<SEC-DOCUMENT>0001213900-20-010559.txt : 20200430
<SEC-HEADER>0001213900-20-010559.hdr.sgml : 20200430
<ACCEPTANCE-DATETIME>20200430092849
ACCESSION NUMBER:		0001213900-20-010559
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200429
FILED AS OF DATE:		20200430
DATE AS OF CHANGE:		20200430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CEMENTOS PACASMAYO SAA
		CENTRAL INDEX KEY:			0001221029
		STANDARD INDUSTRIAL CLASSIFICATION:	CEMENT, HYDRAULIC [3241]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35401
		FILM NUMBER:		20833527

	BUSINESS ADDRESS:	
		STREET 1:		CALLE LA COLONIA 150
		STREET 2:		URBANIZACION EL VIVERO SURCO
		CITY:			LIMA 33
		STATE:			R5
		ZIP:			00000
		BUSINESS PHONE:		5113176000

	MAIL ADDRESS:	
		STREET 1:		CALLE LA COLONIA 150
		STREET 2:		URBANIZACION EL VIVERO SURCO
		CITY:			LIMA 33
		STATE:			R5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea121219-6k_cementos.htm
<DESCRIPTION>REPORT OF FOREIGN ISSUER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">





<P STYLE="margin: 0"></P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C.&nbsp; 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0; margin-top: 0; margin-right: 0"><B>FORM
6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0; margin-top: 0; margin-right: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-right: 0; margin-bottom: 0"><B>REPORT
OF FOREIGN ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15b-16 OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0; margin-top: 0; margin-right: 0"><B>For
the month of April 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0; margin-top: 0; margin-right: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0; margin-top: 0; margin-right: 0"><B>Commission
File Number 001-35401</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0; margin-top: 0; margin-right: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><B>CEMENTOS PACASMAYO S.A.A.</B><BR>
(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0; margin-top: 0; margin-right: 0"><B>PACASMAYO
CEMENT CORPORATION</B><BR>
(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0; margin-top: 0; margin-right: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0; margin-top: 0; margin-right: 0"><B>Republic
of Peru</B><BR>
(Jurisdiction of incorporation or organization)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0; margin-top: 0; margin-right: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0; margin-top: 0; margin-right: 0"><B>Calle
La Colonia 150, Urbanizaci&oacute;n El Vivero</B><BR>
<B>Surco, Lima</B><BR>
<B>Peru</B><BR>
<B>(</B>Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0; margin-top: 0; margin-right: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Form
20-F &nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F &nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0; margin-right: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0; margin-right: 0"><FONT STYLE="font-size: 10pt"><B>CEMENTOS
PACASMAYO S.A.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The following exhibit is attached:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: top; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT&nbsp;NO.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DESCRIPTION</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">99.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="ea121219ex99-1_cementos.htm">Unaudited interim condensed consolidated financial statements as of March 31, 2020</A></P>


