operating segments in Note 7.
B.
Authorization for the Financial Statements Issuance
The consolidated financial statements for the
year ended December 31, 2022 have been prepared and issued with authorization of Management and approved by the Board of Directors on
May 15, 2023 and will be presented for consideration and approval to the General Shareholders' Meeting that will be held within
the terms established by Law. In Management's opinion, the financial statements as of December 31, 2022, will be approved without
any modifications.
The consolidated financial statements for the
year ended December 31, 2021 were prepared and issued with the authorization of Management and approved by the Board of Directors on March
4, 2022 and were approved by the General Shareholders' Meeting on March 31, 2022.
As indicated in note 2.AA, from the date the financial
statements for the year ended December 31, 2021 were submitted to the shareholders for approval, the Company revised the balances previously
presented as of December 31, 2021.
The revised consolidated financial statements
for the year ended December 31, 2021 have been prepared and issued with the authorization of Management and the Board of Directors on
May 15, 2023 and will be submitted for consideration and approval by the General Shareholders' Meeting to be convened promptly.
C.
Compliance with laws and regulations
The
Company is involved in a series of criminal investigations conducted by the Public Ministry of Peru and administrative proceedings
conducted by the National Institute for the Defense of Competition and Protection of Intellectual Property (INDECOPI, for its
Spanish Acronym) based on events that occurred between years 2003 and 2016. Such situations led to significant changes in the
Company's corporate governance structure, the opening of independent investigations and the adoption of measures to
address and clarify these situations.
Criminal investigations derived from projects
developed in partnership with companies of the Odebrecht Group
In connection with the Lava Jato case, the Company participated as
a minority partner in six infrastructure projects with Odebrecht Group, directly or through its subsidiaries, in entities or consortia.
The resulting contingency from these proceedings has been determined in the Plea Agreement ("the Agreement") signed with the
Peruvian Public Prosecutor's Office and Attorney General's Office and includes the following projects: IIRSA Sur Tranches
2 and 3, IIRSA Norte, the Electric Train Construction Project (Tranches 1 and 2) and Gasoducto Sur Peruano (GSP)
Criminal investigations in relation to the
Construction Club case
Cumbra Peru S.A. has been included, along
with other construction companies, in the criminal investigation that the Public Ministry of Peru has been carrying out for the
alleged crime of corruption of officials in relation to the so-called 'Construction Club'. The resulting contingency
from these proceedings has been determined in the Agreement with the Peruvian Public Prosecutor's Office and the Attorney
General's Office.
Moreover, at the end of February 2020, the
Public Ministry of Peru requested Unna Transporte S.A.C., be included in such criminal investigation. That request was approved in
October 2021. Just like other executives of other construction companies, a former commercial manager of Cumbra Peru S.A., a former
president of the Board of Directors, a former Director, and the former Corporate General Manager of the Company have been included
in these criminal investigations.
The Company's Management cannot guarantee
the finding nor rule out the possibility of authorities or third parties finding additional adverse evidence not currently known with
respect to other projects executed during the period under investigation. If applicable, these new facts could be included in the Agreement
entered into with the Peruvian Public Prosecutor's Office and the Attorney General's Office.
F-
17
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Final Plea Agreement
On May 21, 2021,
the Company entered into an Agreement
with the Special Team of Peruvian prosecutors who are committed to full dedication to the knowledge of investigations related to corruption
offenses of officials and related personnel, in which the company Odebrecht and others would have incurred (the "Prosecutor's
Office") and with the ad hoc Public Prosecutor's Office for investigations and processes related to crimes corruption of officials,
money laundering and related activities allegedly committed by the Odebrecht company and others (the "Attorney General's Office").
On September 15, 2022,
the Agreement was
entered into between the Peruvian Public Prosecutor's Office, the Attorney General's Office and the Company, whereby
AENZA S.A.A. accepted they were utilized by certain former executives to commit illicit acts in a series of periods until 2016, and
committed to pay a civil compensation to the Peruvian Government of approximately S/ 488.9 million (approximately S/ 333.3 million and
US$ 40.7 million, respectively) calculated according to the formulae established by Law 30737.
According to the Agreement, payment shall be
made within twelve (12) years at a legal interest rate in soles and dollars (
3
% and
1
% annual interest as of December 31, 2022,
respectively). The Company also undertakes to establish a series of guarantees after the approval (by which the judge verify that
the agreement are in accordance with Law) of the Agreement, composed of i) a trust agreement that includes shares issued by a
subsidiary of the Company, ii) mortgage on a property owned by the Company, and iii) a guarantee account with funds equivalent to
the annual installment for the following year. Among other conditions, the Agreement includes a restriction for AENZA S.A.A. and
subsidiaries Cumbra Peru S.A. and Unna Transporte S.A.C. to participate in public construction and road maintenance contracts for 2
years from the approval of the Agreement. The other member companies of the Corporation are not subject to any impediment or
prohibition to contract with the Peruvian Government. As of December 31, 2022, the Company recognized in its financial statements
the total liabilities associated to the Agreement for S/
488.9
million (Note 21.a) recognizing an expense of S/
258.3
million
under "Other Income and Expenses" and an exchange difference income of S/
9.5
million under "Financial
Expenses" in 2022 (Note 26.A) (As of December 31, 2021, the balance was S/
240.1
million).
As of December 31, 2022, and as of the reporting
date of the consolidated financial statements, in the opinion of the Company's Management and legal advisors, the civil compensation
covers the total contingency to which the Company is exposed to as a result of the investigations revealed since 2017. Nevertheless, the
Agreement enforceability is subject to court approval and its terms and conditions are subject to confidentiality provisions.
Investigations and administrative process initiated
by INDECOPI in relation to the Construction Club case
On July 11, 2017, the INDECOPI initiated an investigation
against several Peruvian construction companies (including Cumbra Peru S.A.), about the existence of an alleged cartel called the Construction
Club.
On February 11, 2020, the subsidiary Cumbra Peru
S.A. was notified by the Technical Secretariat (the "TS") of the Free Competition Defense Commission of INDECOPI with the
resolution that begins a sanctioning administrative procedure involving a total of 35 companies and 28 natural persons, for alleged anticompetitive
conduct in the market of Public Works.
On November 17, 2021, the Commission imposed a
fine of approximately S/
67
million against Cumbra Peru S.A., which is currently being challenged and is pending of resolution by the final
administrative instance within the INDECOPI Court. As of December 31, 2022, Cumbra Peru S.A. recorded an provision amounting
to S/
52.4
million (as of December 31, 2021 a present value equivalent to S/
52.6
million was recorded).
Investigations and administrative process initiated
by INDECOPI in relation to the labor recruitment market
On February 7, 2022, Cumbra Peru S.A. and Unna
Transporte S.A.C. were notified with Resolution 038-2021/CLC-INDECOPI, by means of which the National Directorate of Research and Promotion
of Free Competition of INDECOPI decided to initiate an administrative sanctioning procedure regarding the alleged horizontal collusive
practice in the modality of concerted sharing of suppliers in the market of hiring workers in the construction sector at national level
from 2011 to 2017.
On April 7, 2022, Cumbra Peru S.A. and Unna Transporte
S.A.C. proposed a cease-and-desist agreement for the early termination of the sanctioning administrative procedure, where they (i) accepted
the alleged conduct, (ii) committed to comply with a free competition rules compliance program during years 2022, 2023, and 2024, and
(iii) committed to paying a compensation amounting to S/
2.7
million in two installments (the first one within 60 days after the notification
of the Resolution approving the cessation undertaking and the second one within 12 months). By means of Resolution 054-2022/CLC-INDECOPI
dated August 19, 2022, the INDECOPI approved the proposed cease-and-desist agreement and concluded the sanctioning procedure.
F-
18
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
2.
Basis of Preparation and Significant Accounting Policies
Significant accounting policies applied to prepare the consolidated
financial statements are detailed below. These policies have been applied consistently to all years presented in these consolidated financial
statements; unless otherwise indicated.
Going concern
basis of accounting
Management
continues to have a reasonable expectation that the Corporation has adequate resources to continue in operation for a reasonable
period of time and that the going concern basis of accounting remains appropriate. Following the Post Covid stabilization process
initiated in 2021, the Corporation was able to regain operational control of all its operations in 2022. As of December 31, 2022
AENZA's consolidated backlog amounted to S/
5,327.6
million (US$
1,394.7
million). Corporation believes that backlog provides
visibility for potential growth in the coming years and that is strategically targeted to key end-markets such as mining,
infrastructure, power, energy and real estate. As a leading Peruvian conglomerate in Infrastructure, Energy, Real Estate, and
Engineering & Construction segments with a diversified and difficult-to-replicate portfolio of best-in-class assets and an
attractive growth strategy, the Corporation is well-positioned to capitalize upon the significant infrastructure deficit and other
business opportunities in Latin America.
For the year ended 2022, the
Corporation's current assets as of December 31, 2022 were S/
2,792
million and the Corporation's cash and cash
equivalents were S/
917.6
million. As of December 31, 2022, Corporation had a total outstanding indebtedness of S/
1,690.7
million
(US$
442.6
million). In 2022, the Corporation recognized a loss of the year of S/
362.1
million, which were affected primarily by
non-recurring costs in relation to past projects in the E&C segment and the provision related to the Plea Agreement signed on
September 15, 2022. For the year ended December 31, 2022, the Company recognized in its financial statements the total liabilities
associated with the Plea Agreement recognizing an expense of S/
258.3
million. In this sense AENZA is committed to pay a civil
compensation to the Peruvian Government of approximately S/
488.9
million. Additionally, on March 17, 2022, the Corporation entered
into a bridge loan credit agreement for up to US$
120
million that matures in October 2023.
The appropriateness of the going concern basis
of accounting is dependent on the continued availability of borrowings. Management has the ability to take the following mitigation actions
to preserve liquidity and optimize the Group's cash flow:
- Reducing non-essential
capital expenditures and deferring or cancelling discretionary spend;
- Financial restructuring,
including a short-term and long-term structural solutions and capital increase.
Based on these factors, Management
has a reasonable expectation that the Corporation has adequate resources headroom.
A.
Basis of preparation
i.
Basis of accounting
The consolidated financial statements
of the Company and its Subsidiaries have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by
the International Accounting Standard Board (IASB) effective as of December 31, 2022.
ii.
Basis of measurement
These consolidated financial
statements have been prepared on the historical cost basis, according to the Corporation's accounting records, except for derivative financial
instruments and investment property, which are measured at fair value.
iii.
Responsibility for the information
The information contained in these financial statements
is the responsibility of the Management of the Corporation that expressly states that all the principles and criteria included in the
IFRSs as issued by the IASB, effective as of December 31, 2021 and 2022, have been applied.
iv.
Functional and presentation currency
These consolidated financial
statements are presented in soles (S/), which is the Corporation's functional currency. All amounts have been rounded to the nearest
thousand, unless otherwise indicated. The functional currencies of the Subsidiaries domiciled in Chile and Colombia are CLP (Chilean Pesos)
and COP (Colombian Pesos), respectively.
v.
Use of judgments and estimates
In preparing these consolidated financial statements,
Management has made judgments and estimates that affect the application of the accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are recognized prospectively.
F-
19
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Judgments
Information about judgments made in applying accounting
policies that have the most significant effects on the amounts recognized in the consolidated financial statements is included in the
following notes:
■
Revenue
recognition: identification of performance obligations and determination of revenue recognition at a point in time (Note 2.W).
■
Lease
term: whether the Company and its Subsidiary are reasonably certain to exercise extension options in leases (note 2.Y).
■
Estimate
of current tax payable and current tax expense in relation to an uncertain tax treatment (Note 2.R).
Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties
as of December 31, 2021 and 2022, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets
and liabilities is included in the following notes:
■
Measurement
of expected credit losses (ECL) allowance for trade receivables and contract assets: (Note 2.I);
■
Recognition
and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources (Note
2.T);
■
Recognition
of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward
can be utilized in previous periods (Note 2.R);
■
Allowance
for inventory obsolescence (Note 2.J);
■
Allowance
for useful lives and residual values of property, plant, and equipment (Note 2.L).
Measurement of fair values
A number of the Corporation's accounting
policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.
The Company has an established control framework
with respect to the measurement of fair values. If third party information, such as broker quotes or pricing services, is used to measure
fair values, then the Company assesses the evidence obtained from the third parties to support the conclusion that these valuations meet
the requirements of IFRS, including the level in the fair value hierarchy in which the valuations should be classified. The Company regularly
reviews significant unobservable inputs and valuation adjustments.
When measuring the fair value of an asset or a
liability, the Corporation uses observable market data as far as possible. Fair values are categorized into different levels in a fair
value hierarchy based on the inputs used in the valuation techniques as follows:
Level 1:
Measurement based on quoted
prices in active markets for identical assets or liabilities.
Level 2:
Measurement based on inputs
other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3:
Measurement based on inputs
for the asset or liability that are not based on observable market data (i.e. unobservable inputs, generally based on internal estimates
and assumptions of the Corporation).
F-
20
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
If the inputs used to measure the fair value of
an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its
entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Corporation recognizes transfers
between levels of the fair value hierarchy at the end of the reporting period during the period which the change occurred.
B.
Consolidation of financial statements
i.
Subsidiaries
The Company 'controls' an entity when
it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from
the date on which control commences until the date on which control ceases.
Business acquisition-related costs are expensed
as incurred. Balances, income, and expenses from transactions between Corporation companies are eliminated. Profits and losses resulting
from inter-group transactions that are recognized as assets are also eliminated.
ii.
Business Combinations
The Corporation accounts for business combinations
using the acquisition method when control is transferred to the Corporation. The consideration transferred in the acquisition is generally
measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain
on a bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred.
iii.
Non-controlling interests
For each business combination,
the Corporation shall select between measuring the non-controlling interests in the acquiree at fair value or at their proportionate share
of the acquiree's identifiable net assets at the acquisition date. Changes in the Corporation's interest in a subsidiary that
do not result in a loss of control are accounted for as equity transactions.
iv.
Associates
Associates are those entities in which the Corporation
has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement
in which the Corporation has joint control, whereby the Corporation has rights to the net assets of the arrangement, rather than rights
to its assets and obligations for its liabilities.
Interests in associates and the joint venture
are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial
recognition, the consolidated financial statements include the Corporation's share of the profit or loss and OCI of equity-accounted
investees, until the date on which significant influence or joint control ceases.
F-
21
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
v.
Joint arrangements
Under IFRS 11, investments in joint arrangements
are classified as either a joint operation or as a joint venture depending upon each investor's rights and obligations arising from the
arrangement. The Corporation has assessed the nature of its joint arrangements and determined that they are joint ventures.
Joint ventures are accounted for using the equity
method. Under the equity method, interest in joint ventures is initially recognized at cost and adjusted thereafter to recognize the Corporation's
share of post-acquisition profits and losses, as well as movements in other comprehensive income. When the Corporation's share in
the losses of a joint venture equals or exceeds its interest in such joint venture (including any long-term share that is substantially
part of the Corporation's net investment in the joint venture), the Corporation does not recognize additional losses, unless it
has assumed obligations or made payments on behalf of the joint ventures.
Unrealized gains on transactions between the Corporation
and its joint ventures are eliminated to the extent of the Corporation's interest in such joint ventures. Unrealized losses are
also eliminated, unless the transaction provides evidence of an impairment of the transferred asset. Gains arising from the application
of the equity of accounting method are recognized in the consolidated statement of profit or loss and other comprehensive income.
In the Corporation, joint operations mainly relate
to consortia (entities without legal personality) created for the development of construction contracts. Considering that the only objective
of this type of consortium is to develop a specific project, all revenue and costs are included within revenue from construction activities
and cost of construction activities, respectively.
vi.
Changes in ownership interest in a subsidiary that do not result in a loss of control
Transactions with non-controlling shareholders
that do not result in loss of control are accounted for as equity transactions, i.e. as transactions with owners in their capacity as
owners. The difference between the fair value of any consideration paid and the relevant share acquired of the carrying amount of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals of shares to non-controlling shareholders are also recorded
in equity at the time of disposal.
vii.
Disposal of subsidiaries
When the Corporation loses control of a subsidiary,
any interest retained in said entity is remeasured at its fair value at the date it loses control of the subsidiary, and any change in
respect to the carrying amount is recognized in profit or loss. Subsequently, said fair value is considered the initial carrying amount
for purposes of accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously
recognized in other comprehensive income in respect of that entity are accounted for as if the Corporation had directly disposed of the
related assets or liabilities. This means that the amount previously recognized in other comprehensive income could be reclassified to
profit or loss for the year.
viii.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any
unrealized income and expenses arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with
equity-accounted investees are eliminated against the investment to the extent of the Corporation's interest in the investee. Unrealized
losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.
C.
Foreign currency translation
i.
Functional and presentation currency
These consolidated financial statements are presented
in soles (S/), which is the Corporation's functional and presentation currency. All subsidiaries, joint arrangements, and associates
use the Peruvian sol as their functional currency, except for foreign subsidiaries, for which the functional currency is the currency
of the country in which they operate.
F-
22
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
ii.
Transactions and balances
Transactions in foreign currency are translated
into functional currency at the exchange rates at the dates of the transactions or the valuation date in the case of items that are remeasured.
Foreign exchange gains and losses resulting from the settlement of such transactions are recognized in the statement of profit or loss,
except when deferred in other comprehensive income. Foreign exchange gains and losses of all monetary items are included in the statement
of other comprehensive income under 'Exchange difference, net'.
Exchange differences arising from foreign currency
loans granted by the Company to its subsidiaries are recognized in profit or loss both in the consolidated financial statements of the
Company and in the separate financial statements of the subsidiaries. In the consolidated financial statements, such exchange differences
are recognized in other comprehensive income and are reclassified to profit or loss in the event of the disposal of the subsidiary or
debt repayment to the extent such loans qualify as part of the "net investment in a foreign operation."
iii.
Corporation companies
The results and financial position of the Corporation
entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the Corporation's
presentation currency are translated into the presentation currency as follows:
(i)
assets and liabilities for each statement of financial position
are translated at the closing rate at the date of that consolidated statement of financial position;
(ii)
income and expenses for each statement of profit or loss
are translated at the average exchange rate (unless this average is not a reasonable approximation of the cumulative effect of the rates
prevailing on the transaction dates, in which case income and expenses are translated at the rate prevailing on the date of the transaction);
(iii)
capital is translated by using the historical exchange rate
for each capital contribution made; and
(iv)
all resulting exchange differences are recognized as separate
components in other comprehensive income, under 'Translation of net investment in foreign operations'.
Goodwill and fair value adjustments arising from
the acquisition of a foreign operation are treated as assets and liabilities of the foreign entity and are translated at the closing exchange
rate. Exchange differences are recognized in other comprehensive income.
D.
Operating segments
Operating segments are reported in a manner consistent
with the internal reporting provided to the Corporation's Management.
If there are changes in the internal organization
in a manner that causes the identification of operating segments to change, the Corporation shall restate the comparative information
for earlier periods unless the information is not available.
F-
23
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
E.
Public service concessions
Concession agreements entered into between the
Corporation and the Peruvian government whereby the Corporation, acting in its capacity as concessionaire, assumes obligations for the
construction and improvement of infrastructure, and which qualify as public service concessions are accounted as defined by IFRIC 12
Service
Concession Arrangements
. Under these arrangements, the government controls and regulates the infrastructure services provided by the
Company and establishes to whom these services are to be provided and at what prices. The concession agreement establishes the obligation
to return the infrastructure to the grantor at the end of the concession term or when there is any expiration event. This feature gives
the grantor the control over the risks and rewards of the residual value of the assets at the end of the concession term. For this reason,
the Company will not recognize infrastructure as part of its premises, plant, and equipment. The consideration to be received from the
Peruvian government for public infrastructure construction or improvement activities is recognized as a financial asset, intangible asset,
or both, as set forth below:
i.
It is recognized as a financial asset to the extent that
it has an unconditional contractual right to receive cash or another financial asset either because the government guarantees to pay
specified or determinable amounts or because the government covers the shortfall between the amounts received, as concessionaire, from
users of the public service and specified or determinable amounts. These financial assets are initially recognized at fair value, and,
subsequently, at amortized cost (financial asset model).
ii.
It is recognized as an intangible asset to the extent that
the agreement provides the Corporation with a contractual right to charge users for public services rendered. The resulting intangible
asset measured at cost is amortized as described in Note 2.M (intangible asset model).
iii.
It is recognized as a financial asset and an intangible asset
when the Corporation is paid partly by a financial asset and partly by an intangible asset (bifurcated model).
F.
Financial instruments
i.
Recognition and initial measurement
Trade accounts receivable are initially recognized
when they are originated. All other financial assets and financial liabilities are initially recognized when the Corporation becomes a
party to the contractual provisions of the instrument.
A financial asset (unless it is a trade account
receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not
measured at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. An
account receivable without a significant financing component is initially measured at the transaction price.
ii.
Classification and subsequent measurement
■
Financial
assets
On initial recognition, assets are classified
as measured at amortized cost or Fair Vale Through Profit and Loss ("FVTPL"). The classification depends on the purpose for
which the financial assets were acquired based on the Company's business model for managing the financial assets and the characteristics
of the contractual cash flows of the financial asset.
Management determines the classification of its
financial assets at the date of initial recognition and reevaluates this classification as of the date of each consolidated financial
statement closing. As of December 31, 2021 and 2022, the Company only holds financial assets at amortized cost.
A financial asset is measured at amortized cost
if both of the following conditions are met and is not measured at FVTPL:
-
It is held within a business model whose objective is to
hold the financial assets to collect contractual cash flows; and
-
Its contractual terms give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.
All financial assets not classified as measured
at amortized cost or fair value through other comprehensive income as described above are measured at FVTPL.
This includes all derivative financial assets that are not cash flow hedge. On initial recognition, the Corporation may irrevocably designate
a financial asset that otherwise meets the requirements to be measured at amortized cost or at fair value through other comprehensive
income as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch or recognition that
would otherwise arise.
F-
24
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
Subsequent measurement and gains and losses:
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.
Financial assets at amortized cost
These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses, and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
The Corporation classified its financial assets
at amortized cost.
■
Financial
liabilities
Financial liabilities are classified as measured
at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative
or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses,
including any interest expense, and are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized
cost using the effective interest method. Interest income and foreign exchange gains and losses are recognized in profit or loss. Any
gain or loss on derecognition is also recognized in profit or loss.
iii.
Derecognition
Financial assets
The Corporation derecognizes a financial asset
when the contractual rights to the cash flows from financial asset expire, or it transfers the rights to receive the contractual cash
flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it
neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred
asset.
The Corporation enters into transactions whereby
it transfers assets recognized in its consolidated statement of financial position, but retains either all or substantially all of the
risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.
Financial liabilities
The Corporation derecognizes a financial liability
when its contractual obligations are discharged or canceled, or expire. The Corporation also derecognizes a financial liability when its
terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based
on the modified terms is recognized at fair value.
On derecognition of a financial liability, the
difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities
assumed) is recognized in profit or loss.
iv.
Offsetting
Financial assets and financial liabilities are
offset, and the net amount presented in the consolidated statement of financial position when, and only when, the Corporation currently
has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and
settle the liability simultaneously.
F-
25
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
v.
Derivative financial instruments and hedge accounting
Derivatives are initially measured at fair value.
Subsequent to initial recognition, derivative financial instruments are measured at fair value, and changes therein are generally recognized
in profit or loss. The Corporation designates certain derivatives as hedging instruments to hedge the variability in cash flows associated
with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates.
At inception of designated hedging relationships,
the Corporation documents the risk management objective and strategy for undertaking the hedge. The Corporation also documents the economic
relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging
instrument are expected to offset each other.
As of December 31, 2021 and 2022, the Corporation
does not hold derivative financial instruments.
G.
Impairment
i.
Financial assets
Financial instruments
and contract assets
The Corporation considers a financial asset to
be nonperforming when contractual payments are more than 365 days past due. However, in certain cases, the Corporation may consider a
financial asset to be nonperforming when internal or external information indicates that it is unlikely that the Corporation will receive
the contractual amounts due before the Company executes the guarantees received. A financial asset is written off when there is no reasonable
expectation of recovering the contractual cash flows.
IFRS 9
Financial Instruments
requires that
expected credit losses be recorded for all financial assets, except those carried at FVTPL, estimating them
over twelve months or over the lifetime of the financial instrument ("lifetime"). Under this standard, the Company applies
the general approach for trade and other accounts receivable, which requires assessing whether credit risk has significantly increased
to determine whether the loss shall be estimated based on 12 months after the reporting date or during the lifetime of the asset.
Loss allowances for trade
receivables are always measured at an amount equal to lifetime expected credit loss ("ECL's"). When determining whether
the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Corporation considers
reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and
qualitative information and analysis, based on the Corporation's historical experience and informed credit assessment, loss of the
time value of money and individual analysis of the clients (considering their geographical location).
At each reporting date,
the Corporation assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is 'credit-impaired'
when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
Evidence that a financial
asset is credit-impaired includes the following observable data:
■
significant
financial difficulty of the issuer or debtor;
■
a
breach of contract such as a default or being more than 90 and 180 days past due;
■
it
is probable that the debtor will enter bankruptcy or other financial reorganization; or
■
the
disappearance of an active market for a security because of financial difficulties.
For financial assets
for which the Company has no reasonable expectation of recovering either all or a portion of the outstanding amount, the gross carrying
amount of the financial asset is reduced. This is considered a (partial) derecognition of the financial asset.
F-
26
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
The gross carrying amount
of a financial asset is written off when the Corporation has no reasonable expectations of recovering a financial asset in its entirety
or a portion thereof. For individual customers and for corporate customers, the Corporation individually makes an assessment with respect
to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Corporation expects no significant
recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities
in order to comply with the Corporation's procedures for recovery of amounts due.
ii.
Non-financial assets
At each reporting date,
the Corporation reviews the carrying amounts of its non-financial assets (other than investment property, inventories and deferred tax
assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable
amount is estimated. Goodwill and intangible assets with an indefinite useful life are tested annually for impairment.
For impairment testing,
assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent
of the cash inflows of other assets or Cash Generating Unit's ("CGU"). Goodwill arising from a business combination
is allocated to CGU or group of CGUs that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or CGU is the
greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted
to their present value using an after-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount.
Impairment losses are
recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to
reduce the carrying amounts of the other assets in the CGU on a pro rata basis.
An impairment loss in
respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset's carrying
amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss
had been recognized.
H.
Cash and cash equivalents
In the consolidated statement of financial position
and cash flows, cash and cash equivalents include cash on hand, demand deposits with banks, other highly liquid investments with maturities
of three months or less and bank overdrafts. In the consolidated statement of financial position, bank overdrafts are included in the
balance of other financial liabilities as current liabilities.
I.
Trade accounts receivable
Trade accounts receivable are amounts due from
customers for goods or services sold by the Corporation. If any trade account receivable is expected to be collected within one year,
it is classified as current; otherwise, it is classified as non-current.
Trade accounts receivable are initially recognized
at transaction value, and subsequently, they are measured at amortized cost using the effective interest method, less any provision for impairment,
except for trade accounts receivable of less than one year that are recorded at face value which is similar to their fair values due to
their short-term maturity.
It includes Management's estimates corresponding
to collection rights for services performed but not yet invoiced and/or approved by client, which have been valued using the percentage
of completion method. It corresponds mainly to the Engineering and Construction segment (subsidiaries Cumbra Peru S.A. and Cumbra Ingenieria
S.A.). In the Infrastructure segment, concerning concessions, it corresponds to future collections for public services, mainly represented
by unconditional contractual rights to be received from the Grantor under the financial asset model (Note 2.E)
F-
27
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
J.
Inventories
The inventories include land, work-in-progress
and finished buildings related to the real estate activity, materials used in the construction activity, and supplies traded as part of
the exploration and extraction activity.
i.
Real Estate Activity
Land used for the execution of real estate projects is recognized at
acquisition cost. Work-in-progress and finished real estate include the costs of design, materials, direct labor, borrowing costs (directly
attributable to the acquisition, construction, production of the qualifying asset), other indirect costs, and general expenses related
to the construction. The lands used for real estate projects with launch date in future periods are presented as non-current asset.
Net realizable value is the estimated selling
price in the ordinary course of business, less applicable selling expenses. Annually, the Corporation reviews whether inventories have
been impaired identifying three groups of inventories to measure their net realizable value: i) land bought for future real estate projects
which are compared to their appraisal value, if the acquisition value is higher, a provision for impairment is recognized; ii) land under
construction: in this case impairment is measured based on cost projections; if these costs are higher than selling prices of each real
estate unit, an estimate for impairment is recorded; and iii) finished real estate units: these inventory items are compared to the selling
prices less commercialization costs; if they are higher, a provision for impairment is recorded.
For the reductions in the carrying amount of these
inventories to their net realizable value, a provision is recognized for impairment of inventories with a charge to profit or loss for
the year in which those reductions occur.
ii.
Exploration and extraction activities
Inventories are valued at the lower of
production costs and net realizable value ("NRV"), on the basis of the weighted average method. The NRV represents the
value at which it is estimated to realize oil, gas and its derivatives LPG and Saturated Acyclic Hidrocarbons, which is calculated
on the basis of international prices less the discounts usually granted. Miscellaneous supplies, materials, and spare parts are
valued at the lower of cost and replacement value, based on the average method. The cost of inventories excludes financing expenses
and exchange differences. Inventories in transit are recorded at cost, using the specific identification method.
The Corporation registered a provision for materials
impairment to profit and loss for the cases in which book value exceeds recoverable value.
iii.
Other activities
Materials and supplies are recorded at the lower
of cost (by the weighted average method) and their replacement cost. The cost of these items includes freight and non-refundable applicable
taxes.
Impairment of these items is estimated on the
basis of specific analyses performed by Management on their turnover. If it is identified that the carrying amount of inventories of materials
and supplies exceeds their replacement value, the difference is charged to profit or loss in the period in which this situation is determined.
Management considers that, as of the date of the
consolidated financial statements, it is not necessary to record provisions additional to those recognized in the financial statements
to cover losses due to obsolescence of these inventories.
K.
Investment properties
Investment properties are shown at cost less their
accumulated depreciation and impairment losses, if any. Subsequent costs attributable to investment properties are capitalized only if
it is probable that future economic benefits will flow to the Company and the cost of these assets can be measured reliably; otherwise,
they are recognized as expenses when incurred.
Maintenance and repair expenses are recognized
in profit or loss in the period when they are incurred. If the carrying amount of a property is greater than its estimated recoverable
amount, it is immediately reduced to its recoverable amount.
F-
28
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
Depreciation is calculated under the straight-line
method at a rate that is considered sufficient to absorb the cost of assets at the end of the useful life and considering their significant
components, with substantially different useful lives (each component is accounted for separately for depreciation purposes and is depreciated
over its separate useful life). The estimated useful lives of those properties range from
5
to
50
years.
These investment properties have been leased under
operating leases to third parties.
L.
Property, plant, and equipment
i.
Recognition and measurement
These assets are stated at historical cost less
accumulated depreciation and accumulated losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition
of these items.
Assets under construction are capitalized as a
separate component. Upon completion, the cost of these assets is transferred to their definitive category. Replacement units are assets
whose depreciation begins when units are installed for use within the related asset.
ii.
Subsequent expenditure
Subsequent expenditures are included in the
carrying amount of the asset or they are recognized as a separate asset, as appropriate, only when it is probable that future
economic benefits will flow to the Corporation, or are likely to extend the estimated useful life of the asset, and the cost of
these assets can be measured reliably. Maintenance and repair expenses are presented in the consolidated statement of profit or loss
in the period when incurred.
iii.
Depreciation
Depreciation is calculated using the straight-line
method based on the estimated useful life of the asset. The estimated useful lives are as follows:
Years
Buildings and premises
3
to
50
Machinery and equipment
2
to
20
Vehicles
2
to
10
Furniture and fixtures
2
to
10
Other equipment
2
to
10
Depreciation of machinery and equipment, and vehicles
recognized as "Major equipment" is calculated based on their hours of use. Under this method, the total number of hours that
the machinery and equipment can operate is estimated and an hourly value is established.
The residual value and the useful life of an
asset are reviewed and adjusted, if necessary, at year-end. Profit or loss for the sale of assets are recognized in 'Other
income and expenses' in the statement of profit or loss. Regarding joint operations that carry out
construction activities, the difference between the proceeds from disposals of fixed assets and their carrying amount is shown
within 'Revenue from construction activities' and 'cost of construction activities', respectively.
M.
Intangible assets
i.
Goodwill
Goodwill arises on the acquisition of subsidiaries
and represents the excess of the purchase consideration, the amount of any non-controlling interest in the acquiree and the acquisition-date
fair value of the acquirer's previously held equity interest in the acquiree over the fair value of the net identifiable assets.
If the purchase consideration, the amount of any non-controlling interest in the acquiree, and the fair value of the acquirer's
previously held equity interest in the acquiree is lower than the fair value of the net assets of the acquired subsidiary, then the difference
is recognized in the statement profit or loss.
Goodwill arising from a business combination is
allocated to each cash-generating unit (CGU), or group of CGUs, that are expected to benefit from the business combination. Goodwill is
monitored at the operating segment level.
F-
29
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
Goodwill is tested for impairment at least annually
or more often if there is evidence of impairment. Any impairment is recognized as an expense in 'Other income and expenses'
and cannot be reversed later.
ii.
Trademarks
Separately acquired trademarks are shown at historical
cost. Trademarks acquired in a business combination are recognized at fair value at the acquisition date. Management has determined that
these trademarks have indefinite useful lives.
The trademark is tested for impairment at least annually or more often
if there is evidence of impairment. Any impairment is recognized as an expense in 'Other income and expenses'. The carrying
amount written off due to impairment is reviewed at each reporting date to verify possible reversals of the impairment and is recognized
in 'Other income and expenses'.
iii.
Concession rights
The intangible asset related to the right to charge
users for the services covered by the concession (Notes 2.E and F) is initially recorded at the fair value of construction or improvement
services and, prior to the beginning of amortization, an impairment test is performed; it is amortized using the straight-line method,
from the date revenue from services starts using the effective period of the concession agreement.
iv.
Contractual customer relationships
Contractual customer relationships are assets
resulting from business combinations that were initially recognized at fair value, determined on the basis of the present value of the
expected net cash flows from such relationships, over a period of time based on the estimated customer tenure (the estimation of useful
life is based on the contract terms which fluctuates between
5
and
9
years). The useful life and the estimate of impairment of these assets
are individually assessed.
v.
Cost of well development
Costs incurred during the development phase associated
with the preparation of the wells for the extraction of hydrocarbons from the lots located in Talara, are capitalized as part of intangible
assets. These costs are amortized over the useful lives of the wells (estimated in remaining periods for Lots I and V and the unit-of-production
method for Lots III and IV), until the end of the term of the contracts with Perupetro. The Lot I contract expired in 2021 and Lot V contract
will expire in 2023.
The Corporation has established the Successful
Efforts Method as its policy for the recognition and evaluation of exploration oil assets. During 2021, an exploratory well was drilled
in Block IV, obtaining successful results. In 2022, no exploratory well drilling activities were carried out.
vi.
Software
Software development costs that are directly attributable
to the design and testing of identifiable and unique software controlled by the Corporation are recognized as intangible assets when the
following criteria are met:
■
it
is technically feasible to complete the software so that it will be available for use;
■
Management
                                            has the intention to complete the software and use or sell it;
■
there
is an ability to use or sell the software;
■
it
can be demonstrated that the software is likely to generate future economic benefits;
■
the
technical, financial and other resources necessary to complete the development of the software to enable its use or sale are available;
and
■
expenses
attributable to the software during its development can be reliably measured.
Other development costs that do not meet these
recognition criteria are recognized in profit or loss as incurred. Development costs previously recognized as an expense are not recognized
as an asset in a subsequent period. Software development costs recognized as assets are amortized over their estimated useful lives, which
range from
2
to
12
years.
F-
30
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
vii.
Surface rights
It refers to the rights held by the subsidiary
Promotora Larcomar S.A. Land use rights are stated at historical cost less amortization and any accumulated impairment losses. The useful
life of the surface rights is
60
years according to the signed contract and may be extended if agreed by parties. Amortization will begin
when it becomes ready for its intended use by Management.
N.
Trade accounts payable
Trade accounts payable are obligations to pay
for goods or services acquired from suppliers in the ordinary course of business. Accounts payable are classified as current liabilities
if payment is to be made in a year or less (or in the normal operating cycle of the business if it is higher); otherwise, they are presented
as non-current liabilities.
Accounts payable are initially recognized at fair
value, and subsequently, they are measured at amortized cost using the effective interest method, except for trade accounts payable of
less than one year that are recorded at face value which is similar to their fair values due to their short-term maturity.
O.
Financial liabilities at FVTPL
Financial liabilities designated at initial recognition
at FVTPL are designated at the initial recognition date, and only if the criteria of IFRS 9 are met. The Corporation does not maintain financial liabilities at fair value.
P.
Other financial liabilities
They correspond to loans and bonds issued by the
Corporation, which are initially recognized at their fair value, net of transaction costs incurred. These financial liabilities are subsequently
recorded at amortized cost. Any resulting difference between the funds received (net of transaction costs) and the redemption value is
recognized in the statement of profit or loss during the loan term using the effective interest method.
Costs incurred to obtain these financial liabilities
are recognized as transaction costs to the extent that it is probable that a part or the whole loan will be received. In this case, these
charges defer until the loan is received.
Q.
Borrowing costs
Borrowing costs are recognized in profit or loss
in the period in which they have been incurred, except for intangible assets and inventories in which the borrowing costs are capitalized.
General and specific borrowing costs directly
attributable to acquisitions, construction or development of qualifying assets, which are assets that necessarily take a substantial period
of time (more than twelve months) to get ready for their intended use or sale, are added to the cost of those assets, until such time
as the assets are substantially ready for their intended use or sale. The Corporation suspends the capitalization of borrowing costs during
the periods in which the development of activities of a qualifying asset has been suspended. The income obtained from the temporary investment
of specific borrowings that have not yet been invested in qualifying assets is deducted from the borrowing costs eligible for capitalization.
R.
Current and deferred income tax
Income tax of the period comprise current and
deferred income tax. Tax is recognized in the statement of profit or loss, except to the extent that it relates to items recognized in
the statement of other comprehensive income or directly in equity. In this case, the tax is also recognized in the statement of other
comprehensive income or directly in equity, respectively.
The current tax is calculated on the basis of
the tax laws enacted at the date of the statement of financial position in the countries where the Company and its subsidiaries operate
and generate taxable income. Management, where applicable, makes provisions on the amounts expected to be paid to the tax authorities.
A provision is recognized for those matters for
which the determination of taxes is uncertain, but it is considered probable that there will be a future outflow of economic resources
to a tax authority. Provisions are measured at the best estimate of the amount expected to be paid. The assessment is based on the tax
judgment of professionals within the Company supported by prior experience in relation to such activities and in certain cases based on
specialized independent tax advice.
F-
31
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
Deferred income tax is recognized on temporary
differences arising from tax basis of assets and liabilities, and their balances in consolidated financial statements. A deferred income
tax asset is only recognized to the extent that it is probable that future taxable profits will be available, against which temporary
differences can be utilized. Deferred income tax is determined using tax rates and legislation enacted as of the date of the consolidated
statement of financial position that are expected to be applied when the deferred tax is realized or paid. A deferred tax asset is only
recognized so far as it is probable that there would be future tax benefits against which temporary differences can be utilized.
Deferred income tax is provided on temporary differences
arising on investments in subsidiaries and associates, except for deferred tax liability where the timing of the reversal of the temporary
difference is controlled by the Corporation and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax arising from the initial recognition of goodwill is not recognized; likewise, the deferred tax is not recorded if it arises
from the initial recognition of an asset or liability in a transaction that is not a business combination that does not affect the accounting
or tax profit or loss at the time of the transaction.
S.
Employee benefits
The Corporation recognizes a liability when the
employee has rendered services in exchange for which is entitled to receive future payments and an expense when the Corporation has consumed
the economic benefit from the service rendered by the employee in exchange for the benefits in question.
The Corporation determines employee benefits in
accordance with current labor and legal regulations and classifies them as short-term benefits, long-term benefits, and termination benefits.
Short-term benefits are those other than severance
indemnities, the payment of which is settled in the twelve months following the end of the period in which the employees have rendered
their services; they correspond to current compensation (wages, salaries, and social health contributions), annual and sick leave, profit
sharing and incentives and other non-monetary benefits.
Long-term benefits are those benefits to be paid
more than twelve months after the end of the period in which the services have been rendered. As of December 31, 2021 and 2022, the Corporation
did not grant benefits under this category.
Termination benefits are those benefits payable
as a result of: (i) the entity's decision to terminate the employee's contract before the retirement date, and (ii) the employee's decision
to voluntarily accept the termination of the employment relationship.
i.
Short-term benefits
Current compensation
Current compensation consists of wages, salaries,
social health contributions, legal bonuses and compensation for length of service (CTS, for its Spanish acronym). Wages, salaries and
social health contributions are paid monthly based on the consideration for services rendered.
The Corporation entities recognizes the expense
for legal bonuses and their related liabilities under laws and regulations currently in force in Peru, Chile, and Colombia. In Peru, legal
bonuses correspond to two monthly payments which are accrued based on the consideration for the service. There are no legal bonuses in
Chile; in Colombia, it is called service bonus and corresponds to a monthly remuneration per year.
Compensation for length of service (CTS) corresponds
to the employee's indemnity rights which are accrued based on the consideration for the service rendered calculated in accordance with
the legislation in force in each country where the entities comprising the Corporation operate. They are determined as follows: (i) in
Peru, it is equivalent to half the compensation in force at the date of payment and is made through deposit in bank accounts designated
by the workers in the months of May and November of each year; (ii) in Colombia, it is equivalent to
8.33
% of the monthly remuneration,
and (iii) in Chile this benefit is not available.
F-
32
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
Annual paid absences
Personnel's annual vacations are recognized
on an accrual basis. The provision for estimated liability corresponding to personnel's annual vacations, resulting from services
rendered by the employees, is recorded on the date of the statement of financial position and corresponds to: (i) one month for personnel
in Peru, (ii) fifteen days for personnel in Colombia, and (iii) in the case of Chile, they are subject to the worker's seniority
and range from fifteen to thirty days.
Profit sharing and incentives
The workers' profit sharing is determined
on the basis of the legal provisions in force in each country where the entities of the Corporation operate, as follows: (i) in Peru,
it is equivalent to
5
% of the taxable base determined by each Company of the Corporation, in accordance with current income tax legislation,
(ii) in Chile, workers' profit sharing is a component of the remuneration (equivalent to
4.75
minimum wages per year) or
10
% of
the profit, to be determined by the employer, (iii) in Colombia, these benefits are not provided to employees.
ii.
Termination benefits
The Corporation entities recognize liabilities
and expenses for severance indemnities when they occur, based on the legal provisions in force in each country. Under Peruvian law, compensation
for arbitrary dismissal for personnel with indefinite-term contracts is 1.5 times the monthly compensation for each year worked, up to
a maximum of twelve monthly compensations.
Under Colombian legislation, for the first year
worked, the equivalent of 30 days of salary is granted, and from the second year on, the compensation will be the equivalent of 20 days
of salary for each additional year (or the proportion); under the legislation of Chile, the employee receives a compensation of thirty
days of monthly salary for each year worked with a maximum of 330 days.
T.
Other provisions
Provisions are recognized when the Corporation
has a present obligation, either legal or constructive, as a result of past events, and when it is probable that an outflow of resources
will be required to settle the obligation and it is possible to reliably estimate its amount. Provisions are reviewed at the end of each
period. If the time value of money is significant, provisions are discounted using a pre-tax rate that reflects, when appropriate, specific
risks of liabilities. The reversal of the discount due to the passage of time results in an increase of the obligation which is recognized
with a charge to the statement of profit or loss as a finance cost.
Contingent obligations are disclosed when their
existence will only be confirmed as a result of future events or when the amount cannot be measured reliably. Contingent assets are not
recognized and are disclosed only if it is probable that the Corporation will generate economic benefits in the future.
Provision for the closure of oil production
wells
Subsidiary Unna Energia S.A. recognizes a provision
for the closure of operating units that correspond to the legal obligation to close oil production wells once the production phase has
been completed. At the initial date of recognition, the liability that arises from said obligation is measured at fair value and discounted
to present value, following the valuation techniques established in IFRS 13
Fair Value Measurement;
accordingly, the same amount
is simultaneously charged to the intangible account in the statement of financial position.
Subsequently, the liability will increase in each
period to reflect the financial cost considered in the initial measurement of the discount, and the capitalized cost will be depreciated
based on the useful life of the related asset. When a liability is settled, the subsidiary recognizes any gain or loss that may arise.
The fair value changes estimated for the initial obligation and interest rates are recognized as an increase or decrease in the carrying
amount of the obligation and related asset, according to IFRIC 1
Changes in Existing Decommissioning, Restoration and Similar Liabilities
.
Any reduction in this provision, and therefore, any reduction in the related assets which exceeds the carrying amount of the asset, will
be immediately recognized in the statement of comprehensive income.
F-
33
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
If the review of the obligation resulted in the
need to increase the provision, and as a result, the carrying amount of the related asset also increases, the subsidiary takes into account
whether this increase corresponds to an indication that the asset has become impaired and if so, impairment tests will be conducted (Note
2.G).
U.
Put option arrangement
In the case of a put option contract on the equity
of a subsidiary that allows the shareholder to reallocate its shares in a certain period, the amount payable under the option is initially
recognized at the present value of the reimbursement under 'Other accounts payable', directly charged to equity. The charge
to equity is recorded separately as put options subscribed on the non-controlling interest.
Subsequently, the financial liability is updated
by changes in the assumptions on which the estimation of the expected cash flows is based and by the financial component due to the passage
of time. The effects of this update are recognized in profit and loss.
In 2021, Cumbra Peru S.A. acquired the entire
non-controlling interest of the subsidiary Morelco S.A.S. As of December 31, 2022, Cumbra Peru S.A. the liability was totally paid.
V.
Capital
Common shares are classified as equity and are
determined using the par value of the shares that have been issued.
Incremental costs directly attributable to the
issuance of new shares or options are shown in equity as a deduction of the received amount, net of taxes.
W.
Revenue from contracts with customers
Revenues from contracts with customers are recognized,
for each performance obligation, either during a period of time or at a point in time, depending on which method best reflects the transfer
of control of the underlying products or services to the obligation of particular performance with the customer.
The Corporation recognizes the revenue through
the application of the five steps defined in the regulations: i) identifying the contract with the customer; ii) identifying performance
obligations in the contract; iii) determining the transaction price; iv) allocating the transaction price to performance obligations;
and v) recognizing revenue when (or as) a performance obligation is satisfied.
The following describes the Corporation's policy
of recognition for each type of revenue in line with IFRS 15:
i.
Engineering and construction
Revenues from
engineering and construction (E&C) contracts are recognized over time as the customer simultaneously receives and consumes the benefits
provided by the Corporation's performance, the Corporation's performance creates or enhances an asset that the customer controls as
the asset is created or enhanced; and the Corporation's performance does not create an asset with an alternative use. For these reason,
the Corporation accounts for revenue over time by measuring the progress towards complete satisfaction of its performance obligations
under each contract.
The
Corporation applies the output method to measure the physical percentage-of-completion which is based on surveys of
projects performance by the Corporation's experts. The Corporation considers this
method depicts the transfer of control of the goods or services to the customers, as it reflects also an
enforceable right to payment by the Corporation for work performed to date.
The
Corporation assesses whether one or more of the following factors has been satisfied: a) the contract, applicable law or other
evidence provides a legal basis for the modification; b) additional costs were caused by circumstances that were unforeseen on the
date of execution of the contract and not a result of deficiencies incurred by the Corporation's performance; c)
modification-related costs are identifiable and considered reasonable in view of the work performed; or d) evidence supporting the
modification is objective and verifiable. When one or more of the foregoing factors is satisfied, the changes to the rights and
obligations in the contract modification are considered by the Corporation to be enforceable.
F-
34
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
The nature of some contracts, such
as cost plus fee contracts, unit price contracts or similar contracts give rise to variable consideration that may include reimbursable
costs, incentives and penalties. To include variable consideration
related to a contract modification in the estimated transaction price, the Corporation must conclude that it is "highly probable"
that a significant revenue reversal will not occur. The Corporation determines the likelihood of revenue reversal occurring (and therefore
whether such price will be recovered) based on an analysis of whether any of the following factors are present: i) contractual entitlement;
ii) past practice with the customer; iii) specific discussions or preliminary negotiations with the customer; or iv) verbal approval by
the customer. If, as a result of such analysis, the Corporation concludes that it is "highly probable" that there will not be
a significant reversal of the amount of revenue recognized, it recognizes the variable consideration relating to the contract modification.
When the benefit of the contract cannot be reliably estimated, the associated revenue is recognized to the extent that the costs incurred
are recoverable. Revenue is invoiced upon receipt of customer approval.
When it is probable that total contract
costs will exceed the related revenue, the expected loss is recognized immediately.
The Corporation estimates the amount
of revenue to be recognized as variable consideration using judgments and estimates to determine the most probable value, which is expected
to best predict the amount of consideration to which the Corporation will be entitled.
ii.
Real-estate
Sale of real estate – urban and
industrial lots
Revenue from real estate sale contracts is recognized
when control over the property has been transferred to the client with the delivery record. Revenue is measured based on the price agreed
under the contract. Until this is met, the revenue received will be counted as customer advances. These sales contracts have two performance
obligations: i) the one corresponding to the transfer of the property, which includes the common areas of the building where these real
estates are located, and ii) the one corresponding to the transfer of the common area outside the real estate assets but that are part
of the real estate projects, which are recognized when the common area has been delivered.
Sale of urban lots
Revenue related to sales of urban lots is recognized
when control over the property is transferred to the customer. Until this is met, the revenue received will be counted as customer advances.
Revenue is measured based on the transaction price agreed under the contract. These sales contracts have a single performance obligation
for the sale of lots, which is executed upon delivery of the sale of the assets.
Sale of industrial lots
Revenue related to sales of industrial lots is
recognized when control over the property has been transferred to the customer. Until this is met, the revenue received will be counted
as customer advances. These sales contracts have two performance obligations: i) transfer of the industrial lot and ii) urban authorization
of the industrial lot.
iii.
Energy
Revenues from services rendered for oil
and gas extraction, storage and dispatch of fuels and other services
Revenues from the rendering of oil and gas extraction, fuel
storage and dispatch and other services rendered are recognized when the full specific service is provided, calculating the service
actually provided as a portion of the total services to be provided. This type of revenue has a single performance obligation, that
is performed when the service is provided at a point in time.
F-
35
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
Revenue from the sale of oil and byproducts
Revenue from the sale of oil and byproducts is
recognized when the control of the assets is transferred to the customer, which is when the goods are delivered. In this type of revenue,
there is a single performance obligation for the sale of oil and byproducts which is enforced at the delivery of the goods.
iv.
Infrastructure
Revenue from concession services
Revenue from concession services corresponds to
operation and maintenance services and is recognized according to its nature in the period in which the service is provided. In this type
of revenue, there is a single performance obligation, enforced when the service is provided.
Revenues from toll collection
Revenues generated by Red Vial 5 S.A. from
toll collection through vehicle control booths are grouped in three different toll stations, located along the Ancon – Huacho
– Pativilca road sections. This type of transactions are recognized at a point of time due to the control is transferred to
the time of toll collection.
X.
Cost and expense recognition
Engineering and construction contracts
Contract costs include all the incurred direct costs such as materials,
labor, subcontracting costs, manufacturing and supply costs of equipment, start-up costs, depreciation and amortization, and indirect
costs. Periodically, the Company evaluates the reasonableness of the estimates used in the determination of the total estimated cost of
the contract. If, as a result of this evaluation, the total estimated cost of the project exceeds expected revenues, an adjustment is
made in order to reflect onerous contract and the corresponding effect in profit or loss of the period in which the loss is incurred.
Cost for sale of oil and byproducts
The costs of services provided, and the costs
of sales of oil and byproducts are recognized when incurred, which in this case are incurred at the same time that related revenue is
recognized. Other costs and expenses are recognized as they accrue, regardless of the moment when they are paid, and are recorded in the
accounting periods to which they relate.
Cost for concession operation services
The costs for operation and maintenance services
are recognized when incurred, at the same time that related revenue is recognized. Other costs and expenses are recognized as they accrue,
regardless of the moment when they are paid, and are recorded in the accounting periods to which they relate.
Y.
Leases
Lease contracts are analyzed for the purpose of identifying those containing
the characteristics specified in IFRS 16
Leases (hereinafter IFRS 16)
for recognition, measurement, presentation and disclosure.
The Corporation evaluates in every lease contract
the following:
■
If
it conveys the right to control the use of an identified asset;
■
If
the contract term is longer that twelve months;
■
If
the underlying asset amount is a material amount, and,
■
That
the fees to be paid are not entirely variable.
F-
36
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
Leases in which the Corporation is a lessee
The Corporation recognizes a right-of-use asset
and a lease liability at the lease commencement date.
The right-of-use asset is initially measured at
the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct
costs incurred. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end
of the lease term. The term of the lease includes the periods covered by an option to extend the contract if the Corporation is reasonably
sure to exercise that option.
The lease liability is the total unpaid installments,
measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising
from a change in an index or rate, if there is a change in the Corporation's estimate of the amount expected to be payable under
a residual value guarantee, or if the Corporation changes its assessment of whether it will exercise a purchase, extension or termination
option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
asset.
In the engineering and construction segment, interest
expenses related to leasing contracts of the core business are reported in gross margin; the rest of the Corporation segments reports
them in finance expenses.
Operating cash flows will be greater since cash
payments for the main portion of the lease debt are classified within the financing activities. Only the portion of the payments that
reflects interest can continue to be presented as operating cash flows.
Leases in which the Corporation is a lessor
Operating leases and assets are included in the
consolidated statement of financial position according to the nature of the asset. Revenues from operating leases are recognized on a
straight-line basis over the term of the lease agreement and the incentives granted to lessees are reduced from rental income. Accordingly,
the Corporation, as lessor, has not changed the recognition of its leases.
Z.
Dividend distribution
Dividend distribution to the shareholders is recognized
as a liability in the financial statements in the period in which dividends are approved.
F-
37
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
AA.
Immaterial corrections of previously reported balances as of December 31, 2021
In connection with the preparation of its consolidated
financial statements, the Corporation identified an error in the interpretation and application of the accounting treatment of revenue
and cost recognition arising from contracts with customers in the engineering and construction segment in prior years. Management of
the Corporation has evaluated and concluded that the correction of this error has resulted in non-material adjustment to the net income
previously reported in the consolidated financial statements as of December 31, 2020 and 2021. It should be noted that the aforementioned
adjustments had no impact on total cash flows from operating, investing or financing activities.
A reconciliation between the previously reported amounts and the revised
amounts as of December 31, 2020 and 2021, and for the years then ended is presented below:
Consolidated Statement of Financial Position:
As of
December 31, 2020
In
                                            thousands of soles
Reported
Adjustment
Revised
ASSETS
Current assets
Trade accounts receivables, net
687,514
61,059
(a)
748,573
Work in progress, net
186,433
(
173,701
)
(b)
12,732
Other accounts receivable
404,743
4,563
(a)
409,306
Other current assets
1,502,478
-
1,502,478
Total current assets
2,781,168
(
108,079
)
2,673,089
Non-current assets
Deferred tax asset
262,165
6,909
(c)
269,074
Other non-current assets
2,983,417
-
2,983,417
Total non-current assets
3,245,582
6,909
3,252,491
Total assets
6,026,750
(
101,170
)
5,925,580
LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable
1,064,416
(
95,697
)
(b)
968,719
Other current liabilities
1,389,115
-
1,389,115
Total current liabilities
2,453,531
(
95,697
)
2,357,834
Non-current liabilities
Deferred tax liability
102,907
8,031
(c)
110,938
Other non-current liabilities
1,875,016
-
1,875,016
Total non-current liabilities
1,977,923
8,031
1,985,954
Total liabilities
4,431,454
(
87,666
)
4,343,788
Equity
Equity attributable to controlling interest in the Company
1,267,606
(
15,744
)
1,251,862
Non-controlling interest
327,690
2,240
329,930
Total equity
1,595,296
(
13,504
)
1,581,792
Total liabilities and equity
6,026,750
(
101,170
)
5,925,580
F-
38
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
As of
December 31, 2021
In thousands of soles
Reported
Adjustment
Revised
ASSETS
Current assets
Trade accounts receivables, net
590,280
244,352
(a)
834,632
Work in progress, net
309,063
(
309,063
)
(b)
-
Other current assets
1,985,521
-
1,985,521
Total current assets
2,884,864
(
64,711
)
2,820,153
Non-current assets
Deferred tax asset
275,076
1,270
(c)
276,346
Other non-current assets
2,740,632
-
2,740,632
Total non-current assets
3,015,708
1,270
3,016,978
Total assets
5,900,572
(
63,441
)
5,837,131
LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable
980,767
(
67,941
)
(b)
912,826
Other provisions
154,829
716
(c)
155,545
Other current liabilities
1,212,121
-
1,212,121
Total current liabilities
2,347,717
(
67,225
)
2,280,492
Non-current liabilities
Deferred tax liability
97,367
1,040
(c)
98,407
Other non-current liabilities
2,002,222
-
2,002,222
Total non-current liabilities
2,099,589
1,040
2,100,629
Total liabilities
4,447,306
(
66,185
)
4,381,121
Equity
Equity attributable to controlling interest
in the Company
1,199,816
3,229
1,203,045
Non-controlling interest
253,450
(
485
)
252,965
Total equity
1,453,266
2,744
1,456,010
Total liabilities and equity
5,900,572
(
63,441
)
5,837,131
F-
39
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
Consolidated statements of profit or Loss:
For the year ended December 31, 2020
In thousands of soles
Reported
Adjustment
Revised
Revenues from construction activities
1,815,671
39,148
(a)
1,854,819
Revenues from services provided
936,485
-
936,485
Revenue from real estate and sale of goods
394,249
-
394,249
3,146,405
39,148
3,185,553
Cost of construction activities
(
1,716,309
)
(
76,410
)
(b)
(
1,792,719
)
Cost of services provided
(
811,505
)
4,392
(b)
(
807,113
)
Cost of real estate and  sale of goods
(
308,339
)
-
(
308,339
)
(
2,836,153
)
(
72,018
)
(
2,908,171
)
Gross profit (loss)
310,252
(
32,870
)
277,382
Administrative expenses
(
134,013
)
-
(
134,013
)
Other income and expenses
(
181,182
)
-
(
181,182
)
Operating loss
(
4,943
)
(
32,870
)
(
37,813
)
Financial expenses
(
146,355
)
-
(
146,355
)
Financial income
39,316
-
39,316
Share of the profit or loss of associates and joint
ventures accounted for using the equity method
770
-
770
Loss before income tax
(
111,212
)
(
32,870
)
(
144,082
)
Income tax expense
(
62,208
)
8,036
(c)
(
54,172
)
Loss from continuing operations
(
173,420
)
(
24,834
)
(
198,254
)
Loss from discontinued operations
(
16,924
)
-
(
16,924
)
Loss for the year
(
190,344
)
(
24,834
)
(
215,178
)
(Loss) profit attributable to:
Controlling interest in the Company
(
217,871
)
(
23,526
)
(
241,397
)
Non-controlling interest
27,527
(
1,308
)
26,219
(
190,344
)
(
24,834
)
(
215,178
)
Loss per share attributable to controlling interest in the Company during the year
(
0.250
)
(
0.027
)
(
0.277
)
Total comprehensive income for the
    year Comprehensive income attributable to:
Controlling interest in the Company
(
209,599
)
(
30,205
)
(
239,804
)
Non-controlling interest
27,641
(
1,362
)
26,279
(
181,958
)
(
31,567
)
(
213,525
)
Segment information by geographic area
For the year ended December 31, 2020
In thousands of soles
Reported
Adjustment
Revised
Revenue
Peru
2,477,435
32,980
2,510,415
Chile
514,907
6,169
521,076
Colombia
151,876
-
151,876
Mexico
2,187
-
2,187
3,146,405
39,148
3,185,553
F-
40
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
For the year ended December 31, 2021
In thousands of soles
Reported
Adjustment
Revised
Revenue from construction activities
2,272,561
194,916
(a)
2,467,477
Revenue from services provided
1,094,439
-
1,094,439
Revenue from real estate and sale of goods
579,482
-
579,482
3,946,482
194,916
4,141,398
Cost of construction activities
(
2,178,648
)
(
194,834
)
(b)
(
2,373,482
)
Cost of services provided
(
918,212
)
17,895
(b)
(
900,317
)
Cost of real estate and  sale of goods
(
454,484
)
-
(
454,484
)
(
3,551,344
)
(
176,939
)
(
3,728,283
)
Gross profit
395,138
17,977
413,115
Administrative expenses
(
179,613
)
-
(
179,613
)
Other income and expenses
(
4,477
)
-
(
4,477
)
Operating profit
211,048
17,977
229,025
Financial expenses
(
262,574
)
-
(
262,574
)
Financial income
5,773
-
5,773
Share of the profit or loss of associates and joint
ventures accounted for using the equity method
(
861
)
-
(
861
)
Loss before income tax
(
46,614
)
17,977
(
28,637
)
Income tax expense
(
43,700
)
(
2,705
)
(c)
(
46,405
)
Loss from continuing operations
(
90,314
)
15,272
(
75,042
)
Loss from discontinued operations
(
26,774
)
-
(
26,774
)
Loss for the year
(
117,088
)
15,272
(
101,816
)
(Loss) profit attributable to:
Controlling interest in the Company
(
153,210
)
11,440
(
141,770
)
Non-controlling interest
36,122
3,832
39,954
(
117,088
)
15,272
(
101,816
)
Loss per share attributable to controlling interest in the Company during the year
(
0.176
)
0.013
(
0.163
)
Total comprehensive income for the year Comprehensive income attributable to:
Controlling interest in the Company
(
159,592
)
12,167
(
147,425
)
Non-controlling interest
36,089
4,083
40,172
(
123,503
)
16,250
(
107,253
)
Segment information by geographic area
For the year ended December 31, 2021
In thousands of soles
Reported
Adjustment
Revised
Revenue
Peru
3,255,214
29,460
3,284,674
Chile
585,317
165,248
750,565
Colombia
105,951
209
106,160
3,946,482
194,916
4,141,398
F-
41
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
As a result of this process, the balances in the consolidated statement
of cash flows were revised as follows:
For the year ended December 31, 2020
In thousands of soles
Reported
Adjustment
Revised
OPERATING ACTIVITIES
(Loss) profit before income tax
(
131,900
)
(
32,870
)
(a,b)
(
164,770
)
Adjustments to profit not affecting cash flows from operating
    activities:
Other adjustments
630,525
-
630,525
Net variations in assets and liabilities:
Trade accounts receivable and working in progress
131,674
77,726
(a,b)
209,400
Other accounts receivable
(
46,117
)
(
4,563
)
(a)
(
50,680
)
Trade accounts payable
(
42,062
)
(
36,156
)
(b)
(
78,218
)
Other accounts payable
(
58,011
)
(
4,137
)
(c)
(
62,148
)
Other variations
(
258,085
)
-
(
258,085
)
Net cash provided by operating activities
226,024
-
226,024
INVESTING ACTIVITIES
Net cash applied to investing activities
(
64,733
)
-
(
64,733
)
FINANCING ACTIVITIES
Net cash applied to financing activities
(
225,637
)
-
(
225,637
)
Net decrease in cash
(
64,346
)
-
(
64,346
)
Exchange difference
13,813
-
13,813
Cash and cash equivalents at the beginning of the year
950,701
-
950,701
Cash and cash equivalents at the end of the year
900,168
-
900,168
NON-CASH TRANSACTIONS:
Capitalization of interests
4,887
-
4,887
Acquisition of assets through finance leases
71
-
71
Acquisition of right-of-use assets
12,075
-
12,075
Reclassification to other accounts receivable by Concesionaria Vía Expresa Sur
24,157
-
24,157
Acquisition of supplier bonds
25,871
-
25,871
For the year ended December 31, 2021
In thousands of soles
Reported
Adjustment
Revised
OPERATING ACTIVITIES
(Loss) profit before income tax
(
78,350
)
17,977
(a,b)
(
60,373
)
Adjustments to  profit not affecting cash flows from operating
    activities:
Other provisions
62,246
716
(c)
62,962
Incremental cost of acquiring interest in joint operation
-
12,732
(b)
12,732
Other adjustments
490,819
-
490,819
Net variations in assets and liabilities:
Trade accounts receivable and working in progress
(
82,527
)
(
60,663
)
(a,b)
(
143,190
)
Other accounts receivable
41,626
507
(a)
42,133
Trade accounts payable
(
55,131
)
27,756
(b)
(
27,375
)
Other accounts payable
72,991
975
(c)
73,966
Other variations
(
257,166
)
-
(
257,166
)
Net cash provided by operating activities
194,508
-
194,508
INVESTING ACTIVITIES
Net cash applied to investing activities
(
88,189
)
-
(
88,189
)
FINANCING ACTIVITIES
Net cash applied to financing activities
(
50,425
)
-
(
50,425
)
Net decrease in cash
55,894
-
55,894
Exchange difference
1,116
-
1,116
Cash and cash equivalents at the beginning of the year
900,168
-
900,168
Cash and cash equivalents at the end of the year
957,178
-
957,178
NON-CASH TRANSACTIONS:
Capitalization of interests
1,244
-
1,244
Acquisition of assets through finance leases
104
-
104
Dividends declared to non-controlling interest
17,281
-
17,281
Acquisition of right-of-use assets
7,988
-
7,988
(a)
As discussed in Note 2.W, revenue from engineering and construction
contracts is recognized over time as the Corporation fulfills its obligations, as there is a continuous transfer of control of the deliverable
to the customer and revenue is recognized using the percentage-of-completion method for each contract through the date of the consolidated
financial statements.
F-
42
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
Revenue from additional work resulting from a modification or instruction received from the customer
                                                 to make a change in the scope of work, price, or both will result in an increase in contract revenue which is also recognized using
                                                 the percentage-of-completion method when the Corporation concludes that it is highly probable that there will not be a significant
                                                 reversal of such revenue. Before the immaterial correction, the Corporation recognized a lower proportion of this additional revenue
                                                 at the date of the consolidated financial statements depending on the status or stage in the process of obtaining formal, written
                                                 approval for the additional work. After the immaterial correction, the Corporation recognized additional revenue based on the percentage of completion of the additional work, as long as the
                                                 Corporation can conclude from its dealings with its clients that it is highly probable that there will not be a significant reversal
                                                 of such revenue.
(b)
Before the immaterial correction, the Corporation presented the net position of construction contracts as either an asset or a liability. The contract was considered an asset when the gross margin earned at the measurement date was less than the Corporation's estimated gross margin at contract completion. This asset was presented as "Work in progress". If the gross margin obtained was greater than the estimated gross margin at completion, it was presented as a liability under "Accounts payable – Provision for estimated contract costs by stage of completion, both with an effect on the cost of construction activities account.
In order to correct the immaterial error, the Corporation reversed the balances of the work in progress account from assets and the provision for construction
                                                 contract costs from liabilities, recognized the costs incurred in the consolidated statement of profit or loss.
(c)
Corresponds to the recognition of the tax effects related
to the adjustments described in (a) and (b) above.
3. Standards, amendments, and interpretation of international financial
reporting standards
A.
New amendments to IFRS mandatory as of January 1, 2022
The following standards and interpretations and
amendments to existing standards were issued with mandatory application for the accounting period beginning January 1, 2022, but were
not relevant and did not have a material impact on the Corporation's operations:
Effective date
New
    standards or modifications
January 1, 2022
Amendments to IAS 37 – Onerous Contracts – Costs of Fulfilling a Contract
Annual Improvements to IFRS 2018-2020 (Amendments to IFRS 1, IAS 9, and IAS 41)
Amendments to IAS 16 – Property, Plant and Equipment – Revenue Before Expected Use
Amendments to IFRS 3 – Reference to the Conceptual Framework
F-
43
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
B.
New IFRSs and interpretations issued after the date of presentation of the consolidated financial statements
At the date of authorization of these consolidated
financial statements, the Company has not applied the following new and revised Standards that have been issued but are not yet effective.
Effective date
New
    standards or modifications
January 1, 2023
Amendments to IAS 1 – Classification of Liabilities as Current or Non-Current
IFRS 17 Insurance Contracts and its amendments.
Amendments to IAS 1 and Practical Statement 2 "Making Judgments Related to Materiality" – Disclosures of Accounting Policies
Amendments to IAS 8 – Definition of Accounting Estimates
Amendments to IAS 12 – Deferred Taxes Relating to Assets and Liabilities Arising from a Single Transaction
Adoption optional/ effective date deferred indefinitely
Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
These accounting pronouncements issued but not
yet effective are not expected to have a material impact on the Company's consolidated financial statements.
4.
Financial Risk Management
The Corporation's Management is responsible
for managing financial risks. The corporation Management manages the general administration of financial
risks such risks include currency risk, price risk, fair-value and cash-flow interest rate risks, credit risk,
the use of derivative and non-derivative financial instruments, and investment of liquidity surplus, as well as financial risks; all of
which are regularly supervised and monitored.
A.
Financial risk factors
The Corporation's activities expose it to
a variety of financial risks: market risks (including currency risk, price risk, fair-value and cash-flow interest rate risks), credit
risk, and liquidity risk.
The Corporation's general program for risk
management is mainly focused on financial market unpredictability and seeks to minimize potential adverse effects on the Corporation's
financial performance.
(a)
Market risk
Market risk is the risk that the fair value or
future cash flows of a financial instrument will fluctuate due to changes in market prices. Market prices involve four types of risk:
interest rate risk, exchange rate risk, commodity price risk and other price risks. Financial instruments affected by market risk include
bank deposits, trade accounts receivable, other accounts receivable, other financial liabilities, bonds, trade accounts payable, other
accounts payable and accounts receivable from and payable to related parties.
(i)
Currency risk
Foreign exchange risk is the risk that the fair
value of future cash flows of a financial instrument will be reduced by adverse fluctuations in exchange rates. Management is responsible
for identifying, measuring, controlling and reporting the exposure to foreign exchange risk.
The Corporation is exposed to foreign exchange
risk arising from local transactions in foreign currencies and from its foreign operations. As of December 31, 2021 and 2022, this exposure
is focused mainly on fluctuations of the U.S. dollar, Chilean peso, and Colombian peso. The Corporation's management monitors this risk
by analyzing the country's macroeconomic variables.
F-
44
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
The balances of financial assets and
liabilities denominated in foreign currencies correspond to balances in US Dollars, Chilean pesos and Colombian pesos, which are
stated exchange rate published on that date, according to the currency type:
As of December 31,
As of December 31,
2021
2022
Buy
Sale
Buy
Sale
U.S. Dollars (a)
3.975
3.998
3.808
3.820
Chilean Peso (b)
0.004706
0.004733
0.004449
0.004463
Colombian Peso (c)
0.000998
0.001004
0.000792
0.000794
(a)
U.S. Dollar as published by the Superintendencia de Banca y Seguros (hereinafter SBS).
(b)
Chilean peso as published by Banco Central de Chile.
(c)
Colombian peso as published by Banco de la Republica de Colombia.
The consolidated statement of financial position as of December 31,
includes the following balances:
In thousands of US dollars
2021
2022
Assets
Cash and cash equivalents
119,627
58,280
Trade accounts receivable, net
92,016
124,593
Accounts receivable from related parties
219,209
276,048
Other accounts receivable
87,742
75,536
518,594
534,457
Liabilities
Borrowings
(
101,975
)
(
215,076
)
Bonds
(
95,022
)
(
5,569
)
Trade accounts payable
(
123,128
)
(
119,104
)
Accounts payable to related parties
(
81,799
)
(
133,745
)
Other accounts payable
(
60,821
)
(
88,012
)
Other provisions
(
29,641
)
(
42,241
)
(
492,386
)
(
603,747
)
The Corporation assumes foreign exchange risk
because it does not use derivative financial instruments to mitigate exchange rate fluctuations.
For the periods ended December 31, 2020, 2021
and 2022, the Corporation's exchange gains and losses for the exposure of U.S. Dollar, the Chilean peso, and the Colombian peso
against the Peruvian Sol was (Note 26.A):
In thousands of soles
2020
2021
2022
Gain
426,164
383,199
449,864
Loss
(
429,930
)
(
430,410
)
(
450,133
)
(
3,766
)
(
47,211
)
(
269
)
If, as of December 31, 2022, the U.S. Dollars,
the Chilean peso, and the Colombian peso had been strengthened/weakened by
5
% against the Peruvian Sol, the pre-tax profit or loss for the
year would have an impact equivalent to S/
13
thousand (S/
2.7
million in 2021). If, as of December 31, 2022, the U.S. Dollars, the
Chilean peso, and the Colombian peso had been strengthened/weakened by
10
% against the Peruvian Sol, the pre-tax profit or loss for the year
would have an impact equivalent to S/
27
thousand (S/
4.7
million in 2021).
F-
45
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
The consolidated statement of changes in equity
comprises a foreign currency translation adjustment originated by its subsidiaries. The consolidated statement of financial position includes
the following assets and liabilities in its currency (in thousands):
2021
2022
Assets
Liabilities
Assets
Liabilities
Chilean pesos
72,776,160
93,740,228
60,684,971
81,864,810
Colombian pesos
59,773,077
31,057,046
96,944,436
59,114,296
The Corporation's foreign currency translation
adjustment in 2022 was negative by S/
20.9
million (negative by S/
5
million in 2021).
(ii)
Price risk
The Corporation is exposed to the risk of hydrocarbon
price fluctuations which impacts on the selling price of the products that it commercializes, which are significantly affected by changes
in global economic conditions, resource availability, and the cycles of related industries. Management considers reasonable these possible fluctuations in the
hydrocarbons prices, based in the Corporation's economic market environment.
If, as of December 31, 2022, the oil price had increased/decreased
by
5
%, the pre-tax profit for the year would have increased/decreased by S/
28.4
million and S/
29.8
million (S/
42.3
million and S/
39.7
million in 2021). This analysis assumes that all other variables remain constant. If, as of December 31, 2022, the oil price had increased/decreased
by
10
%, the pre-tax profit for the year would have increased/decreased by S/
56.4
million and S/
62
million (S/
88.9
million and S/
78.6
million in 2021).
(iii)
Fair-value and cash-flow interest rate risk
Interest rate risk is the risk that the fair value
or future cash flows of a financial instrument will fluctuate due to changes in market interest rates.
The Corporation's interest rate risk arises
mainly from its long-term financial liabilities. Variable rate long-term financial liabilities expose the Corporation to cash-flow interest
rate risk. Fixed-rate financial liabilities expose the Corporation to fair-value interest rate risk.
The Corporation assumes the interest rate risk,
due to they do not use financial derivative instruments for mitigate variations in the interest rate risk.
The sensitivity to a reasonably possible
change in interest rates is shown below. With all other variables held constant, the Corporation's income before income taxes
would be affected by the impact on variable rate borrowings. For the period ended December 31, 2022 and 2021 the impact on income
before income taxes on a
10
% increase or decrease amounts to approximately S/
2.5
million and S/
2.6
million, respectively (S/
2
million and S/
2.1
million, respectively, in 2021). The assumed movement in basis points related to the interest rate sensitivity
analysis is based on the current market environment.
(b)
Credit risks
Credit risk is the risk that a counterparty will
not meet its obligations under a financial instrument or commercial contract, resulting in a financial loss.
Credit risk for the Corporation arises from
its operating activities due to credit exposure to customers and from its financial activities, including deposits with banks and
financial institutions, foreign exchange transactions, and other financial instruments. The maximum exposure to credit risk for the
consolidated financial statements as of December 31, 2022 and 2021 is represented by the sum of cash and cash equivalents (Note 9), trade
accounts receivable (Note 10), other accounts receivable (Note 12) and accounts receivable from related parties (Note 11).
Customer credit risk is managed by Management
subject to the Corporation's established policies, procedures and control related to customer credit risk management. The credit quality
of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined based on this assessment.
The maximum credit risk exposure at the reporting date is the carrying value of each class of financial assets disclosed in Note 10.
The Corporation assesses the concentration of
risk with respect to trade accounts receivable as low risk because sales are not concentrated in small customer groups and no customers
account for
10
% or more of the Corporation's revenues.
F-
46
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
Management monitors the credit risk of other receivables
on an ongoing basis and assesses those receivables that show evidence of impairment to determine the required allowance for doubtful accounts.
Concerning loans to related parties, the Corporation
has measures in place to ensure the recovery of these loans through the controls maintained by the Corporate Finance Management and the
performance evaluation conducted by the Board of Directors (Note 11).
Management does not expect the Corporation
to incur any losses from the performance of these counterparties, except for the ones already recorded in the consolidated financial
statements.
(c)
Liquidity risk
Prudent liquidity risk management implies holding
enough cash and cash equivalent, and financing available through a proper number of credit sources, and the ability to close positions
in the market. Historically, the Corporation's cash flows from operations have enabled it to meet its obligations. The Corporation has
implemented various actions to reduce its exposure to liquidity risk and has developed a Financial Plan based on several steps, which
were designed with a commitment to compliance within a reasonable period of time. The Financial Plan is intended to meet the various obligations
at the Company and Corporation entities levels.
The Corporate Finance Office monitors the cash
flow projections made on liquidity requirements of the Corporation to ensure it exists sufficient cash to meet operational needs so that
the Corporation does not breach borrowing limits or covenants, where applicable, on any of its borrowing facilities. Less significant
financing transactions are controlled by the Finance Management of each subsidiary.
Such forecasting takes into consideration the
Corporation's debt financing plans, covenant compliance, compliance with ratio targets in the statement of financial position and,
if applicable, with external regulatory or legal requirements.
As of December 31, 2022, the Company has significant
current payment obligations arising from the Plea Agreement (Note 1.C) and the Bridge Loan (Note 17.A.i). For this purpose, Management
is developing a financial plan with the aim of covering the short-term part of these obligations.
Cash surplus on the amounts required for the administration
of working capital are invested in checking accounts that generate interest and time deposits, selecting instruments with appropriate
maturities or sufficient liquidity.
The table below analyzes the Corporation's
financial liabilities grouped according to the remaining period from the date of the statement of financial position to the date of maturity.
The amounts disclosed in the table below are the contractual undiscounted cash flows, which include interest to be accrued according to
the established schedule.
Contractual cash flows
Carrying
Less than
More than
In thousands of soles
amount
1 year
1-2 years
2-5 years
5 years
Total
As of December 31, 2021
Other financial liabilities (except for finance leases and lease liability for right-of-use asset)
509,557
224,503
52,751
173,392
124,320
574,966
Finance leases
9,836
5,624
4,613
296
-
10,533
Lease liability for right-of-use asset
60,507
18,817
24,295
21,993
8,086
73,191
Bonds
1,260,922
137,852
206,476
837,931
792,037
1,974,296
Trade accounts payables (except non-financial liabilities)
912,826
912,826
-
-
-
912,826
Accounts payables to related parties
101,716
51,004
50,712
-
-
101,716
Other accounts payables and other provisions (except non-financial liabilities)
842,198
323,070
22,941
109,383
422,666
878,060
3,697,562
1,673,696
361,788
1,142,995
1,347,109
4,525,588
F-
47
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and
    2022
Contractual cash flows
Carrying
Less than
More than
In thousands of soles
amount
1 year
1-2 years
2-5 years
5 years
Total
As of December 31, 2022
Other financial liabilities (except for finance leases and lease liability for right-of-use asset)
819,973
599,310
71,732
216,392
-
887,434
Finance leases
835
873
-
-
-
873
Lease liability for right-of-use asset
59,085
19,075
31,705
23,386
113
74,279
Bonds
869,913
141,246
185,114
419,969
707,800
1,454,129
Trade accounts payables (except non-financial liabilities)
1,037,013
1,027,256
9,757
-
-
1,037,013
Accounts payables to related parties
80,781
53,488
25,420
697
1,176
80,781
Other accounts payables and other provisions (except non-financial liabilities)
712,071
186,326
64,307
89,868
470,129
810,630
3,579,671
2,027,574
388,035
750,312
1,179,218
4,345,139
B.