</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2"><B>CEMENTOS PACASMAYO S.A.A.</B></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 34%">/s/ CARLOS JOSE MOLINELLI MATEO</TD>
    <TD STYLE="width: 60%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Name:</TD>
    <TD>Carlos Jose Molinelli Mateo</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Title:</TD>
    <TD>Stock Market Representative</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Date:</TD>
    <TD> April 29, 2020</TD>
    <TD>&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">2</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea121219ex99-1_cementos.htm
<DESCRIPTION>UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2020
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cementos
Pacasmayo S.A.A. and Subsidiaries</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
interim condensed consolidated financial statements<BR>
as of March 31, 2020 and for the three-month period then ended</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <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">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 107.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cementos
Pacasmayo S.A.A. and Subsidiaries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
interim condensed consolidated financial statements as of March 31, 2020 and for the three-month period then ended</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Content</B></FONT></TD>
    <TD STYLE="text-align: center; width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#fin_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Report on review of interim condensed consolidated financial statements</B></FONT></A></TD>
    <TD STYLE="text-align: center">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interim condensed consolidated financial statements</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#fin_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim condensed consolidated statements of financial position</FONT></A></TD>
    <TD STYLE="text-align: center">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#fin_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim condensed consolidated statements of profit or loss</FONT></A></TD>
    <TD STYLE="padding-left: -10pt; text-align: center">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#fin_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim condensed consolidated statements of other comprehensive income</FONT></A></TD>
    <TD STYLE="text-align: center">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#fin_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim condensed consolidated statements of changes in equity</FONT></A></TD>
    <TD STYLE="text-align: center">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#fin_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim condensed consolidated statements of cash flows</FONT></A></TD>
    <TD STYLE="text-align: center">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#fin_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to the interim condensed consolidated financial statements</FONT></A></TD>
    <TD STYLE="text-align: center">10</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <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: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="fin_001"></A>Report
on review of interim condensed consolidated financial statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of Cementos Pacasmayo S.A.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introduction</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have reviewed the accompanying interim condensed consolidated statement of financial position of Cementos Pacasmayo S.A.A. (a
Peruvian company) and its Subsidiaries (together the &ldquo;Group&rdquo;) as of March 31, 2020, and the related interim condensed
consolidated statements of profit or loss, other comprehensive income, changes in equity and cash flows for the three-month period
then ended, and explanatory notes. Management is responsible for the preparation and presentation of these interim condensed consolidated
financial statements in accordance with IAS 34 Interim Financial Reporting (IAS 34). Our responsibility is to express a conclusion
on these interim condensed consolidated financial statements based on our review.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scope
of review</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our review in accordance with International Auditing Standard on Review Engagements (ISRE) 2410, Review of Interim Financial
Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries,
primarily of the persons responsible for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently
does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conclusion</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated
financial statements are not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lima,
Peru</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
29, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Countersigned by:</FONT></TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cristian Emmerich</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.P.C.C. Register No. 39801</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <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: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="fin_002"></A>Cementos
Pacasmayo S.A.A. and Subsidiaries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
condensed consolidated statements of financial position</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2020 (unaudited) and December 31, 2019 (audited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<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">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of <BR> March 31,<BR> 2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<BR> December&nbsp;31,<BR> 2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 65%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">3</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">5,249</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">68,266</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Term deposits with maturity greater than ninety days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Trade and other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,038</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,530</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Income tax prepayments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,881</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,191</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -7.1pt; padding-left: 7.1pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">525,964</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">519,004</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Prepayments</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">15,677</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,339</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Total current asset</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">904,799</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">748,330</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Trade and other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,402</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,681</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -7.1pt; padding-left: 7.1pt">Prepayments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Financial instruments designated at fair value through other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,224</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,739</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,073,015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,100,682</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,919</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,366</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -7.1pt; padding-left: 7.1pt">Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,459</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,459</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Deferred income tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,516</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,419</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Right of use asset</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Other assets</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">190</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">200</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Total non-current asset</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,191,731</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,183,228</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Total assets</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,096,530</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,931,558</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Liability and equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Bank overdraft</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">9</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,507</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,007</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237,299</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Interest -bearing loans and borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10 and 16</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">311,241</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,774</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,410</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Provisions</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">11</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,935</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">16,603</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">477,100</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">352,733</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Financial obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10 and 16</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,019,786</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,003,130</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Other financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,302</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,793</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Other non-current provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,656</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,643</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Deferred income tax liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">151,443</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">145,099</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Total non-current liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,183,678</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,157,174</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Total liability</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,660,778</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,509,907</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -7.1pt; padding-left: 7.1pt">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Capital stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">423,868</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">423,868</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -7.1pt; padding-left: 7.1pt">Investment shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,279</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Investment shares holds in treasury</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(121,258</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(121,258</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: -7.1pt; padding-left: 7.1pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432,779</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432,779</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Legal reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168,636</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Other accumulated comprehensive results</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,476</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,853</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Retained earnings</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">507,924</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">497,200</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Total equity</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,435,752</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,421,651</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Total liability and equity</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,096,530</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,931,558</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of the interim condensed
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <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: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="fin_003"></A>Cementos
Pacasmayo S.A.A. and Subsidiaries&#9;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
condensed consolidated statements of profit or loss</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three-month period ended March 31, 2020 and March 31, 2019 (unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<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">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the three-month period <BR> ended March 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</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">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 65%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Revenue from contracts with customers</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">13</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">299,258</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">313,247</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Cost of sales</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(207,247</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(201,180</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Gross profit</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">92,011</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">112,067</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Operating income (expense)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(40,315</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(41,026</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: -7.1pt; padding-left: 7.1pt">Selling and distribution expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,725</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,375</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Other operating income, net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">204</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">933</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Total operating expenses, net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(53,836</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(50,468</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Operating profit</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">38,175</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">61,599</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Other income (expenses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Finance income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">347</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Finance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,629</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,482</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: -7.1pt; padding-left: 7.1pt">Loss on the valuation of trading derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(994</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">(Loss) gain from exchange difference, net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(4,150</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,153</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Total other expenses, net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(21,299</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(18,976</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Profit before income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,876</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,623</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Income tax expense</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">12</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(6,152</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(12,478</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: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Profit for the period</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">10,724</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">30,145</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -7.1pt; padding-left: 7.1pt">Earnings per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Basic profit for the period attributable to equity holders of common shares and investment shares of the parent (S/ per share)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.07</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of the interim condensed
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <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: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="fin_004"></A>Cementos
Pacasmayo S.A.A. and Subsidiaries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
condensed consolidated statements of other comprehensive income</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three-month period ended March 31, 2020 and March 31, 2019 (unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<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">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>For the three-month period<BR> ended March
    31,</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Note</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>2020</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>2019</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; width: 65%; font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Profit for the period</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 10%; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">10,724</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">30,145</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Other comprehensive income to be reclassified to profit or loss in subsequent periods:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Change in fair value of financial instruments designated at fair value through other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,302</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Net gain on cash flow hedges</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,788</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">581</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Deferred income tax related to component of other comprehensive income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">12</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,411</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,278</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Other comprehensive income for the period, net of income tax</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,377</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(5,443</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: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Total comprehensive income for the period, net of income tax</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">14,101</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">24,702</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of the interim condensed
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <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: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="fin_005"></A>Cementos
Pacasmayo S.A.A. and Subsidiaries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
condensed consolidated statements of changes in equity</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three-month period ended March 31, 2020 and March 31, 2019 (unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="34" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Attributable to equity holders of the parent</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Capital <BR> stock</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Investment<BR> shares</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Treasury<BR> shares</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Additional paid-in<BR> capital</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Legal<BR> reserve</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Unrealized gain on<BR> financial<BR> instruments<BR> designated at fair<BR>
    value</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Unrealized gain on<BR> cash flow hedge</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Retained earnings</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Total <BR> equity</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 19%; font-weight: bold; text-indent: -9pt; padding-left: 9pt">Balance as of December 31, 2019</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">423,868</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">40,279</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(121,258</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">432,779</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">168,356</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">4,002</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(15,948</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">519,285</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,451,363</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Change in accounting policy</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(15</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(15</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-indent: -9pt; padding-left: 9pt">Adjusted Balance as of January 1, 2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">423,868</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(121,258</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432,779</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168,356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,948</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">519,270</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,451,348</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Profit for the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,145</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Other comprehensive income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(5,853</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">410</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(5,443</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Total comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,853</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">410</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,702</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Appropriation of legal reserve</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,015</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,015</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; font-weight: bold; text-indent: -9pt; padding-left: 9pt">Balance as of March 31, 2019</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">423,868</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">40,279</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(121,258</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">432,779</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">171,371</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(1,851</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(15,538</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">546,400</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,476,050</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -9pt; padding-left: 9pt">Balance as of January 1, 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">423,868</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(121,258</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432,779</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,103</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,750</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">497,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,421,651</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Profit for the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,724</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Other comprehensive income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,377</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,377</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Total comprehensive income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,377</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,724</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">14,101</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt; font-weight: bold; text-indent: -9pt; padding-left: 9pt">Balance as of March 31, 2020</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">423,868</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">40,279</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(121,258</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">432,779</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">168,636</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(2,103</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(14,373</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">507,924</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,435,752</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the interim condensed consolidated financial statements.&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <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: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="fin_006"></A>Cementos
Pacasmayo S.A.A. and Subsidiaries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
condensed consolidated statements of cash flows</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three-month period ended March 31, 2020 and March 31, 2019 (unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<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">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>For the three-month period<BR> ended March 31,</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Note</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>2020</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>2019</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Operating activities</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 65%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Profit before income tax</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">16,876</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">42,623</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Non-cash adjustments to reconcile profit before income tax to net cash flows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.9pt; padding-left: 7.1pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.9pt; padding-left: 7.1pt">Finance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,629</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,482</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.9pt; padding-left: 7.1pt">Long-term incentive plan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">14</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,439</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,374</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1.9pt; padding-left: 7.1pt">Estimate expected credit loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,122</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -1.9pt; padding-left: 7.1pt">Unrealized exchange difference related to monetary transactions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -14.2pt; padding-left: 14.2pt">&nbsp;&nbsp;(Gain) loss on the valuation of trading derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,946</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">994</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10.7pt; padding-left: 15.9pt">Net gain on disposal of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,176</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(246</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10.7pt; padding-left: 15.9pt">Finance income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(534</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(347</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: -1.9pt; padding-left: 7.1pt">Other operating, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,545</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(440</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -7.1pt; padding-left: 14.2pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Working capital adjustments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 14.2pt">Decrease in trade and other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,609</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,993</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 14.2pt">Increase in prepayments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,290</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,274</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 7.1pt">Increase in inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,776</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,045</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; text-indent: -7.1pt; padding-left: 14.2pt">Decrease in trade and other payables</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(38,568</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(27,845</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,588</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Interests received</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">401</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Interests paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29,711</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,814</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Income tax paid</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(14,003</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(20,263</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Net cash flows used in operating activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(11,796</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(6,088</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the interim condensed consolidated financial statements.<B></B></FONT></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <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: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
condensed consolidated statements of cash flows (continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<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">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center"></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the three-month period<BR> ended March 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Note</B></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><B>2020</B></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><B>2019</B></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Acquisition of term deposits with maturity greater than ninety days</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(208,990</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Purchase of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,210</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,866</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: -7.1pt; padding-left: 7.1pt">Purchase of intangibles assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,562</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(810</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Loan to third party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(718</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Proceeds from sale of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">841</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,045</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Collection of loan to third party</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">91</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Net cash flows used in investing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(222,548</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(11,631</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Bank overdraft</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">9</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,507</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Loan received</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Dividends paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,891</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,070</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: -7.1pt; padding-left: 7.1pt">Payment of hedge finance cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,732</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,612</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Payment of lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(460</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Proceed from bonds issuance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">582,357</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Loan paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(580,769</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: -7.1pt; padding-left: 7.1pt">Proceeds from settlement of derivative financial instruments</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,458</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Net cash flows provided by (used in) financing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">171,774</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(17,636</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: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Net decrease in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(62,570</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,355</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: -7.1pt; padding-left: 7.1pt">Net foreign exchange difference</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(447</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Cash and cash equivalents at the beginning of the period</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">68,266</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">49,067</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Cash and cash equivalents at the end of the period</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: center">3</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">5,249</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">13,642</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Transactions with no effect in cash flows:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Unrealized exchange difference related to monetary transactions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Recognition of right of use assets and lease liabilities in the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,504</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of the interim condensed consolidated financial statements.</FONT>&nbsp;</P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <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: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="fin_007"></A>Cementos