Capital management
The Corporation's objective in managing
capital is to safeguard its ability to continue as going concern in order to generate returns to its shareholders, benefits to stakeholders,
and keep an optimal capital structure to reduce capital cost. Since 2017, due to the situation of the Corporation, Management has monitored
deviations that might cause the non-compliance of covenants and may hinder renegotiation of liabilities (Note 17.A). In special situations
and events, the Corporation identifies potential deviations, requirements and establishes a plan.
The Corporation may adjust the amount of dividends
payable to shareholders, return capital to shareholders, issue new shares or sell assets to reduce its debt to maintain or adjust the
capital structure.
The Corporation monitors its capital based
on the leverage ratio. This ratio is calculated as net debt divided by the sum of net debt plus equity. The net debt corresponds to
the total financial liabilities (including current and non-current indebtedness) adding the provision for civil compensation less
cash and cash equivalents.
As of December 31, 2021 and 2022, the leverage
ratio is as follows:
In thousands of soles
Note
2021
2022
Total borrowing, bonds and civil compensation (*)
17 and 18
2,326,903
2,238,699
Less: Cash and cash equivalents
9
(
957,178
)
(
917,554
)
Net debt (a)
1,369,725
1,321,145
Total equity (b)
1,456,010
1,346,006
Total net debt plus equity (a) + (b)
2,825,735
2,667,151
Gearing ratio
0.48
0.50
(*)
The provision for civil compensation is included in other
provisions (Note 21).
During the years ended December 31, 2021 and 2022, there were no changes
in the objectives, policies or processes related to capital management.
5.
Use of Judgments and Estimates
The estimates and judgments used are continuously
evaluated and are based on historical experience and other factors, including the reasonable expectation of occurrence of future events
depending on the circumstances.
A.
Significant accounting estimates and criteria
The Corporation makes estimates and assumptions
regarding the future. Resulting accounting estimates very rarely will be the same as the actual results. The following are the estimates
and assumptions that have significant risk as to produce a material adjustment to the balances of assets and liabilities for next periods.
F-
48
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31,  2020, 2021 and 2022
i. Impairment testing of goodwill and other finite useful-life fixed assets and indefinite useful-life intangible assets
Impairment testing is undertaken annually to determine
if goodwill arising from business acquisitions and other useful-life indefinite intangible assets are impaired, in accordance with the
policy described in Note 2.G. For this purpose, goodwill is allocated to the different CGUs to which it relates while other indefinite
useful-life intangible assets are assessed individually.
The recoverable amounts of the CGU and of other
indefinite useful-life intangible assets have been determined based on the higher of their value-in-use or fair value less costs to sell.
This testing requires the exercise of Management's professional judgment to analyze any potential indicators of impairment such
as the use of estimates in determining the value in use, including preparing future cash flows, macro-economic forecasts as well as defining
the interest rate at which said cash flows will be discounted.
If the Corporation experiences a significant drop
in revenues or a drastic increase in costs or changes in other factors, the fair value of their business units might decrease. If Management
determines that the factors reducing the fair value of the business units are permanent, those economic factors will be taken into consideration
to determine the recoverable amount of those business units and therefore, goodwill, as well as other indefinite useful-life intangible
assets may be deemed to be impaired, which could result in write-off being necessary.
As a result of these evaluations, as of
December 31, 2021 and 2022, no provision for goodwill impairment was identified (Note 16.A) and; as of December 31, 2022, the
Corporation recognized impairment of the Vial y Vives-DSD brands for S/
2.5
million; however, no provision was identified for the
Morelco brand. In 2021, no impairment was identified for these brands (Note 16.B).
As of December 31, 2021 and 2022, the
Corporation conducted a sensitivity analysis increasing or decreasing the assumptions of gross margin, discount rate, and revenue
and terminal growth rate by
10
% (this percentage corresponds to the relevant evaluation range for management). This analysis assumes
that all other variables remain constant.
F-
49
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31,  2020, 2021 and 2022
Goodwill
In 2022, if the gross margin, discount rate, and
perpetual growth rate were
10
% below or above management's estimates, collectively and/or independently, the Corporation would not have
had to recognize a provision for impairment of goodwill of UGE Engineering and Construction (Morelco) because its fair value would have
increased or decreased by S/
13.5
million.
In 2021, if the gross margin and discount rate were
10
% below or above
management's estimates, in the aggregate and/or independently, the Corporation would have had to recognize an impairment provision for
goodwill of UGE Ingeniería y construcción (Morelco) within the range of S/
4.6
million and S/
15
million.
Trademarks
In 2022, if the revenue growth rate, discount rate and perpetual growth
rate were
10
% below or above management's estimates, in the aggregate and/or independently, the Corporation would have had to recognize
an impairment provision for the Vial y Vives-DSD brands in the range of S/
3.1
million and S/
3.9
million, and for the Morelco brand,
the Corporation would not have had to recognize an impairment provision because its recoverable value would have increased or decreased
in the range of S/
2.1
million and S/
16.1
million.
In 2021, if the revenue growth rate, discount rate and perpetual growth
rate were
10
% below or above management's estimates, in the aggregate and/or independently, the Corporation would have had to recognize
an impairment provision for the Vial y Vives-DSD brand in the range of S/
3
million and S/
3.1
million; and for the Morelco brand, the
Corporation would not have had to recognize an impairment provision because its fair value would have increased or decreased in the range
of S/
10.2
million and S/
11.4
million.
ii. Taxation
Determination of the tax obligations and expenses
requires interpretations of the applicable tax legislation. The Corporation has professional advice on legal tax matters before making
any decision on tax matters.
Deferred tax assets and liabilities are calculated
based on the temporary differences arising between the taxable basis of assets and liabilities and the respective amounts stated in the
financial statements of each entity comprising the Corporation, using the tax rates in effect in each of the years in which the difference
is expected to reverse. Any change in tax rates will affect the deferred tax assets and liabilities. This change will be recognized in
the consolidated statement of profit or loss in the period in which the change takes effect.
Deferred tax assets are recognized only to the
extent that it is probable that future taxable profits will be available against which temporary differences and tax losses can be used.
For this purpose, the Corporation takes into consideration all available information, including factors such as historical data, projected
income, current operations, and tax planning strategies. A tax benefit related to a tax position is only recognized if the benefit will
be realized.
The income tax for the year includes Management's
evaluation of the amount of taxes to be paid in uncertain tax positions, where the liabilities have not yet been agreed with the tax administration.
The Corporation's possible maximum exposure to tax contingency amounts to S/
310.98
million.
iii. Percentage of completion revenue recognition
Revenue from services based on construction contracts
are recognized by the percentage of completion method, according to the output method (Note 2.W.i). The Corporation applies the output
method to measure the physical percentage-of-completion which is based on surveys of projects performance by the Corporation's experts.
The Corporation considers this method depicts the transfer of control of the goods or services to the customers, as it reflects also an
enforceable right to payment by the Corporation for work performed to date.
Costs directly related to a specific contract includes: labor costs
at the construction site (including construction supervision), costs of materials used in construction, depreciation costs of equipment
used in the contract, design and technical assistance costs directly related to the contract, among others (Note 2.X). However, any expected
and likely cost overruns related to the contract over total expected income under the contract is recognized as expense immediately. In
addition, any change in the estimates under the contract is recognized as a change in accounting estimates in the period in which the
change is made and future periods, if applicable. In certain construction contracts, the terms of these agreements allow to retain an
amount to customers until construction is completed.
F-
50
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31,  2020, 2021 and 2022
As of December 31, 2020, 2021 and 2022, a sensitivity
analysis was performed considering a
10
% increase/decrease in the construction margins in the following sectors: i) buildings, ii) energy,
iii) industry, iv) infrastructure, v) mining, vi) oil & gas, vii) water and sewage, and viii) various services, as shown below:
2020
2021
2022
Revenue
1,854,819
2,467,477
2,451,067
Gross profit
62,100
93,995
(
14,212
)
%
3.35
3.81
0.58
Plus 10%
3.69
4.19
0.64
Increase in profit (loss) before income tax
6,343
9,392
(
1,475
)
68,443
103,387
(
15,687
)
Less 10%
3.02
3.43
0.52
Decrease in (loss) profit before income tax
(
6,343
)
(
9,392
)
1,475
55,757
84,603
(
12,737
)
Provision for decommissioning and well closure
The provision for decommissioning and well closure
is an obligation established by law for all operators. Accordingly, it is more likely than not that an outflow of resources will be required
to settle the obligation and it is possible to reliably estimate its amount. The operator is responsible for this activity to the extent
that the wells have been worked during the contract period.
As of December 31, 2021 and 2022, the estimate
of the amount calculated by the Corporation is based on the following factors:
-
Total number of wells to be plugged,
-
Well decommissioning and plugging costs (these costs are estimated on the basis of plug and abandonment
performed in previous periods and with quotations made for the Lot I abandonment plan), and
-
Costs for facility abandonment and remediation areas
The Corporation estimates the present value of
its future obligation for decommissioning and well closure costs (well closure liability) and increases the carrying amount of the asset
to be retired in the future, which is shown in intangible assets item in the consolidated statement of financial position. The provision
is recognized at the present value of the expected disbursements in local and foreign currency to settle the obligation using the Peruvian
sovereign bond discount rate in local and foreign currency, respectively for
5
,
15
and
30
years.
The pre-tax discount rates used for the calculation
of the present value in 2022 were 5.41% (US dollars) and 7.21% (soles) for Lot I; 5.29% (US dollars) and 6.96% (soles) for Lot V (in 2021
1.48% and 4.54% for Lot I and 1.13% and 4.01% for Lot V, respectively); and 6.57% (US dollars) and 8.22% (soles) for Lots III and IV,
based on the rate applicable to Peruvian sovereign bonds in soles and dollars between 3, 5 and 30 years respectively, in effect as of
December 2021 and 2022.
The liability for the closure of wells and other oil premises is readjusted to reflect changes arising from the
passage of time and from reviews conducted either at the date of occurrence or the amount of the present value of the originally estimated
obligations (Note 21).
If, as of December 31, 2021 and 2022, the estimated rate had increased
or decreased by
10
%, the impact on pre-tax profit would not have been significant. This analysis assumes that all other variables remain
constant:
In thousands of soles
2021
2022
10%
1,628
383
(10%)
1,812
409
F-
51
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31,  2020, 2021 and 2022
iv. Impairment of investment in associate and account receivable to Gasoducto Sur Peruano S.A.
As a consequence of the termination of the concession
agreement signed between Gasoducto Sur Peruano S.A. (hereinafter "GSP") and the Peruvian State (Note 14.A), in 2019 the Company impaired the full value
of its investment in GSP.
In the case of the accounts receivable to GSP (Note 11 and Note 14),
the Management has determined its recoverability under the following assumptions: (i) the amount that GSP will recover as a result of
a possible public auction y (ii) the liquidation of the company via the GSP Creditor´s meeting.
Accounts receivable related to GSP as of December
31, 2021 and 2022 amount to S/
643.9
million and S/
542.4
million, respectively (Note 11).
The calculation of the impairment estimate adheres
to a process of liquidation of GSP in accordance with Peruvian legislation, according to which the value of the asset to be recovered
is used first to cover the payments of liabilities in the different categories of creditors and the remainder, if it is the case, to cover
the payment to the shareholders, taking into account the existing subordination agreements.
In 2018, in relation to the amount to be recovered
by GSP, the Company assumed a recovery of the minimum amount established in the Concession Agreement, which is equivalent to
72.25
% of
the Net Carrying Amount (NCA) of the Concession assets. This amount represented a minimum payment to be obtained by GSP based on a public
auction to be set up for the adequate transfer of the Concession's assets to a new concessionaire, under the relevant contractual
terms and conditions.
Beginning 2019, the recovery of NCA estimated by Management equals
50
%, considering the agreements reached in the Final Plea Agreement and a total term of
eight years
has been considered, which included
the formation of the Creditors' Meeting, the approval of the settlement plan, the presentation of the arbitration claim, as well
as the entire arbitration process.
As of the date of this report, GSP is under liquidation. AENZA S.A.A.
has pointed as chairman of the Creditors' Meeting. On April 11, 2023, the Creditors' Meeting approved with
77
% of the votes,
the Liquidation Agreement, which establishes the liquidator's framework. Likewise, on April 12, 2023, the liquidator (Alva Legal
Asesoria Empresarial S.A.C.) has notarially requested the initiation of the Direct Treatment procedure with the Ministry of Energy and
Mines in accordance with the rules of the Concession Contract. The Company considers that the term of
eight years
for the recovery of
the investment is adequate, considering the possibility of an arbitration process and the time it will take to execute the award. See
assumptions and recognized values in Note 14.A.i. The Company's management maintains the recovery estimate in
8
years, applying
a discount rate of
5.85
% (recovery term of eight years with a discount rate of
2.73
% as of December 31, 2021). These estimates generated
during 2022 a present value effect of approximately S/
72.2
million (S/
32.8
million during 2021).
B. Significant judgments in applying accounting policies
Consolidation of entities in which the Corporation
holds less than
50
%
The Corporation owns some direct and indirect
subsidiaries in which it has control, even having less than 50% of the voting rights. These entities are mainly related to indirect subsidiaries
in the real estate business owned through Viva Negocio Inmobiliario S.A.C., having control over relevant activities affecting the subsidiaries'
returns, even though the Corporation holds interest between 30% and 50%. Additionally, the Corporation has
de facto
control by
a contractual agreement with the majority investor over Promotora Larcomar S.A. of which it owns 46.55% of the equity interest.
Consolidation of entities in which the Corporation
does not have joint control but holds rights and obligations over the assets and liabilities
The Corporation assesses, on an ongoing basis,
the nature of the contracts signed with one or more parties. If the Corporation is not determined to have control or joint control but
has rights to the assets and obligations for the liabilities under the arrangement, the Corporation recognizes its assets, liabilities,
income and expenses and its interest in any jointly controlled assets or liabilities and any income or expenses arising from the arrangement
as a joint operation in accordance with IFRS 11
Joint Arrangements
(Note 2.B.v).
F-
52
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31,  2020, 2021 and 2022
6.
Interests in Other Entities
The consolidated financial statements include
the accounts of the Company and its subsidiaries. Additionally, the consolidated financial statements include interests in joint operations
in which the Company or certain subsidiaries have joint control with their partners (Note 2.B).
A. Main subsidiaries
The following table shows the main direct and
indirect subsidiaries classified by operating segment (Note 7):
Name
Country
Economic activity
Engineering and Construction:
Cumbra Peru S.A.
Peru, Chile, and Colombia
Service of civil construction, electromechanical assembly, and building, management and implementation of real estate projects, and other related services.
GyM Chile S.p.A.
Chile
Investment funds, investment companies, and similar financial entities.
Vial y Vives - DSD S.A.
Chile
Construction engineering projects, civil construction, and related technical advisory, rental of agriculture and livestock, forest, construction and civil engineering machinery and equipment without operators.
Morelco S.A.S.
Colombia, Ecuador, and Peru
Provision of construction and assembly services, supply of equipment and materials, operation and maintenance, and engineering services in the specialties of mechanics, instrumentation, and civil works.
Cumbra Ingenieria S.A.
Peru, Mexico, and Bolivia
Engineering advisory and consultancy, project execution, and project studies and supervision, and work management.
Energy:
Unna Energia S.A.
Peru
Oil and natural gas products and byproducts extraction, operation and exploitation services, as well as fuel storage and dispatch services.
Oiltanking Andina Services S.A.
Peru
Operation of the gas processing plant of Pisco - Camisea.
Transportadora de Gas Natural Comprimido Andino S.A.C. (TGNCA)
Peru
Trade of natural gas through a virtual system and compression service.
Name
Country
Economic activity
Infrastructure:
Unna Transporte S.A.C.
Peru
Operation and maintenance of highways and concessions.
Tren Urbano de Lima S.A.
Peru
Concession to operate the metro transportation system of Lima Metropolitana.
Carretera Andina del Sur S.A.
Peru
Concession to construct, operate, and maintain Section 1 of "Interoceanica Sur" highway.
Red Vial 5 S.A.
Peru
Concession to restore, operate, and maintain the "Ancon - Huacho - Pativilca" Section of "Panamericana Norte" Highway.
Carretera Sierra Piura S.A.C.
Peru
Concession to operate and maintain the Buenos Aires - Canchaque provincial highway.
Concesionaria Via Expresa Sur S.A.
Peru
Concession to design, construct, operate, and maintain Via Expresa - Paseo de la Republica in Lima.
Real estate:
Viva Negocio Inmobiliario S.A.C.
Peru
Development and management of real estate projects directly or jointly to other partners.
Parent company operation:
CAM Holding S.p.A.
Chile
Investment company.
Qualys S.A.
Peru
Provision of human, economic and technological services to the Corporation's companies.
Promotores Asociados de Inmobiliarias S.A.
Peru
It operates in the real estate industry and is engaged in development and sale of offices.
Negocios del Gas S.A.
Peru
Investment company for construction, operation, and maintenance of natural gas and natural gas liquids transportation systems.
Inversiones en Autopistas S.A.
Peru
Company holding shares, interests, or other any ownership or credit investment.
Operadores de Infraestructura S.A.C.
Peru
Activities related to the leasing of advertising space and commercial premises on Line 1 of the Lima Metro.
F-
53
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31,  2020, 2021 and 2022
The following table shows the Corporation's subsidiaries and
related interest as of December 31, 2022:
In percentage
Percentage of common shares directly held by Parent Company
(%)
Percentage of common shares directly held by Subsidiaries
(%)
Percentage of common shares directly held by the Group
(%)
Percentage of common shares directly held by non-controlling interest
(%)
Engineering and Construction:
Cumbra Peru S.A.
99.39
%
-
99.39
%
0.61
%
- Morelco S.A.S.
-
100.00
%
100.00
%
-
- GyM Chile S.p.A.
-
100.00
%
100.00
%
-
- Vial y Vives - DSD S.A.
-
99.16
%
99.16
%
0.84
%
- Cumbra Inversiones Colombia S.A.S.
-
100.00
%
100.00
%
-
Cumbra Ingenieria S.A.
89.41
%
-
89.41
%
10.59
%
- Ecologia Tecnologia Ambiental S.A.C.
-
100.00
%
100.00
%
-
- GM Ingenieria y Construccion de CV
-
100.00
%
100.00
%
-
- GM Ingenieria Bolivia S.R.L.
-
98.57
%
98.57
%
1.43
%
Energy:
Unna Energia S.A.
95.00
%
-
95.00
%
5.00
%
- Oiltanking Andina Services S.A.
-
50.00
%
50.00
%
50.00
%
- Transportadora de Gas Natural
Comprimido Andino S.A.C.
-
100.00
%
100.00
%
-
Infrastructure:
Unna Transporte S.A.C.
100.00
%
-
100.00
%
-
Tren Urbano de Lima S.A.
75.00
%
-
75.00
%
25.00
%
Carretera Andina del Sur S.A.C
100.00
%
-
100.00
%
-
Red Vial 5 S.A.
18.20
%
48.80
%
67.00
%
33.00
%
Carretera Sierra Piura S.A.C.
99.96
%
0.04
%
100.00
%
-
Concesionaria Via Expresa Sur S.A.
98.89
%
1.11
%
100.00
%
-
Real Estate:
Viva Negocio Inmobiliario S.A.C.
99.54
%
-
99.54
%
0.46
%
Parent company operations:
Qualys S.A.
100.00
%
-
100.00
%
-
Promotora Larcomar S.A.
46.55
%
-
46.55
%
53.45
%
Negocios del Gas S.A.
99.99
%
0.01
%
100.00
%
-
Agenera S.A.
99.00
%
1.00
%
100.00
%
-
Inversiones en Autopistas S.A.
1.00
%
99.00
%
100.00
%
-
Cam Holding S.p.A.
100.00
%
-
100.00
%
-
F-
54
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
The following table shows the Corporation's
subsidiaries and related interest as of December 31, 2021:
In percentage
Percentage of common shares directly held by Parent Company
(%)
Percentage of common shares directly held by Subsidiaries
(%)
Percentage of common shares directly held by the Group
(%)
Percentage of common shares directly held by non-controlling interest
(%)
Engineering and Construction:
Cumbra Peru S.A.
99.39
%
-
99.39
%
0.61
%
- Morelco S.A.S.
-
100.00
%
100.00
%
-
- GyM Chile S.p.A.
-
100.00
%
100.00
%
-
- Vial y Vives - DSD S.A.
-
94.49
%
94.49
%
5.51
%
- Cumbra Inversiones Colombia S.A.S.
-
100.00
%
100.00
%
-
Cumbra Ingenieria S.A.
89.41
%
-
89.41
%
10.59
%
- Ecologia Tecnologia Ambiental S.A.C.
-
100.00
%
100.00
%
-
- GM Ingenieria y Construccion de CV
-
100.00
%
100.00
%
-
- GM Ingenieria Bolivia S.R.L.
-
100.00
%
100.00
%
1.43
%
Energy:
Unna Energia S.A.
95.00
%
-
95.00
%
5.00
%
- Oiltanking Andina Services S.A.
-
50.00
%
50.00
%
50.00
%
- Transportadora de Gas Natural
Comprimido Andino S.A.C.
-
100.00
%
100.00
%
-
Infrastructure:
Unna Transporte S.A.C.
100.00
%
-
100.00
%
-
Tren Urbano de Lima S.A.
75.00
%
-
75.00
%
25.00
%
Carretera Andina del Sur S.A.C
100.00
%
-
100.00
%
-
Red Vial 5 S.A.
18.20
%
48.80
%
67.00
%
33.00
%
Carretera Sierra Piura S.A.C.
99.96
%
0.04
%
100.00
%
-
Concesionaria Via Expresa Sur S.A.
99.98
%
0.02
%
100.00
%
-
Real Estate:
Viva Negocio Inmobiliario S.A.C.
56.22
%
43.32
%
99.54
%
0.46
%
Parent company operations:
Qualys S.A.
100.00
%
-
100.00
%
-
Promotora Larcomar S.A.
46.55
%
-
46.55
%
53.45
%
Negocios del Gas S.A.
99.99
%
0.01
%
100.00
%
-
Agenera S.A.
99.00
%
1.00
%
100.00
%
-
Inversiones en Autopistas S.A.
1.00
%
99.00
%
100.00
%
-
Cam Holding S.p.A.
100.00
%
-
100.00
%
-
B. Public service concessions
The Corporation has public service concessions.
When applicable, the income attributable to the construction or restoration of infrastructure has been accounted for by applying the models
described in Note 2.E (financial asset model and intangible assets).
In all Corporation's concessions, the infrastructure
returns to the Grantor at the end of the Agreement.
F-
55
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Find below the concessions held by the Corporation
as of December 31, 2021 and 2022:
Name of Concessionaire
Description
Estimated investment
Consideration
Interest
Concession termination
Accounting model
Carretera Andina del Sur S.A.
This company operates and maintains a highway of 750 km from San Juan de Marcona Port to Urcos, Peru, which is connected to the Interoceanica highway. The highway has five tolls and three weigh stations.
US$ 99 million
Transaction secured by the Peruvian Government comprising annual payments for highway maintenance and operation, under responsibility of the Ministry of Transportation and Communications (MTC).
100.00
%
2032
Financial asset
Carretera Sierra Piura S.A.C.
This company regularly operates and maintains a highway of 78 km, which connects Buenos Aires and Canchaque towns in Peru. The highway has one toll.
US$ 31 million
Transaction secured by the Peruvian Government regardless traffic volume. Revenue is secured by an estimated annual amount of US$ 1.4 million.
100.00
%
2025
Financial asset
Concesionaria La Chira S.A.
Design, financing, construction, operation, and maintenance of "Planta de Tratamiento de Aguas Residuales y Emisario Submarino La Chira" project. About 25% of sewage of Lima is treated under this project.
S/ 450 million
Transaction secured by the Peruvian Government consisting of monthly and quarterly payments settled by Sedapal´s collection trust.
50.00
%
2036
Financial asset
Tren Urbano de Lima S.A.
Concession to operate the Electric Mass Transportation System of Lima and Callao, Line 1 Villa El Salvador - Avenida Grau - San Juan de Lurigancho, the only railway system in Lima Metropolitana, including (i) operation and maintenance of existing trains (24 trains as initial investment and 20 additional trains) and (ii) operation and maintenance of the railway system (railway and infrastructure).
S/ 566 million
Transaction secured by the Peruvian Government through a quarterly payment made by the MTC based on kilometers per train.
75.00
%
2041
Financial asset
Red Vial 5 S.A.
Operation and maintenance of the highway connecting Lima to the northwest of Peru. This highway, known as Red Vial, is 183 km long from Ancon to Pativilca and has three tolls.
US$ 187 million
Collected from users (self-funded concession; revenue comes from toll collection).
67.00
%
2028
Intangible
Concesionaria Via Expresa Sur S.A.
Concession to design, finance, construction, operation, and maintenance of the infrastructure associated with the Via Expresa Sur project. This project comprises the second stage expansion of Via Expresa – Paseo de la Republica, between Av. Republica de Panama and and Panamericana highway.
-
By virtue of this agreement, the users had to pay the respective tolls and the Peruvian Government guaranteed to pay the amount to cover the deficit resulting from collection to users and the annual limits established in such an agreement. On December 16, 2022, the Municipality of Lima and Concesionaria Via Expresa Sur declared the expiration of the Concession Agreement.
100.00
%
2053
Financial
asset
F-
56
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
C. Hydrocarbon and gas contracts
As of December 31, 2022, the subsidiary Unna Energia
S.A. has mainly three contracts signed with Perupetro S.A. In 2021, it had four contracts signed with Perupetro S.A. and one contract
signed with ENEL, as indicated below:
i. Service
contract for exploration and exploitation of hydrocarbons (Lot V)
This contract was signed with Perupetro S.A. in
1993 for a period of twenty years. In March 2010 the Extension Agreement to the oil services contract was signed until October 2023. The
lot is located in the provinces of Talara and Contralmirante Villar, departments of Piura and Tumbes, Grau region, northeastern Peru.
As of December 31, 2022, the Company held a total of 95 wells of which 39 wells were active and 56 wells were inactive (as of December
31, 2021 it held 95 wells of which 40 wells were active and 55 wells were inactive).
ii. License
agreement for the exploitation of hydrocarbons (Lot III)
Subscribed with Perupetro S.A. in March 2015 for
a period of thirty years for oil, and forty years for non-associated natural gas counted from April 5, 2015, the date corresponding to
the start of operations. The lot is located in the provinces of Talara and Paita, Grau region, northeastern Peru. As of December 31, 2022,
the Company held a total of 505 wells of which 172 wells were active and 333 wells were inactive (as of December 31, 2021 it held 498
wells of which 134 wells were active and 364 wells were inactive).
iii. License
agreement for the exploitation of hydrocarbons (Lot IV)
Subscribed with Perupetro S.A. in March 2015 for
a period of thirty years for oil, and forty years for non-associated natural gas counted from April 5, 2015, the date corresponding to
the start of operations. The lot is located in the provinces of Talara and Contralmirante Villar, department of Piura and Tumbes, Grau
region, northeastern Peru. As of December 31, 2022, the Company had a total of 578 wells of which 361 wells were active and 217 wells
were inactive (as of December 31, 2021 it had 528 wells of which 337 wells were active and 191 wells were inactive).
iv. Service
contract for exploration and exploitation of hydrocarbons (Lot I)
Contract terminated on December 26, 2021, signed
in 1991 by Cavelcas del Peru S.A. (CAVELCAS) and Perupetro S.A. for a period of twenty years. On July 31, 1995 CAVELCAS made the assignment
of the contractual position for 100% of the participation to the Company, the latter assuming the technical, economic and financial responsibility
of the operations. In March 2010 an extension agreement was signed for this contract until December 2021. To date, the Company is in the
process of obtaining the approval of the Abandonment Plan, in order to execute the activities under its responsibility due to the termination
of the Contract.
v.  Contract
for the operation of hydrocarbon supply terminals.
On July 16, 2014, Petroperu S.A. signed contracts
for the operation of the North and Central hydrocarbon supply terminals with the subsidiary Unna Energia S.A. and Oiltanking Peru S.A.C.,
for the provision of reception, storage and dispatch services for a term of twenty years from the date of signing the contracts, for which
the Terminales del Peru Consortium was formed, which began operating on September 2, 2014. Unna Energia S.A. is the operator and
both consortium members exercise joint control of the business and have a 50% shareholding.
F-
57
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
D. Joint operations
As of December 31, 2020, 2021 and 2022, the Corporation
participates in 41, 39 and 38 joint operations with third parties, respectively. The table below lists the main joint operations in which
the Corporation participates.
Percentage of interest
Joint operations
2020
2021
2022
AENZA S.A.A.
- Concesionaria La Chira S.A.
50
%
50
%
50
%
Cumbra Peru S.A.
- Consorcio Huacho Pativilca
67
%
67
%
67
%
- Consorcio GyM – CONCIVILES
67
%
67
%
67
%
- Consorcio Chicama - Ascope
50
%
50
%
50
%
- Consorcio Constructor Alto Cayma
50
%
50
%
50
%
- Consorcio Ermitaño
50
%
50
%
50
%
- Consorcio GyM-Stracon
50
%
50
%
50
%
- Consorcio HV GyM
50
%
50
%
50
%
- Consorcio La Chira
50
%
50
%
50
%
- Consorcio Lima Actividades Comerciales Sur
50
%
50
%
50
%
- Consorcio Lima Actividades Sur
50
%
50
%
50
%
- Consorcio Rio Urubamba
50
%
50
%
50
%
- Consorcio Alto Cayma
49
%
49
%
49
%
- Consorcio La Gloria
49
%
49
%
49
%
- Consorcio Norte Pachacutec
49
%
49
%
49
%
- Consorcio Italo Peruano
48
%
48
%
48
%
- Consorcio Vial Quinua
46
%
46
%
46
%
- Consorcio Constructor Ductos del Sur
29
%
29
%
29
%
- Consorcio Constructor Chavimochic
27
%
27
%
27
%
- Consorcio Inti Punku
49
%
49
%
49
%
- Consorcio Pasco
1
%
1
%
1
%
Unna Energia S.A.
- Consorcio Terminales
50
%
50
%
50
%
- Terminales del Peru
50
%
50
%
50
%
Unna Transporte S.A.C.
- Consorcio Ancon-Pativilca
67
%
-
-
- Consorcio Peruano de Conservacion
50
%
50
%
50
%
- Consorcio Manperan
67
%
67
%
67
%
- Consorcio Vial Sierra
50
%
50
%
50
%
- Consorcio Vial Ayahuaylas
99
%
99
%
99
%
- Consorcio Vial ICAPAL
10
%
-
-
- Consorcio Vial Sullana
99
%
99
%
99
%
- Consorcio Vial del Sur
99
%
99
%
99
%
- Consorcio Obras Viales
99
%
99
%
-
Cumbra Ingenieria S.A.
- Consorcio Vial la Concordia
88
%
88
%
88
%
- Consorcio GMI- Haskoningdhv
70
%
70
%
70
%
- Consorcio Supervisor Ilo
55
%
55
%
55
%
- Consorcio Poyry-GMI
40
%
40
%
40
%
- Consorcio Internacional Supervision Valle Sagrado
33
%
33
%
33
%
- Consorcio Ecotec - GMI - PIM
30
%
30
%
30
%
- Consorcio Ribereno Chinchaycamac
40
%
40
%
40
%
- Consorcio Supervisor GRH
64
%
83
%
83
%
- Consorcio Ecotec - GMI
20
%
20
%
20
%
All joint agreements listed above are operated
in Peru.
F-
58
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
The main activities of the joint operations correspond
to:
Joint agreements
Economic activity
AENZA S.A.A.
Construction, operation, and maintenance of the raw sewage treatment plant of La Chira to the south of Lima. The purpose of the project is to face enviromental problems of Lima, due to raw sewage flowing into the sea.
Cumbra Peru S.A.
Consortiums created only to come into construction contracts.
Unna Energia S.A.
Consorcio Terminales and Terminales del Peru provide services of reception, storage, shipment, and transportation of liquid hydrocarbons such as gasoline, fuel for aircrafts, diesel and residual fuel, among others.
Unna Transporte S.A.C.
Services of refurbishment, routinary and regular maintenance of highways, and highway preservation and conservation services.
Cumbra Ingenieria S.A.
Engineering advisory and consulting services, execution of studies and projects, project management, and work supervision.
7. Operating Segments
Operating segments are reported consistently with
the internal reports that are reviewed by the Corporation's chief decision-maker; that is, the Executive Committee, which is led
by the Corporate General Manager. This Committee acts as the maximum authority in operations decision making and is responsible for allocating
resources and assessing the performance of each operating segment.
The Corporation's segments are assessed
by the activities of the following business units: (i) engineering and construction, (ii) energy, (iii) infrastructure, and (iv) real
estate.
As set forth under IFRS 8, reportable segments
based on the level of revenue are 'engineering and construction', 'infrastructure' and 'energy'.
Income derived from operations abroad (Chile and
Colombia) represents
19.5
% of the Corporation's total income in 2022 (
20.7
% in 2021 including Chile and Colombia).
Inter-segmental sale transactions are made at
prices similar to those that would have been agreed to with non-related third parties. Revenues from external customers reported are measured
in a manner consistent with the basis of preparation of the statement of profit or loss. Sale of goods are related to real estate segment.
Revenues from services are related to other segments.
Corporation's sales and accounts receivable
are not concentrated in a few customers. There are no external customers representing
10
% or more of the Corporation's revenue.
The Corporation has determined four reportable
segments. These operating segments are components of a company about which separate financial information is available that is regularly
evaluated by the Corporate Governance Board ("CODM") in deciding how to allocate resources and assess performance.
The operations of Corporation in each reportable
segment are as follows:
(a)
Engineering and construction: This segment includes traditional
engineering services such as architectural planning, structural, civil and design engineering for advanced specialties including process
design, simulation, and environmental services, as well as construction at three divisions: i) civil works, such as the construction
of hydroelectric power stations and other large infrastructure facilities; (ii) electromechanical construction, such as concentrator
plants, oil and natural gas pipelines, and electric transmission lines; iii) building construction, such as offices, residential buildings,
hotels, and affordable housing projects, shopping centers, and industrial facilities.
(b)
Energy: This segment includes oil exploration, exploitation,
production, treatment, and trade in four oil deposits, separation and trade of natural gas and its byproducts at the gas processing plant,
as well as the construction and assembly of oil facilities or those linked to the oil and gas industry. It also includes storage and
dispatch of fuel and oil byproducts.
F-
59
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
(c)
Infrastructure: The Corporation has long-term concessions
or similar contractual arrangements in Peru for three highways with tolls, Lima Metro, a sewage treatment plant in Lima, and operation
and maintenance services for infrastructure assets.
(d)
Real Estate: The Corporation mainly develops and sells properties
for low- and middle-resource sectors, which are experiencing a significant increase in available income, as well as luxury properties
to a lesser degree. It also develops commercial spaces and offices.
The CODM uses the Adjusted EBITDA (earnings before
interest, tax, depreciation, and amortization) as the primary relevant measure to understand the Corporation's operating performance
and allocate resources and its operating segments.
Adjusted EBITDA is not a measurement of results based on International
Financial Reporting Standards. The Corporation's definition related to adjusted EBITDA may not be comparable to similar performance
measures and disclosures from other entities.
The adjusted EBITDA is reconciled to
net loss as follows:
In thousands of soles
2020
2021
2022
Net loss
(
215,178
)
(
101,816
)
(
362,054
)
Financial income and expenses
145,705
209,495
141,020
Interests for present value of financial asset or liability
(
28,182
)
63,032
86,014
Income tax
50,408
41,443
131,346
Depreciation and amortization
197,125
205,307
177,023
Adjusted EBITDA
149,878
417,461
173,349
Adjustments to adjusted EBITDA for other items
Impairment of investments
-
-
14,525
Provisions: civil compensation and legal claims
89,084
30,457
256,198
Put option on Morelco S.A.S. acquisition
-
(
70,322
)
-
Adjusted EBITDA for other items
238,962
377,596
444,072
The adjusted EBITDA with non recurring items
per segment is as follows:
In thousands of soles
2020
2021
2022
Engineering and construction
15,461
47,295
(
72,335
)
Energy
109,443
173,664
184,199
Infrastructure
91,255
197,066
262,626
Real estate
32,555
36,912
137,671
Parent company operations
(
145,017
)
(
34,450
)
10,550
Intercompany eliminations
135,265
(
42,891
)
(
78,639
)
238,962
377,596
444,072
F-
60
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
The following table shows the Corporation's financial statements
by operating segments:
Operating segments financial position
Segment reporting
Engineering
Infrastructure
Parent
In thousands of soles
and
construction
Energy
Toll
roads
Transportation
Water
treatment
Real
estate
Company
operations
Eliminations
Consolidated
As of December 31, 2021
Assets.-
Cash and cash equivalent
303,925
121,873
114,100
182,607
7,499
109,828
117,346
-
957,178
Trade accounts receivables, net
610,651
67,662
38,418
106,856
1,003
9,958
84
-
834,632
Accounts receivable from related parties
95,390
121
48,012
4,309
-
3,166
52,644
(
182,825
)
20,817
Other accounts receivable
390,133
31,092
30,057
18,734
960
3,783
12,297
2
487,058
Inventories, net
48,192
35,489
7,662
31,949
13
366,650
-
(
1,629
)
488,326
Prepaid expenses
15,838
3,575
6,531
344
52
-
5,802
-
32,142
Total current assets
1,464,129
259,812
244,780
344,799
9,527
493,385
188,173
(
184,452
)
2,820,153
Long-term trade accounts receivable, net
851
-
15,654
666,801
-
-
-
-
683,306
Long-term accounts receivable from related parties
335,150
-
19,700
42
11,536
-
584,596
(
307,127
)
643,897
Prepaid expenses
-
981
20,558
1,894
684
-
-
(
510
)
23,607
Other long-term accounts receivable
10,448
86,815
-
-
7,346
57,243
39,508
-
201,360
Investments in associates and joint ventures
108,038
8,951
-
-
-
5,443
1,447,556
(
1,538,815
)
31,173
Investment property, net
-
-
-
-
-
22,416
42,558
(
1,963
)
63,011
Property, plant and equipment, net
142,228
153,456
7,056
749
181
6,845
1,653
(
8,998
)
303,170
Intangible assets and goodwill, net
142,499
257,580
322,625
351
-
733
14,575
5,028
743,391
Right-of-use assets, net
3,825
3,890
5,308
61
17
1,888
40,789
(
8,061
)
47,717
Deferred income tax asset
180,586
4,717
21,304
-
644
16,960
47,038
5,097
276,346
Total non-current assets
923,625
516,390
412,205
669,898
20,408
111,528
2,218,273
(
1,855,349
)
3,016,978
Total assets
2,387,754
776,202
656,985
1,014,697
29,935
604,913
2,406,446
(
2,039,801
)
5,837,131
Liabilities.-
Borrowings
136,512
27,046
3,687
45
18
69,065
13,573
(
8,606
)
241,340
Bonds
4,896
-
36,637
24,496
-
-
3,809
-
69,838
Trade accounts payable
699,851
67,686
44,210
30,637
464
30,401
38,894
683
912,826
Accounts payable to related parties
130,848
1,079
47,340
42,185
19
19,155
13,623
(
203,245
)
51,004
Current income tax
59,407
15,748
17,922
-
347
1,058
476
-
94,958
Other accounts payable
560,920
23,116
38,198
9,104
791
91,342
31,510
-
754,981
Provisions
71,301
25,498
4,158
-
-
560
54,028
-
155,545
Total current liabilities
1,663,735
160,173
192,152
106,467
1,639
211,581
155,913
(
211,168
)
2,280,492
Borrowings
5,382
121,693
1,721
15
-
5,315
205,244
(
810
)
338,560
Long-term bonds
21,386
-
215,296
602,201
-
-
352,201
-
1,191,084
Other long-term accounts payable
54,026
-
8,163
219
2,862
24,427
2,672
-
92,369
Long-term accounts payable to related parties
25,957
-
1,006
88,213
24,671
-
197,844
(
286,979
)
50,712
Provisions
56,362
55,279
33,188
3,039
-
-
181,629
-
329,497
Deferred income tax liability
19,705
31,187
-
47,515
-
-
-
-
98,407
Total non-current liabilities
182,818
208,159
259,374
741,202
27,533
29,742
939,590
(
287,789
)
2,100,629
Total liabilities
1,846,553
368,332
451,526
847,669
29,172
241,323
1,095,503
(
498,957
)
4,381,121
Equity attributable to controlling interest in the Company
528,033
378,653
149,904
125,271
763
139,728
1,308,104
(
1,427,411
)
1,203,045
Non-controlling interest
13,168
29,217
55,555
41,757
-
223,862
2,839
(
113,433
)
252,965
Total liabilities and equity
2,387,754
776,202
656,985
1,014,697
29,935
604,913
2,406,446
(
2,039,801
)
5,837,131
F-
61
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Engineering
Infrastructure
Parent
In thousands of soles
and
construction
Energy
Toll
roads
Transportation
Water
treatment
Real
estate
Company
operations
Eliminations
Consolidated
As of December 31, 2022
Assets.-
Cash and cash equivalent
209,737
104,553
130,213
171,747
2,910
111,487
186,907
-
917,554
Trade accounts receivables, net
697,512
80,245
34,183
118,867
898
146,316
561
-
1,078,582
Accounts receivable from related parties
86,146
68
51,523
4,455
52
378
115,736
(
230,613
)
27,745
Other accounts receivable
298,784
39,921
28,902
15,229
30
5,380
7,294
(
2,345
)
393,195
Inventories, net
41,933
29,935
9,655
39,780
-
227,067
-
(
1,587
)
346,783
Prepaid expenses
10,945
2,055
5,496
369
160
448
8,625
-
28,098
Total current assets
1,345,057
256,777
259,972
350,447
4,050
491,076
319,123
(
234,545
)
2,791,957
Long-term trade accounts receivable, net
2,806
-
16,215
699,487
1,392
3,969
-
-
723,869
Long-term accounts receivable from related parties
299,268
-
15,858
42
14,015
-
602,004
(
388,795
)
542,392
Prepaid expenses
-
826
14,549
1,731
632
-
65
(
510
)
17,293
Other long-term accounts receivable
101,366
89,782
-
-
7,346
55,347
31,889
-
285,730
Inventories, net
-
-
-
-
-
65,553
-
-
65,553
Investments in associates and joint ventures
975
12,049
-
-
-
2,752
1,509,790
(
1,510,650
)
14,916
Investment property, net
-
-
-
1,507
-
19,823
40,594
-
61,924
Property, plant and equipment, net
102,822
176,596
6,193
848
150
7,531
1,286
(
10,961
)
284,465
Intangible assets and goodwill, net
131,431
363,066
274,597
238
-
615
13,414
3,975
787,336
Right-of-use assets, net
8,745
12,795
7,106
23
143
2,580
38,485
(
19,670
)
50,207
Deferred income tax asset
175,702
4,572
26,787
-
415
23,781
59,316
5,065
295,638
Total non-current assets
823,115
659,686
361,305
703,876
24,093
181,951
2,296,843
(
1,921,546
)
3,129,323
Total assets
2,168,172
916,463
621,277
1,054,323
28,143
673,027
2,615,966
(
2,156,091
)
5,921,280
Liabilities.-
Borrowings
19,191
38,612
3,844
17
6
43,118
480,735
(
11,261
)
574,262
Bonds
4,554
-
41,343
31,203
-
-
-
-
77,100
Trade accounts payable
740,142
124,259
52,916
52,292
223
35,939
16,950
4,535
1,027,256
Accounts payable to related parties
297,505
2,734
46,257
22,421
296
12,227
20,291
(
348,243
)
53,488
Current income tax
12,495
247
8,609
2,433
104
45,092
672
-
69,652
Other accounts payable
490,494
19,724
49,187
9,146
1,298
115,661
24,837
(
4,905
)
705,442
Provisions
81,288
20,535
1,722
1,197
-
540
27,644
-
132,926
Total current liabilities
1,645,669
206,111
203,878
118,709
1,927
252,577
571,129
(
359,874
)
2,640,126
Borrowings
6,480
100,597
3,462
-
138
10,852
192,435
(
8,333
)
305,631
Long-term bonds
16,719
-
177,341
598,753
-
-
-
-
792,813
Long-term trade accounts payable
-
-
-
9,757
-
-
-
-
9,757
Other long-term accounts payable
94,261
-
2,243
189
2,932
-
2,694
-
102,319
Long-term accounts payable to related parties
7,886
57,300
1,176
27,294
21,663
-
189,451
(
277,477
)
27,293
Provisions
11,453
49,701
11,463
4,947
-
-
491,463
-
569,027
Deferred income tax liability
16,670
53,242
-
58,396
-
-
-
-
128,308
Total non-current liabilities
153,469
260,840
195,685
699,336
24,733
10,852
876,043
(
285,810
)
1,935,148
Total liabilities
1,799,138
466,951
399,563
818,045
26,660
263,429
1,447,172
(
645,684
)
4,575,274
Equity attributable to controlling interest in the Company
363,404
417,970
166,678
177,208
1,483
278,501
1,165,811
(
1,509,551
)
1,061,504
Non-controlling interest
5,630
31,542
55,036
59,070
-
131,097
2,983
(
856
)
284,502
Total liabilities and equity
2,168,172
916,463
621,277
1,054,323
28,143
673,027
2,615,966
(
2,156,091
)
5,921,280
F-
62
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Engineering
Infrastructure
Parent
In
                                            thousands of soles
and
construction
Energy
Toll
roads
Transportation
Water treatment
Real
estate
Company
operations
Eliminations
Consolidated
For the year ended
December 31, 2020
Revenue
2,131,740
369,798
466,824
345,258
3,359
182,439
71,197
(
385,062
)
3,185,553
Gross profit (loss)
83,124
53,251
40,858
107,918
366
40,345
(
2,344
)
(
46,136
)
277,382
Administrative expenses
(
102,985
)
(
16,119
)
(
16,584
)
(
12,738
)
(
289
)
(
16,462
)
(
23,647
)
54,811
(
134,013
)
Other income and expenses, net
(
43,573
)
(
4,185
)
(
79,576
)
72
42
1,962
(
55,984
)
60
(
181,182
)
Operating (loss) profit
(
63,434
)
32,947
(
55,302
)
95,252
119
25,845
(
81,975
)
8,735
(
37,813
)
Financial expenses
(
53,605
)
(
15,745
)
(
30,194
)
(
9,316
)
(
275
)
(
12,625
)
(
48,371
)
28,328
(
141,803
)
Financial income
4,239
1,014
4,326
1,586
897
2,900
21,913
(
30,293
)
6,582
Gain(loss) on present value of financial asset or financial liability
3,985
(
555
)
(
2,182
)
-
-
1,662
25,489
(
217
)
28,182
Share of profit or loss in associates and joint ventures
-
2,391
-
-
-
34
(
137,238
)
135,583
770
(Loss) profit before income tax
(
108,815
)
20,052
(
83,352
)
87,522
741
17,816
(
220,182
)
142,136
(
144,082
)
Income tax
4,422
(
7,500
)
(
13,477
)
(
26,681
)
(
277
)
(
2,854
)
(
7,768
)
(
37
)
(
54,172
)
(Loss) profit from continuing operations
(
104,393
)
12,552
(
96,829
)
60,841
464
14,962
(
227,950
)
142,099
(
198,254
)
Profit (Loss) from discontinuing operations
-
-
-
-
-
-
(
16,919
)
(
5
)
(
16,924
)
(Loss) profit for the year
(
104,393
)
12,552
(
96,829
)
60,841
464
14,962
(
244,869
)
142,094
(
215,178
)
(Loss) profit from attributable to:
Owners of the Company
(
100,107
)
9,176
(
88,865
)
45,631
464
1,391
(
244,829
)
135,742
(
241,397
)
Non-controlling interest
(
4,286
)
3,376
(
7,964
)
15,210
-
13,571
(
40
)
6,352
26,219
(
104,393
)
12,552
(
96,829
)
60,841
464
14,962
(
244,869
)
142,094
(
215,178
)
F-
63
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Engineering
Infrastructure
Parent
In
    thousands of soles
and
construction
Energy
Toll
roads
Transportation
Water treatment
Real
estate
Company
operations
Eliminations
Consolidated
For the year ended
December 31, 2021
Revenue
2,753,987
541,859
515,382
348,915
3,650
239,391
67,202
(
328,988
)
4,141,398
Gross profit (loss)
139,035
110,078
81,964
81,993
1,322
42,025
3,372
(
46,674
)
413,115
Administrative expenses
(
125,094
)
(
14,575
)
(
14,460
)
(
14,267
)
(
449
)
(
14,911
)
(
46,193
)
50,336
(
179,613
)
Other income and expenses
40,301
(
4,400
)
(
3,683
)
1,537
4
1,337
(
38,705
)
(
868
)
(
4,477
)
Operating profit (loss)
54,242
91,103
63,821
69,263
877
28,451
(
81,526
)
2,794
229,025
Financial expenses
(
118,725
)
(
13,436
)
(
27,568
)
(
8,298
)
(
124
)
(
11,927
)
(
46,265
)
29,928
(
196,415
)
Financial income
1,278
298
2,544
520
510
470
40,740
(
43,714
)
2,646
(Loss) gain on present value of financial asset or financial liability
(
2,395
)
(
533
)
(
1,874
)
-
-
1,779
(
72,411
)
12,402
(
63,032
)
Share of profit or loss in
    associates and joint ventures
(
1,794
)
2,833
-
-
-
831
35,686
(
38,417
)
(
861
)
(Loss) profit before income tax
(
67,394
)
80,265
36,923
61,485
1,263
19,604
(
123,776
)
(
37,007
)
(
28,637
)
Income tax
(
14,140
)
(
22,469
)
(
10,012
)
(
19,382
)
(
500
)
(
6,644
)
26,808
(
66
)
(
46,405
)
(Loss) profit from continuing operations
(
81,534
)
57,796
26,911
42,103
763
12,960
(
96,968
)
(
37,073
)
(
75,042
)
Loss from discontinuing operations
-
-
-
-
-
-
(
26,716
)
(
58
)
(
26,774
)
(Loss) profit for the year
(
81,534
)
57,796
26,911
42,103
763
12,960
(
123,684
)
(
37,131
)
(
101,816
)
(Loss) profit from attributable to:
Owners of the Company
(
82,160
)
51,294
15,946
31,577
763
794
(
123,637
)
(
36,347
)
(
141,770
)
Non-controlling interest
626
6,502
10,965
10,526
-
12,166
(
47
)
(
784
)
39,954
(
81,534
)
57,796
26,911
42,103
763
12,960
(
123,684
)
(
37,131
)
(
101,816
)
F-
64
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Engineering
Infrastructure
Parent
In
    thousands of soles
and
construction
Energy
Toll
roads
Transportation
Water treatment
Real
estate
Company
operations
Eliminations
Consolidated
For the year ended
December 31, 2022
Revenue
2,679,198
633,792
614,525
388,811
4,412
367,276
68,091
(
350,981
)
4,405,124
Gross profit (loss)
(
23,293
)
118,934
105,400
119,729
4,644
151,797
11,702
(
41,282
)
447,631
Administrative expenses
(
126,844
)
(
13,942
)
(
12,861
)
(
10,806
)
(
947
)
(
15,932
)
(
35,543
)
54,277
(
162,598
)
Other income and expenses
79,114
639
25,291
(
3,042
)
-
(
5,014
)
(
332,399
)
(
55,203
)
(
290,614
)
Operating profit (loss)
(
71,023
)
105,631
117,830
105,881
3,697
130,851
(
356,240
)
(
42,208
)
(
5,581
)
Financial expenses
(
70,040
)
(
17,704
)
(
26,655
)
(
7,235
)
(
1,691
)
(
9,407
)
(
65,285
)
41,543
(
156,474
)
Financial income
2,010
1,692
2,119
2,440
223
1,086
52,271
(
46,387
)
15,454
(Loss) gain on present value of financial asset or financial  liability
(
6,196
)
2,078
(
267
)
-
-
2,616
(
84,245
)
-
(
86,014
)
Share of profit or loss in associates and joint ventures
13,511
3,098
-
-
-
626
14,338
(
29,666
)
1,907
(Loss) profit before income tax
(
131,738
)
94,795
93,027
101,086
2,229
125,772
(
439,161
)
(
76,718
)
(
230,708
)
Income tax
(
15,755
)
(
30,905
)
(
19,587
)
(
31,836
)
(
746
)
(
42,885
)
10,397
(
29
)
(
131,346
)
(Loss) profit from continuing operations
(
147,493
)
63,890
73,440
69,250
1,483
82,887
(
428,764
)
(
76,747
)
(
362,054
)
(Loss) profit for the year
(
147,493
)
63,890
73,440
69,250
1,483
82,887
(
428,764
)
(
76,747
)
(
362,054
)
(Loss) profit from attributable to:
Owners of the Company
(
145,695
)
56,800
59,262
51,937
1,483
31,094
(
428,905
)
(
77,127
)
(
451,151
)
Non-controlling interest
(
1,798
)
7,090
14,178
17,313
-
51,793
141
380
89,097
(
147,493
)
63,890
73,440
69,250
1,483
82,887
(
428,764
)
(
76,747
)
(
362,054
)
F-
65
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Segments by geographical areas:
In thousands of soles
2020
2021
2022
Revenues:
- Peru
2,510,415
3,284,674
3,544,465
- Chile
521,076
750,565
708,996
- Colombia
151,876
106,160
151,663
- Mexico
2,187
-
-
3,185,553
4,141,398
4,405,124
Non-current assets:
- Peru
2,918,529
2,752,560
2,911,954
- Chile
267,850
165,652
151,328
- Colombia
107,486
98,766
66,041
3,293,864
3,016,978
3,129,323
8. Financial Instruments
A. Financial instruments by category
Financial assets related to concession
agreements are shown in the consolidated statement of financial position as 'short-term trade accounts receivable' and
'long-term trade accounts receivable'.
As of December 31, the classification of financial
assets and liabilities by category is as follows:
In thousands of soles
2021
2022
Financial assets according to the consolidated statement of financial position
Loans and accounts receivable at amortized cost:
- Cash and cash equivalents
957,178
917,554
- Trade accounts receivable and other accounts receivable (excluding non-financial
    assets)
1,258,265
1,452,606
- Financial assets related to concession agreements (ii)
814,293
861,190
- Accounts receivable from related parties
664,714
570,137
3,694,450
3,801,487
In thousands of soles
2021
2022
Financial liabilities according to the consolidated statement of financial position
Other financial liabilities at amortized cost:
- Bank loans and other financial entities
509,557
819,973
- Finance leases
9,836
835
- Lease liability for right-of-use asset
60,507
59,085
- Bonds
1,260,922
869,913
- Trade and other accounts payable excluding non-financial
    liabilities) (iii)
1,178,830
1,207,739
- Accounts payable to related parties
101,716
80,781
3,121,368
3,038,326
Other financial liabilities:
- Other provisions (iv)
576,194
541,345
(i)
The following non-financial assets are excluded: advances to suppliers for S/
53.7
million and tax receivable for S/
141.9
million (S/
31.4
million and S/
133.4
million, respectively, as of December 31, 2021).
(ii)
It's included in the trade accounts receivable item.
(iii)
The following non-financial liabilities are excluded: advances received from customers for S/
365.7
million, taxes payable for S/
165.8
million, Salaries and other personnel payable for S/
99.2
million and others for S/
6.2
million (S/
322.7
million, S/
124
million, S/
126.5
million and S/
8.2
million, respectively, as of December 31, 2021).
(iv)
Includes civil compensation to Peruvian Government S/488.9 million
and administrative process INDECOPI for S/52.4 million (S/486.1 million and S/55 million, respectively, as of December 31, 2021; additionally,
shareholder class action lawsuits in the Eastern District Court of New York for S/35.1 million)
.
F-
66
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
B. Credit quality of financial assets
The credit quality of financial assets that are
neither past due nor impaired can be assessed with reference to external risk ratings, if any, or based on historical information on the
default rates of their counterparties (Note 4.A.(b)).
As of December 31, the credit quality of financial
assets is shown below:
In thousands of soles
2021
2022
Cash and cash equivalents (*)
Banco de Credito del Peru (A+)
492,076
363,283
Banco Interbank (A)
77,497
231,174
Banco Continental (A+)
109,343
97,422
Banco Scotiabank (A+)
83,192
79,408
Citibank (A+)
110,232
60,858
Banco Santander - Chile (AAA)
32,835
42,823
Banco de la Nacion (A)
22,626
28,566
Banco Bogota (AAA)
13,950
3,555
Banco Santander - Peru (A+)
2,878
2,563
Banco Scotiabank - Chile (A+)
1,566
1,984
Banco Interamericano de Finanzas (A)
2,114
731
Banco Pichincha (A-)
2,045
92
Other
3,666
1,413
954,020
913,872
(*)
The difference between the balances shown and the balances
of the consolidated statement of financial position correspond to cash and remittances in transit (Note 9).
For banks in Peru, these risk ratings are obtained
from the risk rating agencies authorized by the SBS. For banks in Chile, ratings are obtained from the risk rating agencies authorized
by the Comision para el Mercado Financiero – CMF (Financial Market Commission) of Chile (Fitch Chile Clasificadora de Riesgo Ltda.
And ICR International Credit Rating Cia Clasificadora de Riesgo Ltda.). For banks in Colombia, ratings are obtained from the following
financial institutions: Fitch Ratings, Value and Risk Rating S.A., BRC Standard and Poor's Rating, and Technical I of BRC Investor
Services S.A. SCV.
The credit quality of customers is assessed in
three categories (internal classification):
A:
new customers/related parties (less than six months);
B:
existing customers/related parties (with more than six months of trade relationship) with no previous
default history; and
C:
existing customers/related parties (with more than six months of trade relationship) with previous default
history.
In thousands of soles
Note
2021
2022
Trade accounts receivable
10
Counterparties with no external risk rating
A
28,156
162,555
B
1,478,789
1,635,926
C
10,993
3,970
1,517,938
1,802,451
Receivable from related parties and joint operators
11
B (*)
20,817
18,760
C
-
8,985
20,817
27,745
(*)
The account receivable from related parties does not include
the balance receivable from Gasoducto Sur Peruano S.A.
The total balance of trade accounts receivable
and accounts receivable from related parties is subject to the terms and conditions of the respective contract. They have not been renegotiated.
F-
67
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
9. Cash and Cash Equivalents
As of December 31, this caption comprises:
In thousands of soles
2021
2022
Cash on hand
936
727
Remittances in-transit
2,222
2,955
Bank accounts
Current accounts
142,029
363,130
Banco de la Nacion
19,847
19,280
Time deposits (a)
205,302
114,994
Savings deposits and mutual funds
62
4
367,240
497,408
Trust account - Specific use funds
Operational funds
261,001
229,165
Consortium funds
78,589
114,050
Reserve funds (b)
163,939
71,966
Guarantee funds
83,251
1,283
586,780
416,464
Total Cash and Cash equivalents
957,178
917,554
Current accounts are denominated in local and
foreign currency, deposited in local and foreign banks with a high credit rating (Note 8.B) and are freely available. These accounts
earn interest at market rates.
The Corporation maintains unrestricted trust accounts
in local and foreign banks for the management of funds for specific uses that are classified as: i) operating funds and consortium funds
for the exclusive management of project cash flows; and ii) reserve and guarantee funds for the payment of bonds issued and other obligations
of the Corporation.
a.
Time deposits have maturities lower than ninety (90) days
and may be renewed upon maturity. These deposits bear interest that fluctuates between
0.26
% and
7.40
%.
In thousands of soles
Financial
entities
Interest
rate
2021
2022
Tren Urbano de Lima S.A.
Banco de Credito del Peru S.A.
7.40
%
55,000
73,200
Vial y Vives - DSD S.A.
Banco Santander - Chile
0.93
%
-
22,317
Unna Energia S.A.
Banco Internacional del Peru S.A.A.
0.35
%
32,197
15,471
Unna Energia S.A.
Banco de Credito del Peru S.A.
0.30
%
11,130
4,006
AENZA S.A.A.
Banco de Credito del Peru S.A.
0.26
%
100,583
-
Concesionaria La Chira S.A.
BBVA Banco Continental S.A.
1.65
%
4,000
-
Cumbra Ingenieria S.A.
Banco de Credito del Peru S.A.
1.75
%
2,392
-
205,302
114,994
b.
The trust accounts with reserve funds for the payment of
bonds issued and other obligations of the Corporation are as follows
:
In thousands of soles
2021
2022
Tren Urbano de Lima S.A.
103,269
49,397
Red Vial 5 S.A.
22,531
22,569
AENZA S.A.A.
7,386
-
Cumbra Ingenieria S.A.
12,760
-
Unna Energia S.A.
17,993
-
163,939
71,966
Cash and cash equivalents do not represent a significant credit or
interest rate risk; therefore, their carrying amounts approximate their fair value.
F-
68
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
10. Trade Accounts Receivable, net
As of December 31, this account comprises:
Total
Current
Non-current
In thousands of soles
2021
2022
2021
2022
2021
2022
Receivables - net (a)
773,575
894,571
269,427
366,007
504,148
528,564
Contract assets – Subsidiaries (b)
453,610
584,217
453,610
584,217
-
-
Contract assets – Concessions (c)
290,753
323,663
111,595
128,358
179,158
195,305
1,517,938
1,802,451
834,632
1,078,582
683,306
723,869
As of December 31, 2021 and 2022, trade accounts
receivable are denominated in local and foreign currency, have current maturities, do not accrue interest and do not have specific guarantees.
The fair value of current accounts receivable is similar to carrying amount since its average collection period is less than sixty (60)
days.
As of December 31, the balance of accounts receivable corresponds to:
In thousands of soles
2021
2022
Tren Urbano de Lima S.A.
773,657
818,354
Cumbra Peru S.A.
567,807
647,113
Viva Negocio Inmobiliario S.A.C. (i)
9,958
150,285
Unna Energia S.A.
67,662
80,245
Cumbra Ingenieria S.A.
43,695
53,205
Red Vial 5 S.A.
22,458
24,072
Carretera Andina del Sur S.A.C.
12,686
13,035
Unna Transporte S.A.C.
14,439
9,852
Carretera Sierra Piura S.A.C.
4,489
3,439
Concesionaria La Chira S.A.
1,003
2,290
Others
84
561
1,517,938
1,802,451
The balances of trade accounts receivable described
above are mainly related to the economic activity detailed in Note 6.
(i)
As of December 31, 2022, invoices receivable mainly correspond to the
sale of a land to SEDAPAL by Inmobiliaria Almonte 2 S.A.C. (located in the district of Lurin, province of Lima, with an area of 209.59
hectares) for S/
140
million, which will be paid in seven (7) installments, being the last one in August 2023. As of December 31,
2021, invoices receivable correspond mainly to the sale of land of Inmobiliaria Almonte S.A. for S/
1.7
million, sale of apartments mainly
in the projects Los Parques de Comas for S/
1.9
million, in the project Los Parques de Huancayo for S/
1.2
million and in the project
Los Parques de Carabayllo 3 for S/
3.9
million, rents in the projects Tiendas Linea 1 and Centro Comercial Agustino Plaza for S/
1
million
and S/
0.8
million corresponding to the sale of other apartments.
(a)
Invoices receivables are recognized net of impairment for
S/
44.7
million and discounted at current value for S/
0.7
millions. (S/
44.4
million for impairment and S/
0.9
million at current
value as of December 31, 2021).
As of December 31,
2021 and 2022 the Management performed the assessment of credit risk exposure on trade receivables.
Maturity as of 31
of December, 2021 and 2022 is detailed below:
In thousands of soles
2021
2022
Current
683,921
853,531
Past due up to 30 days
41,222
29,078
Past due from 31 days up to 90 days
11,668
2,049
Past due from 91 days up to 120 days
15,814
1,437
Past due from 121 days up to 360 days
7,070
4,100
Past due over 360 days
13,880
4,376
773,575
894,571
As of December 31, 2022, the amount of due debts
over three hundred and sixty (360) days mainly includes invoices receivable from subsidiaries: Cumbra Peru S.A. for S/
3.4
million
and Cumbra Ingenieria S.A. for S/
0.9
million (Cumbra Peru S.A. for S/
9.5
million, Unna Transporte S.A.C. for S/
2.7
million,
and Cumbra Ingenieria S.A. for S/
1.6
million as of December 31, 2021).
F-
69
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
(b)
The Contract Assets by the subsidiaries correspond to documents
related to the estimates for services provided that were not invoiced, valuations under preparation or approval pending. These rights
are recognized net of impairment for S/
3.8
million and discounted at current value for S/
2.8
million (S/
5.2
million for impairment
and S/
5.9
million at current value as of December 31, 2021). The following is a breakdown by subsidiary:
In thousands of soles
2021
2022
Cumbra Peru S.A.
414,415
533,389
Cumbra Ingenieria S.A.
24,177
38,922
Unna Transporte S.A.C.
10,291
6,192
Unna Energia S.A.
4,718
5,617
Others
9
97
453,610
584,217
Find below the Contract Assets corresponding to
subsidiaries grouped by main projects:
In thousands of soles
2021
2022
Infrastructure
Operation and maintenance of roads
9,192
5,440
Others
1,099
752
10,291
6,192
Energy
4,718
5,617
Engineering and Construction
Cumbra Peru S.A. -  Jorge Chavez Airport (*)
25,401
167,360
Vial y Vives - DSD S.A. - Engineering and Construction Works
207,406
151,690
Cumbra Peru S.A. - Talara Refinery
62,617
77,448
Morelco S.A.S. - Engineering and Construction Works
6,430
58,075
Cumbra Peru S.A. - Concentrator Plant and tunnel of Quellaveco
96,972
54,996
Cumbra Ingenieria S.A. - Mina Gold Fields La Cima S.A. Project
3,872
22,455
Cumbra Peru S.A. - Toquepala Concentrator Maintenance Project
-
11,213
Cumbra Peru S.A. - Rio Urubamba Consortium
-
7,417
Cumbra Peru S.A. - Quebrada Honda Test Plant Project
412
5,417
Cumbra Peru S.A. - Gasoducto Piura Project
13,347
2,320
Others
22,135
13,920
438,592
572,311
Others
9
97
453,610
584,217
(*)
The variation at the end of 2022 corresponds to the EPC LAP3
project, related to the increase of activities in the construction of the Jorge Chavez airport terminal (Consorcio Inti Punku).
F-
70
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
(c)
The contract assets for concessions correspond to future
collections to the Grantor according to the terms of the concession agreement as detailed below:
In thousands of soles
2021
2022
Tren Urbano de Lima S.A.
256,526
281,487
Red Vial 5 S.A.
16,451
24,072
Carretera Andina del Sur S.A.C.
12,667
12,796
Carretera Sierra Piura S.A.C.
4,489
3,018
Concesionaria La Chira S.A.
620
2,290
290,753
323,663
(c.1)
The contract assets from Tren Urbano de Lima S.A. include:
i) the quarterly remuneration to be received by the Concessionaire for the kilometers traveled (PKT) pending settlement by the Grantor;
ii) account receivable from the Peruvian State in the long term, plus accrued interest according to the amortized cost method (Note 2.E).
(c.2)
The contract assets of Red Vial 5 S.A. corresponds to (i) a claim to
the Ministry of Transportation and Communications ("MTC") related to the application of Clause 9.9 Fare Guarantee of the Concession
Agreement, by means of which the Grantor shall recognize and pay to Red Vial 5 S.A. the corresponding fair difference if a public entity
does not let the Concessionaire collect the respective fare according to the agreement. The amount recorded amounting to S/
13.3
million corresponds to current compensation value. On January 10, 2023, the arbitral request against the Peruvian Government was made
before the Centro Internacional de Arreglo de Diferencia Relativas a Inversiones - CIADI (International Center to Deal with Investment
Controversies) related to the payment of Fare Guarantee and others related to conservation and maintenance costs, (ii) provisions for supplementary
works for S/
8.7
million, and (iii) provisions receivable for engineering studies amounting to S/
2.1
million.
The fair value of the financial assets related to concession agreements
for disclosure purposes is estimated discounting future contractual cash flows with the long-term sovereign interest risk rate. This measurement
is classified under level 2 hierarchy according with prior description:
Carrying amount
Fair value
In thousands of soles
2021
2022
2021
2022
Tren Urbano de Lima S.A.
773,657
818,354
863,497
810,539
(d)
The movement of impairment of trade accounts receivable is
as follows:
In thousands of soles
Note
2020
2021
2022
Balance at January, 1
(
8,422
)
(
56,630
)
(
49,604
)
Impairment, net
25 (iii)
(
19,772
)
(
1,061
)
(
54,766
)
Reversal of impairment
(
33,874
)
84
56
Write-off (*)
5,653
8,340
55,744
Exchange difference
(
212
)
(
336
)
32
Translation adjustments
(
3
)
(
1
)
54
Balance at December, 31
(
56,630
)
(
49,604
)
(
48,484
)
(*)
In 2022 corresponds mainly to write-offs generated in
Cumbra Peru for S/
55.7
million for the agreement with Tecnicas Reunidas in Talara S.A. (in 2021 Cumbra Peru for S/
4.2
million,
Tren Urbano de Lima S.A. for S/
3.5
million, and others for S/
0.6
million, in 2020 Cumbra Peru for S/
5.7
million).
Management, after evaluating the balances receivable
at the date of the consolidated financial statements, considers that, except for the accounts receivable provisioned, there are no accounts
at risk of uncollectibility.
In the opinion of Corporate management, the expected
credit loss allowance and allowance for trade receivables adequately cover the risk of uncollectibility as of December 31, 2021 and 2022.
F-
71
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
11. Transactions with Related Parties and Joint Operators
A. Transactions with related parties
The main transactions among Company and its related
parties are summarized as follows:
In thousands of soles
2020
2021
2022
Revenue from sales of goods and services:
- Joint operations
15,903
22,374
48,042
- Associates
5
-
-
15,908
22,374
48,042
Purchase of goods and services:
- Associates
1,225
4,478
1,842
1,225
4,478
1,842
B. Related parties transactions
Transactions among related parties are made based
on current price lists and according to the terms and conditions similar to those agreed with third parties.
As of December 31, 2021 and 2022 the balances
at the end of the year were the following:
As of December 31,
2021
As of December 31,
2022
In thousands of soles
Receivable
Payable
Receivable
Payable
Current portion:
Joint operations
Consorcio Rio Urubamba
9,792
-
9,606
-
Consorcio Inti Punku
1,865
1,733
4,030
3,104
Consorcio GyM Conciviles
1,479
1,074
-
1,426
Consorcio Italo Peruano
1,394
106
1,524
-
Consorcio Manperan
1,389
4,968
603
4,064
Consorcio Ermitaño
1,028
515
547
-
Consorcio Peruano de Conservacion
654
2,392
752
2,629
Consorcio Norte Pachacutec
125
282
57
246
Terminales del Peru
92
399
88
600
Consorcio Constructor Chavimochic
-
9,301
-
9,421
Consorcio Rio Mantaro
-
7,043
-
12,247
Consorcio Vial Quinua
-
1,947
-
1,945
Consorcio CDEM
-
1,545
-
-
Consorcio GyM-Stracon
-
143
-
160
Consorcio TNT Vial y Vives – DSD Chile Ltda
-
633
8,664
3,153
Other minors
288
1,803
1,874
1,139
18,106
33,884
27,745
40,134
Other related parties
Ferrovias S.A.
-
15,513
-
13,354
Peru Piping Spools S.A.C.
2,711
1,607
-
-
2,711
17,120
-
13,354
Current portion
20,817
51,004
27,745
53,488
Non-current portion
Gasoducto Sur Peruano S.A. (Note 14.A.i)
643,897
-
542,392
-
Ferrovias S.A.
-
14,690
-
15,054
Ferrovias Participaciones S.A.
-
36,022
-
12,239
Non-current
643,897
50,712
542,392
27,293
As of December 31, 2021 and 2022, accounts receivable
and accounts payable are mainly of current maturity and have no specific guarantees. These balances do not bear interest considering their
maturity in the short term.
The corporation carries out its operations with
related companies under the same conditions as those carried out with third parties; consequently, there are no differences in pricing
policies or in the basis for tax settlement; with respect to payment methods, these do not differ from policies granted to third parties.
Transactions with non-controlling interests are disclosed in Note 34.
F-
72
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
C. Key Management remuneration
Key Management includes executive and non-executive
directors, members of the Executive Committee and Internal Audit Management. In 2022 remuneration paid or payable to key Management amounted
to S/
33
million and only included short-term benefits (in 2021 a balance of S/
33.5
million and S/
22.7
million in 2020).
12. Other accounts receivable, net
As of December 31, this caption comprises:
Total
Current
Non-current
In thousands of soles
2021
2022
2021
2022
2021
2022
Guarantee deposits (a)
139,019
194,885
135,650
110,507
3,369
84,378
Petroleos del Peru S.A.- Petroperu S.A. (b)
106,077
105,073
19,262
15,291
86,815
89,782
Claims to third parties (c)
113,685
88,919
56,069
17,130
57,616
71,789
Advances to suppliers (d)
31,365
53,658
31,365
53,658
-
-
Restricted funds (e)
7,346
52,014
-
44,668
7,346
7,346
VAT credit (f)
41,077
50,172
32,706
39,959
8,371
10,213
Income tax on-account payments (g)
44,072
48,729
44,072
48,729
-
-
Cumbra Peru S.A. - Refineria Talara (h)
125,864
36,266
115,435
36,266
10,429
-
Consorcio Panorama (i)
27,193
21,081
-
-
27,193
21,081
ITAN and other tax receivable
17,285
15,022
17,203
14,001
82
1,021
Accounts receivable from personnel
16,864
2,359
16,864
2,359
-
-
Other minors
18,571
10,747
18,432
10,627
139
120
688,418
678,925
487,058
393,195
201,360
285,730
The fair value of the other short-term accounts
receivable is similar to their carrying amount due to their short-term maturity. The other non-current accounts receivable correspond
mainly to claims to third parties and maturities range from
two
(2) to
five
(5)
years
.
Maximum exposure to credit risk at the reporting
date is the carrying amount of every class of other accounts receivable.
Find below a description and composition of the
main items of the balance of other accounts receivable:
(a)
It corresponds to funds held by customers for work contracts
mainly of the subsidiary Cumbra Peru S.A. These deposits are retained by customers to ensure the subsidiary's compliance with its
obligations under contracts. The amounts retained will be recovered once the work is completed.
Total
Current
Non-current
In thousands of soles
2021
2022
2021
2022
2021
2022
Cumbra Peru S.A. - Projects and Consortiums
27,821
113,473
27,821
33,505
-
79,968
Vial y Vives - DSD S.A. - Engineering works and construction
79,126
54,236
79,126
54,236
-
-
Cumbra Peru S.A. - Quellaveco Concentrator Plant
12,133
11,436
12,133
11,436
-
-
Cumbra Peru S.A. - Piura Gas Pipeline Project
8,914
7,187
8,914
2,782
-
4,405
Cumbra Peru S.A. - Toquepala Electromechanics
-
5,817
-
5,817
-
-
Morelco S.A.S. - Engineering works and construction
6,617
2,403
6,617
2,403
-
-
Others
4,408
333
1,039
328
3,369
5
139,019
194,885
135,650
110,507
3,369
84,378
F-
73
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
(b)
Corresponds to additional investments directly related to
modernization, expansion, adaptation to current regulations and other operating or commercial requirements established in the operating
contracts signed between Terminales del Peru and Petroleos del Peru – Petroperu S.A.
The additional investments are accredited
based on the inspection report of the contractor, both of the capital invested by the operator and of the compliance with the operational
aspects, technical, safety, environmental and social standards and requirements of the project that is the subject of the additional investment.
In accordance with the contracts for the operation of the North and Central hydrocarbon supply terminals, these accounts receivable from
Petroperu do not generate interest.
(c)
As of December 31, 2021 and 2022, corresponds to the following
claims to third parties:
Total
Current
Non-current
In thousands of soles
2021
2022
2021
2022
2021
2022
Superintendencia Nacional de Aduanas y de Administracion Tributaria (SUNAT) (c.1)
30,994
27,968
-
-
30,994
27,968
Ministry of Housing and Fondo Mi Vivienda (c.2)
23,953
26,084
-
-
23,953
26,084
Accounts receivable from joint venture (c.3)
46,360
21,100
46,360
7,915
-
13,185
Others
12,378
13,767
9,709
9,215
2,669
4,552
113,685
88,919
56,069
17,130
57,616
71,789
(c.1)
Superintendencia Nacional de Aduanas y de Administracion Tributaria
(SUNAT)
Corresponds to the
company's claim before the Specialized Administrative Court of the Court of Justice of Lima against the Tax Administration for
deductions of investment losses. The balance as of December 31, 2022 is S/
27.9
million (S/
30.9
million as of December 31, 2021). In
Management's opinion and that of legal advisors, this account will be collected in a five-year period, estimated
date for the end of the judicial process.
(c.2)
Ministry of Housing and Mi Vivienda Fund
Corresponds to a claim in favor of
the Corporation, resulting from the termination of the contract called "Ciudad Alameda de Ancon", signed by VIVA, the Ministry
of Housing and Construction and Sanitation and Fondo Mi Vivienda S.A. As of December 31, 2022 the net amount of the claim corresponds
to its fair value, which amounts to S/ 26 million (S/23 million as of December 31, 2021) and results from the discount of the gross amount
of the claim, to be collected over 11 years, at a rate of 7.99%. The gross amount of the claim amounting to S/ 46.7 million (including
the full amount of the services provided by VIVA in the Ancon Project) is part of the amount of the claim filed by VIVA against the Ministry
of Housing, Construction and Sanitation for the amount of S/ 116.3 million, which also includes an indemnity for damages (consequential
damages and loss of profits). According to Management and legal advisors, it is expected that the amount of the claim will be collected
within a maximum period of 11 years.
(c.3)
Joint Venture
As of December 31, 2022
the balance corresponds to the attributions
of proceeds to Cotinavec Montaje Peru S.A.C. for S/13 million, the balance is in the process of arbitration with an estimated date to
be resolution, June 2025 as well as to other accounts receivables for S/7.9 million (S/29 million and S/17.3 million as of December 31,
2021).
(d)
As of December 31, 2021 and 2022, corresponds to advance
payments to suppliers as following:
In thousands of soles
2021
2022
Cumbra Peru S.A. - Aeropuerto Jorge Chavez
7,992
18,353
Cumbra Peru S.A. - Projects and Consortiums
10,646
15,220
Tren Urbano de Lima S.A. - Alstom Transporte
3,691
3,691
Others
9,036
16,394
31,365
53,658
(
e)
As of December 31, 2022, restricted funds correspond to bank certificates under guarantee composed as follows: Cumbra Peru S.A. for S/ 29.9 million – EPC Talara, Cumbra Ingenieria S.A. for S/ 14.7 million, and a restricted fund of Concesionaria La Chira S.A. for S/ 7.3 million. (As of December 31, 2021 a restricted fund of Concesionaria La Chira S.A. for S/ 7.3 million).