Pacasmayo S.A.A. and Subsidiaries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to interim condensed consolidated financial statements (unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2020 and 2019, and December 31, 2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Economic
activity</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economic
activity -</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cementos
Pacasmayo S.A.A. (hereinafter &ldquo;the Company&rdquo;) was incorporated in 1957 and, in accordance with the General Law of Peruvian
Companies, is an open stock corporation with publicly traded share. The Company is a subsidiary of Inversiones ASPI S.A., which
holds 50.01 percent of the Company&rsquo;s common shares as of March 31, 2020, December 31, 2019 and March 31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address registered by the Company is Calle La Colonia No.150, Urbanizaci&oacute;n El Vivero, Santiago de Surco, Lima, Peru.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
main activity of the Company is the production and commercialization of cement, precast, concrete and quicklime in the northern
region of Peru.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
interim condensed consolidated financial statements of the Company and its subsidiaries (hereinafter the &ldquo;Group&rdquo;) as
of March 31, 2020 and for the three-month period then ended, were approved for issuance by the Company&rsquo;s Management on April
29, 2020. The consolidated financial statements as of December 31, 2019 were approved by the Audit Committee, delegated by the
Board of Directors, on April 29, 2020. The General Shareholders&rsquo; Meeting has been unable to meet due to quarantine decreed
by the Peruvian Government from March 15 to May 10 due the Covid 19 pandemic.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVID
19 -</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
new strain of coronavirus&nbsp;(COVID-19)&nbsp;that was first identified in Wuhan, China in December 2019, and subsequently declared
a pandemic by the World Health Organization, has surfaced in nearly all regions around the world and resulted in travel restrictions
and business slowdowns or shutdowns in affected areas. On March 15, 2020, the Peruvian government declared a nationwide state
of emergency, effectively shutting down all business considered non-essential (with exception of food production and commercialization,
pharmaceuticals and health). As a result, since that date we have shut down our three plants until the Peruvian government allows
us to restart production and commercial activities. To date, given the uncertainty of the date when we will restart operations
and the magnitude of the effects on national economy, including economic measures taken by the government to mitigate those effects,
we cannot yet estimate the impact this situation will have on our operating results and cash flows for 2020, but it is likely
that they will be materially impacted. We are already working on a business plan for the future, which includes a significant
change in the way we operate, to comply with social distancing and promote remote work in all possible areas.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <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: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to interim condensed consolidated financial statements (unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
we have been unable to generate income, but we still have to comply with our obligations, our liquidity and capital resources
have been affected, however, to date, we have not yet seen any changes in our access and cost of funding. Accordingly, we have
taken a bank overdraft line and short term loans as detailed in notes 9 and 10, respectively, as a precautionary measure in case
the shutdown of our cement production and the impossibility of selling our products is extended, to cover our working capital
needs. As of the date of this report, we believe we will be able to meet the covenants of our outstanding debt. We do not expect
COVID-19 affects the value of our assets nor anticipate any material impairment or changes in accounting judgements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
continue to monitor the rapidly evolving situation and guidance from international and domestic authorities since there may be
developments outside our control requiring us to adjust our operating plan. The further spread of&nbsp;COVID-19,&nbsp;and the
requirements to take action to limit the spread of the illness, will impact our ability to carry out our business as usual and
may materially adversely impact our business, operation results and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Basis
of preparation and changes to the Group&rsquo;s accounting policies</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
of preparation -</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
interim condensed consolidated financial statements of the Group have been prepared in accordance with IAS 34 <I>Interim Financial
Reporting</I> as issued by the International Accounting Standards Board (IASB). The interim condensed consolidated financial statements
have been prepared on a historical cost basis, except for financial instruments designated at fair value through other comprehensive
income (OCI) and derivatives financial instruments that have been measured at fair value. The interim condensed consolidated financial
statements are presented in soles and all values are rounded to the nearest thousand (S/000), except when otherwise indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
interim condensed consolidated financial statements do not include all the information and disclosures required in the annual
financial statements and should be read in conjunction with Group&rsquo;s annual consolidated financial statements as of December
31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
standards, interpretations and amendments </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with
the policies considered in the preparation of the consolidated financial statements of the Group at December 31, 2019. The standards
and interpretations relevant to the Group, that are effective since January 1, 2020 are disclosed below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
                                         to IFRS 3: Definition of a Business</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendment to IFRS 3 clarifies that to be considered a business, an integrated set of activities and assets must include, at a
minimum, an input and a substantive process that together significantly contribute to the ability to create output. Furthermore,
it clarified that a business can exist without including all of the inputs and processes needed to create outputs. These amendments
had no impact on the consolidated financial statements of the Group, but may impact future periods should the Group enter into
any business combinations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <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: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
to interim condensed consolidated financial statements (unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
                                         to IAS 1 and IAS 8: Definition of Material</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments provide a new definition of material that states &ldquo;information is material if omitting, misstating or obscuring
it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on
the basis of those financial statements, which provide financial information about a specific reporting entity.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments clarify that materiality will depend on the nature or magnitude of information, either individually or in combination
with other information, in the context of the financial statements. A misstatement of information is material if it could reasonably
be expected to influence decisions made by the primary users. These amendments had no impact on the consolidated financial statements,
nor is there expected to be any future impact to the Group.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conceptual
                                         Framework for Financial Reporting issued on March 29, 2018</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Conceptual Framework is not a standard, and none of the concepts contained therein override the concepts or requirements in any
standard. The purpose of the Conceptual Framework is to assist the IASB in developing standards, to help preparers develop consistent
accounting policies where there is no applicable standard in place and to assist all parties to understand and interpret the standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
revised Conceptual Framework includes some new concepts, provides updated definitions and recognition criteria for assets and
liabilities and clarifies some important concepts. These amendments had no impact on the consolidated financial statements of
the Group.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has not adopted early any standard, interpretation or modification that has been issued but is not yet in force.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
                                         of consolidation -<BR>
                                         <BR>
The interim condensed consolidated financial statements comprise the financial statements
                                         of the Company and its subsidiaries as of March 31, 2020 and 2019.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2020 and 2019, there was no changes in the participation of the common shares that the Company&rsquo;s had on its
subsidiaries; the main activities and information about subsidiaries are revealed on the consolidated financial statements as
of December 31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seasonality
                                         of operations -<BR>
                                         <BR>
Seasonality is not relevant to the Group&rsquo;s activities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-indent: -28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <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: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notes
to interim condensed consolidated financial statements (unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(continued)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cash
and cash equivalents</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
caption consists of the following:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<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">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>As of<BR> March 31,<BR> 2020</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>As of<BR> December&nbsp;31,<BR> 2019</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Cash on hand</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">160</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">149</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash at banks (b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,089</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,617</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; text-indent: -10.3pt; padding-left: 10.3pt">Term deposits with original maturities of ninety days or less (c)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">51,500</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Cash balances included in statements of cash flows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,249</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,266</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -6.3pt; padding-left: 6.3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Term deposits with original maturities greater than ninety days (c)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">208,990</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt; text-indent: -6.3pt; padding-left: 6.3pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">214,239</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">68,266</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
at banks is denominated in local and foreign currencies, is deposited in domestic and foreign banks and is freely available. The
cash at banks interest yield is based on daily bank deposit rates.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
short-term deposits held in domestic banks were freely available and earned interest at the respective short-term market rates.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2020, long-term deposits with original maturities greater than ninety days comprehend S/75,000,000, S/31,000,000
and US$30,000,000, with interest rates of 2.80, 3.00 and 1.05 percent, respectively, and original maturities between 190 and 360
days. The funds used for the constitutions of these deposits proceed from banks loans obtained in March 2020, see note 10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade
and other receivables</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2020 and December 31, 2019 this caption mainly include trade receivables, value-added tax credit (VAT), interest
receivables and accounts receivables from related parties. At those dates, approximately 63% and 65% of the trade receivables
were guaranteed by banks guarantees and mortgages amounting to S/58,122,000 and S/65,508,000, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the other hand, due to national health emergency and paralyzation of Group&rsquo;s commercial operations, see note 1. Group&rsquo;s
Management decided to give its clients an extension over trade receivables maturities as long as the mandatory detained remain.
In that sense, the aging analysis of trade and other accounts receivables as of March 31, 2020 compared to December 31, 2019 has
not significant changed. Group&rsquo;s Management will continue to closely evaluate the effects of health emergency on national
economy, as well as actions taken by Peruvian Government in order to mitigate them and, in particular, the effects on its client
portfolio and its credit behavior. Accordingly, as of March 31, 2020, the Group recorded an S/1,122,000 allowance for expected
credit losses on trade receivables, which is presented in the &ldquo;Selling and distribution expenses&rdquo; caption in the interim
condensed consolidated statement of profit or loss, and corresponds to the best Management&rsquo;s estimate considering current
situation. The Group&rsquo;s Management will continue evaluating its client portfolio conditions once the national health emergency
ends and operations are restarted and, if necessary, corresponding allowance will be recognized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <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: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notes
to interim condensed consolidated financial statements (unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(continued)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movement of the allowance for expected credit losses on trade and other receivable for the three period ended as of March 31,
2020 and 2019 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<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">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>2020</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>2019</B></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-weight: bold; text-align: left">Opening balance</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">12,781</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">11,329</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,122</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Recoveries</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; font-weight: bold">Ending balance</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">13,895</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">11,578</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Inventories</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2020 and December 31, 2019 includes goods and finished products, work in progress, raw materials and other supplies
to be used in the production process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Property,
plant and equipment, net</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three-month period ended March 31, 2020 the Group&rsquo;s additions amounted approximately to S/8,963,000 (S/7,811,000 during
the three-month period ended March 31, 2019).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
with a net book value of S/819,000 were disposed by the Group during the three-month period ended March 31, 2020 (S/176,000 for
the three-month period ended March 31, 2019), resulting in a net gain on disposal of S/1,176,000 (S/246,000 for the three-month
period ended March 31, 2019).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2020 the Group maintains accounts payable related to the acquisition of property, plant and equipment for S/5,451,000
(S/8,698,000 as of December 31, 2019).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Leases</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has lease contracts with third parties, mainly a 5-year lease contract of trucks. The annual incremental interest rate used
for the initial recognition of the right of use asset and the lease liability ranges from 5.2 to 6.2 percent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group also leases certain minor equipment for less than 12 months, the Group has decided to apply the recognition exemption for
short term leases (less than 12 months) and for leases of low value assets. The expense for this type of lease amounted to S/417,000
for the three month period ended March 31, 2020 (S/234,000 as of March 31, 2019) and was recognized in the &ldquo;Administrative
expenses&rdquo; caption of the interim condensed consolidated statement of profit or loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <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: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notes
to interim condensed consolidated financial statements (unaudited)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(continued)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movement of the right of use assets recognized by the Group is shown below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<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">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Transportation units</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Other</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Cost -</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-weight: bold">Balance as of January 1, 2020</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">109</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">109</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Additions</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,504</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,504</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">Balance as of March 31, 2020</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,504</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">109</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,613</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Accumulated depreciation -</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Balance as of January 1, 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">Additions (c)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">372</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">14</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">386</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">Balance as of March 31, 2020</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">372</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">77</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">449</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Net book value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; font-weight: bold">As of December 31, 2019</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">46</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">46</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt; font-weight: bold">As of March 31, 2020</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,132</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">32</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,164</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movement of the lease liabilities recognized by the Group is shown below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<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">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">S/(000)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; font-weight: bold">Balance as of January 1</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">57</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,504</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Financial interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Lease payments</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(460</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; font-weight: bold">Balance as of March 31</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,203</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Maturity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,410</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Non-current portion</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,793</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Balance as of March 31</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,203</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
future cash disbursements in relation to lease liabilities have been disclosed in note 10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <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: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0"></TD><TD STYLE="padding-right: 0in; width: 0.5in"><B>8.</B></TD><TD STYLE="padding-right: 0in"><B>Trade and other payables</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">As of March 31, 2020 and December 31, 2019, this
caption includes trade payables, account payables to related parties, interest payable, dividends payable among other minor payables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">As of March 31, 2020 dividends payable amounted
to S/6,632,000 (S/52,523,000 as of December 31, 2019).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<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="padding-right: 0in; width: 0in"></TD><TD STYLE="padding-right: 0in; width: 0.5in; text-align: left"><B>9.</B></TD><TD STYLE="padding-right: 0in; text-align: justify"><B>Bank overdraft</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">In March 2020, the Company obtained a credit line
in Banco de Cr&eacute;dito del Per&uacute; for S/71,000,000. As of March 31, 2020 the Company used S/13,507,000 of its credit line,
this bank overdraft has a maturity of 30 days and accrues an interest rate of 4.25 percent. On April 16, 2020, the maturity to
maintain the bank overdraft credit line was increased to additional 180 days, with an annual interest rate of 4.75 percent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0"></TD><TD STYLE="padding-right: 0in; width: 0.5in"><B>10.</B></TD><TD STYLE="padding-right: 0in"><B>Interest-bearing loans and borrowings</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">On January 31, 2019, senior notes were issued for:
i) S/260,000,000 at a rate of 6.688 percent per year and maturity of 10 years and; ii) S/310,000,000 at a rate of 6.844 percent
per year and maturity of 15 years. As of March 31, 2020 and as of December 31, 2019 the senior notes denominated in US dollars
amounts to US$131,612,000 with a rate of 4.5 per cent and maturity in 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">For the three-month period ended March 31, 2020
and 2019, the senior notes generated interest that has been recognized in the interim condensed consolidated financial statement
of profit or loss for S/15,068,000 and S/11,574,000, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">In March 2020, the Company received loans from Banco
de Cr&eacute;dito del Per&uacute; amounting to S/75,000,000 and US$30,000,000 (equivalent to S/106,350,000) destined for working
capital, which has a maturity of 360 days and accrues an annual effective interest rate of 4.95 and 2.99 percent, respectively.
Also, in March 2020, the Company received a loan from Banco Scotiabank Per&uacute; amounting to S/31,000,000 destined for working
capital, which has a maturity of 360 days and accrues an annual effective interest rate of 4.16 percent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">Financial covenants &ndash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">The financial covenants related to senior notes
issued in US dollars and soles are those disclosed in the Group&rsquo;s annual consolidated financial statements as of December 31, 2019.
As of March 31, 2020 and December 31, 2019, the Company has complied with all the covenants in force.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <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: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">The table below summarizes the maturity profile
of the Group&rsquo;s financial liabilities based on contractual undiscounted payments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<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-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Less than <BR>
3 months</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">3 to 12 months</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">1 to 5 <BR> years</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">More than <BR>
5 years</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Total</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-style: normal; vertical-align: bottom; font-weight: normal">
    <TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; font-weight: bold">As of March 31, 2020</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; width: 40%; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Bank overdraft</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">-</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">13,507</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">-</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">-</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">13,507</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Financial liabilities</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">311,241</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">400,671</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">570,000</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">1,281,912</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-indent: -6.3pt; padding-left: 6.3pt">Interests</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">68,138</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">195,183</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">212,755</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">476,076</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Trade and other payables</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">92,215</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">48,750</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">140,965</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Hedge finance cost payable</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">15,257</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">30,514</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">45,771</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Lease liabilities</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">461</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">1,369</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">6,696</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">8,526</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-indent: -6.3pt; padding-left: 6.3pt">As of December 31, 2019</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Interest-bearing loans adjusted by hedge</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">98,774</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">400,671</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">570,000</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">1,069,445</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; padding-left: 0in">Interests</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">29,124</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">31,265</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">203,525</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">232,057</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">495,971</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Trade and other payables</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">174,888</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">50,364</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">225,252</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Hedge finance cost payable</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">14,703</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">36,757</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">51,460</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Lease liabilities</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">15</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">45</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">60</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0"></TD><TD STYLE="padding-right: 0in; width: 0.5in"><B>11.</B></TD><TD STYLE="padding-right: 0in"><B>Provisions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">As of March 31, 2020 and December 31, 2019, this
caption includes workers&rsquo; profit sharing, long-term incentive plan and rehabilitation provision. The decrease in this liability
is mainly explained by the payment of the workers&rsquo; profit sharing and the long-term incentive plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0"></TD><TD STYLE="padding-right: 0in; width: 0.5in"><B>12.</B></TD><TD STYLE="padding-right: 0in"><B>Income tax</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">The Group calculates income tax expense of the period
using the tax rate that would be applicable to the expected total annual earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">The major components of the income tax expense in
the interim condensed consolidated statement of profit or loss and statement of other comprehensive income are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">For the three-month period <BR> ended March 31,</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-right: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1.5pt; padding-right: 0in; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; padding-right: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-bottom: 1.5pt; padding-right: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-style: normal; vertical-align: bottom; font-weight: normal">
    <TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; width: 76%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Current income tax</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">(3,316</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">)</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">(5,132</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; padding-bottom: 1.4pt; text-indent: -7.1pt; padding-left: 7.1pt">Deferred income tax</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">(2,836</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">(7,346</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Income tax expense recognized in the consolidated statements of profit or loss</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(6,152</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(12,478</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; padding-bottom: 1.4pt; text-indent: -7.1pt; padding-left: 7.1pt">Income tax recognized in other comprehensive income</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">(1,411</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">2,278</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Total income tax</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">(7,563</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">(10,200</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;&nbsp;</P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <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: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">The movement of the Group&rsquo;s deferred income
tax assets and liabilities is shown below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<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-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">For the three-month period <BR> ended March 31,</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; width: 76%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Increase of deferred income tax asset (*)</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">2,097</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">1,282</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Increase of deferred income tax liability(**)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; text-align: right">(6,344</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; text-align: right">(6,350</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Total variation of deferred income tax</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">(4,247</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">(5,068</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Deferred income tax expense recognized in interim condensed consolidated statements of profit or loss</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(2,836</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(7,346</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Deferred income tax recognized in other comprehensive income</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; text-align: right">(1,411</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; text-align: right">2,278</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Total variation of deferred income tax</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">(4,247</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">(5,068</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<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="padding-right: 0in; width: 0.25in">(*)</TD><TD STYLE="text-align: left; padding-right: 0in">Corresponds to the increase of tax-loss carry forward in the subsidiaries Distribuidora Norte Pacasmayo S.R.L. and Dinoselva
Iquitos S.A.C., in the Management&rsquo;s opinion these tax losses will be recovered from the restart of Group&rsquo;s commercial
and distribution operations in the second quarter of 2020.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -0.5in">&nbsp;</P>