F-
74
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
(f)
As of December 31, 2021 and 2022, correspond to tax credit
related to sales tax of the following subsidiaries:
Total
Current
Non-current
In thousands of soles
2021
2022
2021
2022
2021
2022
Cumbra Peru S.A.
12,737
14,492
12,737
14,492
-
-
Tren Urbano de Lima S.A.
4,266
8,501
4,266
8,501
-
-
Viva Negocio Inmobiliario S.A.C.
6,110
8,077
514
639
5,596
7,438
Unna Transporte S.A.C.
5,333
5,033
5,333
5,033
-
-
Carretera Andina del Sur S.A.C.
1,475
4,313
1,475
4,313
-
-
Unna Energia S.A.
1,911
3,511
1,911
3,511
-
-
Cumbra Ingenieria S.A.
1,947
2,023
1,947
2,023
-
-
AENZA S.A.A.
3,715
879
3,715
879
-
-
Others
3,583
3,343
808
568
2,775
2,775
41,077
50,172
32,706
39,959
8,371
10,213
(g)
As of December 31, 2021 and 2022, corresponds to income tax
payment on account and balance in favor of the following subsidiaries:
In thousands of soles
2021
2022
Cumbra Peru S.A.
25,539
23,079
Unna Energia S.A.
932
15,739
Unna Transporte S.A.C.
844
5,119
Cumbra Ingenieria S.A.
4,331
2,754
AENZA S.A.A.
1,129
1,055
Carretera Andina del Sur S.A.C.
370
482
Qualys S.A.
502
156
Tren Urbano de Lima S.A.
9,990
-
Others
435
345
44,072
48,729
(h)
Cumbra Peru S.A. - Talara Refinery
As of
December 2022, Cumbra Peru S.A. had a lawsuit pending against Tecnicas Reunidas de Talara S.A.C. (TRT) for approximately US$ 78
million as compensation for damages suffered as a result of various contractual breaches. In turn, Tecnicas Reunidas de Talara
S.A.C. filed a counterclaim for approximately US$ 81 million alleging that Cumbra Peru S.A. had breached the subcontract entered
into between the two companies. On the other hand, on December 28, 2020, Tecnicas Reunidas de Talara S.A.C. executed two letters of
guarantee issued by Banco Santander, the first for US$ 16 million for Fidelity Performance and the second letter of guarantee for
US$ 7.7 million for advance payment of work, despite the fact that the obligations guaranteed by the letter of guarantee were being
litigated in the process described in this paragraph. At December 31, 2021, the balance of accounts receivable from TRT including
executed bond letters amounted to US$ 31.6 million, equivalent to S/ 125.8 million.
In December
2022, the Company signed an agreement with Tecnicas Reunidas de Talara S.A.C., in order to solve claims of both
parties. As a result of this agreement, the Company impaired account receivables rights for US$ 29.6 million equivalent to S/113
million (Note 12-j.1). Also, the Company would receive payments for outstanding invoices for an amount of US$10.3 million
(equivalent to S/36.2 million) before January 31, 2023. As of the closing date of this report, the Company has collected the full
amount agreed.
(i)
As of December 31, 2021 and 2022, corresponds to the settlement
agreement of the Consorcio Panorama signed by Viva Negocio Inmobiliario S.A.C. and Inversiones Maje S.A.C. on December 14, 2018. This
balance includes the return of contributions and profit totaling US$
6.8
million (equivalent to S/
26
million), obtained based on
future sales of the properties held in the Project, which has an estimated collection date of August 2025.
F-
75
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
The movement of impairment of other accounts receivable in
2020, 2021 and 2022 was as follows:
In thousands of soles
Tax credit
Guaranties Retention
Claims to third parties
Total
At January 1, 2020
-
165
(
30,863
)
(
30,698
)
Impairment of Unna Transporte S.A.C.
(
6,222
)
(
12,511
)
(
62,456
)
(
81,189
)
Write-off
-
12,530
(
325
)
12,205
Exchange difference
-
-
(
2,188
)
(
2,188
)
Translations adjustments
-
(
184
)
4
(
180
)
At December 31, 2020
(
6,222
)
-
(
95,828
)
(
102,050
)
At January 1, 2021
(
6,222
)
-
(
95,828
)
(
102,050
)
Additions
-
-
(
21,178
)
(
21,178
)
Write-off
-
-
986
986
Exchange difference
-
-
(
2,400
)
(
2,400
)
Translations adjustments
-
-
(
4,927
)
(
4,927
)
At December 31, 2021
(
6,222
)
-
(
123,347
)
(
129,569
)
At January 1, 2022
(
6,222
)
-
(
123,347
)
(
129,569
)
Additions
-
-
(
127,348
)
(
127,348
)
Write-off
-
-
113,037
113,037
Exchange difference
-
-
2,646
2,646
Translations adjustments
-
-
603
603
At December 31, 2022
(
6,222
)
-
(
134,409
)
(
140,631
)
As of December 31, 2022 the additions correspond to: a) Cumbra Peru S.A. for S/ 115.6 million (Tecnicas Reunidas Talara S.A. S/113 million, Consorcio Chavimochic for S/1.9 million and Morelco S. A.S. for S/0.7 million); b) AENZA S.A.A. for S/3.1 million from Mota Engil; and c) Cumbra Ingenieria S.A. for S/ 0.6 million from Consorcio Supervisor Red Vial 4 (Note 25.iii); and d) additions in the subsidiary Viva Negocio Inmobiliario S.A.C. recorded in Other Expenses for S/8.1 million from Consorcio Panorama (Note 27.C).
As of December 31, 2021 the additions correspond
to: a) Cumbra Peru S.A. for S/ 1 million (Morelco S.A.S. for S/0.6 million, Construyendo Pais S.A. for S/0.5 million); b) Unna
Transportes S.A.C. for S/0.2 million from Obras de Ingenieria S.A. (Note 25.iii). Also, additions in Aenza S.A.A. recorded in other
expenses for S/ 19.9 million coming from Adexus S.A. (Note 27.C).
As of December 31, 2020, the additions correspond
to estimates affecting Cost of sales for S/12.3 million corresponding to: a) Unna Transporte S.A.C. for S/11.4 million from Obras de Ingenieria
S.A. b) Cumbra Peru S/0.9 million (Note 25.iii). Also, estimates recorded in other expenses for S/68.8 million corresponding to
a) Concesionaria Via Expresa Sur S.A. for S/ 55.8 million from the Metropolitan Municipality of Lima for S/49.6 and unused tax
credit for S/6.2 million. b) Cam Holding S.P.A. for S/12.5 million for the guarantee of the sale of Cam Chile S.P.A. c) Other minors for
S/0.5 million (Note 27.C).
13. Inventories, net
As of December 31, this caption comprises:
In thousands of soles
2021
2022
Land
175,087
114,111
Work in progress - Real estate
117,341
131,090
Finished properties
75,085
47,643
Construction materials
49,403
42,475
Merchandise and supplies
80,051
83,512
496,967
418,831
Allowance for inventory write-downs
(
8,641
)
(
6,495
)
488,326
412,336
Current
488,326
346,783
Non-current
-
65,553
As of December 31, 2022, the long-term balance
includes S/
65.6
million corresponding to lands for long-term real estate projects (S/
52
million in San Isidro in Lima and
S/
13.5
million in Barranco in Lima).
F-
76
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Lands
This caption includes properties for the development of the following projects of the
subsidiary Viva Negocio Inmobiliario S.A.C.
In thousands of soles
2021
2022
Lurin (a)
84,648
47,365
San Isidro (b)
51,850
52,007
Barranco (c)
14,640
14,739
Piura
5,325
-
Nuevo Chimbote (d)
18,624
-
175,087
114,111
As of December 31, 2021 and 2022, the provision
for impairment of lands was S/
1.2
million.
(a)
Land of 71.4 hectares corresponding to Inmobiliaria Almonte
S.A.C., located in the district of Lurin, province of Lima, used for industrial development.
(b)
Land located at Calle David Samanez Ocampo N° 140, San
Isidro, for the development of a real state housing project; with an area of 0.125 hectares, which corresponds to the subsidiary Inmobiliaria
Pezet S.A.C.
(c)
Land located at Calle Paul Harris N° 332 and N° 336,
Barranco for the development of a traditional housing project, with an area of 0.062 hectares, which corresponds to the Paul Harrys project.
(d)
In April 2022, the purchase and sale agreement for the Chimbote
land was terminated through the termination of the 2013 agreement, transferring the land to Urbi Propiedades S.A.C. This resolution resulted
in a net loss of S/
1.8
million recognized as an expense for the period in the consolidated statement of profit or loss under the caption "other
income and expenses".
Real estate work in progress
As
of December 31,
this caption comprises
the following projects:
In thousands of soles
2021
2022
Los Parques de Comas
63,213
82,518
Los Parques del Mar
20,044
20,295
Los Parques del Callao
27,235
16,040
Los Parques de Piura
-
5,515
Others
6,849
6,722
117,341
131,090
The Corporation capitalized in these works (Note 2.Q), indebtedness
costs for S/
0.5
million at interest rates ranging from
7
% to
7.9
% in 2022 (S/
1
million at interest rates ranging from
7
% to
11
% in 2021).
F-
77
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Finished properties
As of December 31, finished properties comprises
the following real estate projects:
In thousands of soles
2021
2022
Los Parques de Comas
27,185
18,737
Los Parques de Carabayllo III
14,757
7,857
Strip Callao
6,286
6,285
Los Parques del Mar
13,885
4,542
Huancayo
7,918
4,580
Los Parques de Callao
2,441
3,793
Los Parques de Piura
430
19
Others
2,183
1,830
75,085
47,643
As of December 31, 2022, the balance is recognized
net of provision for impairment for S/
3.2
million (S/
3.7
million as of December 31, 2021).
Construction materials
As of December 31, 2022, construction materials
correspond mainly to projects of the subsidiary Cumbra Peru S.A. for S/
39.9
million (Cumbra Peru S.A. for S/
47
million as
of December 31, 2021).
Goods and supplies
As of December 31, 2021 and 2022, corresponds mainly to batteries,
coils, aluminum foil, labels and caps used for the operation, maintenance and repair of the subsidiary Tren Urbano de Lima S.A.
14. Investments in Associates and Joint Ventures
As of December 31, this caption comprises:
In thousands of soles
2020
2021
2022
Associates
27,246
22,047
2,753
Joint ventures
8,270
9,126
12,163
35,516
31,173
14,916
The amounts recognized in the statement of profit
or loss as value of equity interest are as follows:
In thousands of soles
2020
2021
2022
Associates
(
1,635
)
(
3,693
)
(
1,144
)
Joint ventures
2,405
2,832
3,051
770
(
861
)
1,907
F-
78
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
A. Investments in associates
Set out in the table below are the associates
of the Corporation as of December 31, 2021 and 2022. The associates listed below have share capital solely consisting of common shares,
which are held directly by the Corporation. None of the associates are listed companies; therefore, there is no quoted market price available
for their shares.
Class of
Interest in capital
Carrying amount
In thousands of soles
share
2021
2022
2021
2022
Entity
%
%
Inversiones Maje S.A.C.
Common
9.59
9.59
2,043
2,103
Obratres S.A.C.
Common
37.50
37.50
3,400
649
Gasoducto Sur Peruano S.A. (i)
Common
20.00
20.00
-
-
Concesionaria Chavimochic S.A.C. (ii)
Common
26.50
26.50
16,295
-
Others
Common
309
1
22,047
2,753
The movement of investments in associates is as follows:
In thousands of soles
2020
2021
2022
Balance at January, 1
28,875
27,246
22,047
Impairment of investment (ii)
(
38
)
-
(
14,804
)
Decrease in capital
-
-
(
2,937
)
Equity interest in results
(
1,635
)
(
3,693
)
(
1,144
)
Dividends received
-
(
1,483
)
(
380
)
Conversion adjustment
44
(
23
)
(
29
)
Balance at December, 31
27,246
22,047
2,753
The most significant associates are described as follows:
i. Gasoducto Sur Peruano S.A.
In November 2015, the Corporation acquired a
20
%
interest in Gasoducto Sur Peruano S.A. and obtained a
29
% interest in Consorcio Constructor Ductos del
Sur (hereinafter "CCDS") through its subsidiary Cumbra Peru S.A.
On July 22, 2014, GSP signed a concession agreement
with the Peruvian Government to build, operate, and maintain a pipeline transportation system of natural gas to meet the demand of cities
in the south of Peru (hereinafter the "Concession Agreement"). Additionally, GSP signed an engineering, procurement and construction
agreement with CCDS.
The Corporation made an investment of
US$
242.5
million (equivalent to S/
811
million) and had to assume
20
% of the performance bond established in the
concession agreement for US$
262.5
million and
21.49
% of the guarantee for a bridge loan of
US$
600
million.
Early termination of the Concession Agreement
On January 24, 2017 the Peruvian Ministry of Energy
and Mines (hereinafter "MEM") notified the early termination of the Concession Agreement under Clause 6.7 for the failure
of the concessionaire to accredit the financial closure within the contractual term, proceeding with the immediate execution of the entirety
of the faithful performance guarantee.
The situation described in the previous
paragraph caused Management to recognize the impairment between 2016 and 2019 of its total investment (US$
242.5
million), and
required the register of the account receivable resulting from the execution of the counter-guarantees granted by AENZA S.A.A. in
favor of the entity issuing the guarantees: for US$
52.5
million corresponding to the performance bond and US$
129
million
corresponding to the corporate guarantee on the bridge loan granted to GSP. According to the Concession Agreement, the guarantees
were paid on behalf of GSP, therefore, AENZA S.A.A. recognized the right to collect from GSP for US$
181.5
million, which were
recorded in 2016 as accounts receivable from related parties. Likewise, Cumbra Peru recognized the value of accounts receivable from
CCDS for US$
73.5
million and lost profits for US$
10
million, which correspond to receivables from GSP (Note 11) for the balance
of the account receivable from GSP.
F-
79
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
On October 11, 2017, the agreement deed for the
delivery of the assets of the south Peruvian gas pipeline concession between GSP and MEM was signed. The assets include the works, equipment,
facilities and engineering studies provided for the execution of the project.
Upon termination of the Concession
Agreement, and in accordance with the provisions of clause 20 thereof, the Peruvian Government had the obligation to hire an
internationally recognized auditing firm to calculate the Net Book Value (hereinafter "NBV") of the concession assets, and to call up to three auctions on GSP's assets. However, to date, the Peruvian State
continues to fail to comply with these contractual obligations. The amount of the VCN was calculated at US$
2,602
million by an
independent auditing firm hired by GSP as of December 31, 2016, this figure was subsequently adjusted to US$
2,110
million as a
result of variations in the balances related to the works carried out by the consortium, which in turn is reported in its audited
financial statements as of December 31, 2017.
Collection Actions of AENZA S.A.A.
On December 21, 2018, the Company asked the
Peruvian Government for direct treatment and requested the payment of NBV in favor of GSP. On October 18, 2019, the Company filed
with CIADI an arbitration request. On December 27, 2019 the Company withdrew the arbitration in compliance with a preliminary plea
agreement signed with the Attorney General´s Office and Ad-hoc Peruvian Public Prosecutor's Office on the same date
(Note 1). Withdrawing the arbitration before CIADI does not involve the loss of collection rights of the Company against GSP and
does not restrict, limit, or impede GSP from asserting its rights against the Peruvian Government.
The Company and its internal and external legal
advisors consider that the payment owed by the Government to GSP for the NBV are not within the withholding scope under Law 30737 that
ensures the immediate payment of civil compensation in favor of the Peruvian Government in cases of corruption and related crimes, since this
payment does not include any profit margin and/or not correspond to the sale of assets related to the project, but to a reimbursement
for the investment made by the Concessionaire.
Bankruptcy of GSP
On December 4, 2017, GSP started a bankruptcy proceeding before the
INDECOPI. The Company maintains receivable recognized by INDECOPI of US$
0.4
million and US$
169.3
million, the latter held under trust
in favor of the creditors of the Company. In addition, it has indirectly recognized claims of US$
11.8
million. On the other hand, the
debt of Cumbra Peru S.A. is recognized in INDECOPI indirectly through the Constructor Ductos del Sur of US$
88.7
million. As of the date
of this report, GSP is under liquidation and AENZA S.A.A. chairs the Board of Creditors.
On April 11, 2023, the Liquidation Agreement was
approved, which defines the framework for the liquidator's actions. The Liquidation Agreement includes the granting of powers to the liquidator
with respect to representation, administrative, contractual and other relevant powers that allow him to comply with the obligations for
which he was appointed, as well as the actions he is allowed to take in order to recover GSP's assets and in accordance with the mechanisms
set forth in the General Law of the Insolvency System.
On April 13, 2023, and under the powers granted
to him by the Liquidation Agreement, the Liquidator requested the MEM to initiate the Direct Treatment
procedure stipulated in the Concession Agreement.
Amounts recognized in the consolidated financial
statements (note 11).
As of December 31, 2022, the net value of the
account receivable from GSP is approximately US$142.4 million equivalent to S/542.4 million (US$161.9 million equivalent to S/643.9 million
at December 31, 2021), which comprises the recognition in the following entities of the Corporation: i) AENZA S.A.A. holds US$63.9 million
(equivalent to S/243. 2 million) discounted to present value net of impairment and the effect of the exchange difference (US$81.1 million
equivalent to S/322.6 million at December 31, 2021) and; ii) Cumbra Peru S.A. holds US$78.5 million (equivalent to S/299.2 million)
discounted to present value net of the effect of the exchange difference (US$80.8 million equivalent to S/321.3 million at December 31,
2021).
The Company's management maintains the
recovery estimate in
8
years, applying a discount rate of
5.85
% (recovery term of
8
years with a discount rate of
2.73
% as of
December 31, 2021). These estimates generated during 2022 a present value effect of approximately S/
72.2
million (S/
32.8
million in
2021) which has been recognized in the consolidated statement of profit or loss under the caption "Financial income and
expenses loss from present value" (Note 26.B).
Based on management's assessment and in conjunction
with the opinion of the internal legal department and external legal counsel, the estimate of recoverability, impairment allowances and
the net recognized value of the account receivable from GSP as of December 31, 2021 and 2022 is reasonable and sufficient as of the reporting
date of the Corporation's consolidated financial statements, see also Notes 5.A.iv and 11.
F-
80
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
ii. Concesionaria Chavimochic S.A.C.
In
May 2014, Concesionaria Chavimochic S.A.C. (hereinafter the
"
Concessionaire
"
),
in which AENZA has
26.5
% of interest, signed an agreement with the Peruvian Government (hereinafter the
"
Concession
Agreement
"
) for the design, construction, operation, and maintenance
of major hydraulic works of Chavimochic Project (hereinafter the "Project"). The construction of the work started in 2015
with a concession term of twenty-five (
25
) years and a total investment of about US$
647
million.
According to the Concession Agreement, the works of the third stage
of the Project were structured in two phases. To date, the works of the first phase (Palo Redondo Dam) are
70
% in progress. However, at
the beginning of 2017, the procedure for early termination of the Concession Agreement was initiated due to the breach of contract by
the Grantor, and all activities were suspended in December 2017. Due to the fact that no agreement was made, the Concessionaire initiated
an arbitration process before the United Nations Commission On International Trade Law (UNCITRAL).
On October 4, 2022, the Arbitration Court notified
the parties with the award, which provided for the early termination of the Concession Agreement and ordered, among other things, that
the Grantor pay the Concessionaire the amount of US$
25.3
million as a consequence of its failure to provide the Project Control
Delivery, and the execution of
70
% of the Performance Bond or the payment of US$
25
million for the Concessionaire's failure to obtain
evidence of financial closing.
Despite the requests for exclusion and integration of the award filed
by the Concessionaire, the Court did not issue a decision within the deadline, and the award was consented to. As of December 31, 2022,
an impairment of its total investment amounting to S/
14.5
million was recorded.
In February 2023, the Grantor partially executed
the Concessionaire's performance bond, where AENZA S.A.A. was required to assume a total of US$
7.5
million. Likewise, prior to the closing
of this report, the Grantor requested the execution of the balance of the Concessionaire's performance bond, where AENZA S.A.A. is responsible
for US$
2
million. The Concessionaire is currently coordinating the necessary legal actions for the full execution of the award so that
the Grantor complies with the obligations arising therefrom. Likewise, the Concessionaire will initiate legal actions against the Grantor
for what it considers an arbitrary execution of the balance of the performance bond without the arbitration court having granted the possibility
of executing the bond for a higher amount.
B. Investment in Joint Ventures
Set out below are the joint ventures of the Corporation as of December
31:
Carrying amount
Class of
Interest in capital
As of December 31
In thousands of soles
share
2021
2022
2021
2022
Entity
Logistica Quimicos del Sur S.A.C.
Common
50.00
%
50.00
%
8,951
12,049
Others
175
114
9,126
12,163
The movement of investments in joint ventures was as follows:
In thousands of soles
2020
2021
2022
Balance at January, 1
8,160
8,270
9,126
Equity interest in results
2,405
2,832
3,051
Dividends received
(
2,318
)
(
1,962
)
-
Conversion adjustment
23
(
14
)
(
14
)
Balance at December, 31
8,270
9,126
12,163
F-
81
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
The following table shows the financial information of the main joint
ventures:
Logistica Quimicos del
Sur S.A.C.
As of December 31
In thousands of soles
2021
2022
Current
Cash and cash equivalents
3,096
8,283
Other current assets
2,068
1,879
Total current assets
5,164
10,162
Other current liabilities
(
3,899
)
(
1,444
)
Total current liabilities
(
3,899
)
(
1,444
)
Non-current
Total non-current assets
34,027
32,546
Total non-current liabilities
(
17,392
)
(
17,168
)
Net assets
17,900
24,096
Revenues
14,847
14,937
Depreciation and amortization
(
2,400
)
(
2,262
)
Interest expenses
(
366
)
(
169
)
Profit from operations
8,140
8,923
Income tax expense
(
2,473
)
(
2,727
)
Profit or loss from operations
after income tax
5,667
6,196
Total comprehensive income
5,667
6,196
The Corporation did not receive dividends from Logistica Quimicos del
Sur S.A. in 2022 (S/
2
million in 2021).
15. Investment Property, Property, Plant and Equipment, and Right-of-Use Assets
A. Investment property, net
(i) Investment properties are stated at cost, net of accumulated depreciation
and have the following composition:
Methodology
Year of
of
Acquisition or
Level of
Valuation
In thousands of soles
2021
2022
construction
Hierarchy
2021 / 2022
Investment properties built
Centro Comercial "Agustino Plaza" (a)
21,605
19,823
2011
Level 3
Appraisal
Lease office - Surquillo (b)
40,595
40,594
2009
Level 3
Appraisal
Others
811
1,507
63,011
61,924
(a)
The subsidiary Viva Negocio Inmobiliario S.A.C. is owner of "Agustino
Plaza" Shopping Center located in the District of El Agustino. The fair value was calculated by an independent appraiser amounted
to S/
70.8
million equivalent to US$
18.4
million as of December 31, 2022 (S/
59.9
million equivalent to US$
15
million
as of December 31, 2021 and US$
14.1
million, equivalent to S/
51.3
million and, as of December 31, 2020). This investment property has
been leased under an operating lease with third parties. The net carrying amount amounts to S/
19.8
million (S/
22.4
million
and S/
24.6
million at December 31, 2021 and 2020, respectively).
As of December
31, 2021 and 2022 there are liens on the Inter-American Development Bank and Banco de Credito del Peru, respectively.
(b)
The Company is owner of the property located at Av. Paseo de la Republica
4675, Surquillo. The fair value was calculated by an independent appraiser and amounted to S/
73.7
million, equivalent to US$
19
million.
As of December 31, 2022, the carrying amounts to S/
40.6
million (in December 2021, the Management decided to lease the property transferring
it from 'property, plant, and equipment' to 'investment property'. The net carrying amount at the closing of the
year was S/
42.6
million).
As of December 31, 2020, 2021 and 2022 the assets present liens related
to the trust with the syndicated line (Note 17.v).
F-
82
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
(ii)
The net gain from investment properties as of December 31,
2020, 2021 and 2022 consists of the following:
In thousands of soles
2020
2021
2022
Lease income from investment properties
6,682
6,806
6,537
(iii)
The movement of investment properties and their related accumulated
depreciation for the years ended December 31, 2020, 2021 and 2022 are as follows:
In thousands of soles
Land
Buildings
Work in progress
Total
Cost, net
Balance at January 1, 2020
2,494
43,302
12
45,808
Additions
-
58
40
98
Reclassifications
-
32
(
32
)
-
Translations adjustments
11
51
-
62
At December 31, 2020
2,505
43,443
20
45,968
Balance at January 1, 2021
2,505
43,443
20
45,968
Additions
-
28
124
152
Transfers
10,692
30,458
-
41,150
Reclassifications
-
123
(
123
)
-
Translations adjustments
(
9
)
(
39
)
-
(
48
)
At December 31, 2021
13,188
74,013
21
87,222
Balance at January 1, 2022
13,188
74,013
21
87,222
Additions
-
53
-
53
Disposals
-
(
1,409
)
-
(
1,409
)
Reclassifications
-
13,691
-
13,691
At December 31, 2022
13,188
86,348
21
99,557
Accumulated depreciation
Balance at January 1, 2020
-
(
17,482
)
-
(
17,482
)
Depreciation charge
-
(
2,413
)
-
(
2,413
)
At December 31, 2020
-
(
19,895
)
-
(
19,895
)
Balance at January 1, 2021
-
(
19,895
)
-
(
19,895
)
Depreciation charge
-
(
4,316
)
-
(
4,316
)
At December 31, 2021
-
(
24,211
)
-
(
24,211
)
Balance at January 1, 2022
-
(
24,211
)
-
(
24,211
)
Depreciation charge
-
(
3,971
)
-
(
3,971
)
Disposals
-
4,240
-
4,240
Reclassifications
-
(
13,691
)
-
(
13,691
)
At December 31, 2022
-
(
37,633
)
-
(
37,633
)
Carrying amounts
At January 1, 2020
2,494
25,820
12
28,326
At December 31, 2020
2,505
23,548
20
26,073
At December 31, 2021
13,188
49,802
21
63,011
At December 31, 2022
13,188
48,715
21
61,924
F-
83
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Depreciation of investment properties is distributed in the
consolidated statement profit or loss as follows:
In thousands of soles
Note
2020
2021
2022
Cost of services and goods
25(iv)
2,413
4,316
3,971
Below are the minimum ranges, maximum ranges and the average of
the price per square meter:
Minimum
Maximum
range
range
Average
US$ per M2
US$ per M2
US$ por M2
"Agustino Plaza" Shopping Center
900
1,125
1,008
Lease office - Surquillo
2,500
3,700
3,118
Sensitivity analysis
The following is a sensitivity analysis of the evaluation of the investment
property in relation to changes in the following factors considered relevant to management:
In thousands of soles
2021
2022
3
%
117
130
(
3
%)
(
117
)
(
130
)
(iv)
The nominal amounts of future fixed minimum rental income
are as follows (operating leases) of the Corporation's investment properties:
In thousands of soles
2021
2022
Within 1 year
4,250
3,728
After 1 year but no more than 5 years
37,731
28,241
More than 5 years
42,301
33,438
The fair value of the assets is determined based on the value assigned
by an external appraiser. The external appraiser uses the comparable market method, according to which the fair value of a property is
estimated on the basis of comparable transactions. The unit of comparison applied by the Corporation is the price per square meter.
F-
84
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
B. Property, plant, and equipment, net
The movement of property, plant, and equipment and related accumulated
depreciation for the years ended December 31, 2020, 2021 and 2022 are as follows:
In thousands of soles
Land
Buildings
Machinery
Vehicles
Furniture and Fixtures
Other equipment
Replacement and in-transit units
Work in progress
Total
Cost
Balance at January 1, 2020
19,974
129,911
726,173
75,146
58,236
179,179
10,624
32,269
1,231,512
Additions (i)
-
412
17,941
-
844
1,781
3,549
11,538
36,065
Sale of assets (ii)
-
(
192
)
(
26,046
)
(
11,762
)
(
523
)
(
448
)
-
-
(
38,971
)
Disposals
(
9,895
)
757
(
6,361
)
(
599
)
(
5,783
)
(
26,664
)
-
-
(
48,545
)
Subsidiary desconsolidation
-
-
-
-
-
1,289
-
-
1,289
Reclassifications
-
1,565
28,870
17
(
33
)
373
(
2,216
)
(
23,346
)
5,230
Transfers
-
-
-
-
-
89
-
-
89
Translations adjustments
800
648
15,261
1,881
69
512
-
20
19,191
At December 31, 2020
10,879
133,101
755,838
64,683
52,810
156,111
11,957
20,481
1,205,860
Balance at January 1, 2021
10,879
133,101
755,838
64,683
52,810
156,111
11,957
20,481
1,205,860
Additions (i)
85
131
15,786
519
661
5,175
2,572
13,262
38,191
Sale of assets (ii)
-
(
714
)
(
126,417
)
(
2,775
)
(
392
)
(
2,266
)
-
-
(
132,564
)
Disposals
-
(
2,638
)
(
15,632
)
(
925
)
(
1,078
)
(
2,781
)
-
-
(
23,054
)
Subsidiary desconsolidation
-
(
18,926
)
-
(
712
)
(
2,556
)
(
67,930
)
-
-
(
90,124
)
Reclassifications
9,925
6,317
235,219
159,546
(
15,801
)
(
30,238
)
(
2,679
)
(
32,020
)
330,269
Transfers
(
10,692
)
(
44,149
)
(
219
)
62
-
-
-
(
218
)
(
55,216
)
Translations adjustments
(
479
)
(
556
)
(
9,526
)
(
1,276
)
(
63
)
(
364
)
-
-
(
12,264
)
At December 31, 2021
9,718
72,566
855,049
219,122
33,581
57,707
11,850
1,505
1,261,098
Balance at January 1, 2022
9,718
72,566
855,049
219,122
33,581
57,707
11,850
1,505
1,261,098
Additions (i)
-
2,442
29,465
370
783
6,933
-
23,162
63,155
Sale of assets (ii)
-
(
75
)
(
32,314
)
(
7,179
)
(
513
)
(
1,249
)
(
474
)
-
(
41,804
)
Disposals
-
(
5,055
)
(
12,358
)
(
3,299
)
(
289
)
(
2,084
)
-
-
(
23,085
)
Reclassifications
-
-
(
845
)
-
-
-
-
-
(
845
)
Transfers
-
(
2,875
)
(
25
)
1,147
3,253
(
1,188
)
-
(
84
)
228
Translations adjustments
(
641
)
(
8,288
)
(
9,770
)
(
2,989
)
(
2,473
)
(
782
)
404
-
(
24,539
)
At December 31, 2022
9,077
58,715
829,202
207,172
34,342
59,337
11,780
24,583
1,234,208
F-
85
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
In thousands of soles
Land
Buildings
Machinery
Vehicles
Furniture and Fixtures
Other equipment
Replacement and in-
transit units
Work in progress
Total
Accumulated depreciation and impairment
Balance at January 1, 2020
(
273
)
(
42,001
)
(
454,817
)
(
48,823
)
(
49,652
)
(
155,808
)
(
11
)
(
16,137
)
(
767,522
)
Depreciation charge
-
(
7,636
)
(
53,221
)
(
4,461
)
(
1,344
)
(
11,898
)
-
-
(
78,560
)
Sale of assets (ii)
-
58
25,293
5,836
495
428
-
-
32,110
Disposals
-
(
2,771
)
6,124
505
5,643
26,473
-
-
35,974
Subsidiary deconsolidation
-
-
-
-
-
(
1,092
)
-
-
(
1,092
)
Reclassifications
-
(
161
)
(
5,125
)
18
33
6
-
(
1
)
(
5,230
)
Impairment loss (iii)
-
(
161
)
(
5,069
)
(
17
)
33
-
-
-
(
5,214
)
Translations adjustments
-
771
(
11,786
)
(
1,017
)
(
81
)
1,256
-
-
(
10,857
)
At December 31, 2020
(
273
)
(
51,901
)
(
498,601
)
(
47,959
)
(
44,873
)
(
140,635
)
(
11
)
(
16,138
)
(
800,391
)
Balance at January 1, 2021
(
273
)
(
51,901
)
(
498,601
)
(
47,959
)
(
44,873
)
(
140,635
)
(
11
)
(
16,138
)
(
800,391
)
Depreciation charge
-
(
5,455
)
(
49,753
)
(
4,561
)
(
1,335
)
(
9,676
)
-
-
(
70,780
)
Sale of assets (ii)
-
704
122,056
1,632
361
2,127
-
-
126,880
Disposals
-
1,991
15,022
814
951
2,759
-
-
21,537
Subsidiary deconsolidation
-
15,508
-
698
2,357
63,626
-
-
82,189
Reclassifications
273
(
12,832
)
(
221,775
)
(
158,628
)
15,799
30,722
34
16,138
(
330,269
)
Transfers
-
13,691
339
(
48
)
-
-
-
-
13,982
Impairment loss (iii)
-
-
(
8,055
)
-
-
-
(
33
)
-
(
8,088
)
Translations adjustments
-
(
99
)
6,468
748
10
(
115
)
-
-
7,012
At December 31, 2021
-
(
38,393
)
(
634,299
)
(
207,304
)
(
26,730
)
(
51,192
)
(
10
)
-
(
957,928
)
Balance at January 1, 2022
-
(
38,393
)
(
634,299
)
(
207,304
)
(
26,730
)
(
51,192
)
(
10
)
-
(
957,928
)
Depreciation charge
-
(
4,294
)
(
39,837
)
(
2,417
)
(
1,067
)
(
4,693
)
-
-
(
52,308
)
Sale of assets (ii)
-
75
26,241
6,013
484
1,222
384
-
34,419
Disposals
-
2,756
12,219
3,268
276
1,780
89
-
20,388
Reclassifications
-
(
438
)
845
-
217
221
-
-
845
Transfers
-
(
691
)
(
1,103
)
(
36
)
(
1,255
)
633
-
-
(
2,452
)
Impairment loss (iii)
-
(
6,515
)
(
1,916
)
-
(
2,357
)
-
(
69
)
-
(
10,857
)
Translations adjustments
-
6,922
6,521
1,977
2,465
669
(
404
)
-
18,150
At December 31, 2022
-
(
40,578
)
(
631,329
)
(
198,499
)
(
27,967
)
(
51,360
)
(
10
)
-
(
949,743
)
Carrying amounts
At January 1, 2020
19,701
87,910
271,356
26,323
8,584
23,371
10,613
16,132
463,990
At December 31, 2020
10,606
81,200
257,237
16,724
7,937
15,476
11,946
4,343
405,469
At December 31, 2021
9,718
34,173
220,750
11,818
6,851
6,515
11,840
1,505
303,170
At December 31, 2022
9,077
18,137
197,873
8,673
6,375
7,977
11,770
24,583
284,465
F-
86
AENZA S.A.A. and Subsidiaries
Notes
to the Consolidated Financial Statements
December 31, 2020,
2021 and 2022
(i)
As of December 31, 2022, additions to property, plant, and equipment correspond mainly to additions to
equipment and work in progress related to well operations for S/
49.9
million, in the Energy sector; additions to various machinery
and equipment for S/
8
million, in the Engineer and Construction sector; and additions to various equipment and machinery for S/
3.4
million, in the real estate segment (as of December 31, 2021, it mainly corresponds to additions to machinery, equipment, vehicles, furniture
and fixtures and buildings totaling S/
20.2
million, in the Engineering and Construction segment; as well as additions in work in progress,
replacement units, machinery, furniture and fixtures, land and buildings in S/
16.8
million, in the Energy segment).
(ii)
During 2022, asset sales were recorded with a disposal cost mainly in machinery, vehicles, furniture
and fixtures and various equipment for S/
6.6
million in the Engineering and Construction segment, and sales of machinery and vehicles
for S/
0.6
million in the Infrastructure segment (in 2021, S/
4.7
million in machinery and vehicle sales in the Engineering
and Construction segment and S/
0.8
million in machinery in the Energy segment).
(iii)
In 2022, it mainly corresponds to assets of projects belonging to the
Engineering and Construction segment, which reached their end and were recognized as impairment; these include improvements and installations
for S/
6.5
million, furniture and fixtures for S/
2.4
million and machinery for S/
1.9
million, (in 2021, it corresponds to the impairment
in machinery for S/
7.7
million and S/
0.4
million, in the Engineering and Construction and Energy segments, respectively). This was recorded
in the consolidated statement of income under "Other Income and Expenses" and "Cost of Sales and Services".
Depreciation of fixed assets is distributed in
the consolidated statement of profit or loss as follows:
In thousands of soles
Note
2020
2021
2022
Cost of services and goods
25(iv)
66,479
60,230
50,981
Administrative expenses
25(iv)
5,432
4,610
1,327
Depreciation discontinued operations
6,649
5,940
-
78,560
70,780
52,308
The net carrying amount of machinery and equipment,
vehicles, and furniture and fixtures acquired under finance lease agreements is broken down as follows:
In thousands of soles
2020
2021
2022
Cost
64,623
64,640
64,710
Accumulated depreciation
(
52,165
)
(
53,321
)
(
54,097
)
Net carrying amount
12,458
11,319
10,613
In 2022 payments for amortization and interest on finance lease amounting
to S/
9.1
million were made (S/
8.8
million in 2021 and S/
15.9
million in 2020).
The Corporation maintains insurance in force on
its major assets in accordance with policies established by the Corporation's management. In the opinion of Corporate Management,
the Corporation's insurance policies are consistent with industry practice.
As of December 31, 2020, 2021 and 2022, the
Corporation's management evaluated its long-lived assets for impairment and found no indications of impairment except for the
effect of S/
10.8
million recognized in 2022 (see paragraph iii). Therefore, it is not necessary to establish a provision for
impairment in addition to that recognized at those dates.
F-
87
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
C. Right-of-use assets, net
As of December 31, 2020, 2021 and 2022, the Corporation
recognized right-of-use assets and liabilities as shown in the following table:
In thousands of soles
Buildings
Machinery and equipments
Vehicles
Total
Cost
Balance at January 1, 2020
80,550
18,597
20,830
119,977
Additions
6,681
876
4,518
12,075
Disposals
(
12,441
)
(
129
)
(
11,078
)
(
23,648
)
Translations adjustments
1,059
-
54
1,113
At December 31, 2020
75,849
19,344
14,324
109,517
Balance at January 1, 2021
75,849
19,344
14,324
109,517
Additions
8,260
317
5,354
13,931
Deconsolidation
(
21,117
)
-
(
3,050
)
(
24,167
)
Disposals
(
364
)
-
-
(
364
)
Reclassifications
(
589
)
10
546
(
33
)
Translations adjustments
(
443
)
-
(
50
)
(
493
)
At December 31, 2021
61,596
19,671
17,124
98,391
Balance at January 1, 2022
61,596
19,671
17,124
98,391
Additions
6,295
6,344
8,928
21,567
Reclassifications
-
443
(
443
)
-
Translations adjustments
(
240
)
-
-
(
240
)
Others adjustments
(
188
)
-
(
35
)
(
223
)
At December 31, 2022
67,463
26,458
25,574
119,495
Accumulated
depreciation and impairment
Balance at January 1, 2020
(
13,568
)
(
6,899
)
(
8,929
)
(
29,396
)
Depreciation charge
(
13,211
)
(
5,834
)
1,514
(
17,531
)
Disposals
1,978
129
-
2,107
Translations adjustments
(
179
)
-
-
(
179
)
At December 31, 2020
(
24,980
)
(
12,604
)
(
7,415
)
(
44,999
)
Balance at January 1, 2021
(
24,980
)
(
12,604
)
(
7,415
)
(
44,999
)
Depreciation charge
(
12,589
)
(
5,355
)
(
5,755
)
(
23,699
)
Deconsolidation
14,701
-
2,834
17,535
Disposals
364
-
-
364
Reclassifications
588
1,346
(
1,901
)
33
Translations adjustments
92
-
-
92
At December 31, 2021
(
21,824
)
(
16,613
)
(
12,237
)
(
50,674
)
Balance at January 1, 2022
(
21,824
)
(
16,613
)
(
12,237
)
(
50,674
)
Depreciation charge
(
9,672
)
(
4,169
)
(
4,868
)
(
18,709
)
Reclassifications
-
(
59
)
59
-
Translations adjustments
128
-
-
128
Others adjustments
(
68
)
-
35
(
33
)
At December 31, 2022
(
31,436
)
(
20,841
)
(
17,011
)
(
69,288
)
Carrying amounts
At January 1, 2020
66,982
11,698
11,901
90,581
At December 31, 2020
50,869
6,740
6,909
64,518
At December 31, 2021
39,772
3,058
4,887
47,717
At December 31, 2022
36,027
5,617
8,563
50,207
F-
88
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Depreciation expenses for right-of-use assets
have been distributed in the following items of the consolidated statement of profit or loss:
In thousands of soles
Note
2020
2021
2022
Cost of sales and services
25(iv)
10,840
17,517
17,469
Administrative expenses
25(iv)
961
815
1,240
Depreciation discontinued operations
5,730
5,367
-
17,531
23,699
18,709
Costs related to the machinery and equipment lease
for which the Corporation applied the exceptions described in IFRS 16 are the following:
Leases under
twelve
(12)
months
: S/
187.3
million (S/
252.4
million in 2021 and S/
351.7
million in 2020). Low value asset leases: S/
1.5
million (S/
44.4
million
in 2021 and S/
5.1
million in 2020).