<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="padding-right: 0in; width: 0.25in">(**)</TD><TD STYLE="text-align: left; padding-right: 0in">Corresponds to base difference.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">Following is the composition of deferred tax related
to items recognized in other comprehensive income:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<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-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-align: center"><B>For the three-month period </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-align: center"><B>ended March 31,</B></P></TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2018</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; width: 76%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Unrealized loss on financial instruments designated at fair value through other comprehensive income</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">-</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">2,449</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; padding-bottom: 1.4pt; text-indent: -7.1pt; padding-left: 7.1pt">Unrealized gain on derivative financial instruments</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">(1,411</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">(171</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Total deferred income tax recognized in OCI</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">(1,411</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">2,278</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <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: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0"></TD><TD STYLE="padding-right: 0in; width: 0.5in"><B>13.</B></TD><TD STYLE="padding-right: 0in"><B>Revenue from contracts with customers</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">This caption is made up as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<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 1.4pt solid; padding-right: 0in; padding-left: 0in; text-indent: 0in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in; text-indent: 0in"><B>For
the three-month period<BR>
ended March 31, 2020</B></P></TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Cement, concret and precast</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Quicklime</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Construction Supplies</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Other</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Total</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-style: normal; vertical-align: bottom; font-weight: normal">
    <TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center; padding-left: 0in; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in; text-indent: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; width: 40%; text-align: left; padding-bottom: 1.4pt; text-indent: 0in; padding-left: 0in">Revenue from external customers</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 9%; text-align: right">277,430</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 9%; text-align: right">6,946</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 9%; text-align: right">14,655</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 9%; text-align: right">227</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 9%; text-align: right">299,258</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: right; padding-left: 0in; text-indent: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: 0in; padding-left: 0in">Revenue from external customers</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">277,430</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">6,946</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">14,655</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">227</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">299,258</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: right; padding-left: 0in; text-indent: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-indent: -10pt; font-weight: bold; padding-left: 10pt">For the three-month period ended March 31, 2019</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; padding-bottom: 1.4pt; text-indent: 0in; padding-left: 0in">Revenue from external customers</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">289,754</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">7,346</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">16,132</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">15</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">313,247</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: right; padding-left: 0in; text-indent: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: 0in; padding-left: 0in">Revenue from external customers</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">289,754</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">7,346</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">16,132</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">15</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">313,247</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0"></TD><TD STYLE="padding-right: 0in; width: 0.5in"><B>14.</B></TD><TD STYLE="padding-right: 0in"><B>Related party transactions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">During the three-months periods ended March 31,
2020 and 2019, the Group carried out the following main transactions with Inversiones ASPI S.A. and its related parties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<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-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">For the three-month period <BR> ended March 31,</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="font-style: normal; vertical-align: bottom; font-weight: normal">
    <TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; font-weight: bold">Income</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; font-weight: bold">Inversiones ASPI S.A.</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; width: 76%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Fees from office lease</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">3</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">3</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Fees for management and administrative services</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">136</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">136</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Compa&ntilde;&iacute;a Minera Ares S.A.C. (Ares)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Fees from land rental services</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">327</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">86</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Fees from leasing of parking</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">82</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">80</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Fosfatos del Pac&iacute;fico S.A. (Fospac)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Fees from office lease</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">7</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">7</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Fees for management and administrative services</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">290</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">290</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Fossal S.A.A. (Fossal)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Fees from office lease</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">4</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">4</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Fees for management and administrative services</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">10</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">10</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-indent: -7.1pt; padding-left: 7.1pt">Expense</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Security services provided by Compa&ntilde;&iacute;a Minera Ares S.A.C.</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(475</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(547</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 2 -->
    <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: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">As a result of these and other transactions, the
Group had the following rights and obligations with Inversiones ASPI S.A. and its related parties as of March 31, 2020 and December
31, 2019:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<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-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">March 31, <BR> 2020</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">December 31,<BR> 2019</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Accounts <BR> receivable</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Accounts <BR> payable</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Accounts <BR> &nbsp;receivable</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Accounts <BR> payable</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: justify">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; width: 52%; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Fosfatos del Pac&iacute;fico S.A.</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">846</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">103</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">543</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">-</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Compa&ntilde;&iacute;a Minera Ares S.A.C.</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">667</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">903</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">207</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">1,772</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -6.3pt; padding-left: 6.3pt">Inversiones ASPI S.A.</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">109</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">157</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-indent: -6.3pt; padding-left: 6.3pt">Other</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">45</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">264</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-indent: -6.3pt; padding-left: 6.3pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-indent: -6.3pt; padding-left: 6.3pt">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">1,667</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">1,006</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">1,171</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">1,772</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">Outstanding balances are unsecured and interest
free. There have been no guarantees provided or received from any related party. For the periods ended March 31, 2020 and December
31, 2019, the Group has not recorded any allowance for expected credit losses on receivables from related parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0in"><I>Compensation of key management
personnel of the Group -</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">The compensation paid to key management personnel
includes expenses for profit-sharing, compensation and other concepts for members of the Board of Directors and the key management.
The total short term compensations expense amounted to S/7,312,000 during the three-month period ended March 31, 2020 (S/5,454,000
during the three-month period ended March 31, 2019) , and the total long term compensations expense amounted to S/1,439,000 during
the three-month period ended March 31, 2020 (S/2,374,000 during the three-month period ended March 31, 2019). The Group does not
compensate Management with post-employment or contract termination benefits or share-based payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0"></TD><TD STYLE="padding-right: 0in; width: 0.5in"><B>15.</B></TD><TD STYLE="padding-right: 0in"><B>Earnings per share (EPS)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">Basic earnings per share amounts are calculated
by dividing net profit for the three-month period ended March 31, 2020 and 2019 attributable to common and investment shares of
the parent by the weighted average number of common and investment shares outstanding during those periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 0.5in">The Group has no dilutive potential common
shares as of March 31, 2020 and 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Value: 2 -->
    <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: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">Calculation of the weighted average number of shares
and the basic earnings per share is presented below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<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-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">For the three-month period<BR> ended March 31,</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; width: 76%; font-weight: bold; text-indent: -7.1pt; padding-left: 7.1pt">Numerator</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Net profit attributable to ordinary equity holders of the Parent</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">10,724</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">30,145</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><B>&nbsp;</B></P>