In addition, leases, whose payments are entirely
variable and depend on their future performance or use, were excluded, in 2022. Expenses amounted to S/
45.9
million (S/
85.8
million
in 2021 and S/
48.7
million in 2020).
For the years ended December 31, total depreciation is composed as
follows:
In thousands of soles
Note
2020
2021
2022
Depreciation of property, plant and equipment
15.B
78,560
70,780
52,308
Depreciation related to right-of-use assets
15.C
17,531
23,699
18,709
Depreciation related to investment property
15.A
2,413
4,316
3,971
Sub total Continuous operations
98,504
98,795
74,988
(-) Depreciation discontinued operations
(
12,379
)
(
11,307
)
-
25
86,125
87,488
74,988
F-
89
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
16. Intangible Assets and Goodwill, net
The movement of intangible assets and related accumulated amortization
as of December 31, 2020, 2021 and 2022 is as follows:
In thousands of soles
Goodwill
Trade-marks
Concession rights
Contractual relations with clients
Software
Costs of development of wells
Land use rights
Other assets
Total
Cost
Balance at January 1, 2020
93,887
92,786
710,290
72,810
63,278
558,530
13,288
113,057
1,717,926
Additions
-
-
4,412
-
1,526
37,994
-
6,473
50,405
Capitalization of interest expenses
-
-
-
-
-
-
-
1,105
1,105
Transfers from assets under construction
-
-
-
-
(
64
)
(
25
)
-
-
(
89
)
Disposal
-
-
-
-
(
1,413
)
-
-
-
(
1,413
)
Reclassifications
-
(
84
)
(
24,157
)
-
74
-
-
10
(
24,157
)
Translations adjustments
1,579
7,810
-
4,732
470
-
-
-
14,591
At December 31, 2020
95,466
100,512
690,545
77,542
63,871
596,499
13,288
120,645
1,758,368
Balance at January 1, 2021
95,466
100,512
690,545
77,542
63,871
596,499
13,288
120,645
1,758,368
Additions
-
-
6,185
-
10,312
45,518
-
5,726
67,741
Capitalization of interest expenses
-
-
-
-
-
-
-
609
609
Disposal
-
-
(
1,921
)
-
(
11,014
)
(
313,110
)
-
-
(
326,045
)
Subsidiary deconsolidation
-
-
-
-
(
17,646
)
-
-
-
(
17,646
)
Translations adjustments
(
1,866
)
(
4,984
)
-
(
3,387
)
(
284
)
-
-
-
(
10,521
)
At December 31, 2021
93,600
95,528
694,809
74,155
45,239
328,907
13,288
126,980
1,472,506
Balance at January 1, 2022
93,600
95,528
694,809
74,155
45,239
328,907
13,288
126,980
1,472,506
Additions
-
-
6,973
-
10,207
144,887
-
3,090
165,157
Disposal
-
-
-
(
111
)
(
3,554
)
-
-
-
(
3,665
)
Reclassifications
-
-
(
15,596
)
-
-
-
-
(
13,504
)
(
29,100
)
Transfers
-
-
367
-
76
-
-
7
450
Translations adjustments
(
7,603
)
(
8,279
)
-
(
2,525
)
(
479
)
-
-
-
(
18,886
)
At December 31, 2022
85,997
87,249
686,553
71,519
51,489
473,794
13,288
116,573
1,586,462
F-
90
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
In thousands of soles
Goodwill
Trade-marks
Concession rights
Contractual relations with clients
Software
Costs of development of wells
Land use rights
Other assets
Total
Accumulated amortization and impairment
Balance at January 1, 2020
(
36,520
)
(
22,091
)
(
266,340
)
(
72,309
)
(
41,891
)
(
364,556
)
(
2,468
)
(
57,524
)
(
863,699
)
Amortization
-
-
(
52,408
)
-
(
6,037
)
(
36,942
)
-
(
3,234
)
(
98,621
)
Disposal
-
-
-
-
921
-
-
-
921
Translations adjustments
-
-
-
(
4,710
)
(
269
)
-
-
-
(
4,979
)
At December 31, 2020
(
36,520
)
(
22,091
)
(
318,748
)
(
77,019
)
(
47,276
)
(
401,498
)
(
2,468
)
(
60,758
)
(
966,378
)
Balance at January 1, 2021
(
36,520
)
(
22,091
)
(
318,748
)
(
77,019
)
(
47,276
)
(
401,498
)
(
2,468
)
(
60,758
)
(
966,378
)
Amortization
-
-
(
54,304
)
-
(
7,269
)
(
40,501
)
-
(
4,438
)
(
106,512
)
Disposal
-
-
1,059
-
9,189
313,108
-
-
323,356
Subsidiary deconsolidation
-
-
-
-
16,895
-
-
-
16,895
Translations adjustments
-
-
-
3,361
163
-
-
-
3,524
At December 31, 2021
(
36,520
)
(
22,091
)
(
371,993
)
(
73,658
)
(
28,298
)
(
128,891
)
(
2,468
)
(
65,196
)
(
729,115
)
Balance at January 1, 2022
(
36,520
)
(
22,091
)
(
371,993
)
(
73,658
)
(
28,298
)
(
128,891
)
(
2,468
)
(
65,196
)
(
729,115
)
Amortization
-
-
(
55,096
)
-
(
3,619
)
(
37,672
)
-
(
5,648
)
(
102,035
)
Disposal
-
-
-
-
2,852
-
-
-
2,852
Reclassifications
-
-
15,596
-
-
-
-
13,504
29,100
Transfers
-
-
(
272
)
-
-
-
-
-
(
272
)
Impairment loss
-
(
2,530
)
-
-
-
-
-
-
(
2,530
)
Translations adjustments
-
-
-
2,422
452
-
-
-
2,874
At December 31, 2022
(
36,520
)
(
24,621
)
(
411,765
)
(
71,236
)
(
28,613
)
(
166,563
)
(
2,468
)
(
57,340
)
(
799,126
)
Carrying amounts
At January 1, 2020
57,367
70,695
443,950
501
21,387
193,974
10,820
55,533
854,227
At December 31, 2020
58,946
78,421
371,797
523
16,595
195,001
10,820
59,887
791,990
At December 31, 2021
57,080
73,437
322,816
497
16,941
200,016
10,820
61,784
743,391
At December 31, 2022
49,477
62,628
274,788
283
22,876
307,231
10,820
59,233
787,336
F-
91
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
A. Goodwill
Corporation's Management reviews the performance
of its businesses based on the economic activity performed. As of December 31, the goodwill of cash generating units (CGUs) is distributed
as follows:
In thousands of soles
2020
2021
2022
Engineering and construction
38,211
36,344
28,741
Electromechanical
20,735
20,736
20,736
58,946
57,080
49,477
As of December 31, 2022, goodwill consists of
an accumulated cost of S/
123.8
million, accumulated impairment of S/
53.2
million and a decrease due to translation effect of S/
13.5
million.
As a result of Management's annual impairment
tests on goodwill, the recoverable value of cash-generating units was determined based on the greater their value in use and fair value
less disposal costs. The value in use was determined based on the expected future cash flows generated by the evaluation of CGUs.
As a result of these evaluations in 2020, 2021
and 2022, no impairment was identified.
The main assumptions used by the Corporation to
determine the recoverable value are the following:
Engineering
and
Electro-
In percentage
construction
mechanical
2020
Gross margin
12.50
%
9.36
%
Terminal growth rate
3.00
%
2.00
%
Discount rate
11.06
%
11.77
%
2021
Gross margin
11.10
%
9.04
%
Terminal growth rate
3.30
%
0.00
%
Discount rate
11.97
%
13.28
%
2022
Gross margin
9.23
%
8.13
%
Terminal growth rate
3.80
%
0.00
%
Discount rate
17.66
%
14.89
%
Discount rate
The discount rate is the cost of capital applied
to determine the present value of a future payment.
Growth rate
Market-based and generally in line with projected
long-term inflation for the countries in which each CGU operates.
Perpetual growth rate
The rate used to calculate the terminal or residual
value in the valuation of the business.
These assumptions have been used for the analysis
of each CGUs for a five-year period considering a recovery residual value without any growth.
Management determines budgeted gross margins based
on past profit loss and market development expectations. Average growth rates are consistent with those prevailing in the industry. The
discount rates used are pre-tax, as applicable, and reflect the specific risks associated with the CGUs evaluated.
F-
92
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
B. Trademarks
As
of December 31, 2022, this item includes the trademarks acquired in the business combination processes with Vial y Vives S.A.C. for S/
42
million (S/
47.4
million as of December 31, 2021) and Morelco S.A.S. for S/
20.6
million (S/
26.1
million as of December 31, 2021).
Management determined that the Vial y Vives and Morelco trademarks have indefinite useful lives, consequently, these intangible assets
are tested annually for impairment using the methodology of saving in the payment of license fees or royalties.
As of December 31, 2021, Vial y Vives –
DSD trademark had an accumulated impairment of S/
22.1
million and during the year 2022 it was impaired by an additional amount of
S/
2.5
million. At the end of 2022, the accumulated impairment amounts to S/
24.6
million.
The main assumptions used by the Corporation to
determine fair value less costs of sales are the following:
Engineering
and construction
In percentage
Morelco S.A.S.
Vial y Vives - DSD
2020
Average revenue growth rate
7.60
%
5.00
%
Terminal growth rate
3.00
%
2.10
%
Discount rate
11.06
%
13.16
%
2021
Average revenue growth rate
23.16
%
5.00
%
Terminal growth rate
3.30
%
3.00
%
Discount rate
11.97
%
17.60
%
2022
Average revenue growth rate
43.19
%
9.03
%
Terminal growth rate
3.80
%
3.00
%
Discount rate
17.66
%
15.82
%
Discount rate
The discount rate is the cost of capital applied
to determine the present value of a future payment.
Growth rate
Market-based and generally in line with projected
long-term inflation for the countries in which each CGU operates.
Perpetual growth rate
The rate used to calculate the terminal or residual
value in the valuation of the business.
C. Concessions
As of December 31, it mainly comprises the intangible
assets of the subsidiary Red Vial 5 S.A. and is made up of:
In thousands of soles
2021
2022
Capitalization of second roadway
240,279
200,233
EPC Contract
46,719
38,933
Implementation for road safety
10,179
11,526
Road improvement
11,795
10,997
Disbursements for land acquisition
4,883
4,836
Construction of the second tranche of the "Ancon- Huacho-Pativilca" highway
2,919
2,394
Other intangible assets contracted for the delivery process
5,118
4,823
Total Red Vial 5 S.A.
321,892
273,742
Other concessions
924
1,046
322,816
274,788
F-
93
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
D. Well development cost
The Company, through is subsidiary Unna
Energia S.A., has been operating and extracting oil from two fields (Lot I and Lot V). Lot V is
operated under a long-term service agreement, under which the Company provides hydrocarbon extraction services to the Government.
Lot I agreement ended in 2021 and Lot V is expiring in October 2023.
On December 10, 2014, the Peruvian Government
granted to the Company the right to exploit oil Lots III and IV for thirty (30) years. The investment committed is estimated in US$
435
million corresponding to the drilling of
230
wells in Lot III and
330
wells in Lot IV. The drilling work started in November 2016 in Lot
IV and the first drilling campaign in Lot III started in June 2022.
The lots are amortized based on the useful lives
of the wells (determined in the remaining terms for Lot V and the units produced for Lots III and IV), until the termination of the agreements
with Perupetro S.A.
E. Other assets
Mainly corresponds to investments committed in
the subsidiary Unna Energia S.A. through Consorcio TP in the execution of the investment commitment arising from the Central and North
Terminals Operation contracts. At the end of the contract term, Unna Energia S.A. will transfer in favor of the contractor at zero value,
the facilities and goods resulting from the execution of the investment commitment.
F. Amortization of intangible assets
Amortization of intangibles is broken down in
the consolidated statements of profit or loss as follows:
In thousands of soles
Note
2020
2021
2022
Cost of sales
93,135
101,578
99,210
Administrative expenses
4,138
3,642
2,825
Sub total
25
97,273
105,220
102,035
(+) Amortization discontinued operations
1,348
1,292
-
98,621
106,512
102,035
17. Borrowings
As of December 31, this caption includes:
Total
Current
Non-current
In thousands of soles
2021
2022
2021
2022
2021
2022
Bank loans
320,689
651,825
199,471
548,372
121,218
103,453
Other financial entities
188,868
168,148
22,210
12,176
166,658
155,972
Lease liability for right-of-use asset
60,507
59,085
14,541
12,879
45,966
46,206
Finance leases
9,836
835
5,118
835
4,718
-
579,900
879,893
241,340
574,262
338,560
305,631
F-
94
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
A. Bank Loans
As of December 31, 2021 and 2022, this item comprises
bank loans in local and foreign currencies for working capital purposes. These obligations accrue fixed interest rates ranging from
0.5
%
to
13.5
% in 2022 (from
0.9
% to
11
% in 2021).
Interest
Date of
In thousands of soles
rate
maturity
2021
2022
AENZA S.A.A. (i)
Term SOFR 3M + de 6.26% a 8.51%
2023
-
463,773
Unna Energia S.A.(ii)
6.04%
/
7.68%
2027
143,986
126,064
Viva Negocio Inmobiliario S.A.C. (iii)
7.00%
/
11.35%
2024
65,262
51,314
Morelco S.A.S. (iv)
9.95%
/
10.93%
2023
-
10,674
Cumbra Peru S.A. (v - vi)
8.00%
2023
111,441
-
320,689
651,825
i. Bridge loan
–
AENZA S.A.A.
On March 17, 2022, the Company entered into
a bridge loan agreement for up to US$
120
million, with a group of financial institutions comprised by Banco BTG Pactual S.A. -
Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero HSBC, and Natixis, New
York Branch. The financing will be repaid over a period of 18 months, in quarterly interest installments and is secured, subject to
the fulfillment of certain precedent conditions, by a flow trust (first lien), a pledge over the shares in Unna Energia S.A. (first
lien), and a trust on the shares of Viva Negocio Inmobiliario S.A.C. (second lien). On April 5, 2022, the Company received a bridge
loan for up to US$
120
million. The loan bears interest at the following interest rates: (i) for the first and second installments,
Term SOFR +
6.26
%; (ii) for the third and fourth installments, Term SOFR +
6.76
%; (iii) for the fifth installment, Term SOFR +
7.51
%; and (iv) for the sixth installment, Term SOFR +
7.51
%. As of December 31, 2022, the total amount payable is US$
120
million,
equivalent to S/
463.8
million, which includes principal of S/
458.4
million, plus interest and net deferred charges of
S/
5.4
million. The Corporation is currently evaluating financing alternatives that allow it to cover its short-term obligations.
As of December 31, 2022, the Company has complied
with the covenants established in the loan agreement.
ii. Unna Energia S.A. Loan
Terminales del Peru (hereinafter "TP"),
a joint operation of the subsidiary Unna Energia S.A., has a medium-term loan agreement with Banco de Credito del Peru S.A. (hereinafter
BCP) to finance investments arising from the operation agreement of North and Center terminals for 2015 to 2019 period, available up to
December 31, 2022 with a maximum exposure limit of US$
80
million. This funding is repaid within eight (
8
) years. In 2022 additional
disbursements amounting to US$
8.5
million (equivalent to S/
32.7
million) were requested for additional investments.
In addition, in November 2019, TP signed a loan
agreement to finance the additional investments from 2019 to 2023 for a credit line of US$
46
million with BCP. This agreement includes
an assignee as interest holder, so BD Capital (BDC) acquired
50
% of the BCP contractual position through the signature of an accession
agreement.
As of December 31, 2022, the amount recorded for
loans equivalent to
50
% of interest owned by the subsidiary Unna Energia S.A. amounts to S/
126.1
million, principal net of interest and
deferred charges (S/
143.9
million, principal net of interest and deferred charges as of December 31, 2021).
As of December 31, 2021 and 2022, TP is in compliance
with the covenants established in the loan agreement.
iii. Viva Negocio Inmobiliario S.A.C.
Loan
The balance comprises the following:
Interest
Date of
In thousands of soles
rate
maturity
2021
2022
Banco de Credito del Peru S.A.
7.00%
/
7.94%
2023
35,679
36,562
Banco Interamericano de Finanzas S.A.
11.35%
2024
18,456
12,636
Banco BBVA Peru S.A.
7.94%
2024
9,742
2,116
Others
11.00%
2022
1,385
-
65,262
51,314
F-
95
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
As of December 31, 2022 and 2021, the Corporation has no guarantees
or covenants for these loans.
iv. Morelco S.A.S. Bank Loans
The balance comprises the following:
Interest
Date of
In thousands of soles
rate
maturity
2022
Bancolombia S.A.
9.95%
/
10.93%
2023
6,344
Banco de Bogota
10.39%
2023
4,330
10,674
As of December 31, 2021 and 2022, the Corporation has no guarantees
or covenants for these loans.
v. Financial Stability Framework Agreement
In July 2017, the Company and its subsidiaries
(Cumbra Peru S.A., Construyendo Pais S.A., Vial y Vives – DSD S.A., and Concesionaria Via Expresa Sur S.A.) signed a Financial Stability
Framework Agreement with the following financial entities: Scotiabank Peru S.A.A., Banco Internacional del Peru S.A.A., Banco BBVA Peru
S.A., Banco de Credito del Peru S.A., Citibank del Peru S.A., and Citibank N.A. The objectives of the Financial Stability Framework Agreement
were to guarantee Cumbra Peru S.A. a syndicated revolving line for working capital, a non-revolving line of credit to finance repayment
commitments subject to performance bonds; guarantee lines of credit for the issuance of the performance bond, and undertake to maintain
the existing letters of credit issued at the request of Cumbra Peru S.A.
As of December 31, 2021, the Company complied
with the obligations and covenants set forth in the Financial Stability Framework Agreement.
On March 29, 2022, S/
28.2
million and US$
0.3
million corresponding to the total balance of the Financial Stability Framework Agreement were settled (US$
7.4
million equivalent to
S/
29.5
million as of December 31, 2021).
vi. Banco Santander Loan
On December 28, 2020, Tecnicas Reunidas enforced
two
letters of credit for a total amount of US$
23.7
million, which had been issued by Banco Santander Peru S.A. on behalf of our
subsidiary Cumbra Peru S.A. as guarantee pursuant to a construction agreement. As a result, Cumbra Peru S.A. was granted a short-term
loan by Banco Santander for principal amount of US$
23.7
million, equivalent to S/
85.9
million. The loan accrued interest at
an annual rate of Libor +
8
%. As of December 31, 2021, the debt balance was US$
20.2
million, equivalent to S/
80.8
million.
Cumbra Peru complied with the respective covenant subject to the Loan Agreement with Banco Santander S.A.
In April 2022, Cumbra Peru S.A. settled the entire
debt amounting to US$
20.2
million (equivalent to S/
70.1
million).
B. Other financial entities
On May 29, 2018, the Company and Inversiones Concesiones
Vial S.A.C. ("BCI Peru") came into an investment agreement with the intervention of Fondo de Inversiones BCI NV ("BCI
Fund") and BCI Management Administradora General de Fondos S.A. ("BCI" Asset Management") to monetize future dividends
from Red Vial 5 S.A. to the Company. Upon the signature of this agreement, the Company had to indirectly transfer its economic rights
over
48.8
% of the share capital of Red Vial 5 S.A. by transferring its B class shares (equivalent to
48.8
% of the capital of Red Vial
S.A.) to a vehicle specially incorporated for such purposes called Inversiones en Autopistas S.A. The amount of the transaction was US$
42.3
million (equivalent to S/
138
million) and was completed on June 11, 2018.
In addition, it has been agreed that the Company
would have purchase options on
48.8
% of Red Vial 5's economic rights that BCI Peru will maintain through its interest in Inversiones
en Autopistas S.A. These options would be subject to certain conditions such as the expiration of different terms, recovery of the investment
made with the proceeds of BCI Fund (according to different economic calculations) and/or to control changes.
As of December 31, 2022, the balance of loan
payable amounted to US$
42.6
million, equivalent to S/
162.8
million which accrued interest at an annual rate of
9.97
% (as
of December 31, 2021, the balance was US$
41.5
million, equivalent to S/
165.8
million which accrued interest at an annual
rate of
8.39
%). It includes the effect of the present value for S/
16.6
million (as of December 31, 2021, S/
12.4
millions)
(Note 26.B.ii). The accrued interest amount to S/
9.3
million (in 2021 S/
10
million).
F-
96
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
C. Right-of-use-liabilities
Interest
Date of
Total
In thousands of soles
rate
maturity
2021
2022
AENZA S.A.A.
9.08
%
2027
51,187
41,456
Unna Energia S.A.
7.10
% /
19.6
%
2026
3,889
11,640
Unna Transporte S.A.C.
6.25
% /
11.72
%
2025
4,503
4,960
Morelco S.A.S.
14.97
% /
17.64
%
2026
423
804
Cumbra Ingenieria S.A.
7.40
%
2023
427
64
Tren Urbano de Lima S.A.
10.00
%
2023
60
17
Other minors
4.50
%
2037
18
144
60,507
59,085
The minimum payments to be made according to their
maturity and current value of obligations for right-of-use liabilities are the following:
In thousands of soles
2021
2022
Up to 1 year
18,817
19,075
From 1 to 5 years
46,288
55,092
Over 5 years
8,086
112
73,191
74,279
Future financial charges
(
12,684
)
(
15,194
)
Current value of right-of-use liabilities
60,507
59,085
The current value of obligations for right-of-use liabilities is detailed
as follows:
In thousands of soles
2021
2022
Up to 1 year
14,541
12,879
From 1 year to 5 years
38,136
46,094
Over 5 years
7,830
112
60,507
59,085
D. Finance leases
Interest
Date of
In thousands of soles
rate
maturity
2021
2022
Viva Negocio Inmobiliario S.A.C.
9.04
%
2023
6,678
76
Cumbra Peru S.A.
5.32
% /
7.67
%
2023
3,112
759
Unna Energia S.A.
6.28
%
2022
46
-
9,836
835
F-
97
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
The minimum payments to be made according to their
maturity and current value of obligations for finance lease agreements are the following:
In thousands of soles
2021
2022
Up to 1 year
5,624
873
From 1 to 5 years
4,909
-
10,533
873
Future financial charges
(
697
)
(
38
)
Current value of the obligations for finance lease agreements
9,836
835
The current value of obligations for finance lease agreements is detailed
as follows:
In thousands of soles
2021
2022
Up to 1 year
5,118
835
From 1 to 5 years
4,718
-
9,836
835
E. Fair value
As of December 31, the carrying amount and fair value of indebtedness
are as follows:
Carrying amount
Fair value
In thousands of soles
2021
2022
2021
2022
Bank loans
320,689
651,825
349,280
638,620
Other financial entities
188,868
168,148
188,868
168,148
Lease liability for right-of-use asset
60,507
59,085
66,943
58,719
Finance leases
9,836
835
9,097
776
579,900
879,893
614,188
866,263
As of December 31, 2022, fair values are based
on discounted cash flows using borrowing rates between
4.7
% and
17.6
% (between
3.9
% and
10
% as of December 31, 2021) and are within Level
2 of the fair value accounting hierarchy.
F. Debt movement
The movement in debt for the years ended December 31, 2021 and 2022
are as follows:
2021
In thousands of soles
Bank loans
Other
financial
entities
Lease liability
for right-of-
use asset
Finance
leases
Balance at January, 1
528,564
244,639
72,726
52,391
Additions
281,079
-
7,988
104
Amortization
(
473,693
)
(
42,605
)
(
26,520
)
(
5,542
)
Accrued interest
47,246
11,439
4,549
3,260
Interest paid
(
48,034
)
(
9,732
)
(
4,335
)
(
3,224
)
Subsidiary deconsolidation
(
22,919
)
(
59,190
)
(
6,881
)
(
36,757
)
Fair value
-
12,402
-
-
Others
8,446
31,915
12,980
(
396
)
Balance at December, 31
320,689
188,868
60,507
9,836
F-
98
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
2022
In thousands of soles
Bank loans
Other financial
entities
Lease liability
for right-of-
use asset
Finance
leases
Balance at January, 1
320,689
188,868
60,507
9,836
Additions
492,961
-
21,567
70
Amortization
(
171,239
)
(
28,758
)
(
16,198
)
(
8,536
)
Accrued interest
49,099
9,273
4,845
474
Interest paid
(
39,748
)
(
10,525
)
(
4,732
)
(
514
)
Fair value
-
16,629
-
-
Others
63
(
7,339
)
(
6,904
)
(
495
)
Balance at December, 31
651,825
168,148
59,085
835
18. Bonds
As of December 31, this item includes:
Total
Current
Non-current
In thousands of soles
2021
2022
2021
2022
2021
2022
Tren Urbano de Lima S.A. (a)
626,697
629,956
24,496
31,203
602,201
598,753
Red Vial 5 S.A. (b)
251,933
218,684
36,637
41,343
215,296
177,341
Cumbra Peru S.A. (c)
26,282
21,273
4,896
4,554
21,386
16,719
AENZA S.A.A. (d)
356,010
-
3,809
-
352,201
-
1,260,922
869,913
69,838
77,100
1,191,084
792,813
(a) Tren Urbano de Lima S.A.
In February 2015, the subsidiary Tren Urbano de
Lima S.A. issued international corporate bonds under Regulation S of the United States of America. The issuance was made in VAC soles
(adjusted at Constant Update Value) for an amount of S/
629
million.
The bonds expire in November 2039 and accrue interest at a rate
of 4.75% (plus the VAC adjustment), present a risk rating AA + (local scale) granted by the risk rating company Apoyo & Asociados
Internacionales.
These bonds include the following collateral:
(i) mortgage on the concession of which Tren Urbano de Lima S.A. is the concessionaire, (ii) security interest on the shares of the Concessionaire,
(iii) assignment of the Collection Rights of the Administration Trust, and (iv) a Flow Trust and Reserve Accounts for Debt Service, Operation
and Maintenance and ongoing Capex. Issuance costs amounted to S/
22
million. During 2022, a principal repayment of S/
19.8
million (S/
16.4
million in 2021) has been made.
As of December 31, 2022, an accumulated amortization
amounting to S/
126.8
million (S/
106.9
million as of December 31, 2021) was made.
As of December 31, 2022, the balance includes
VAC adjustments and interest payable for S/
143.3
million (S/
121.1
million as of December 31, 2021).
For the periods ended December 31, 2020, 2021
and 2022, the movement of this account is as follows:
In thousands of soles
2020
2021
2022
Balance at January, 1
618,497
624,454
626,697
Amortization
(
11,582
)
(
16,376
)
(
19,848
)
Accrued interest
47,615
49,013
54,918
Interest paid
(
30,076
)
(
30,394
)
(
31,811
)
Balance at December, 31
624,454
626,697
629,956
F-
99
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December
31, 2020, 2021 and 2022
As of December 31, 2021 and 2022, Tren Urbano
de Lima S.A. complied with the corresponding covenants.
As of December 31, 2022, the fair value amounts
to S/
630.7
million (S/
626.8
million, as of December 31, 2021), is based on discounted cash flows using a rate of
5.9
% (
4.9
%
as of December 31, 2021) and corresponds to level 2 of the fair value hierarchy.
(b) Red Vial 5 S.A.
From
2015 to 2016, the subsidiary Red Vial 5 S.A. issued Corporate Bonds on the Lima Stock Exchange for a total S/
365
million. The bonds
mature in January 2027 and bear interest at a rate of
8.38
%. As of December 31, 2022, risk rating agencies Moody
'
s
Local and Apoyo & Asociados Internacionales graded this debt instrument with AA- class.
According to the terms of the bond issuance agreement,
this financing is secured by: (i) a trust of flows from the collection rights and flows derived from the Concession, except for flows
corresponding to the Remuneration and the Regulation Fee; (ii) a mortgage on the concession of which Red Vial 5 S.A. is the concessionaire;
(iii) movable guarantees on shares; (iv) assignment of rights on the bank letter of guarantee and any other guarantee granted in the Construction
Agreement; and (v) in general, all those additional guarantees granted in favor of the
secured creditors if applicable.
The purpose of the granted funds was to finance
the construction works of the second phase of Red Vial 5 and sales tax related to the execution of project expenses.
For the periods ended December 31, 2020, 2021
and 2022, the movement of this account is the following:
In thousands of soles
2020
2021
2022
Balance at January, 1
305,545
280,848
251,933
Amortization
(
24,820
)
(
28,836
)
(
33,085
)
Accrued interest
24,619
22,315
19,744
Interest paid
(
24,496
)
(
22,394
)
(
19,908
)
Balance at December, 31
280,848
251,933
218,684
As of December 31, 2021 and 2022, Red Vial 5 S.A. complied with the
respective covenants.
As of December 31, 2022, the fair value of bonds
amounts to S/
224.8
million (S/
260
million as of December 31, 2021), is based on discounted cash flows using rate
8.1
% as of
December 31, 2021 and 2022, and is within level 2 of the fair value hierarchy.
(c) Cumbra Peru S.A.
At the beginning of 2020, the subsidiary Cumbra
Peru S.A. prepared the First Private Bond Program up to a maximum amount of US$
8
million.
In the first quarter of the year 2020, bonds amounting to US$
7.8
million (equivalent to S/
25.9
million) were issued with the modality for exchange debt, with respect to its outstanding business
obligations.
The bonds mature in December 2027 and bear interest
at a rate of 8.5%, payment is semi-annual and have a B- risk rating, granted by the rating company Moody's Peru.
As of December
31, 2022, the balance includes accrued interest payable for US$
0.2
million, equivalent to S/
0.8
million (US$
0.3
million,
equivalent to S/
1
million, as of December 31, 2021).
F-
100
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December
31, 2020, 2021 and 2022
For the periods ended December 31, 2020, 2021
and 2022, the movement of this account is the following:
In thousands of soles
2020
2021
2022
Balance at January, 1
-
27,457
26,282
Additions
25,871
-
-
Amortization
(
1,579
)
(
3,687
)
(
3,812
)
Exchange difference
2,153
2,561
(
1,030
)
Accrued interest
2,152
2,219
1,858
Interest paid
(
1,140
)
(
2,268
)
(
2,025
)
Balance at December, 31
27,457
26,282
21,273
As of December 31, 2022, the fair value amounts
to S/
19.7
million (S/
27.1
million as of December 31, 2021), is based on discounted cash flows using a rate of
11.4
% (
7.4
%
as of December 31, 2021), and is within level 2 of the fair value hierarchy.
(d) AENZA S.A.A.
On August 13, 2021, AENZA S.A.A. issued bonds
convertible into voting common shares (hereinafter the "Bonds"). The total amount of issuance was US$
89.9
million, considering
89,970
bonds at a face value of US$
1,000
each.
Bonds were placed at local level and were available
for investors in Peru according to Peruvian legislation. The Bonds mature on February 2024 and bear interest at an annual interest rate
of
8
% subject to quarterly installments.
Pursuant to the terms and conditions of the Bond,
they may be converted into shares from the sixth month of the issuance date, according to the following procedure: 1) the conversion day
is the last business day of each month; 2) the conversion may be total or partial; 3) the conversion notice had to be sent to the Bondholders'
Representative no later than five (5) business days prior to the conversion date, and 4) the conversion price will be the minimum of (i)
US$ 0.33 (zero and 33/100 US dollars) per share and (ii) 80% of the average price of transactions occurred thirty (30) days prior
to the Conversion Date, weighted by the volume of each transaction.
The conversion will be made by dividing the current face value of
each bond by the conversion price.
The Company converted all bonds in common shares in two tranches, the
first one on February 28, 2022 for
11,000
Bonds and second on May 31, 2022 for
78,970
bonds (Note 22). Due to conversion, the debt
was fully capitalized.
19. Trade Accounts Payable
As of December 31, this caption comprises:
Total
Current
Non-current
In thousands of soles
2021
2022
2021
2022
2021
2022
Invoices payable (a)
506,798
523,175
506,798
513,418
-
9,757
Received services to be invoiced (b)
400,418
508,448
400,418
508,448
-
-
Notes payable
5,610
5,390
5,610
5,390
-
-
912,826
1,037,013
912,826
1,027,256
-
9,757
F-
101
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December
31, 2020, 2021 and 2022
(a)
Invoices payable are obligations supported by formal documents. Find below the invoices payable according
to the main projects:
In thousands of soles
2021
2022
Infrastructure
Linea–1 - Metro de Lima
15,616
43,768
Operation and maintenance - Roads
17,372
23,849
32,988
67,617
Energy
43,501
87,282
Engineering and Construction
Cumbra Peru S.A. - Refineria Talara
109,930
84,891
Cumbra Peru S.A. - Aeropuerto Jorge Chavez
55,596
79,424
Vial y Vives - DSD S.A. - Obras de Ingenieria y Construccion
73,188
46,411
Cumbra Peru S.A. - Planta Concentradora y tunel Quellaveco
71,324
45,143
Cumbra Peru S.A. - Concentradora Toquepala
-
17,980
Cumbra Ingenieria S.A. - Proyecto Mina Gold Fields La Cima S.A.
3,810
12,546
Morelco S.A.S. - Obras de Ingenieria y Construccion
22,629
11,566
Cumbra Peru S.A. - Filtro de Relaves Quebrada Honda
1,055
10,930
Cumbra Peru S.A. - Planta de Flotacion de Particulas Gruesas
-
6,027
Cumbra Peru S.A. - Proyecto Gasoducto Piura
11,167
3,983
Cumbra Peru S.A. - Planta Generadora Machu Picchu
3,832
3,255
Cumbra Peru S.A. - Descolmatacion del Rio Chicama
2,974
2,380
Cumbra Peru S.A. – Centro Hidroelectrica Cerro del Aguila
2,199
1,120
Others
39,942
23,458
397,646
349,114
Real Estate
9,769
15,035
Parent Company Operation
22,894
4,127
506,798
523,175
(b)
Find below the balances corresponding to the main projects:
In thousands of soles
2021
2022
Infrastructure
Linea–1 - Metro de Lima
15,021
18,281
Operation and maintenance – Roads
27,303
29,292
42,324
47,573
Energy
24,185
36,977
Engineering and Construction
Cumbra Peru S.A. - Aeropuerto Jorge Chavez (i)
18,430
152,492
Vial y Vives - DSD S.A. - Obras de Ingenieria y construccion
56,927
54,007
Cumbra Peru S.A. - Planta Concentradora y tunel Quellaveco
80,597
45,890
Morelco S.A.S. - Obras de Ingenieria y Construccion
22,718
31,690
Cumbra Peru S.A. - Refineria Talara
34,267
18,947
Cumbra Peru S.A. - Planta de Flotacion de Particulas Gruesas
-
14,966
Cumbra Ingenieria S.A. - Proyecto Mina Gold Fields La Cima S.A.
9,135
9,459
Cumbra Peru S.A. - Proyecto Gasoducto Piura
30,025
9,457
Cumbra Peru S.A. - Concentradora Toquepala
-
7,295
Cumbra Peru S.A. - Proyecto de Infraestructura Via Expresa Linea Amarilla
6,545
6,057
Cumbra Peru S.A. – Planta Oxidos Marcobre
1,819
3,737
Cumbra Peru S.A. - Filtro de Relaves Quebrada Honda
2,493
2,746
Cumbra Peru S.A. - Planta Generadora Machu Picchu
2,348
1,637
Others
31,974
31,792
297,278
390,172
Real Estate
20,632
20,904
Parent Company Operation
15,999
12,822
400,418
508,448
(i)
The variation at the end of 2022 corresponds to services
received and not billed for the increase in activities of the EPC LAP3 project, related to the construction of the Jorge Chavez airport
terminal.
F-
102
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December
31, 2020, 2021 and 2022
20. Other Accounts Payable
As of December 31, this caption includes:
Total
Current
Non-current
In thousands of soles
2021
2022
2021
2022
2021
2022
Advances received from customers (a)
322,680
365,730
315,644
350,194
7,036
15,536
Taxes payable
124,004
165,831
112,737
137,819
11,267
28,012
Salaries and other personnel payables (b)
126,466
99,225
126,466
99,225
-
-
Arbitration payable (c)
58,502
73,348
58,502
34,560
-
38,788
Accounts payable Consorcio Ductos del Sur (d)
77,665
25,652
29,242
12,921
48,423
12,731
Guarantee deposits (e)
26,017
18,552
26,017
18,552
-
-
Share purchase agreement - Inversiones Sur (f)
15,992
15,280
-
15,280
15,992
-
Acquisition of additional non-controlling interest - Vial y Vives DSD (g)
25,253
9,344
25,253
9,344
-
-
Royalties payable (h)
5,668
9,303
5,668
9,303
-
-
Put option liability on Morelco S.A.S. acquisition (i)
27,986
-
27,986
-
-
-
Other accounts payable
37,117
25,496
27,466
18,244
9,651
7,252
847,350
807,761
754,981
705,442
92,369
102,319
(a)
Advances received from customers mainly correspond to the engineering and construction and real estate
segments; and are deducted from invoicing in accordance with the terms of the agreements.
Total
Current
Non-current
In thousands of soles
2021
2022
2021
2022
2021
2022
Vial y Vives - DSD S.A. - Quebrada Blanca Project (i)
120,642
91,107
120,642
91,107
-
-
Cumbra Peru S.A. - Jorge Chavez Airport (ii)
22,820
88,114
22,820
88,114
-
-
Viva Inmobiliaria S.A.C. - Real estate projects
    (iii)
80,188
85,741
80,188
85,741
-
-
Proyecto Especial de Infraestructura de Transporte
Nacional
19,582
33,879
12,765
32,995
6,817
884
Cumbra Peru S.A. - San Gabriel – Buenaventura Project (iv)
-
33,206
-
18,743
-
14,463
Vial y Vives - DSD S.A. - Minera Spence (v)
-
12,536
-
12,536
-
-
Vial y Vives - DSD S.A. - Refineria ENAP (vi)
3,443
9,472
3,443
9,472
-
-
Cumbra Peru S.A. - Concentrator Plant and Quellaveco Tunnel
10,841
5,984
10,841
5,984
-
-
Cumbra Ingenieria S.A. - Mina Gold Fields La Cima S.A. Project
-
1,986
-
1,986
-
-
Vial y Vives - DSD S.A. - Modernization and expansion - Arauco Plant
52,063
-
52,063
-
-
-
Cumbra Peru S.A. - Piura Gas Pipeline Project
5,745
-
5,745
-
-
-
Cumbra Peru S.A. - Machu Picchu
4,748
-
4,748
-
-
-
Others
2,608
3,705
2,389
3,516
219
189
322,680
365,730
315,644
350,194
7,036
15,536
(i)
Corresponds to advances received from Minera Teck for the construction and assembly of the Pebble crushing
mill project, the advances are applied against reimbursable invoices through the approved PDEs. The balance at December 31, 2022 is S/
91.1
million (S/
120.6
million at December 31, 2021).