<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-right: 0in; padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: center; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">Thousands</TD><TD STYLE="padding-right: 0in; text-align: center; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: center; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">Thousands</TD><TD STYLE="padding-right: 0in; text-align: center; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left">Denominator</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; width: 76%; text-align: left; padding-bottom: 1.4pt">Weighted average number of common and investment shares</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 9%; text-align: right">428,107</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; width: 9%; text-align: right">428,107</TD><TD STYLE="padding-right: 0in; width: 1%; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -7.65pt; padding-left: 7.65pt">Basic profit for common and investment shares</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">0.03</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">0.07</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">There have been no other transactions involving
common and investment shares between the reporting date and the date of completion of these interim condensed consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0"></TD><TD STYLE="padding-right: 0in; width: 0.5in"><B>16.</B></TD><TD STYLE="padding-right: 0in"><B>Financial assets and liabilities</B></TD></TR></TABLE>

<P STYLE="margin-right: 0in; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0.5in"></TD><TD STYLE="padding-right: 0in; width: 0.25in">(a)</TD><TD STYLE="padding-right: 0in">Financial asset &ndash;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">Derivatives assets of hedging -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in"><I>Foreign currency risk -</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">As of March 31,2020 and as of December 31, 2019,
the Group maintains Cross currency swap contracts for a nominal amount of US$150,000,000, of which US$131,612,000 have been designated
as hedging instruments for Senior notes that are denominated in U.S. dollars, with the intention of reducing the foreign exchange
risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">The cash flow hedge of the expected future payments
was assessed to be highly effective and an unrealized gain of S/4,788,000 for the three-month period ended March 31, 2020 (gain
of S/581,000 for the three-month period ended March 31, 2019) is included in the interim condensed consolidated statement of other
comprehensive income. The amounts retained in other comprehensive income as of March 31, 2020 are expected to mature and affect
the consolidated statement of profit or loss in 2023, settlement year of cross currency contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">Derivate assets from trading -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">Cross currency swaps that do not have an underlying
relationship amounts to US$18,388,000 and have been designated as trading. The net gain recognized in profit or loss for the change
on their fair value amounts to S/2,946,000 (loss of S/994,000 in 2019).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt">&nbsp;</P>