(ii)
The movement is due to the advance received in 2022 in Consorcio Inti Punku, for the LAP3 EPC project,
corresponding to the construction of the Jorge Chavez airport terminal, for S/
88
million and the amortization of the entire balance of
2021 S/
22.8
million.
F-
103
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
(iii)
As of December 31, 2022, advances from customers for the sale of real estate correspond to the following real estate projects: a) Parques de Comas S/74.8 million, b) Parques de Huancayo S/3.6 million, c) Parques de Carabayllo S/5.2 million, d) Parques del Callao S/
1.5
million, e) other minor S/
0.6
million (S/
58.9
million, S/
6.2
million, S/
9
million, S/
3.9
million, S/
2.1
million, as of December 31, 2021, respectively).
(iv)
The balance is due to advances received during the fourth quarter of 2022 corresponding to an earthmoving project in the mining sector valued at US$
87.3
million (approximately S/
333.1
million), which started operations at the end of 2022. The balance as of December 31, 2022 is US$
8.7
million (equivalent to S/
33.2
million).
(v)
Design and construction project for improvements to the Ripios plant of Minera Spence, lump sum EPC contract. The balance at December 31, 2022 is S/
12.5
million.
(vi)
Corresponds to the contract for the construction and assembly of two tanks to increase crude oil storage capacity at the BIOBIO refinery. The balance at December 31, 2022 is S/
9.4
million (S/
3.4
million at December 31, 2021).
(b)
Salaries and profit sharing payable are classified as follows:
In thousands
    of soles
2021
2022
Vacation
42,762
30,854
Compensation for time of service
46,103
27,964
Bonus salaries
15,910
23,393
Wages and salaries
9,105
8,915
Workers' profit sharing
10,384
4,996
Other remuneration
2,202
3,103
126,466
99,225
(c)
Obligations arising from arbitration awards at December 31, 2022 correspond to Empresa de Generacion Electrica Machupichu S.A. for S/
38.1
million; Andritz Hydro S.A. for S/
31.7
million; SEDAPAL S.A. for S/
2.8
million; Programa Subsectorial de Irrigaciones - PSI for S/
0.7
million (Andritz Hydro S.A. for S/
58.5
million at December 31, 2021). During the years 2021 and 2022, as a result of those Abritation Awards, the Corporation recorded expenses for an amount of S/
38.1
million and S/
41.6
million, respectively, which is presented in the caption "Cost of sales and services" of the consolidated statement of income (Note 25.ii).
(d)
The other accounts payable of Consorcio Constructor Ductos del Sur corresponds to payment obligations to suppliers and main subcontractors for S/
25.6
million (S/
77.6
million as of December 31, 2021), assumed by the subsidiary Cumbra Peru S.A. as a result of the termination of operations of Gasoducto Sur Peruano S.A.
(Note 14)
(e)
Correspond to withholdings from subcontractors to guarantee compliance with service contracts until completion of the work. As of December 31, 2022, the detail is composed of S/
6.6
million in Cumbra Peru S.A.; S/
2.5
million in Consorcio Inti Punku; S/
2.5
million in Vial y Vives DSD; S/
1.6
million in Unna Energia S.A.; S/
4.1
million in Viva Negocio Inmobiliario S.A.C. and S/
1.2
million in other minor. (for S/
14.9
million in Cumbra Peru S.A.; S/
1
million in Consorcio Inti Punku; S/
4.7
million in Vial y Vives - DSD S.A.; S/
1.8
million in Unna Energia S.A.; S/
3.1
million in Viva Negocio Inmobiliario S.A.C. and S/
0.5
million in other minor as of December 31, 2021).
(f)
Agreement signed between the Subsidiary Viva Inmobiliaria S.A. and
Inversiones Sur S.A. regarding the purchase agreement of shares in the amount of US$
4
million, maturing in 2023.
(g)
During 2016, GyM Chile S.P.A. acquired an additional
13.69
% of shares in Vial y Vives - DSD S.A. at a total purchase price of S/
51.1
million. As of December 31, 2022, the outstanding balance of this transaction amounts to S/
9.3
million (S/
25.3
million in 2021).
F-
104
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
(h)
In compliance with the license agreement between Unna Energia S.A. and Perupetro S.A. for Lot III and Lot IV, payables corresponding to royalties were recorded as of December 31, 2022 totaling S/
9.3
million (S/
5.7
million as of December 31, 2021).
(i)
In 2021 Cumbra Peru S.A. renegotiated the terms of the put option agreement and in December 2021 acquired all non-controlling interest of Morelco, for US$
15.4
million keeping an outstanding balance for US$
7
million (equivalent to S/
28
million). As a consequence of the liabilities renegotiation, Cumbra Peru S.A. recognized an income of S/
70.3
million in 'Other income and expenses' (Note 27). As of December 31, 2022, Cumbra Peru S.A. settled all liabilities.
21.
Other Provisions
As of December
31, this item includes:
Total
Current
Non-current
In thousands
    of soles
2021
2022
2021
2022
2021
2022
Legal contingencies (a)
364,385
580,216
117,520
87,948
246,865
492,268
Tax contingencies (b)
38,182
53,577
17,492
33,127
20,690
20,450
Provision for closure
    (c)
82,475
68,160
20,533
11,851
61,942
56,309
485,042
701,953
155,545
132,926
329,497
569,027
(a)
Legal contingencies mainly correspond to:
Provision
for civil compensation
It corresponds to a legal contingency estimated by Management for exposure
of the Corporation to a potential indemnity in relation to their participation as minority partners in developed infrastructure projects
in Peru with companies belonging to the Odebrecht Group and the projects related to the Construction Club. As stated in Note 1.C on September
15, 2022, the Agreement was signed, whereby AENZA S.A.A. acknowledges that it was utilized by certain former executives to commit illicit
acts in periods until 2016, and committed to pay a civil compensation to the Peruvian Government of approximately S/
488.9
million. According
to the Agreement, payment shall be made within twelve years at a legal interest rate in soles and US dollars (
3
% and
1
% annual interest
as of December 31, 2022, respectively). The Company also undertakes to establish a series of guarantees after the approval of the Agreement,
composed of (i) a trust agreement that includes shares issued by a subsidiary of the Company, ii) mortgage on a property owned by the
Company, and iii) a guarantee account with funds equivalent to the annual installment for the following year. Among other conditions,
the Agreement includes a restriction for AENZA S.A.A. and subsidiaries Cumbra Peru S.A. and Unna Transporte S.A.C. to participate in public
construction and road maintenance contracts with the Peruvian Government for two years from the approval of the Agreement.
As of December 31, 2022, the Company recognized in its financial statements
the full amount of the liabilities associated with the Agreement for S/
488.9
million (S/
333.3
million and US$
40.7
million)
in this caption, making a charge to profit or loss of the period, equivalent to the remaining portion of the total imputed value of approximately
S/
258.3
million to 'other expenses' in the consolidated statement of profit or loss (as of December 31, 2021, S/
164.6
million and US$
18.9
million, equivalent to a total of S/
240.1
million) (Note 27).
F-
105
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Administrative
process INDECOPI
(i)
On March 9, 2021, Cumbra Peru S.A. was notified of a "Final Instruction Report" prepared by INDECOPI's Technical Secretariat in relation with the administrative sanction process imposed on thirty three (33) construction companies and twenty six (26) executives for arranging a coordination system by means of which they illegaly distributed the tenders called by Provias Nacional and other Peruvian governmental entities. On November 15, 2021, INDECOPI's Commission, by virtue of Resolution 080-021-CLC-INDECOPI, decided to sanction – at first administrative instance – to such companies and executives, including Cumbra Peru S.A. On December 9, 2021, Cumbra Peru S.A. filed an appeal against such a resolution, impeding its execution, including the payment of the fine imposed and the fulfilment of the correction measures ordered. As of December 31, 2022, the Company and its legal advisors estimated a recognized provision of S/
52.4
million (S/
52.6
million as of December 31, 2021).
(ii)
On
                                            February 7, 2022, Resolution No. 038-2021/CLC-INDECOPI was notified to Cumbra Peru S.A. and
                                            Unna Transporte S.A.C., by virtue of which INDECOPI's National Directorate of Investigation
                                            and Promotion of Free Competition started an administrative sanctioning process for horizontal
                                            alleged collusive practice as agreed distribution of suppliers in market to hire suppliers
                                            belonging to the construction sector nationwide from 2011 to 2017.
On April 7, 2022, Cumbra Peru S.A. and Unna Transporte S.A.C. proposed
a cease-and-desist letter for the early termination of the sanctioning administrative procedure, where they
(i) accepted the alleged conduct,
(ii) committed to complying with a free competition rules compliance program during years 2022, 2023, and 2024, and (iii) committed to
paying a compensation amounting to S/ 2.7 million in two installments (the first one within sixty (60) days after notification of the
Resolution approving the commitment and the second one within twelve (12) months).
By means of Resolution 054-2022/CLC-INDECOPI dated
August 19, 2022, the Commission for the Defense of Free Competition of INDECOPI approved the proposed cease-and-desist agreement and concluded
the sanctioning procedure.
Shareholder
class action lawsuits in the Federal Court of the Eastern District of New York
During
the first quarter of 2017, two class action lawsuits were filed against the Company and some former officers by virtue of the Securities
Act before the Federal Court of the East District of New York. On July 2, 2020, the Company signed a final transaction agreement with
the plaintiffs though which the parties commited to settling the class action lawsuits and the Company commits to paying US$
20
million.
In
relation to the agreement, as of December 31, 2021, the Company had paid US$
6.4
million and US$
5
million, which was covered
by the professional liability policy in accordance with the agreement signed with the insurer. It also maintained a provision of US$
8.6
million, equivalent to S/
34.4
million, plus interest. This debt was repaid in full on April 8, 2022.
Other
legal provisions
As
of December 31, 2022, they correspond to legal contingencies (civil, labor, administrative proceedings and contentious-administrative
proceedings) for an estimated provision of S/
37.5
million (S/
34.2
million as of December 31, 2021).
(b)
Tax contingencies
(i)
Claim processes before SUNAT for S/
17.1
million corresponding to:
AENZA
S.A.A. for year 2016 income tax amounting to S/
12.6
million; Cumbra Ingenieria S.A. for years 2014 and 2015 income tax amounting to S/
3.2
million; Consorcio Vial la Quinua for year 2015 income tax amounting to S/
0.8
million; and Unna Energia S.A. for year 2019 income tax
amounting to S/
0.5
million.
F-
106
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
(ii)
Claims before the Peruvian Court of Law for S/
16.8
million:
AENZA
S.A.A. for income tax and general sales tax for the years 1998 through 2012 amounting to S/
12.2
million; and Cumbra Peru S.A. for EsSalud
claims for the year 2012 amounting to S/
4.6
million.
(iii)
Appeal process before the Tax Court for S/
14.3
million:
Cumbra
Ingenieria S.A. for years 2013 and 2016 income tax amounting to S/
5.7
million; AENZA S.A.A. for years 2014 and 2015 income tax amounting
to S/
5.4
million; Cumbra Peru S.A. for year 2012 income tax amounting to S/
2.1
million; and Consorcio Constructor Chavimochic for year
2016 income tax amounting to S/
1.1
million.
(iv)
Non-contentious proceedings for S/
5.4
million related to:
Cumbra
Ingenieria S.A. for S/
5.3
million; and Carretera Andina del Sur S.A. for S/
0.1
million.
(c)
Provision for closure - corresponds mainly to:
(i)
Provisions
                                            for closure of wells of subsidiary Unna Energia S.A. for S/56.5 million and contractual compliance
                                            with Petroperu for S/3.3 million (as of December 31, 2021, S/71.1 million and S/3.4 million,
                                            respectively);
(ii)
Provision
                                            for costs associated with subsidiary Red Vial 5 S.A., corresponding to the closing of the
                                            concession agreement and costs related to the process of claiming the tariff guarantee for
                                            toll suspension for S/5.6 million (as of December 31, 2021, S/5.1 million).
For the periods
ended December 31, 2020, 2021 and 2022, the movement of this caption is as follows:
Provision
Legal
Tax
for well
In thousands
    of soles
claims
claims
closure
Total
As of January 1, 2020
221,592
10,787
50,116
282,495
Additions
121,404
3,161
2,450
127,015
Present value
3,604
-
2,182
5,786
Reversals of provisions
(
30,806
)
(
2,458
)
-
(
33,264
)
Transfers
1,540
-
-
1,540
Compensation
4,106
-
-
4,106
Payments
(
3,938
)
(
3,314
)
(
1,799
)
(
9,051
)
Translation adjustments
    / Exchange difference
9,366
-
-
9,366
As of December 31,
    2020
326,868
8,176
52,949
387,993
As of January 1, 2021
326,868
8,176
52,949
387,993
Additions
59,109
31,221
10,815
101,145
Present value
19,627
-
9,780
29,407
Reversals of provisions
(
13,027
)
-
(
2,957
)
(
15,984
)
Transfers
466
(
299
)
716
883
Reclasification
(
3,335
)
-
3,335
-
Compensation
(
8,541
)
-
-
(
8,541
)
Desconsolidation of subsidiary
(
1,657
)
-
-
(
1,657
)
Payments
(
26,863
)
(
916
)
(
185
)
(
27,964
)
Translation adjustments
    / Exchange difference
11,738
-
8,022
19,760
As of December 31,
    2021
364,385
38,182
82,475
485,042
As of January 1, 2022
364,385
38,182
82,475
485,042
Additions
278,446
15,891
-
294,337
Present value
1,042
-
(
2,496
)
(
1,454
)
Reversals of provisions
(
1,802
)
(
434
)
(
9,694
)
(
11,930
)
Transfers (*)
(
5,587
)
(
62
)
-
(
5,649
)
Payments
(
40,253
)
-
(
747
)
(
41,000
)
Translation adjustments
    / Exchange difference
(
16,015
)
-
(
1,378
)
(
17,393
)
As of December 31,
    2022
580,216
53,577
68,160
701,953
(*)
In
2022, corresponds mainly to reclassification to other accounts payable for payment obligations, derived from the subscription of the
share purchase agreement between Cumbra Peru S.A. and Stracon S.A., which amount is S/.
4.9
million and the fine corresponding to the
fractionation of the penalty imposed by SUNAFIL, which amount is S/.
0.2
million.
As of December 31, 2021, the Corporation and its
external legal advisors concluded the lawsuit proceedings against Tecnicas Reunidas de Talara S.A.C. (TRT) will be favorable for the Company
with no need of a provision as of that date. Subsequently, in November 2022, the Corporation reached a settlement increasing cost by S/
113
million with its corresponding settlement in the same period, having a no actual accrual related for this settlement as of December 31,
2022.
F-
107
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
22.
Equity
A.
Capital
On February 28, 2022, in accordance with the terms and conditions of
the convertible bond, the holders of
11,000
convertible bonds, with a par value of US$
1,000
each and for a principal amount equivalent
to US$
11
million, excercised their conversion right. The Company issued provisional certificates for
37,801,073
new voting common shares,
with a par value of S/
1.00
each, fully subscribed and paid-in. Therefore, the Company increased its capital stock from S/
871,917,855
to S/
909,718,928
.
Additionally, on March 31, 2022, holders of
78,970
convertible bonds
each for a face value of US$
1,000
and for a principal amount equivalent to US$
78.9
million, exercised their conversion right. The Company
converted the bonds and paid the accrued interest to the bondholders. As a result, the Company issued provisional certificates for
287,261,051
new common shares. Therefore, the Company's capital stock increased from S/
909,718,928
to S/
1,196,979,979
. After this last operation,
the convertible bonds were paid in full (Note 18.(d)).
On
December 1, 2022, the capital increases were registered and the bylaws were amended, confirming that the Company's capital amounts
to S/
1,196,979,979
, the par value of the shares is S/
1.00
each, fully subscribed and paid-off and with voting rights.
As
of December 31, 2022, a total of
130,025,625
shares is represented in ADSs, equivalent to
8,668,375
ADS at a ratio of
15
shares per ADS.
As
of December 31, 2021, a total of
136,637,740
shares were represented in ADSs, equivalent to
27,327,548
ADS at a ratio of
5
shares per
ADS.
As
of December 31, 2022, the Company's shares registered a stock price quotation at the end of the year of S/
0.83
per share
and a trading frequency of
75
% (S/
1.37
per share and a trading frequency of
77.27
% as of December 31, 2021).
B. Legal Reserve
According
to the Business Companies Act, any company is required to allocate at least
10
% of its free withdrawal profits to a legal reserve. This
allocation is required until the reserve equals
20
% of paid-in capital. In the absence profits or free withdrawal reserves, the legal
reserve may be applied to offset losses and shall be replaced with profits from subsequent fiscal years. This reserve may be capitalized
and its replacement is also mandatory.
F-
108
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
C.
Voluntary reserve
As
of December 31, 2021 and 2022, this reserve amounting to S/
29.97
million is related to the excess of legal reserve. This reserve
is over above the requirement to make a reserve until reaching the equivalent of
20
% of the paid-in capital.
D.
Share premium
This
item includes the excess of total income obtained by shares issued in 2013 in contrast to their face value of S/
1,055.5
million
and those shares issued in 2019 amounting to S/
138.1
million.
In addition,
this item recognizes the difference between the face value and transaction value for the acquisitions of shares in non-controlling interests.
E.
Retained earnings
Dividends
distributed to shareholders, other than domiciled legal entities, are subject to rates of
4.1
% (profits until 2014),
6.8
% (2015 and 2016
profits) and
5.0
% (2017 profits onwards) for income tax charged to such shareholders. Said tax is withheld and settled by the Company.
Dividends for fiscal years 2021 and 2022 were not distributed (Note 32).
23.
Deferred Income Tax
As of December
31, deferred income tax is classified by its estimated reversal term as follows:
2021
2022
Deferred
    tax asset:
Reversal
    expected in the following twelve months
Reversal
    expected after twelve months
Total
Reversal
    expected in the following twelve months
Reversal
    expected after twelve months
Total
Cumbra Peru S.A.
29,075
149,418
178,493
72,489
99,798
172,287
AENZA S.A.A.
6,958
39,893
46,851
10,157
48,944
59,101
Viva Negocio Inmobiliario S.A.C.
3,697
13,263
16,960
1,706
22,075
23,781
Red Vial 5 S.A.
1,098
10,710
11,808
655
17,286
17,941
Others
4,480
17,754
22,234
5,316
17,212
22,528
Total
    deferred tax asset
45,308
231,038
276,346
90,323
205,315
295,638
2021
2022
Deferred tax liability:
Reversal expected in the following twelve months
Reversal expected after twelve months
Total
Reversal expected in the following twelve months
Reversal expected after twelve months
Total
Tren Urbano de Lima S.A.
(
111
)
(
47,404
)
(
47,515
)
(
64
)
(
58,332
)
(
58,396
)
Unna Energia S.A.
1,536
(
32,723
)
(
31,187
)
1,277
(
54,519
)
(
53,242
)
Cumbra Peru S.A.
-
(
19,705
)
(
19,705
)
(
16,670
)
-
(
16,670
)
Total deferred tax liability
1,425
(
99,832
)
(
98,407
)
(
15,457
)
(
112,851
)
(
128,308
)
The gross
movement of the deferred income tax item is as follows:
In thousands of soles
Note
2020
2021
2022
Balance at January, 1
146,564
158,136
177,939
Debit (credit) to income statement
28
(
320
)
66,595
(
3,394
)
Discontinued operations
9,886
(
40,686
)
-
Reclassification to current income tax
-
-
(
4,399
)
Other movements
2,006
(
6,106
)
(
2,816
)
Balance at December, 31
158,136
177,939
167,330
F-
109
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
The movement
of deferred tax assets and liabilities in the year, without considering the offsetting of balances, is as follows:
Deferred tax liabilities
At January 1,
2020
(Debit) credit to P&L
Discontinued operations
Reclassification
At January 1,
2021
(Debit) credit to P&L
Sale of a subsidiary
At December 31,
2021
(Debit) credit to P&L
Reclassification
Others
At December 31,
2022
Difference in depreciation rates
91,490
(
1,831
)
(
2,734
)
1,063
87,988
(
10,668
)
(
3,836
)
73,484
35,685
-
-
109,169
Deferred income
24,145
(
8,239
)
-
-
15,906
(
15,906
)
-
-
-
-
-
-
Work in process
51,280
(
26,072
)
-
(
4,916
)
20,292
27,865
-
48,157
(
47,649
)
4,559
-
5,067
Tax receivable
36,190
2,836
-
-
39,026
3,028
-
42,054
2,923
-
-
44,977
Borrowing costs capitalized
14,936
172
-
-
15,108
(
2,780
)
-
12,328
6,302
3,908
-
22,538
Price purchase allocation
9,823
357
-
(
1,263
)
8,917
12,476
-
21,393
(
2,833
)
-
-
18,560
Others
39,566
(
18,381
)
(
510
)
2,721
23,396
(
21,417
)
(
883
)
1,096
5,081
(
8,467
)
2,816
526
267,430
(
51,158
)
(
3,244
)
(
2,395
)
210,633
(
7,402
)
(
4,719
)
198,512
(
491
)
-
2,816
200,837
Deferred tax assets
At
January 1,
2020
(Debit)
credit to
P&L
Discontinued operations
Reclassification
Others
At
January 1,
2021
(Debit)
credit to
P&L
Sale of a subsidiary
Others
At
December 31,
2021
(Debit)
credit to
P&L
Reclassification
At
December 31,
2022
Provisions
43,376
(
36,338
)
(
1,792
)
24,340
-
29,586
13,673
(
2,413
)
-
40,846
6,060
(
4,399
)
42,507
Difference in depreciation
    rates
8,433
2,041
(
1,667
)
(
1,154
)
-
7,653
8,640
-
-
16,293
7,179
-
23,472
Tax losses
191,646
(
8,767
)
-
3,616
-
186,495
36,258
(
40,312
)
-
182,441
(
6,609
)
-
175,832
Work in process
45,720
(
12,298
)
-
(
28,630
)
-
4,792
(
4,792
)
-
-
-
-
-
-
Accrual for unpaid vacations
11,624
1,301
115
-
-
13,040
7,288
(
887
)
-
19,441
(
5,844
)
-
13,597
Impairment
48,502
3,257
-
(
507
)
-
51,252
(
21,834
)
-
-
29,418
2,672
-
32,090
Fair value
46,804
(
10,874
)
-
10,067
-
45,997
5,596
-
-
51,593
1,547
-
53,140
Tax Goodwill
13,522
(
4,518
)
-
4,989
-
13,993
(
2,407
)
-
-
11,586
(
2,078
)
-
9,508
Earning stripping rules
-
-
-
-
-
-
8,372
-
-
8,372
(
1,177
)
-
7,195
Unpaid non domicilied expenses
-
-
-
-
-
-
4,064
-
-
4,064
(
3,863
)
-
201
Right-of-use assets
-
-
-
-
-
-
4,571
-
-
4,571
(
1,345
)
-
3,226
Higher value paid
-
-
-
-
-
-
-
-
-
-
7,399
-
7,399
Others
4,367
14,718
9,986
(
15,116
)
2,006
15,961
(
236
)
(
1,793
)
(
6,106
)
7,826
(
7,826
)
-
-
Total
413,994
(
51,478
)
6,642
(
2,395
)
2,006
368,769
59,193
(
45,405
)
(
6,106
)
376,451
(
3,885
)
(
4,399
)
368,167
F-
110
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
24.
Revenue from contracts with customers
For
the years ended December 31, the Corporation's income is derived principally from:
In thousands of soles
2020
2021
2022
Construction activities
1,854,819
2,467,477
2,451,067
Services rendered
936,485
1,094,439
1,104,900
Sale of real estate and goods
394,249
579,482
849,157
Revenue from contracts with customers
3,185,553
4,141,398
4,405,124
A.
Revenues
from contracts with customers are mainly broken down by:
For the year ended December
    31,
Engineering and construction
Energy
Infrastructure
Real estate
Parent Company operations
Total
In
    thousands of soles
2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
Primary geographical markets
Peru
1,355,589
1,862,176
1,794,735
369,798
541,859
633,792
594,723
638,358
745,750
182,439
239,391
367,276
7,865
2,889
2,912
2,510,414
3,284,673
3,544,465
Chile
521,076
750,565
708,996
-
-
-
-
-
-
-
-
-
-
-
-
521,076
750,565
708,996
Colombia
151,876
106,160
151,663
-
-
-
-
-
-
-
-
-
-
-
-
151,876
106,160
151,663
Mexico
2,187
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,187
-
-
2,030,728
2,718,901
2,655,394
369,798
541,859
633,792
594,723
638,358
745,750
182,439
239,391
367,276
7,865
2,889
2,912
3,185,553
4,141,398
4,405,124
Major
    products/ service lines
Construction activities
1,854,819
2,467,477
2,451,067
-
-
-
-
-
-
-
-
-
-
-
-
1,854,819
2,467,477
2,451,067
Engineering services
175,909
251,424
204,327
-
-
-
-
-
-
-
-
-
-
-
-
175,909
251,424
204,327
Oil and gas extraction, storage
    and dispatching services
-
-
-
149,095
192,103
145,874
-
-
-
-
-
-
-
-
-
149,095
192,103
145,874
Transportation services
-
-
-
-
-
-
343,870
347,377
387,049
-
-
-
-
-
-
343,870
347,377
387,049
Road concession services
-
-
-
-
-
-
247,494
287,331
354,289
-
-
-
-
-
-
247,494
287,331
354,289
Water treatment service
-
-
-
-
-
-
3,359
3,650
4,412
-
-
-
-
-
-
3,359
3,650
4,412
Property rental
-
-
-
-
-
-
-
-
-
8,893
9,665
6,037
-
-
-
8,893
9,665
6,037
Parent company services and
    others
-
-
-
-
-
-
-
-
-
-
-
-
7,865
2,889
2,912
7,865
2,889
2,912
Sale of real estate and lots
-
-
-
-
-
-
-
-
-
173,546
229,726
361,239
-
-
-
173,546
229,726
361,239
Sale
    of oil and gas
-
-
-
220,703
349,756
487,918
-
-
-
-
-
-
-
-
-
220,703
349,756
487,918
2,030,728
2,718,901
2,655,394
369,798
541,859
633,792
594,723
638,358
745,750
182,439
239,391
367,276
7,865
2,889
2,912
3,185,553
4,141,398
4,405,124
Timing
    of revenue recognition
Transferred at a point in
    time
-
-
-
369,798
541,859
633,792
-
-
-
182,439
239,391
367,276
7,865
2,889
2,912
560,102
784,139
1,003,980
transferred
    over time
2,030,728
2,718,901
2,655,394
-
-
-
594,723
638,358
745,750
-
-
-
-
-
-
2,625,451
3,357,259
3,401,144
2,030,728
2,718,901
2,655,394
369,798
541,859
633,792
594,723
638,358
745,750
182,439
239,391
367,276
7,865
2,889
2,912
3,185,553
4,141,398
4,405,124
Revenue
    from contracts with customers
2,030,728
2,718,901
2,655,394
369,798
541,859
633,792
594,723
638,358
745,750
182,439
239,391
367,276
7,865
2,889
2,912
3,185,553
4,141,398
4,405,124
F-
111
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
B.
The
balances of contract assets and liabilities are mainly comprised for:
In thousands of soles
Note
2021
2022
Receivables
10.a
773,575
894,571
Unbilled receivables
10.b and c
744,363
907,880
Guarantee deposits
12.a
139,019
194,885
Advances received from customers
20.a
(
322,680
)
(
365,730
)
Contract
assets refer primarily to rights to consideration for work performed but not billed at the reporting date.
Contract liabilities refer mainly to advance consideration received
from customers whose income is recognized over time.
The movement in contract liabilities as of December 31, 2021 and 2022
is detailed below:
In thousands of soles
2020
2021
2022
Initial balance
307,839
280,970
322,680
Advances received from customers
743,431
707,009
769,504
Compensation of customer advances
(
770,300
)
(
665,299
)
(
726,454
)
Final balance
280,970
322,680
365,730
Revenue from contract liabilities recognized as of December 31, 2022
is S/
726.4
million (S/
665.2
million as of December 31, 2021).
The composition of the portfolio of projects pending to be executed
("backlog") refers to the expected future income from signed contracts. The detail by operating segments as of December 31,
2022, and the dates on which they are estimated to be carried out, is shown in the following table:
Annual Backlog
In thousands of soles
2023
2024
2025+
Total
Engineering and Construction
2,463,484
1,197,101
-
3,660,585
Infrastructure
730,702
646,764
631,645
2,009,111
Real estate
149,295
18,611
-
167,906
Intercompany eliminations
(
172,416
)
(
172,418
)
(
165,131
)
(
509,965
)
3,171,065
1,690,058
466,514
5,327,637
25.
Costs and Expenses by Nature
For the years
ended December 31, the detail of this item is as follows:
Cost
of goods
Administrative
In thousands of soles
Note
and services
expenses
Total
2020
Salaries, wages and fringe benefits (i)
946,631
75,677
1,022,308
Services provided by third-parties
949,545
33,411
982,956
Purchase of goods
565,052
-
565,052
Other management charges (ii)
230,947
14,322
245,269
Amortization
16
93,135
4,138
97,273
Depreciation (iv)
15
79,732
6,393
86,125
Impairment of accounts receivable (iii)
32,215
4
32,219
Taxes
5,956
68
6,024
Recovery of property, plant and equipment
4,950
-
4,950
Impairment of investments
38
-
38
Inventory recovery
(
30
)
-
(
30
)
2,908,171
134,013
3,042,184
Cost
of goods
Administrative
In thousands of soles
Note
and services
expenses
Total
2021
Salaries, wages and fringe benefits (i)
1,297,352
97,682
1,395,034
Services provided by third-parties
1,313,763
56,462
1,370,225
Purchase of goods
687,105
43
687,148
Other management charges (ii)
222,648
16,203
238,851
Amortization
16
101,578
3,642
105,220
Depreciation  (iv)
15
82,063
5,425
87,488
Impairment of accounts receivable (iii)
9,420
2
9,422
Taxes
5,691
154
5,845
Impairment of property, plant and equipment
5,679
-
5,679
Impairment of inventory
2,984
-
2,984
3,728,283
179,613
3,907,896
F-
112
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Cost
of goods
Administrative
In thousands of soles
Note
and services
expenses
Total
2022
Salaries, wages and fringe benefits (i)
1,254,006
97,914
1,351,920
Services provided by third-parties
1,340,718
42,158
1,382,876
Purchase of goods
631,953
-
631,953
Other management charges (ii)
365,140
9,580
374,720
Impairment of accounts receivable (iii)
174,083
24
174,107
Amortization
16
99,210
2,825
102,035
Depreciation  (iv)
15
72,421
2,567
74,988
Taxes
16,479
261
16,740
Impairment of property, plant and equipment
3,483
7,269
10,752
3,957,493
162,598
4,120,091
(i)
For the years ended December 31, salaries, wages and fringe benefits
comprises the following:
In thousands of soles
Note
2020
2021
2022
Salaries
756,873
1,068,013
1,056,969
Legal bonuses
85,010
96,612
87,357
Social contributions
57,225
75,395
73,371
Employee's severance indemnities
55,523
66,827
58,072
Vacations
39,499
49,409
47,331
Workers' profit sharing (*)
2,170
8,888
6,700
Indemnities Payable
5,430
9,322
6,436
Per diem
7,498
6,096
3,334
Others
13,080
14,472
12,350
1,022,308
1,395,034
1,351,920
(*)
The average number of employees of the Corporation during 2021 and 2022 was
18,028
and
16,211
, respectively.
The
distribution of workers' profit sharing in the consolidated statements of profit or loss for the years ended December 31 is
shown below:
In thousands of soles
2020
2021
2022
Cost of sales of goods and services
2,147
7,650
6,382
Administrative expenses
23
1,238
318
2,170
8,888
6,700
(ii)
The increase in 2022 is of S/138 millons mainly due to: a) results
of arbitration processes in the subsidiary Cumbra Peru S.A. for S/41.6 million (S/38.1 million with Empresa de Generacion Electrica Machupichu
S.A, S/2.8 million with SEDAPAL S.A., and S/0.7 million with the Irrigation Subsectoral Program - PSI, as indicated in (Note 20.c) b)
in the subsidiary Unna Energia S.A. for S/85.2 million as a consequence of the increase in the royalty rate in accordance with the license
contracts of lots III and IV, resulting from the 17% increase in oil production and the 36% increase in the price. In 2022 production
was 225.6 thousand barrels at an average price per barrel of US$93.24 (In 2021 production was 192.4 thousand barrels at an average price
per barrel of US$68.73).
F-
113
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
(iii)
For the years ended December 31, impairment of accounts receivable
and other accounts receivables include the following:
In thousands of soles
Note
2020
2021
2022
Trade accounts receivables
10(d)
19,772
1,061
54,766
Other accounts receivable
12
12,318
1,177
119,299
Accounts receivable from related parties and joint operators
129
7,184
42
32,219
9,422
174,107
(iv)
For
                                            the years ended December 31, depreciation comprises the following:
Cost of goods
Administrative
In thousands of soles
Note
and services
expenses
Total
2020
Property, plant and equipment
15.B
66,479
5,432
71,911
Right-of-use assets
15.C
10,840
961
11,801
Investment property
15.A
2,413
-
2,413
79,732
6,393
86,125
2021
Property, plant and equipment
15.B
60,230
4,610
64,840
Right-of-use assets
15.C
17,517
815
18,332
Investment property
15.A
4,316
-
4,316
82,063
5,425
87,488
2022
Property, plant and equipment
15.B
50,981
1,327
52,308
Right-of-use assets
15.C
17,469
1,240
18,709
Investment property
15.A
3,971
-
3,971
72,421
2,567
74,988
26.
Finance Income and Expenses – Interest for Present Value of Financial Assets or Liabilities
A.
Finance Income and Expenses
For the years
ended December 31, these items include the following:
In thousands of soles
2020
2021
2022
Financial income:
Interest on short-term bank deposits
2,353
959
12,894
Business interests
191
438
856
Interest on loans to third parties
863
442
127
Others
3,175
807
1,577
6,582
2,646
15,454
F-
114
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
2020
2021
2022
Financial expenses:
Interest expense on:
- Bank loans
58,548
55,290
64,010
- Bonds
26,771
36,830
34,844
- Loans from third parties
12,612
12,642
6,345
- Financial lease right-of-use
4,259
3,982
4,505
- Financial lease
1,187
862
474
Commissions and collaterals
28,083
23,034
22,389
Interest from Tax Administration
4,827
14,236
16,326
Exchange difference loss, net
3,766
47,211
269
Factoring expenses
722
93
1,973
Other financial expenses
1,028
2,235
5,339
141,803
196,415
156,474
B.
Interests for present value of financial assets or liabilities
In thousands of soles
2020
2021
2022
Interest income for present value of financial asset or liability (a)
32,734
3,127
13,299
Interest expenses for present value of financial asset or liability (b)
(
4,552
)
(
66,159
)
(
99,313
)
28,182
(
63,032
)
(
86,014
)
a.
In
2022, corresponds mainly to the adjustment of the account receivable of the subsidiary Viva Negocio Inmobiliario S.A. for the present
value of the receivable from the Ministry of Housing, Construction and Sanitation of the Ancon Project for S/
8
million at a discount
rate of
7.99
%. (S/
1.7
million at a discount rate of
8
% as of December 31, 2021). In 2020 corresponds to the present value adjustment
of the account receivable from Gasoducto Sur Peruano S.A. for S/
22.9
million, due to the variation in the discount rate applied, which
decreased from
2.48
% to
1.65
% in 2020.
b.
Mainly
correspond to:
(i)
Adjustment to the present value of the account receivable from Gasoducto Sur Peruano S.A. for S/72.2 million, due to the variation in
the discount rate applied, which increased from 2.73% to 5.86% (S/32.8 million due to an increase in the rate from 1.65% to 2.73% as
of December 31, 2021).
(ii)
Adjustment to the fair value of the BCI loan in Inversiones en Autopistas S.A. for S/16.6 million due to the variation of the discount
rate applied, which increased from 8.39% to 9.97% (S/12.4 million for rate increase from 6.45% to 8.39% as of December 31, 2021).
(iii)
Present value of the account receivable from Inversiones Majes S.A. in Viva Negocio Inmobiliario S.A. for S/5 million at an applied discount
rate of 8%.
F-
115
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
27.
Other Income and Expenses
For the years
ended December 31, these items include the following:
In thousands of soles
2020
2021
2022
Other income:
Sale of assets
9,118
9,618
11,274
Supplier debt forgiveness
14,545
-
5,244
Penalty income
1,168
1,883
4,715
Change in contract of the call option (a)
-
70,322
3,706
Recovery of provisions and impairments
6,501
6,070
2,067
Insurance compensation
156
3,728
209
Others
4,072
5,593
8,024
35,560
97,214
35,239
Other expenses:
Civil compensation recognized from the Agreement (Note 21.a)
64,571
-
258,267
Administrative sanctions and legal processes (b)
34,242
61,252
18,265
Net cost of fixed assets disposal
6,478
7,794
8,137
Asset impairment (c)
103,074
20,371
26,211
Disposal of property, plant and equipment
501
3,764
4,137
Renegotiation of contract with suppliers
4,889
176
6,356
Valuation of well abandonment
2,438
7,211
-
Others
549
1,123
4,480
216,742
101,691
325,853
Other income and expenses
(
181,182
)
(
4,477
)
(
290,614
)
(a)
As of December 31, 2021, the subsidiary Cumbra Peru S.A. renegotiated the terms of the put option arrangement signed with the minor shareholder Morelco S.A.S. at the acquisition of asset. This renegotiation ended with the signature of a new acquisition agreement for US$
15.4
million, superseding the original put option arrangement. Therefore, the Company recognized S/
70.3
million in "Other income – Change in contract of the call option" in 2021. Also, there was a prepayment discount of S/
3.7
million in 2022. (Note 20.i).
(b)
As of December 31, 2022, it corresponds to: i) Penalty imposed by INDECOPI´s Technical Secretariat for S/
0.3
million. ii) Income tax penalties for S/
13.1
million, AENZA S.A.A. for S/
1
million, Cumbra Peru S.A. for S/
7.4
million and Cumbra Ingenieria S.A. for S/
4.7
million. iii) Penalty imposed by OSITRAN on Tren Urbano de Lima S.A. for S/
3.2
million, iv). Provision of labor proceedings of subsidiary Red Vial 5 S.A. amounting to S/
1.6
million. As of December 31, 2021, it mainly corresponds to the penalty imposed by INDECOPI's Technical Secretariat to Cumbra Peru S.A. for S/
28.1
million and Unna Transporte S.A.C. for S/
2.4
million (Note 21.a); additionally, income tax penalties in AENZA S.A.A. for S/
18.2
million, Cumbra Peru S.A. for S/
9.5
million and Cumbra Ingenieria S.A. for S/
0.9
million. In 2020, exposure of the fine by the Technical Secretariat of INDECOPI of the subsidiary Cumbra Peru for S/
24.5
million and other minor proceedings for S/
9.7
million.