<!-- Field: Page; Sequence: 21; Value: 2 -->
    <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: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>



<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="padding-right: 0in; width: 0.5in"></TD><TD STYLE="padding-right: 0in; width: 0.25in">(b)</TD><TD STYLE="padding-right: 0in">Fair values and fair value accounting hierarchy &ndash;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">Set out below is a comparison of
the carrying amounts and fair values of financial instruments of the Group, as well as the fair value accounting hierarchy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -0.5in">&nbsp;</P>

<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-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Carrying amount</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Fair value</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.4pt; padding-right: 0in; font-weight: bold; text-align: center">Fair value hierarchy</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">2020/2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">S/(000)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left">Financial assets</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; width: 40%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Cash and cash equivalents</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">5,249</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">68,266</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">5,249</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">68,266</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 11%; text-align: center">Level 1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Term deposits with original maturities greater than ninety days</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">208,990</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">208,990</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">Level 1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Trade and other receivables</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">113,440</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">125,211</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">113,440</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">125,211</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">Level 1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Derivative financial assets -&ldquo;cross currency swaps&rdquo;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">22,739</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">22,739</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">Level 2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; padding-bottom: 1.4pt; text-indent: -9pt; padding-left: 9pt">Financial instruments at fair value through other comprehensive income</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">18,224</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">18,224</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">18,224</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">18,224</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-bottom: 1.4pt">Level 3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total financial assets</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">368,642</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">211,701</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">368,642</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">211,701</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Financial liabilities</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -9pt; padding-left: 9pt">Trade and other payables</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">147,007</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">237,299</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">147,007</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">237,299</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">Level 1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -9pt; padding-left: 9pt">Derivatives financial liabilities &ndash; Cross currency swaps</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">1,302</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">1,302</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">Level 2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -9pt; padding-left: 9pt">Senior notes</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">1,019,786</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">1,003,130</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">1,043,278</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">1,048,484</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">Level 1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; padding-bottom: 1.4pt; text-indent: -9pt; padding-left: 9pt">Promissory notes</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">324,748</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">98,774</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">326,521</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">99,333</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-bottom: 1.4pt">Level 2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total financial liabilities</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">1,491,541</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">1,340,505</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">1,516,806</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">1,386,418</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-bottom: 4pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">All financial instruments for which fair value is
recognized or disclosed are categorized within the fair value hierarchy, based on the lowest level input that is significant to
the fair value measurement as a whole, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">Level 1 &mdash; Quoted (unadjusted) market prices
in active markets for identical assets or liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">Level 2 &mdash; Valuation techniques for which the
lowest level input that is significant to the fair value measurement is directly or indirectly observable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">Level 3 &mdash; Valuation techniques for which the
lowest level input that is significant to the fair value measurement is unobservable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 22; Value: 2 -->
    <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: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">For assets and liabilities that are recognized at
fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy. As of March
31, 2020 and December 31, 2019, there were no transfers between the fair value hierarchies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">Management assessed that cash and term deposits,
trade and other receivables and other current liabilities approximate their carrying amounts largely due to the short-term maturities
of these instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.75in; text-indent: 0in">The following methods and assumptions were used to
estimate the fair values:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<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="padding-right: 0in; width: 0.75in"></TD><TD STYLE="padding-right: 0in; width: 0.25in">-</TD><TD STYLE="padding-right: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The fair value of cross currency swaps is measured by using valuation
techniques where inputs are based on market data. The most frequently applied valuation techniques include swap valuation models,
using present value calculations. The models incorporate various inputs, including the credit quality of counterparties, foreign
exchange, forward rates and interest rate curves.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">A credit valuation adjustment (CVA) is applied to
the &ldquo;Over-The-Counter&rdquo; derivative exposures to take into account the counterparty&rsquo;s risk of default when measuring
the fair value of the derivative. CVA is the mark-to market cost of protection required to hedge credit risk from counterparties
in this type of derivatives portfolio. CVA is calculated by multiplying the probability of default (PD), the loss given default
(LGD) and the expected exposure (EE) at the time of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 1in; text-indent: 0in">A debit valuation adjustment (DVA) is applied to
incorporate the Group&rsquo;s own credit risk in the fair value of derivatives (that is the risk that the Group might default on
its contractual obligations), using the same methodology as for CVA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 56.7pt">&nbsp;</P>

<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="padding-right: 0in; width: 0.75in"></TD><TD STYLE="padding-right: 0in; width: 0.25in">-</TD><TD STYLE="padding-right: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The fair value of the quoted senior notes is based on the current
quotations value at the reporting date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: -0.5in">&nbsp;</P>

<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="padding-right: 0in; width: 0.75in"></TD><TD STYLE="padding-right: 0in; width: 0.25in">-</TD><TD STYLE="padding-right: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The fair value of the promissory note is calculated using the results
of cash flow discounted at the indebtedness market rates effective as of the date of estimation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 85.05pt; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 23; Value: 2 -->
    <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: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<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="padding-right: 0in; width: 0.75in"></TD><TD STYLE="padding-right: 0in; width: 0.25in">-</TD><TD STYLE="padding-right: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The fair value of financial instruments designated at fair value through
other comprehensive income has been determined using the income approach and discounted cash flow method. The quantitative information
about the significant unobservable inputs used in level 3 fair value measurements as of March 31, 2020 and as of December 31, 2019
are described as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<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; padding-right: 0in; font-weight: bold; text-align: center">Significant unobservable inputs</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">Weighted average</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center">Fair value sensitivity</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; vertical-align: top; width: 30%; text-align: center; padding-left: 5.4pt">Earning growth factor</TD><TD STYLE="padding-right: 0in; text-align: center; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; vertical-align: top; width: 15%; text-align: center; padding-left: 5.4pt">4%</TD><TD STYLE="padding-right: 0in; text-align: center; width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; vertical-align: top; width: 53%; text-align: center; padding-left: 5.4pt">5% (2019 and 2020) increase or decrease in the factor would result in an increase (decrease) in fair value of S/11,012,000 and (S/11,381,000), respectively.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; vertical-align: top; text-align: center; padding-left: 5.4pt">WACC</TD><TD STYLE="padding-right: 0in; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; vertical-align: top; text-align: center; padding-left: 5.4pt">8.9%</TD><TD STYLE="padding-right: 0in; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; vertical-align: top; text-align: center; padding-left: 5.4pt">10% (2019 and 2020) increase or decrease in the discount rate would result in an increase (decrease) in fair value at (S/11,222,000) and S/15,352,000, respectively.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0"></TD><TD STYLE="padding-right: 0in; width: 0.5in"><B>17.</B></TD><TD STYLE="padding-right: 0in"><B>Commitments and contingencies</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in"><B>Operating lease commitments &ndash; Group as
lessor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">As of March 31, 2020, the Group, as lessor, has
a land lease with Compa&ntilde;&iacute;a Minera Ares S.A.C., a related party of Inversiones ASPI S.A. This lease is annually renewable,
and provided a rent for the three-month period ended March 31, 2020 and 2019 for S/327,000 and S/86,000, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in"><B>Finance lease commitments - Group as lessee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">As of March 31, 2020, the Group has lease contracts
with third parties, the main contract corresponds to trucks lease with a maturity of 5 years, accounting records generated by these
transactions are disclosed in note 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in"><B>Capital commitments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt">As of March 31, 2020, the Group
had no significant capital commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in"><B>Other commitments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">On August 29, 2018, the Company signed a gas supply
contract with Olympic Peru that entered in force during 2019 by which we started to use gas in our Piura plant. The supply contract
is for 18 years and covers most of our energy needs in the Piura plant. The contract has two phases: 1) &ldquo;the spot phase&rdquo;,
in which the Company pays for the gas it uses; and the contract can be terminated at any time by either party without penalties
and 2) &ldquo;take or pay phase&rdquo;, in which the Company is obliged to pay for a minimum amount of gas established as a percentage
of maximum gas requested to Olympic Peru (this percentage varies from 60 to 70% depending on the year), this phase has penalties
by either party if any cancel the contract.&nbsp; The unit prices of the gas are fixed for each year despite it is in the &ldquo;spot&rdquo;
or the &ldquo;take or pay&rdquo; phase. The Company is currently in the spot phase, the contract enters in &ldquo;take or pay&rdquo;
phase when the following conditions are met by Olympic Peru: 1) The Peruvian Government signs a gas distribution contract with
a concessionaire (third party) in the Piura region, 2) Olympic Peru transfers the pipe to said concessionaire, and 3) commercial
conditions to transport the gas between Olympic Peru and the distribution concessionaire are agreed. The three mentioned conditions
are not under our control and we cannot reasonable estimate when they will be set.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in"></P>