(c)
As of December 31, 2022, it corresponds to the impairment of investments of AENZA S.A.A. for S/
14.8
million (Note 14.i), impairment of other accounts receivable of Viva Negocio Inmobiliario S.A.C. for S/
8.1
million, related to Consorcio Panorama (Note 12), impairment of intangible assets for S/
3.1
million corresponds to the subsidiary Cumbra Peru S.A. for S/
2.6
million (Vial y Vives - DSD S.A. trademark) and AENZA S.A.A. for S/
0.5
million, others minor for S/
0.2
million. As of December 31, 2021, it corresponds to the impairment of other accounts receivable for S/
19.9
million, as a consequence of the financial obligation assumed by AENZA S.A.A. in favor of Adexus S.A.
In
2020, corresponds to: i) impairment of other accounts receivable generated by the subsidiary Concesionaria Via Expresa Sur S.A.
for S/
55.8
million, as a consequence of the new estimates of the Company on the recovery of the investment it maintains in the project;
ii) impairment of other accounts receivable of CAM Holding S.p.A. for S/
12.5
million for claims accepted against the guarantee account;
iii) impairment of trade receivables generated by the subsidiary Unna Transporte S.A.C. for S/
33.7
million to the Regional Government
of Cusco iv) other minor for S/
0.5
million of other receivables and S/
0.5
million of trade receivables.
F-
116
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
28.
Tax Situation
A.
According
                                            to current provisions legally in force for Peru, Chile, and Colombia, each company of the
                                            Corporation is individually subject to the applicable taxes. The Management considers that
                                            it has calculated the income tax base according to the current tax provisions legally in
                                            force for every country.
The
Company and subsidiaries are subject to Peruvian tax regime. As of December 31, 2021 and 2022, the Corporate Income Tax rate in Peru
is calculated on the basis of the net taxable income determined by the Company at a rate of
29.5
% and the Income tax rate applicable
to the distribution of dividends and any other form of profit distribution is
5
%.
B.
In accordance with current Peruvian tax legislation, non-domiciled individuals only pay taxes for its Peruvian source income. Thus, in general terms, revenues obtained by non-domiciled individuals from the services rendered in the country shall be subject to a
30
% Income Tax on gross income; provided that no double tax treaties are applicable. Currently, Peru has entered into double tax treaties with the Andean Community, Chile, Canada, Brazil, Portugal, Switzerland, Mexico, and South Korea.
Concerning
the technical assistance or digital services rendered by non-domiciled individuals to domiciled individuals, regardless of the place
where the service is rendered, they shall be subject to a
15
% and
30
% income tax rate on gross income, respectively. Technical assistance
will be subject to a
15
% rate, provided that Income Tax Law requirements are met. As stated in the foregoing paragraph, the withholding
rate may vary in these cases or withholding may not be applicable based on the provisions set forth in a double tax treaty.
C.
Changes
                                            in the Income Tax Law in Colombia
Since
2021, several regulations have been published regarding income tax applicable to subsidiaries domiciled in Colombia:
a)
Law
                                            2155 of Social Investment, whose amendments are effective as of 2022.
●
Increase of the income tax rate for legal entities to
35
% as from 2022.
●
Discount of the Industry and Trade Tax (ICA) of
50
% plus the tax for notices and boards paid during the taxable year. Effective only until fiscal year 2022.
●
Tax standardization: this tax is created as an additional tax on income, being the generating fact the omission of assets or declaring nonexistent liabilities. The rate of this new tax will be
17
% and the taxable base will be the one established in section 2 of the social investment law. The standardization tax is not a deductible expense for the calculation of income tax.
●
Audit
                                            benefit: the term for the DIAN (Colombian tax authorities) to examine the years 2022 and
                                            2023 income tax returns is extended, being the definitive terms 6 and 12 months. This benefit
                                            does not apply to companies with a tax of less than 71 UVT (tax value unit) or that have
                                            tax benefits due to their location in a specific geographical area.
b)
Law
                                            2277 of Tax Reform for Equality and Social Justice, whose changes are in force since 2023.
●
New Minimum Tax The taxpayer and/or the business group to which it belongs must calculate an effective rate (adjusted income tax/debugged profit) which may not be less than
15
%.
●
Limit of
3
% of the taxable income for the addition of some non-taxable income, special deductions, exempt income and tax discounts.
●
For foreign companies and entities and non-domiciled individuals, the withholding rate increases for dividends from profits that have been considered as revenue not constituting income or occasional gain. In this case, the withholding rate would be
20
% (
10
% in force until 2022).
●
The occasional income tax rate is set at
15
% (
10
% effective until 2022)
D.
Tax
                                            Loss carryforward
In
Peru the tax loss regime regulated by Section 50° of the Income Tax Law establishes two systems for offsetting tax losses:
Offsetting
the loss with the net corporate income obtained during the four years following the period of its generation, year after year, until
the amount disappears (A System). The uncompensated balance after such term may not be offset in the following periods.
F-
117
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Offsetting
the loss with
50
% of net corporate income obtained during the immediately following periods, year after year, until the amount disappears
(B System).
By
means of Legislative Decree 1481, published on May 8, 2020, exceptionally, the loss carryforward period under System A of loss offsetting,
only for the total net corporate loss of Peruvian source obtained in the taxable year 2020, will be five (5) years.
In
Chile, tax losses are set off against future taxable income with no expiration limit.
As
of December 31, 2022, the total tax loss amounts to S/
616
million (as of December 31, 2021, a total of S/
639
million) and is
composed as follows:
Tax loss
aplication
Application
Statute of
Tax loss
method
2023
2024
Forward
limitations
Cumbra Peru S.A.
316,986
B
28,139
26,467
262,380
-
Vial y Vives - DSD S.A.
212,369
No aplica
-
22,047
190,322
-
Unna Energia S.A.
38,242
A
30,255
7,987
-
2,026
AENZA S.A.A.
22,237
B
22,237
-
-
-
Transportadora de Gas Natural Comprimido Andino S.A.C.
15,532
B
350
375
14,807
-
Carretera Andina del Sur S.A.C.
9,025
B
239
471
8,315
-
Consorcio Constructor Chavimochic
1,518
B
1,518
-
-
-
615,909
82,738
57,347
475,824
E.
The
                                            income tax shown in the consolidated statement of profit or loss comprises the following:
In thousands of soles
Note
2020
2021
2022
Current income tax
53,852
113,000
127,952
Deferred income tax
23
320
(
66,595
)
3,394
Income tax
54,172
46,405
131,346
F.
The
                                            Corporation's income tax differs from the theoretical amount that would result from
                                            applying the Corporation entities' weighted average income tax rate applicable to consolidated
                                            pretax income as follows:
In thousands of soles
2020
2021
2022
Loss before income tax
(
144,082
)
(
28,637
)
(
230,708
)
Income tax by applying local applicable tax rates on
    profit generated in the respective countries
(
43,830
)
(
7,879
)
(
68,537
)
Tax effect on:
- Non-deductible expenses
47,761
33,489
143,627
- Change in prior years estimations
2,213
8,492
26,486
- Unrecognized deferred income tax asset
24,930
1,459
26,518
- Provision of tax contingencies
(
3,421
)
14,240
3,631
- Equity method (profit) loss
(
227
)
254
350
- Non-taxable income
(
22
)
(
57
)
(
914
)
- Others
(
736
)
(
3,593
)
185
Income tax
54,172
46,405
131,346
F-
118
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
G.
The theoretical tax disclosed results from applying the income tax rate in accordance with the tax legislation of the country where each company that is part of the Corporation is domiciled. In this regard, companies domiciled in Peru, Chile, and Colombia applied in 2022 income tax rates of
29.5
%,
27
%, and
35
% respectively (
29.5
%,
27
%, and
31
% in 2021). Red Vial 5 S.A., Tren Urbano de Lima S.A., Concesionaria Via Expresa Sur S.A., and Unna Energia S.A. (Lots III and IV) have legal stability agreements signed with the Peruvian Government in force during the term of the associated concessions. Therefore, the consolidated theoretical amount is obtained from weighting the profit or loss before income tax and the applicable income tax rate.
Profit/Loss
Applicable
before
Tax
Income
Income
Rates
Tax
Tax
In thousands of soles
(A)
(B)
(A)*(B)
Country
2020
Peru
29.50
%
(
130,909
)
(
38,612
)
Peru - Red Vial 5 S.A.
27.00
%
(
2,029
)
(
548
)
Peru - Tren Urbano de Lima S.A.
30.00
%
87,521
26,256
Peru - Via Expresa Sur S.A.
30.00
%
(
53,697
)
(
16,109
)
Peru - Unna Energia S.A.
29.00
%
(
1,930
)
(
540
)
Chile
27.00
%
5,401
1,458
Colombia
32.00
%
(
11,178
)
(
3,577
)
Bolivia
25.00
%
(
13
)
(
3
)
México
30.00
%
(
1,283
)
(
385
)
Unrealized gains
(
3,095
)
(
2,073
)
(
111,212
)
(
34,133
)
Profit/Loss
Applicable
before
Tax
Income
Income
Rates
Tax
Tax
In thousands of soles
(A)
(B)
(A)*(B)
Country
2021
Peru
29.50
%
(
58,347
)
(
17,213
)
Peru - Red Vial 5 S.A.
27.00
%
40,473
10,928
Peru - Tren Urbano de Lima S.A.
30.00
%
61,484
18,445
Peru - Via Expresa Sur S.A.
30.00
%
(
3,804
)
(
1,141
)
Peru - Unna Energia S.A.
29.00
%
24,699
6,916
Chile
27.00
%
(
71,692
)
(
19,357
)
Colombia
31.00
%
1,040
322
Bolivia
25.00
%
59
15
México
30.00
%
(
288
)
(
86
)
Unrealized gains
(
22,261
)
(
6,708
)
(
28,637
)
(
7,879
)
Profit/Loss
Applicable
before
Tax
Income
Income
Rates
Tax
Tax
In thousands of soles
(A)
(B)
(A)*(B)
Country
2022
Peru
29.50
%
(
353,545
)
(
104,295
)
Peru - Red Vial 5 S.A.
27.00
%
58,381
15,763
Peru - Tren Urbano de Lima S.A.
30.00
%
101,086
30,326
Peru - Via Expresa Sur S.A.
30.00
%
(
118
)
(
35
)
Peru - Unna Energia S.A.
29.00
%
51,884
14,528
Chile
27.00
%
(
43,924
)
(
11,859
)
Colombia
35.00
%
2,685
940
Bolivia
25.00
%
(
158
)
(
40
)
México
30.00
%
53
16
Unrealized gains
(
47,052
)
(
13,881
)
(
230,708
)
(
68,537
)
F-
119
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
H.
Income
                                            Tax Assessment
Peruvian
Tax Authorities are entitled to examine and, if applicable, to correct the income tax calculated by the Company within the four years
following the year of tax return filing, counted as from January 1 of the year after the filling of the corresponding tax return (years
open to audit). Tax returns for years 2018 through 2022 are open for examination. Management considers that no significant liabilities
will arise as a result of these income tax assessments. In addition, tax returns for years 2019 through 2022 are pending examination
by the Chilean tax authorities, who are entitled to conduct examinations within a period of three years from the date of presentation
of the respective tax returns. Likewise, in Colombia, tax returns for years 2020, 2021, and 2022 are pending examination by the Colombian
tax authorities, who are entitled to conduct examinations within a period of two ears from the date of presentation of the respective
tax return.
In
addition, the declaration of National Emergency issued by government by means of Executive Order 044-2020-PCM and its amendments, suspended
the term for limitations of the Tax Administration's auditing from March 16, 2020 to June 10, 2020, i.e., for a period of eighty
seven (87) calendar days
.
Due
to possible varied interpretations of the current legal regulations by the Tax Authorities, it is not possible to determine, to date,
whether a future tax audit will result or not in liabilities for the Company; therefore, any difference that might arise from eventual
tax audits would be applied to profit or loss for the period in which it is determined.
I.
Uncertainty
                                            over income tax treatments
The
Corporation has performed an assessment of uncertain tax treatment positions in accordance with IFRIC 23 and determined, based on its
tax compliance and transfer pricing study, that it is probable that its tax treatments will be accepted by the tax authorities. The Interpretation
had no impact on the Corporation's consolidated financial statements as of December 31, 2021 and 2022.
J.
Temporary
                                            Tax on Net Assets (ITAN)
It
is applicable to the Corporate Income, whose taxable base is constituted by the adjusted net assets at the end of the fiscal year prior
to payment, after deducting depreciation, amortization, legal reserve, and specific provisions for credit risk. The tax rate is
0.4
%
for year 2021 and 2022 and is applied to the amount of net assets exceeding S/1 million. It may be paid in cash or in nine consecutive
monthly installments. The paid amount may be used as a credit against payments on account of General Regime of Income Tax for taxable
periods from March to December of the fiscal period for which the tax was paid until maturity date of each of the payments on account,
and against the payment for regularization of income tax of the corresponding taxable period. In the event a remaining balance is not
applied, its refund could be requested. The Corporation has determined that its Temporary Tax on Net Assets in 2022 amounts to S/
21.5
million (S/
21.8
million in 2021).
K.
Tax
                                            on financial transactions
Tax
on Financial Transactions (ITF) for the periods 2021 and 2022 was fixed at the rate of
0.005
%. This tax is applied on debits and credits
in bank accounts or movements of funds made through the financial system, unless the account is tax-exempt.
L.
Transfer
                                            pricing
For
Income Tax determination purposes, transfer pricing for transactions carried out with related parties and with companies domiciled in
territories with low or null taxation, shall be supported with documentation and information about the valuation methods used, and the
criteria considered for pricing. Until fiscal year 2016, it was mandatory to submit a Transfer Pricing Sworn Statement and a Technical
Study.
By
means of Legislative Decree 1312, published on December 31, 2016 and effective January 1, 2017, the following formal obligations were
established to replace the former ones: (i) presentation of a Local File (subject to materialization limits); (ii) presentation of a
Master File (subject to materialization limits), and (iii) presentation of a Country-by-Country Reporting. The presentation of the Master
File and the Country-by-country reporting will become obligatory from 2018 onwards.
F-
120
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
In
addition, the Decree 1312 also established that intra-group services with low added value shall not have a margin greater than
5
% of
their costs. Concerning the services rendered among related parties, taxpayers shall comply with the benefit test and provide the documentation
and information under specific conditions for the deduction of costs or expenses.
Based
on the analysis of operations of the Company, the Management and its legal advisors consider that, as a consequence of the application
of these provisions, no material contingencies will arise as of December 31, 2021 and 2022.
M.
The
                                            current income tax payable – after applying the corresponding tax credits – maturing
                                            on the first week of April of the following year, mainly include the following:
■
Viva Negocio Inmobiliario S.A.C.
S/
40.5
million in 2022 (S/
0.7
million in 2021)
■
Tren Urbano de Lima S.A.
S/
3.3
million in 2022
■
Red Vial 5 S.A.
S/
13.9
million in 2021
■
Unna Energia S.A.
S/
14.1
million in 2021
N.
Major
                                            amendments to Peruvian tax laws effective from January 1, 2021
i.
Accrual
accounting concept
Legislative
Decree 1425 introduced the definition of "legal accrual" for income tax purposes, applicable from 2019, stating that: a)
income from transfer of goods occurs when i) control has been transferred (in accordance with IFRS 15); or ii) risk has been
transferred to the acquirer (Risk Theory set out in the Civil Code), whichever occurs first; and b) income from service rendering
occurs when realization level of the rendered service has been established.
The
new legal accrual concept is applicable to lessees for determining the tax treatment of the expense associated with lease agreements
regulated by IFRS 16 (e.g. operating leases for tax purposes).
The
concept serving as comment will not be applicable for those entities accruing income or expenses for Income Tax in accordance with tax
provisions establishing a special (sectorial) regime of accrual.
ii.
Deduction
of expenses or costs incurred in transactions with non-domiciled parties
Legislative
Decree 1369 requires that costs and/or expenses (including outbound interest) incurred with non-domiciled individuals must be paid effectively
to be deducted in the year they were incurred. Otherwise, their impact on the determination of net income will be deferred to the year
in which they are actually paid and the corresponding withholding will be applied.
This
regulation eliminated the obligation to pay the amount equivalent to the withholding on the amount recorded as cost and/or expense.
iii.
Indirect
loan
As
from January 1, 2019, under certain requirements, domiciled entities receiving foreign inbound dividends may deduct as direct loan the
income tax that would have been levied on the foreign dividends and the corporate income tax (indirect loan) paid by the tier 1 and tier
2 non-domiciled entity (provided they are in the same jurisdiction) that would have been applied to distribute the dividends from abroad.
F-
121
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
iv.
Measures
to implement the General Anti-avoidance Rule provided in the regulation XVI of Tax Code
Legislative
Decree 1422 set up the procedure to implement the General Anti-avoidance Rule, mainly stating that: (i) it is applicable only in final
audit procedures in which acts, events or situations that occurred since July 19, 2012, are reviewed; (ii) it is applicable only if there
is a favorable opinion from a review committee composed of Tax Authorities' officers (said opinion is not appealable); and (iv) final
audit procedures, in which the General Anti-avoidance Rule is applicable, are not subject to the one (1) year term to request information
from the audited parties.
On
May 6, 2019, Executive Order 145-2019-EF was published in the Official Gazette
El Peruano
. This Decree approves the substantive
and formal parameters for the application of the general anti-avoidance rule contained in Rule XVI of the Tax Code., thus, complying
with the requirement to release the suspension established by Law 30230 for the application of said rule. Likewise, SUNAT Audit Procedure
Regulations have been adapted for this purpose.
By
means of Resolution 000184-2021/SUNAT, published on December 13, 2021, the members of the Review Committee of SUNAT referred to in Article
62-C of the Sole Ordered Text of the Tax Code were appointed, which states that when applying the Anti-avoidance Rule in an audit procedure,
a report must be sent together with the audit file to the Review Committee.
v.
Joint
and several liability of legal representatives and Directors
Legislative
Decree 1422 establishes that from September 14, 2018, when an audited individual is subject to the General Anti-Avoidance Rule, there
is joint and several liability of legal representatives due to fraud, gross negligence, or misuse of powers, unless proven otherwise.
The aforementioned joint and several liability shall be attributed to said representatives provided that they collaborated in the design,
approval or execution of the acts, situations or business relationships with an avoidance purpose.
This
regulation also applies to the members of the Board of Directors, indicating that they shall establish a tax strategy for the companies
in which they act as directors, having to decide whether or not to approve the acts, situations or business relationships to be carried
out within the framework of tax planning; they shall not delegate such responsibility.
Lastly,
the members of the domiciled companies' Board of Directors were granted a term, with maturity on March 29, 2019, to verify or modify
the acts, situations or business relationships carried out within the tax planning and implemented as of September 14, 2018, that continue
having tax effect to date.
Considering
the maximum term established for compliance with said formal obligation, the aforementioned joint and several liability attributable
to legal representatives and directors, and the absence of a definition of 'tax planning', it will be crucial to review any act, situation
or economic relation that has: (i) increased tax allocation; and/or (ii) generated a lower payment of taxes for the aforementioned periods,
in order to avoid the attribution of joint and several liability, both administratively and punitively, depending on the supervisory
agent criterion. The latter, in case the company to be audited by the Tax Authorities is subject to the General Anti-Avoidance Rule.
vi.
Information
related to ultimate beneficiaries
In
line with the regulations to strengthen the fight against tax evasion and avoidance, as well as against money laundering and terrorism
financing, as from August 3, 2018, provisions introduced by Legislative Decree 1372 are currently in force. The aforementioned decree
requires the presentation of information related to ultimate beneficiaries to the competent authorities by means of a sworn statement
of the ultimate beneficiaries. Said statement shall disclose the names of the natural persons that effectively retain ownership or control.
Accordingly, it is mandatory to report the following information: (i) identification of the ultimate beneficiary; (ii) chain of title
with its respective supporting documents; and (iii) identification of third parties that have said information, if applicable. It is
also noted that the information related to the identification of the ultimate beneficiaries of legal persons and legal entities that
will be provided to the competent authorities within the framework of these rules does not constitute a violation of professional secrecy
nor is it subject to the restrictions on disclosure of information derived from confidentiality imposed by contract or by any legal or
regulatory provision.
F-
122
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
Likewise,
by means of Superintendence Resolution 041-2022/SUNAT, effective as of March 25, 2022, the new parties obliged to file the sworn statement
of the ultimate beneficiaries for fiscal years 2022 and 2023 (provided that they have not filed any in December 2019) were established.
The
legal entities were obliged to file the sworn statement of the ultimate beneficiaries in accordance with the maturity schedule for monthly
obligations for the period December 2022; however, by means of Superintendence Resolution 000278-2022/SUNAT, such due date was postponed
until the period December 2023.
It
should be taken into consideration that, if the sworn informative statement containing the information related to the ultimate beneficiaries
is not filed, the legal representatives of the entity that failed to file such statement will be jointly and severally liable.
vii.
Indirect
Transfer of Shares
Since
January 1, 2019, an anti-avoidance measure has been applied to prevent the split of operations, which allows indirect transfer of shares
of companies domiciled in Peru.
It
is indicated that in order to establish whether in a twelve-month period the transfer of
10
% or more of the capital of the Peruvian company
has been complied with, the transfers made by the subject under analysis are considered, as well as those made to its related parties,
whether they are executed through one or several simultaneous or successive operations. The relationship shall be established in accordance
with provisions of article 32-A (b) of the Income Tax Law.
In
addition, regardless of compliance with the provisions of the Income Tax Law, an indirect taxable transfer shall always be established
when, over any period of 12 months, the total amount of transferred shares of the Peruvian legal person is equal to or greater than forty
thousand (
40,000
) UIT.
Likewise,
when the transferor is a non-domiciled legal person that has a branch office or any permanent establishment in Peru with allocated equity,
the latter is considered a jointly liable party. Thus, the latter is required to provide information, among other, regarding the transferred
shares or interest of the non-domiciled legal person.
viii.
Thin
Capitalization
Beginning
January 1, 2021, finance cost will be deductible up to
30
% of the tax-EBITDA (Net Income – Loss Offsetting + Net Interest + Depreciation
+ Amortization) of the prior period. There are some exemptions regarding this
30
% limit for banks, taxpayers whose income is lower than
2,500
UIT (tax units), infrastructure, public services, among others.
Executive
Order 402-2021, published on December 30, effective as of December 31, 2021, amended the Income Tax Law Regulation that regulates the
calculation of the tax EBITDA for purposes of the debt interest limit.
For
2019 and 2020 periods, the finance cost generated by indebtedness of independent and related parties is subject to thin capitalization
limit of 3:1 debt-to-equity ratio, which is calculated at the end of the prior period.
ix.
Other
relevant changes
Within
the framework of the delegation of powers to legislate on tax, fiscal, financial and economic reactivation matters, given to the Executive
Branch (Law 31380), on December 30, 2021, the first tax regulations were published, among which the tax benefits approved for the Aquaculture
and Forestry sector, the standardization of the cost for access to tax stability and the extension of the VAT exemptions stand out.
F-
123
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
They
extend the validity of some exonerations and tax benefits, specifically the following:
●
The
exemptions contained in Appendices I and II of the Sales Tax Law were extended until December 31, 2025. Consequently, the sale of staple
foods and basic services such as public transportation, among others, will not be levied with sales tax. Link to the regulation of comment:
Law 31651
●
The
issuance of electronic money will not be levied with sales tax until December 31, 2024. Link to the regulation of comment: Legislative
Decree 1519
●
The
refund of taxes levied on acquisitions with donations from abroad and imports from diplomatic missions is allowed until December 31,
2024: Link to the regulation of comment: Legislative Decree 1519
In
addition, Executive Order 1516, published on December 30, 2021, and in force as from December 31, 2021, established the standardization
of the cost for access to the stability provided for in the Legal Stability Agreements under Legislative Decrees 662 and 757. Accordingly,
such decree has modified Article 1 of Law 27342 that regulates such agreements. Therefore, receiving companies signing with the government
stabilizes the Income Tax to be applied according to the regulations in force at the time of the subscription of the corresponding agreement,
being applicable the current rate referred to in the first paragraph of Article 55 of the Income Tax Law at that time plus 2 (two) percentage
points.
Likewise,
Legislative Decree 1529, effective beginning on April 1, 2022, amended Law 28194 "Law for the Fight against Evasion and for the
Formalization of the Economy", regarding the cases in which means of payment must be used; the amount from which it is obligatory
to use means of payment, and the obligation to report to the Tax Authority about payments made to third parties other than the creditor.
29.
Other comprehensive Income
The analysis
of this movement is shown below:
Exchange
Foreign
Increase in
difference
from net
currency
fair value of
investment
translations
available-for
in a foreign
adjustment
sale assets
operation
Total
As of January 1, 2020
(
69,282
)
7,461
(
9,954
)
(
71,775
)
(Charge) credit for the year
8,158
-
708
8,866
As of December 31, 2020
(
61,124
)
7,461
(
9,246
)
(
62,909
)
As of January 1, 2021
(
61,124
)
7,461
(
9,246
)
(
62,909
)
(Charge) credit for the year
(
5,230
)
-
(
425
)
(
5,655
)
As of December 31, 2021
(
66,354
)
7,461
(
9,671
)
(
68,564
)
(Charge) credit for the year
(
20,814
)
(
7,461
)
(
287
)
(
28,562
)
As of December 31, 2022
(
87,168
)
-
(
9,958
)
(
97,126
)
The foregoing
amounts only represent the amounts attributable to the Company's controlling interest, net of tax. The table below shows the movement
in other comprehensive income per year:
In thousands of soles
2020
2021
2022
Controlling interest
-
(
5,655
)
(
28,562
)
Non-controlling interest
218
218
(
99
)
Total value in OCI
218
(
5,437
)
(
28,661
)
F-
124
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
30.
Contingencies, Commitments, and Warranties
In
the opinion of Management and its legal advisors, the provisions registered mainly for lawsuits (civil, tax, labor claims, administrative
proceedings, and contentious-administrative proceedings) are sufficient to cover the results of these probable contingencies (Note 21),
generating probable contingencies for S/
390.1
million (S/
387.8
million as of December 31, 2021).
A.
Tax contingencies
As
of December 31, 2022, the Company considers that the maximum exposure for tax contingencies of the Corporate amounts to S/
311
million (S/
303.1
million as of December 31, 2021), according to the following details:
Appeal process before Tax Court totaling
S/
256
million (AENZA S.A.A.'s income tax return for years 2013, 2014, and 2015 amounting to S/
124.1
million;
Cumbra Peru S.A.'s income tax return for years 2012 and 2014 amounting to S/
106.4
million; Consorcio Constructor Ductos del
Sur's income tax return for year 2014 amounting to S/
10.8
million; Consorcio Constructor Chavimochic's income tax
return for years 2014, 2015, and 2016 amounting to S/
9
million; Cumbra Ingenieria S.A.'s income tax return for years
2013 and 2016 amounting to S/
3.3
million; Viva Negocio Inmobiliario S.A.C.'s income tax return for year 2009 amounting
to S/
1.6
million; and Unna Transporte S.A.C.'s income tax and sales tax returns for year 2015 amounting to S/
0.8
million).
Claim process before SUNAT totaling S/
55
million (examination of AENZA S.A.A.'s tax returns for year 2016 for S/
35.3
million; Cumbra Ingenieria S.A.'s tax
returns for years 2014 and 2015 for S/
18.4
million; and Cumbra Peru S.A.'s tax return for year 2016 for S/
1.3
million.
As of December 31, 2021 and 2022, in the opinion
of the Corporation's Management, all of the aforementioned processes will be favorable considering their characteristics and the
evaluation of its legal advisors.
B.
Other contingencies
As of December
31, 2022, the Company considers that the maximum exposure for other contingencies of the Corporation amounts to S/
79.1
million
(S/
84.7
million and the closure of 2021), according to the following details:
Civil
lawsuits, mainly related to indemnities for damages, contract terminations and obligations to pay a sum of money totaling S/
26.9
million (Cumbra Peru S.A. for S/
20.1
million, Cumbra Ingenieria S.A. for S/
3.8
million, Unna Transporte S.A.C. for S/
1.9
million, Red Vial 5 S.A. for S/
0.6
million, Viva Negocio Inmobiliario S.A.C. for S/
0.3
million, and Morelco S.A.S. for S/
0.2
million).
Labor proceedings
amounting to S/
22.2
million (Morelco S.A.S. for S/
19
million, Unna Energia S.A. for S/
1.6
million, Unna Transporte
S.A.C for S/
1.2
million, and Cumbra Peru S.A, for S/
0.3
million, and Viva Negocio Inmobiliario S.A.C. for S/
0.1
million).
Contentious-administrative
proceedings for S/
15.3
million (Unna Energia S.A. for S/
12.8
million and Morelco S.A.S. for S/
2.5
million).
Administrative
proceedings for S/
14.7
million (Tren Urbano de Lima S.A. for S/
4.8
million, AENZA S.A.A. for S/
3.5
million, Cumbra
Peru S.A. for S/
6
million, and Viva Negocio Inmobiliario S.A.C. for S/
0.4
million).
C.
Letters of guarantee and Guarantors
As
of December 31, 2022, the Corporation has different letters of guarantee and guarantors in force in various financial entities ensuring
operations for US$
574.6
million (US$
471.9
million as of December 31, 2021).
F-
125
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
31.
Non-controlling Interest
The following
table summarizes the information relating to each of the Corporation´s subsidiaries that has material non-controlling interests,
before any intra-group eliminations.
At December 31, 2021
In thousands of soles
VIVA
    Negocio Inmobiliario S.A.C. and subsidiaries
Red
    Vial 5 S.A.
Tren
    Urbano de Lima S.A.
Cumbra
    Ingenieria S.A. and subsidiaries
Unna
    Energia S.A.
Cumbra
    Peru S.A. and subsidiaries
Promotora
    Larcomar S.A.
Other
    individually immaterial subsidiaries
Intra-group
    eliminations
Total
Percentage
    of non-controlling interest
43.78
%
33.00
%
25.00
%
10.59
%
5.00
%
0.61
%
53.45
%
Current assets
493,385
104,292
344,799
153,193
259,812
1,310,936
301
Non-current assets
111,528
368,258
669,898
13,061
516,390
910,564
13,369
Current liabilities
(
211,581
)
(
82,915
)
(
106,467
)
(
124,543
)
(
160,173
)
(
1,539,191
)
(
316
)
Non-current
    liabilities
(
29,742
)
(
221,274
)
(
741,202
)
(
62
)
(
208,159
)
(
182,756
)
(
7,777
)
Net
    assets
363,590
168,361
167,028
41,649
407,870
499,553
5,577
Net
    assets atributable to non-controlling interest
223,861
55,559
41,757
4,405
29,217
8,764
2,981
(
138
)
(
113,441
)
252,965
Revenues
239,391
197,137
348,915
285,920
541,859
2,468,067
-
Profit of the year
12,960
33,783
42,103
10,757
57,796
(
92,291
)
(
76
)
Other
    comprehensive income
-
-
-
(
26
)
-
(
4,246
)
-
(
1,165
)
-
(
5,437
)
Total
    comprehensive income for the year
12,960
33,783
42,103
10,731
57,796
(
96,537
)
(
76
)
Profit of the year, allocated
    to non-controlling interest
12,166
11,148
10,526
1,137
6,502
(
511
)
(
41
)
(
189
)
(
784
)
39,954
Other
    comprehensive income, allocated to non-controlling interest
-
-
-
-
-
219
-
(
1
)
-
218
Cash flows from operating
    activities
94,017
97,450
92,477
10,008
154,344
(
79,809
)
-
Cash flows from investment
    activities
1,114
(
3,924
)
162
29
(
67,323
)
(
28,592
)
-
Cash
    flows from financing activities
(
58,834
)
(
69,914
)
(
59,212
)
(
1,921
)
(
25,313
)
22,413
-
Net
    increase (decrease) in cash and cash equivalents
36,297
23,612
33,427
8,116
61,708
(
85,988
)
-
F-
126
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
At December 31, 2022
In thousands of soles
VIVA
    Negocio Inmobiliario S.A.C and subsidiaries
Red
    Vial 5 S.A.
Tren
    Urbano de Lima S.A.
Cumbra
    Ingenieria S.A. and subsidiaries
Unna
    Energia S.A.
Cumbra
    Peru S.A. and subsidiaries
Promotora
    Larcomar S.A.
Other
    individually immaterial subsidiaries
Intra-group
    eliminations
Total
Percentage of non-controlling
    interest
0.46
%
33.00
%
25.00
%
10.59
%
5.00
%
0.61
%
53.45
%
Current assets
491,076
101,467
350,447
139,450
256,777
1,205,607
301
Non-current assets
181,951
320,589
703,876
10,094
659,686
813,021
13,368
Current liabilities
(
252,577
)
(
71,293
)
(
118,709
)
(
115,556
)
(
206,111
)
(
1,530,113
)
(
86
)
Non-current liabilities
(
10,852
)
(
183,983
)
(
699,336
)
(
2,359
)
(
260,840
)
(
151,110
)
(
7,754
)
Net assets
409,598
166,780
236,278
31,629
449,512
337,405
5,829
Net assets atributable to non-controlling interest
131,097
55,037
59,070
3,346
31,541
2,283
3,116
(
128
)
(
860
)
284,502
Revenues
367,276
238,043
388,811
224,216
633,792
2,454,982
-
Profit of the year
82,887
44,119
69,250
(
10,038
)
63,890
(
137,455
)
-
Other comprehensive income
(
7,460
)
-
-
(
2
)
-
(
21,626
)
-
427
-
(
28,661
)
Total comprehensive income for
    the year
75,427
44,119
69,250
(
10,040
)
63,890
(
159,081
)
-
Profit of the year, allocated to non-controlling interest
51,793
14,559
17,313
(
1,084
)
7,090
(
714
)
135
(
375
)
380
89,097
Other comprehensive income, allocated to non-controlling
    interest
-
-
-
2
-
(
101
)
-
-
-
(
99
)
Cash flows from operating activities
61,317
79,113
70,345
(
23,183
)
167,952
(
194,356
)
-
Cash flows from investment activities
(
342
)
(
4,227
)
682
(
502
)
(
202,080
)
5,358
-
Cash flows from financing activities
(
59,316
)
(
78,866
)
(
81,326
)
(
2,865
)
19,515
119,538
-
Net increase (decrease) in cash
    and cash equivalents
1,659
(
3,980
)
(
10,299
)
(
26,550
)
(
14,613
)
(
69,460
)
-
F-
127
AENZA S.A.A.
                                            and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
32.
Dividends
In
compliance with certain covenants, the Company will not pay dividends, except for the transactions with non-controlling interests described
in Note 34. Certain debt or other contractual obligations may restrict the ability to pay dividends in the future.
Additionally, the Plea Agreement does not permit the distribution of
dividends until
40
% of the total amount of the committed Civil Compensation described in Note 1.C has been amortized.
For
the period ended December 31, 2022, the subsidiaries of the Corporation have declared dividends totaling S/
19.8
million to
their non-controlling interest parties amount that was fully paid plus S/
14.6
million from previous year (during 2021 have declared
S/
43
million and paid S/
26
million).
33.
Losses per Share
The
basic loss per common share has been calculated by dividing the loss of the year attributable to the Corporate's common shareholders
by the weighted average of the number of common shares outstanding during that year.
For
the periods ended December 31, 2020, 2021 and 2022, the basic loss per common share is as follows:
In thousands of soles
2020
2021
2022
Loss attributable to owners of the Company during the period
(
241,397
)
(
141,770
)
(
451,151
)
Weighted average number of shares in issue at S/1.00 each, at December 31,
(*)
871,917,855
871,917,855
1,120,038,177
Basic loss per share (in S/)
(**)
(
0.277
)
(
0.163
)
(
0.403
)
Weighted average number of shares
    (diluted) in issue at S/1.00 each, at December 31,
-
996,599,218
1,196,979,979
Diluted loss per share (in S/)
-
(
0.142
)
(
0.377
)
In thousands of soles
2020
2021
2022
Loss from continuing operations attributable to owners of the
    Company during the period
(
224,472
)
(
114,996
)
(
451,151
)
Weighted average number of shares in issue at S/1.00 each, at December 31,
(*)
871,917,855
871,917,855
1,120,038,177
Basic loss per share (in S/)
(**)
(
0.257
)
(
0.132
)
(
0.403
)
Weighted average number of shares
    (diluted) in issue at S/1.00 each, at December 31,
-
996,599,218
1,196,979,979
Diluted loss per share (in S/)
-
(
0.115
)
(
0.377
)
(*)
The weight average of the shares in 2022, considers the bond
capitalization effect in common shares issued on August 13th, 2021, performed in two tranches (February 28th and March 31st of 2022),
disclosed in note 22.A (weight: 59 days with 140,940,146 shares, 31 days with 77,263,799 shares and 275 days with 901,834,231 shares).
In addition, the weight average of the shares (diluted) in 2021 considers weight: 225 days with 537,483,609 shares and 140 days with
459,115,608.
(**)
The Corporation does not have common shares with dilutive
effects as of December 31, 2021 and 2022.
34.
Transactions with Non-controlling Interest
A.
Contributions (returns) from non-controlling shareholders
It
corresponds to contributions and returns made by the partners of the subsidiary Viva Negocio Inmobiliario S.A.C. for the realization
of real estate projects. As of December 31, the balances include:
In thousands of soles
2020
2021
2022
Contributions received
18
182
995
Returns of contributions
(
15,743
)
(
27,286
)
(
37,874
)
Decrease in equity of non controlling parties
(
15,725
)
(
27,104
)
(
36,879
)
F-
128
AENZA S.A.A. and Subsidiaries
Notes to the Consolidated Financial Statements
December 31, 2020, 2021 and 2022
35.
Reclassification of Operations of the Subsidiary Adexus S.A. as Discontinued Operations
On
November 19, 2019, Adexus S.A. filed a petition for bankruptcy reorganization under Chilean Law 20.720 before the Chilean courts. As
a result, the Company impaired the total investment in said subsidiary at the end of 2019. On January 9, 2020,
the Company reported that
the board of creditors of Adexus S.A. approved with the favorable vote of more than 80% of the pledgees and 85% of the secured creditors,
respectively, the judicial reorganization agreement proposed by Adexus S.A. under the reorganization proceeding.
On
December 27, 2021, the Company entered into a purchase and sale agreement for its entire interest (representing
100
%) in Adexus S.A. The sale price was agreed at US$
1
. On January 5, 2022, the Judicial Court in this case approved
the modification of the Judicial Reorganization Agreement filed by Adexus, which allows the transfer of Adexus S.A. shares.
The
financial result and cash flow information of the discontinued operation related to Adexus S.A. is shown below:
In thousands of soles
2020
2021
Revenues
167,624
162,967
Operating costs
(
157,268
)
(
157,299
)
Gross profit
10,356
5,668
Administrative expenses
(
18,896
)
(
21,698
)
Other income and expenses, net
(
1,664
)
20
Operating loss
(
10,204
)
(
16,010
)
Financial expenses
(
10,588
)
(
15,847
)
Financial income
104
121
Loss before income tax
(
20,688
)
(
31,736
)
Income tax
3,764
4,962
Loss from discontinued operations
(
16,924
)
(
26,774
)
Net effect in consolidated
(
16,924
)
(
26,774
)
Cash flows relating to the discontinued operations are as follows:
Operating cash flows
27,894
786
Investing cash flows
(
3,301
)
(
3,573
)
Financing cash flows
(
21,016
)
8,449
Net increase generated in subsidiary
3,577
5,662
36.
Events After the Consolidated Statements of Financial Position
Between January
1, 2023 and the date of issuance of this report, the following significant event has occurred:
-
On March 3, 2023, The Company has reached an agreement with the Ad
Hoc Peruvian Public Prosecutor's Office to comply with the provisions set forth in the Final Plea Agreement of September 15, 2022,
as a condition precedent to its homologation. AENZA S.A.A. awaits the approval of the Agreement by Court.
In
addition to this event, no additional material facts or events have occurred that would require adjustments or disclosures in the consolidated
financial statements as of December 31, 2022.
F-129