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <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: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in"><B>Environmental matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">The Group exploration and exploitation activities
are subject to environmental protection standards. Such standards are the same as those disclosed on the consolidated financial
statement as of December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 0.5in"><B>Tax situation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">The Company is subject to Peruvian tax law. As of
March 31, 2020 and 2019, the income tax rate is 29.5 percent of the taxable profit after deducting employee participation, which
is calculated at a rate of 8 to 10 percent of the taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">It should be noted that of January 1, 2019, a series
of tax benefits for Loreto region is eliminated, eliminating the tax refund of the Value added tax (it was the only region that
maintained this benefit) and the exemption of the Value added tax for the importation of goods that are destined for consumption
in the Amazon. Likewise, as of January 1, 2020 the exemption of the Value added tax for the import of goods that are destined for
consumption in the Amazon for the rest of the region (Ucayali, San Mart&iacute;n, Amazonas and Madre de Dios) was eliminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">For purposes of determining income tax, transfer
pricing transactions with related companies and companies resident in territories with low or no taxation, must be supported with
documentation and information on the valuation methods used and the criteria considered for determination. Based on the analysis
of operations of the Group, Management and its legal advisors believe that as a result of the application of these standards will
not result in significant contingencies for the Group as of March 31, 2020 and December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">During the four years following the year tax returns
are filed, the tax authorities have the power to review and, as applicable, correct the income tax computed by each individual
company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">The income tax and value-added tax returns for the
following years are open for review by the tax authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<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: White">
    <TD STYLE="padding-right: 0in; text-align: center; padding-bottom: 1.5pt; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; font-weight: bold; text-align: center; padding-left: 0in">Years open to review by Tax Authorities</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; width: 76%; font-weight: bold; padding-left: 0in">Entity</TD><TD STYLE="padding-right: 0in; width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; width: 11%; font-weight: bold; text-align: center; padding-left: 0in">Income tax</TD><TD STYLE="padding-right: 0in; width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; width: 11%; font-weight: bold; text-align: center; padding-left: 0in">Value-added tax</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; padding-left: 0in">Cementos Pacasmayo S.A.A.</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">2015-2019</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">Dic.15-2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; padding-left: 0in">Cementos Selva S.A.</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">2015-2019</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">Dic.15-2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; padding-left: 0in">Distribuidora Norte Pacasmayo S.R.L.</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">2015-2019</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">Dic.15-2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; padding-left: 0in">Empresa de Transmisi&oacute;n Guadalupe S.A.C.</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">2015-2019</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">Dic.15-2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; padding-left: 0in">Salmueras Sudamericanas S.A.</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">2015-2019</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">Dic.15-2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; padding-left: 0in">Calizas del Norte S.A.C. (on liquidation)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">2015-2019</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">Dic.15-2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; padding-left: 0in">Soluciones Takay S.A.C.</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">2019</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">Dic.15-2019</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <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: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">Due to possible interpretations that the tax authorities
may give to legislation in effect, it is not possible to determine whether any of the tax audits that may be performed will result
in increased liabilities for the Group. For that reason, tax or surcharge that could arise from future tax audits would be applied
to the income during the period in which it is determined. However, in management&rsquo;s opinion, any possible additional payment
of taxes would not have a material effect on the interim condensed consolidated financial statements as of March 31, 2020 and the
consolidated financial statements as of December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in"><B>Legal claim contingency</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in; text-indent: 0pt">As of March 31, 2020, some third
parties have commenced actions against the Group in relation with its operations which claims in aggregate represent S/12,904,000.
From this total amount, S/2,925,000 corresponded to labor claims from former employees; S/7,681,000 linked to resolutions of determination
and fine on the property tax of the periods 2009 to 2014 issued by the District Municipality of Pacasmayo and S/2,298,000 related
to the tax assessments received from the tax administration corresponding to 2009 tax period, which was reviewed by the tax authority
during 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">Management expects that these claims will be resolved
within the next five years based on prior experience; however, the Group cannot assure that these claims will be resolved within
this period because the authorities do not have a maximum term to resolve cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">The Group has been advised by its legal counsel
that it is only possible, but not probable, that these actions will succeed. Accordingly, no provision for any liability has been
made in these interim condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in"><B>Mining royalty </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">The Group signed agreements with third parties and
with Peruvian Government related to the use of concessions for extraction activities on process of cement production. The information
of the payment of royalties are reveled on the consolidated financial statements of the Group as of December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0"></TD><TD STYLE="padding-right: 0in; width: 0.5in"><B>18.</B></TD><TD STYLE="padding-right: 0in"><B>Segment information</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">For management purposes, the Group is organized
into business units based on their products and activities, and have three reportable segments as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<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="padding-right: 0in; width: 0.5in"></TD><TD STYLE="padding-right: 0in; width: 0.25in">-</TD><TD STYLE="padding-right: 0in">Production and marketing of cement, concrete and precast in the northern region of Peru.</TD></TR></TABLE>

<P STYLE="margin-right: 0in; margin-top: 0in; margin-bottom: 0in">&nbsp;</P>

<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="padding-right: 0in; width: 0.5in"></TD><TD STYLE="padding-right: 0in; width: 0.25in">-</TD><TD STYLE="padding-right: 0in">Sale of construction supplies in the northern region of Peru.</TD></TR></TABLE>

<P STYLE="margin-right: 0in; margin-top: 0in; margin-bottom: 0in">&nbsp;</P>

<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="padding-right: 0in; width: 0.5in"></TD><TD STYLE="padding-right: 0in; width: 0.25in">-</TD><TD STYLE="padding-right: 0in">Production and marketing of quicklime in the northern region of Peru.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">No operating segments have been aggregated to form
the above reportable operating segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">Management monitors the profit before income
tax of each business units separately for the purpose of making decisions about resource allocation and performance assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in"></P>

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <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: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">Transfer prices between operating segments are on
an arm&rsquo;s length basis in a similar manner to transactions with third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<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-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">For the three-month period ended March 31,</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">As of March 31, 2019 and December 31, 2018</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Revenues from external customers</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Gross margin</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Profit (loss) before income tax</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-align: center"><B>Income
<BR>
tax</B></P></TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD><TD STYLE="padding-right: 0in; font-weight: bold; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; font-weight: bold; text-align: center">Profit (loss) for the period</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-align: center"><B>Segment
<BR>
assets</B></P></TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-align: center"><B>Other
<BR>
Assets (**)</B></P></TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-align: center"><B>Total
<BR>
asset</B></P></TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-align: center"><B>Total
liabilities<BR>
by segment</B></P></TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD></TR>
<TR STYLE="font-style: normal; vertical-align: bottom; font-weight: normal">
    <TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in; text-align: left; font-weight: bold">2020</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; width: 19%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Cement, concrete and precast</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 6%; text-align: right">277,430</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 6%; text-align: right">90,739</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 6%; text-align: right">18,410</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 6%; text-align: right">(6,711</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">)</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 6%; text-align: right">11,699</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 6%; text-align: right">2,864,309</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 6%; text-align: right">19,952</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 6%; text-align: right">2,884,261</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 6%; text-align: right">1,566,990</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Construction supplies</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">14,655</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">987</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(180</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">66</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(114</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">47,667</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">47,667</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">93,548</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Quicklime</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">6,946</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">299</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(251</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">92</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(159</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">89,875</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">89,875</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; padding-bottom: 1.4pt; text-indent: -7.1pt; padding-left: 7.1pt">Other (*)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">227</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">(14</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">(1,103</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">401</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">(702</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">53,716</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">21,011</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">74,727</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">240</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; padding-left: 5.35pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; font-weight: bold; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Total</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">299,258</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">92,011</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">16,876</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">(6,152</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">10,724</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">3,055,567</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">40,963</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">3,096,530</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">1,660,778</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">2019</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Cement, concrete and precast</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">289,754</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">111,938</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">45,060</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(13,192</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">31,868</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">2,714,888</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">2,714,888</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">1,409,596</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Construction supplies</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">16,132</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">66</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(959</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">281</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(678</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">51,376</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">51,376</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">99,934</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Quicklime</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">7,346</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">61</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(453</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">133</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(320</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">93,812</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">93,812</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">-</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; padding-bottom: 1.4pt; text-indent: -7.1pt; padding-left: 7.1pt">Other (*)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">15</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">2</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">(1,025</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">300</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">(725</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">53,258</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">18,224</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">71,482</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.4pt solid; padding-right: 0in; text-align: right">377</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; text-align: left; padding-left: 5.35pt">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; text-align: left; font-weight: bold; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Total</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">313,247</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">112,067</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">42,623</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">(12,478</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">30,145</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">2,913,334</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">18,224</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">2,931,558</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; padding-right: 0in; text-align: right">1,509,907</TD><TD STYLE="padding-right: 0in; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 0in; width: 0.25in; text-align: left">(*)</TD><TD STYLE="padding-right: 0in; text-align: left">The &ldquo;other&rdquo; segment includes activities
that do not meet the threshold for disclosure under IFRS 8.13 and represent non-material operations of the Group.</TD>
</TR></TABLE>

<P STYLE="margin-right: 0in; text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 0in; width: 0.25in; text-align: left">(**)</TD><TD STYLE="padding-right: 0in; text-align: left">As of March 31, 2020 corresponds to the financial
instruments designated at fair value through OCI and to the fair value of derivative financial instruments (cross currency swap)
for approximately S/18,224,000 and S/22,739,000, respectively. As of December 31, 2019 corresponds to the financial instruments
designated at fair value through OCI for approximately S/18,224,000. The fair value of hedge derivative financial instruments
is allocated to the segment of cement, and the financial instruments designated at fair value through OCI and the fair value of
the trading derivative financial instrument are presented as &ldquo;Other&rdquo;.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 56.7pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in"><B>Geographic information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">As of March 31, 2020 and December 31, 2019,
all non-current assets are located in Peru and all revenues are from Peruvian clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;&nbsp;</P>

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <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: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0"></TD><TD STYLE="padding-right: 0in; width: 0.5in"><B>19.</B></TD><TD STYLE="padding-right: 0in"><B>Financial risk management, objectives and policies</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">The Group&acute;s main financial assets include
cash and short-term deposits (with maturity less than 360 days) and trade and other receivables that derive directly from its operations.
The Group also holds financial instruments designated at fair value through OCI, cash flow hedges instruments and derivative financial
instruments of trading. The Group&rsquo;s main financial liabilities comprise trade payables and other payables, loans and borrowings,
with short-term and long-term maturities. The main purpose of these financial liabilities is to finance the Group&rsquo;s operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">The Group is exposed to market risk, credit risk
and liquidity risk. The Group&rsquo;s senior management oversees the management of these risks. The Group&rsquo;s senior management
is supported by financial management that advises on financial risks and the appropriate financial risk governance framework for
the Group. The financial management provides assurance to the Group&rsquo;s senior management that the Group&rsquo;s financial
risk-taking activities are governed by appropriate policies and procedures and that financial risks are identified, measured and
managed in accordance with the Group&acute;s policies and risk objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">The Management reviews and agrees policies for managing
each of these risks as mentioned in the consolidated financial statements as of December 31, 2019. Due to the current situation
explained in detail in note 1, we have carried out the update of relevant financial risks, which are shown below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in; text-indent: 0in"><B>Foreign currency risk -</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">Foreign currency risk is the risk that the fair
value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group&rsquo;s
exposure to the risk of changes in foreign exchange relates primarily to the Group&rsquo;s operating activities (when revenue or
expense is denominated in a different currency from the Group&rsquo;s functional currency).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">The Group hedges its exposure to fluctuations on
the translation into soles of its Senior Notes which are denominated in US dollars, by using cross currency swaps contracts, see
note 16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in"><I>Foreign currency sensitivity</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">The following table demonstrates the sensitivity
to a reasonably possible change in the US dollar exchange rate, with all other variables held constant. The impact on the Group&rsquo;s
profit before income tax is due to changes in the fair value of monetary assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0">&nbsp;</P>

<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-right: 0in; border-bottom: Black 1.5pt solid; font-weight: bold">As of March 31, 2020</TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: center"><B>Change in</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: center"><B>US$ rate</B></P></TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: center"><B>Effect on </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: center"><B>consolidated profit </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: center"><B>before tax </B></P></TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="font-style: normal; vertical-align: bottom; font-weight: normal">
    <TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">U.S. Dollar</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">%</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0in; text-align: center">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; width: 78%; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 9%; text-align: center; padding-left: 0in">+5</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">(1,207</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">+10</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(2,412</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">-5</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">1,207</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">-10</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">2,412</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 2 -->
    <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: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">Notes to interim condensed consolidated financial statements
(unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0">(continued)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0">&nbsp;</P>

<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; padding-right: 0in; font-weight: bold">As of March 31, 2019</TD><TD STYLE="padding-bottom: 1.5pt; padding-right: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: center"><B>Change in</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: center"><B>US$ rate</B></P></TD><TD STYLE="padding-bottom: 1.5pt; padding-right: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: 0in; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: center"><B>Effect on </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: center"><B>consolidated profit </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: center"><B>before tax </B></P></TD><TD STYLE="padding-right: 0in; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal">
    <TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: left; padding-left: 0in"><FONT STYLE="font-style: normal; font-weight: normal">U.S.
    Dollar</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center; padding-left: 0in"><FONT STYLE="font-style: normal; font-weight: normal">%</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">S/(000)</FONT></TD><TD STYLE="font-style: normal; padding-right: 0in; font-weight: normal; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; width: 78%; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 9%; text-align: center; padding-left: 0in">+5</TD><TD STYLE="padding-right: 0in; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; width: 9%; text-align: right">298</TD><TD STYLE="padding-right: 0in; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">+10</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">597</TD><TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0in; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">-5</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(298</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0in; padding-left: 0in">&nbsp;</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: center; padding-left: 0in">-10</TD><TD STYLE="padding-right: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 0in; text-align: left">&nbsp;</TD><TD STYLE="padding-right: 0in; text-align: right">(597</TD><TD STYLE="padding-right: 0in; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in"><B>Liquidity risk -</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">The Group monitors its risk of shortage of funds
using a recurring liquidity planning tool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 49.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">The Group&rsquo;s objective is to maintain a balance
between continuity of funding and flexibility through the use of bank loans and debentures of long term. Access to fund sources
is sufficiently available and debt maturing within 12 months can be rolled over under the same conditions with existing lenders,
if necessary. The detail of the credit line and financial liabilities is shown in notes 9 and 10, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">In Management opinion the Group has sufficient financial
strength to face short-term obligations in the event of an extension of the nationwide state of emergency, considering that it
maintains S/5,249,000 in cash and banks, S/208,990,000 in time deposits that are freely available and a bank overdraft with a credit
line amounting to S/71,000,000. Likewise, it is relevant to indicate as of March 31, 2020 and December 31, 2019 no portion of Senior
Notes will mature in less than one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in"><I>Risk management activities &ndash;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">As a result of its activities, the Group is exposed
to the foreign currency exchange rate risk, thereof the Company has acquired hedging financial instruments to cover this risk.
Since November 2014, the Group has hedged its exposure to foreign currency from its corporate bonds (denominated in US dollars).
During the three-month period ended March 31, 2020, there was moderate volatility in the US dollar exchange rate with respect to
the soles, whose effects were partially mitigated by the exchange rate hedge maintained by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">As of March 31, 2019 and December 31, 2019, except
for the derivatives financial instruments (cross currency swaps) signed by the Company to hedge the foreign currency risk of its
Senior Notes, the Group had no other financial instruments to hedge its foreign exchange risk, interest rates or market price (purchase
price of coal) fluctuations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0in; width: 0"></TD><TD STYLE="padding-right: 0in; width: 0.5in"><B>20.</B></TD><TD STYLE="padding-right: 0in"><B>Subsequent event</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.5in">At the date of issuance of the report, the Company
used S/68,863,000 of its total credit line, see note 9, this bank overdraft has a maturity of 180 days and an interest annual rate
of 4.75 percent.</P>

<P STYLE="margin-right: 0in; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0in; margin-bottom: 0in">&nbsp;</P>

<P STYLE="margin-right: 0in; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0in; margin-bottom: 0in">&nbsp;</P>

<P STYLE="margin-right: 0in; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0in; margin-bottom: 0in">29</P>

<P STYLE="margin-right: 0in; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0in; margin-bottom: 0in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-right: 0in; margin-top: 0in; margin-bottom: 0in; width: 100%"><DIV STYLE="margin-right: 0in; font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-right: 0in; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0in; margin-bottom: 0in"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
